OPAP: A Safe Bet in Uncertain MarketsOPAP: A Safe Bet in Uncertain Markets - OPAP Delivers Stability, Dividends, and Buybacks
By Konstantinos Gougakis – April 8, 2025, 09:47
When international markets swing to the rhythm of uncertainty, geopolitical instability, and interest rates going up and down like an elevator, investors stop looking for the next unicorn. They look for stocks that offer stability, transparency, dividends, and solid prospects. They look for “corner store” stocks—established, reliable players. And one of the most prominent examples on the Greek market is, without a doubt, OPAP.
OPAP has consistently shown it can perform even in times of crisis. It has strong liquidity, solid operating performance, investments that pay off, a digital transformation well underway, and—most importantly—a strategy that doesn’t shift with the wind. Now, it’s adding another key strength to its arsenal: a new two-year share buyback program.
The program covers up to 5% of its share capital, with a proposed buyback range between €0.30 and €25 per share. That gives OPAP a flexible tool it can activate only when the Board of Directors sees it as the best available value move. This isn’t for show—it’s a deliberate, targeted action to benefit shareholders.
To put it simply: when a company buys back its own shares, fewer shares remain in the market. So, for those holding on, the value of each share goes up. It’s a clear sign of confidence in the business and a “thank you” to long-term investors. In uncertain times, moves like this matter.
And OPAP isn’t stopping there. Its 2024 financials exceeded expectations:
Net operating profits of €828 million
Profit margin of 36%
11.5% GGR growth in Q4
Citi called the results “outstanding,” while J.P. Morgan and AXIA Ventures raised their price targets and issued new buy recommendations.
OPAP is also making steady digital progress. Its online platform accounts for 31% of GGR, and the Opap Store app saw average spend per visit grow from €27 to €35 in a year. Joker is hitting record numbers, Eurojackpot made history with over 1 million players, and scratch card revenue now makes up 12.2% of the lottery portfolio.
The company is also refinancing €390 million in loans, securing stability through 2032. With €490 million in cash reserves by the end of 2024, OPAP is well-positioned to invest and continue supporting both dividends and share buybacks.
The new dividend of €0.80 per share (4.7% yield) will be paid in May, while a €150 million buyback has already been completed, aimed at canceling shares. The new buyback is another part of OPAP’s value-return strategy—not flashy, just effective.
And the market is responding: three top international firms have upgraded their forecasts, calling OPAP attractively priced with strong upside potential. With an EV/EBITDA ratio of 7.1x for 2026, OPAP is seen as a solid, low-risk investment with dependable returns.
Bottom line: OPAP doesn’t make promises—it delivers. In stormy seas, some look for lighthouses. Like it or not, OPAP has become one of them.
