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

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

The Rear-View Mirror – EME markets: Turkish ESI at 2008 bottom in September

EME Equity Market – September 2018 Market performance – Turkey up 17% mom in EUR terms in September. The MSCI EME gained 6.1% in September, rebounding from the 6.7% loss recorded in August. The Turkish ISE rose by 17% mom in EUR terms, while Moscow’s stock exchange gained 8.6%. Prague’s PX market rose 3.1% in September, while the Bucharest Stock Exchange recorded a mom gain of 1.3%. Budapest’s BUX also rose modestly, by 0.8%. On the other hand, Warsaw’s WIG20 fell by 1.8% mom, while the Greek ASE index underperformed all of its peers, losing 5.2% mom (all performances measured in EUR terms).

Dimitris Birbos

OPAP - New online strategy under way; ‘Buy’ rating is affirmed

Dimitris Birbos

OPAP - New online strategy under way; ‘Buy’ rating is affirmed

Dimitris Birbos

OPAP - New online strategy under way; ‘Buy’ rating is affirmed

Research Team

The Rear-View Mirror – EME markets: Turkish ESI at 2008 bottom in September

EME Equity Market – September 2018 Market performance – Turkey up 17% mom in EUR terms in September. The MSCI EME gained 6.1% in September, rebounding from the 6.7% loss recorded in August. The Turkish ISE rose by 17% mom in EUR terms, while Moscow’s stock exchange gained 8.6%. Prague’s PX market rose 3.1% in September, while the Bucharest Stock Exchange recorded a mom gain of 1.3%. Budapest’s BUX also rose modestly, by 0.8%. On the other hand, Warsaw’s WIG20 fell by 1.8% mom, while the Greek ASE index underperformed all of its peers, losing 5.2% mom (all performances measured in EUR terms).

Dimitris Birbos

OPAP - New online strategy under way; ‘Buy’ rating is affirmed

Dimitris Birbos

OPAP - New online strategy under way; ‘Buy’ rating is affirmed

Dimitris Birbos

OPAP - New online strategy under way; ‘Buy’ rating is affirmed

Stamatios Draziotis CFA

OPAP | Stepping up the VLT game

Following our tax-related insight report published in April, we seek to offer a complementary perspective on OPAP’s machine performance. Our analysis suggests that the stalled momentum is mostly reflection of venue maturity and estate quality. That being said, we argue that the combination of cyclical acceleration, clampdown on illegal gambling and OPAP’s upcoming self-help actions are likely to lead to a gradual VLT ramp-up across the board. We also expect the future clusters to require a shorter period to reach a relatively “mature” GGR level of €45/day. On that basis, we have inputted GGR/d...

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

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...

Research Team

Focus: DP Eurasia’s 1H18 results consumed by lower gross margin, financial costs and FX; Richter signs licence and supply agreement to commercialise novel oral contraceptive; DO&CO wins tender for catering services for BA and Iberia

HEADLINES: • DP Eurasia: 1H18 results consumed by lower gross margin, financial costs and FX NEUTRAL • Richter: signs licence and supply agreement to commercialise novel oral contraceptive POSITIVE • DO&CO: wins tender for catering services for BA and Iberia POSITIVE • EME Strategy: FTSE Shariah Global Equity Index Series quarterly review NEUTRAL • OPAP: 2Q18E - 4% adjusted EBITDA expansion on tight cost control (due out today, after the close) NEUTRAL • Short News (BFT, PEO, MBK)

Research Team

WOOD Morning (31 May)

HEADLINES: * Bank of Georgia/Georgia Capital: two stocks post-demerger, two BUYing opportunities (BGEO stays BUY; initiating on CGEO with a BUY) * Sberbank: 1Q18 wrap-up - NIM trends positive, but forward-looking COR more complicated NEUTRAL * Gazprom: 1Q18 - expectedly strong, but worrying capex trends and unclear message on dividends * OPAP: 1Q18 results - tight cost control delivers 8% beat on EBITDA POSITIVE * Aeroflot: weak 1Q18 results due to weak utilisation and a minor yield rebound NEGATIVE * Italy macro: top questions of the past week on Italy * Bank of Cypru...

Ford Equity International Rating and Forecast Report

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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