Cash flow OPAP

Stocks

ALWN

GRS419003009

Casinos & Gaming

Market Closed - Athens S.E. 10:17:57 2026-10-05 EDT			After hours 14:32:11
11.54 ^EUR	+4.11%		11.70	+1.46%

10-01	Gaming & Gambling: growth is getting expensive
09-29	Brazil: regulatory reversal puts growth investments on hold

4f90941f1c78f6aeab.8V7_rTs9AeHbhY_0Iqv1TRqqnq_6EGaLTFF0o6HbSdQ.mxnLm1lLboWRyt68Vf_MenPixNuPSRLPITIX6vODOLCTJqjdd3c5qIPL_A

Published financial data: OPAP

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Revenues	1.99B	3.99B	7.88B	8.79B	9.06B
Other Revenues, Total	-	-	-	-	-
Total Revenues	1.99B	3.99B	7.88B	8.79B	9.06B
Cost of Goods Sold, Total	802M	973M	3.19B	3.67B	3.79B
Gross Profit	1.19B	3.01B	4.69B	5.13B	5.27B
Selling General & Admin Expenses, Total	604M	739M	1.21B	1.39B	1.54B
Depreciation & Amortization - (IS)	223M	213M	374M	264M	294M
Other Operating Expenses	-184M	1.24B	2.33B	2.6B	2.75B
Other Operating Expenses, Total	643M	2.19B	3.91B	4.25B	4.59B
Operating Income	549M	824M	774M	875M	679M
Interest Expense, Total	-122M	-135M	-257M	-300M	-286M
Interest And Investment Income	2.9M	8.7M	56.1M	91.5M	38M
Net Interest Expenses	-120M	-126M	-201M	-208M	-248M
Income (Loss) On Equity Invest.	79.1M	86.4M	170M	263M	363M
Currency Exchange Gains (Loss)	1.4M	1M	-8.2M	-12.9M	14M
Other Non Operating Income (Expenses)	-9M	-25.7M	-26.5M	-19.6M	-13M
EBT, Excl. Unusual Items	501M	760M	708M	897M	795M
Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-8.9M	-12.8M	6M	300K	-10M
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-16.6M	-29.6M	-21.7M	-17.5M	-18M
Legal Settlements	29.5M	5.6M	2.3M	6M	-7M
Other Unusual Items	72.6M	-7.4M	13.6M	500K	-23M
EBT, Incl. Unusual Items	578M	716M	708M	886M	737M
Income Tax Expense	130M	145M	188M	230M	229M
Earnings From Continuing Operations	448M	571M	520M	656M	508M
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	448M	571M	520M	656M	508M
Minority Interest	-230M	-375M	-286M	-332M	-289M
Net Income - (IS)	218M	196M	234M	324M	219M
Net Income to Common Incl Extra Items	218M	196M	234M	324M	219M
Net Income to Common Excl. Extra Items	218M	196M	234M	324M	219M
Per Share Items
Net EPS - Basic	-	-	-	-	182.99
Basic EPS - Continuing Operations	-	-	-	-	182.99
Basic Weighted Average Shares Outstanding	-	-	-	-	1.2M
Net EPS - Diluted	-	-	-	-	182.99
Diluted EPS - Continuing Operations	-	-	-	-	182.99
Diluted Weighted Average Shares Outstanding	-	-	-	-	1.2M
Normalized Basic EPS	-	-	-	-	173.69
Normalized Diluted EPS	-	-	-	-	173.69
Payout Ratio	3.95	107.92	261.36	65.94	52.51
Supplemental Items
EBITDA	725M	994M	1.06B	1.05B	874M
EBITA	670M	942M	1.01B	1B	822M
EBIT	549M	824M	774M	875M	679M
EBITDAR	730M	1B	1.07B	1.07B	887M
Total Revenues (As Reported)	-	3.99B	7.88B	8.79B	9.06B
Effective Tax Rate - (Ratio)	22.55	20.23	26.58	25.95	31.07
Total Current Taxes	126M	179M	233M	267M	270M
Total Deferred Taxes	4.2M	-34M	-44.9M	-37.2M	-41M
Normalized Net Income	83.25M	99.79M	156M	229M	208M
Interest on Long-Term Debt	5M	5.1M	7.9M	11.1M	6M
Non-Cash Pension Expense	-1.7M	300K	-1.8M	4.6M	1M
Supplemental Operating Expense Items
Advertising Expense	183M	206M	-	-	-
Marketing Expenses	-	-	396M	537M	674M
Selling and Marketing Expenses	598M	730M	1.2B	1.38B	1.53B
Net Rental Expense, Total	5.3M	9.2M	10.9M	13.4M	13M
Imputed Operating Lease Interest Expense	1.84M	3.37M	6.14M	7.09M	5.59M
Imputed Operating Lease Depreciation	3.46M	5.83M	4.76M	6.31M	7.41M
Maintenance & Repair Expenses, Total	10.2M	13.7M	14.3M	18.3M	-

