OPAP is engaged in the operating and management of numerical lottery and sports betting games as well as lottery games. Co. holds concession to operate and manage new sports betting games in Greece as well as a right of first refusal to operate and manage any new lottery games permitted by the Hellenic Republic. Co. operates six numerical lottery games, including Joker, Lotto, Proto, Extra 5, Super 3, and Kino; and three sports betting games consisting of Stihima, Propo, and Propo-goal. Co. is also engaged in designing new lottery games, including Bingo and Super 4. Co. distributes its games through an extensive on-line network of agents.
  • TickerOPAP
  • ISINGRS419003009
  • SectorTravel & Leisure
  • CountryGreece

Analysts

Technical Analysis on OPAP SA, November 30, 2018

Technical & Fundamental Review

Research Team

The Rear-View Mirror – EME markets: Turkish equities stand out in November

EME Equity Market – November 2018 Market performance – Turkey up by 13.3% mom in EUR terms in November. The MSCI EME gained 2.2% in November, while the Turkish ISE rose by 13.3% in EUR terms, which was driven mostly by the appreciation of the TRY against EUR, as the index gained 6.1% mom in TRY terms. The Hungarian BUX was up by 8.3% mom, followed by the Polish WIG20 (+7.7% mom) and Romania’s BET (+1.8% mom). The Czech PX index was flat mom, while the Russian MOEX and the Greek ASE ended the month in negative territory (-0.3% mom and -1.5% mom, respectively).

Research Team

WOOD Morning (28 November)

HEADLINES: • EME Macro/Strategy: Year Ahead 2019 - the turning point • Nostrum Oil & Gas: delivery a long way off (downgraded to HOLD) • Getin Noble Bank: 3Q18 results a non-event in context of deposit outflow NEUTRAL • Echo Investment: 3Q18 - a decent quarter, but focus is elsewhere NEUTRAL • LiveChat Software: soft calendar 3Q18 results, 5% miss vs. our EBITDA forecast NEGATIVE • Aegean Airlines: 3Q18 results - beat consensus by 5% on both top and bottom lines • OPAP: 3Q results broadly in line with expectations • Alior Bank: takeaways from conference call with bank's representatives •...

Research Team

WOOD Morning (23 November)

HEADLINES: • Eurobank: mixed third quarter, stock remains best play of the Greek banks • JSW: 3Q18 financial results - in line with consensus, but costs continue to rise NEUTRAL • Krka: lacklustre 3Q18 earnings, but accelerating the buyback programme NEUTRAL • Enea: 3Q18 results fully in line with preliminaries NEUTRAL • Bank of Georgia: 3Q18 results - generally in line NEUTRAL • CEZ: PM Babis wants CEZ to build and finance new nuclear NEGATIVE • KGHM: October production results - stable, with an improvement at Sierra Gorda NEUTRAL • Greek banks: central bank's proposal for management of NP...

Dimitris Birbos

OPAP - 3Q18 results preview: Continuation of the positive trends driven by VLTs

Technical Analysis on OPAP SA, November 30, 2018

Technical & Fundamental Review

Research Team

The Rear-View Mirror – EME markets: Turkish equities stand out in November

EME Equity Market – November 2018 Market performance – Turkey up by 13.3% mom in EUR terms in November. The MSCI EME gained 2.2% in November, while the Turkish ISE rose by 13.3% in EUR terms, which was driven mostly by the appreciation of the TRY against EUR, as the index gained 6.1% mom in TRY terms. The Hungarian BUX was up by 8.3% mom, followed by the Polish WIG20 (+7.7% mom) and Romania’s BET (+1.8% mom). The Czech PX index was flat mom, while the Russian MOEX and the Greek ASE ended the month in negative territory (-0.3% mom and -1.5% mom, respectively).

Dimitris Birbos

OPAP - 3Q18 results preview: Continuation of the positive trends driven by VLTs

Stamatios Draziotis CFA

OPAP | Betting on the “omni-channel ecosystem”

Our new note on OPAP focuses on the online gambling market dynamics and runs through some thoughts regarding how the market might shape in the coming years. We contend that the number of licencees is likely to be limited, we envisage a c76% channeling rate (by 2021e) and argue for relatively low online margins than internationally. We also believe that the prevalence of gaming machines is likely to constrain the overall online gambling penetration, as is the case in other countries where gaming machines are also popular. We expect OPAP to capture a c13% share of the total online market and see...

VRS View on OPAP, November 5th, 2018 | Note following the Company’s Analyst Day

[Bloomberg Ticker: OPAP:GA]    [Reuters Ticker: OPAr.AT] Share Price €8.37  |  Market Cap €2,670.03mn OPAP S.A. is the undisputable leader in the Greek gaming market controlling an impressive ~70% market share.

1 director bought

A director at Opap Sa bought 8,000 shares at 8.213EUR and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board member...

Research Team

WOOD Morning (28 November)

HEADLINES: • EME Macro/Strategy: Year Ahead 2019 - the turning point • Nostrum Oil & Gas: delivery a long way off (downgraded to HOLD) • Getin Noble Bank: 3Q18 results a non-event in context of deposit outflow NEUTRAL • Echo Investment: 3Q18 - a decent quarter, but focus is elsewhere NEUTRAL • LiveChat Software: soft calendar 3Q18 results, 5% miss vs. our EBITDA forecast NEGATIVE • Aegean Airlines: 3Q18 results - beat consensus by 5% on both top and bottom lines • OPAP: 3Q results broadly in line with expectations • Alior Bank: takeaways from conference call with bank's representatives •...

Research Team

WOOD Morning (23 November)

HEADLINES: • Eurobank: mixed third quarter, stock remains best play of the Greek banks • JSW: 3Q18 financial results - in line with consensus, but costs continue to rise NEUTRAL • Krka: lacklustre 3Q18 earnings, but accelerating the buyback programme NEUTRAL • Enea: 3Q18 results fully in line with preliminaries NEUTRAL • Bank of Georgia: 3Q18 results - generally in line NEUTRAL • CEZ: PM Babis wants CEZ to build and finance new nuclear NEGATIVE • KGHM: October production results - stable, with an improvement at Sierra Gorda NEUTRAL • Greek banks: central bank's proposal for management of NP...

Research Team

Focus: Philip Morris CR’s 1H18 results – a mixed bag, with strong core revenues, but poor cost control; AmRest – key takeaways from 2Q conference call; OPAP – EUR 50m investment into Stoiximan Group

HEADLINES: • Philip Morris CR: 1H18 results - a mixed bag, with strong core revenues, but poor cost control NEUTRAL • AmRest: key takeaways from 2Q conference call POSITIVE • OPAP: EUR 50m investment into Stoiximan Group POSITIVE • Turkish automotive: Turkey lowers tax burden on passenger cars POSITIVE • Bank Pekao: CEO interview with Parkiet POSITIVE • Polish banks: Polish regulator - no plans to alter mid-term assumptions for banks' dividend policies NEUTRAL • Romanian SIFs: proposal submitted to eliminate ownership limit NEUTRAL • Siauliu Bankas: EGM approves EBRD loan conversion NEUTRAL •...

Research Team

Focus: keeping our BUYs on Komercni (new PT CZK 1,051) and MONETA (new PT CZK 96.0); Turkey macro – bold hikes, but with an eye for easing; Forte’s 2Q18 results fully in line with preliminaries, but still strong

HEADLINES: • Czech banks: more of the same (Komercni and MONETA stay BUY) • Turkey macro: bold hikes, but with an eye for easing • Forte: 2Q18 results fully in line with preliminaries, but still strong NEGATIVE • Medicalgorithmics: Apple Watch not a diagnostic device NEUTRAL • Polish gencos: press speculating Enea may get minority stake in Energa • OPAP: 2Q18 conference call takeaways NEUTRAL • Banca Transilvania: calls EGM to merge with Bancpost NEUTRAL • Kety: 3Q18E - another solid quarter, 9M18E EBIT at 85% of 2018E guidance (due on 26 September) NEUTRAL • Short News (OPL, OTP, EBS, SFG)

Research Team

WOOD Morning (13 September)

HEADLINES: • OPAP: 2Q18 results - 5% beat on EBITDA on the back of tight cost control POSITIVE • Sarantis: 1H18 results - positive trends, remains a solid growth story POSITIVE • Richter: our first thoughts on the Estelle impact - not a game-changer • Echo Investment: a deep dive on why we remain bullish (plus a review of the key profit drivers for the next 18M) NEUTRAL • Medicalgorithmics: Apple Watch with heart monitoring and FDA clearance NEGATIVE • Enea: 2Q18 in line with preliminary numbers, boosted by windfarm impairment reversal NEUTRAL • Mytilineos: 1H18 - aluminium segment leading th...

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Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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