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Assets
Cash And Equivalents	1.28B	1.21B	1.81B	1.44B	1.51B
Short Term Investments	3.6M	3.6M	3.6M	5.1M	7M
Trading Asset Securities, Total	120M	116M	8.2M	4.5M	110M
Total Cash And Short Term Investments	1.4B	1.33B	1.82B	1.45B	1.62B
Accounts Receivable, Total	23M	48.1M	104M	112M	65M
Other Receivables	220M	216M	834M	719M	841M
Notes Receivable	3.9M	12.8M	148M	4.9M	2M
Total Receivables	247M	276M	1.09B	835M	908M
Inventory	8.8M	9.7M	12.6M	13.5M	13M
Prepaid Expenses	32.7M	33.4M	-	-	-
Restricted Cash	-	-	-	-	-
Other Current Assets, Total	-	-	113M	118M	192M
Total Current Assets	1.69B	1.65B	3.03B	2.42B	2.74B
Gross Property Plant And Equipment	601M	618M	670M	801M	1B
Accumulated Depreciation	-190M	-255M	-301M	-264M	-433M
Net Property Plant And Equipment	411M	363M	369M	537M	572M
Long-term Investments	497M	465M	505M	544M	880M
Goodwill	1.06B	1.08B	1.21B	1.48B	1.45B
Other Intangibles, Total	2.54B	2.43B	2.43B	2.48B	2.4B
Accounts Receivable Long-Term	-	-	8.1M	7.2M	11M
Loans Receivable Long-Term	2.4M	67M	380M	1.7M	71M
Deferred Tax Assets Long-Term	46.4M	59M	114M	127M	135M
Other Long-Term Assets, Total	99M	108M	105M	114M	265M
Total Assets	6.35B	6.23B	8.16B	7.71B	8.52B
Liabilities
Accounts Payable, Total	133M	169M	381M	420M	492M
Accrued Expenses, Total	291M	368M	555M	559M	559M
Short-term Borrowings	252M	-	-	-	-
Current Portion of Long-Term Debt	181M	329M	352M	230M	528M
Current Portion of Leases	26.9M	27.8M	30.1M	46.3M	40M
Current Income Taxes Payable	113M	131M	143M	166M	157M
Unearned Revenue Current, Total	3M	2.7M	-	-	-
Other Current Liabilities	532M	478M	1.33B	1B	1.13B
Total Current Liabilities	1.53B	1.51B	2.79B	2.42B	2.9B
Long-Term Debt	2.26B	2.57B	3.78B	4.4B	5.16B
Long-Term Leases	122M	103M	93.4M	128M	111M
Unearned Revenue Non Current	2.5M	2.3M	1.8M	1.9M	2M
Pension & Other Post Retirement Benefits	133M	115M	113M	132M	112M
Deferred Tax Liability Non Current	447M	428M	450M	442M	413M
Other Non Current Liabilities	49.9M	36.1M	67M	226M	339M
Total Liabilities	4.55B	4.77B	7.3B	7.76B	9.04B
Common Stock, Total	100K	100K	100K	100K	-
Additional Paid In Capital	127M	108M	-	-	-
Retained Earnings	444M	114M	-167M	-1.1B	-1.38B
Treasury Stock	-	-	-	-	-
Comprehensive Income and Other	7.8M	29.1M	-13.2M	16.4M	-8M
Total Common Equity	578M	251M	-180M	-1.08B	-1.39B
Minority Interest	1.22B	1.21B	1.04B	1.04B	876M
Total Equity	1.8B	1.46B	859M	-42.9M	-513M
Total Liabilities And Equity	6.35B	6.23B	8.16B	7.71B	8.52B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	-	-	-	-	1.2M
ECS Total Common Shares Outstanding	-	-	-	-	1.2M
Book Value / Share	-	-	-	-	-1.16K
Tangible Book Value	-3.02B	-3.26B	-3.82B	-5.04B	-5.24B
Tangible Book Value Per Share	-	-	-	-	-4.38K
Total Debt	2.84B	3.03B	4.26B	4.81B	5.84B
Net Debt	1.44B	1.71B	2.43B	3.36B	4.21B
Debt Equivalent of Unfunded Proj. Benefit Obligation	93.5M	81.1M	83.3M	76.4M	58M
Debt Equivalent Oper. Leases	42.4M	73.6M	87.2M	107M	104M
Minority Interest, Total (Incl. Fin. Div)	1.22B	1.21B	1.04B	1.04B	876M
Equity Method Investments, Total	313M	285M	322M	377M	696M
Account Code - Inventory Valuation	6	3	3	3	3
Land - (BS)	18.9M	18.3M	18M	17M	31M
Buildings, Total	191M	191M	198M	201M	225M
Machinery, Total	141M	148M	234M	342M	443M
Full Time Employees	-	6K	7.5K	8K	8K
Accumulated Allowance for Doubtful Accounts (Supple)	1.6M	30.5M	30M	29.7M	1M

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Net Income	218M	196M	234M	324M	219M
Depreciation & Amortization - CF	79.7M	77.5M	90.2M	98.8M	104M
Amortization of Goodwill and Intangible Assets - (CF)	121M	118M	238M	129M	143M
Depreciation & Amortization, Total	200M	195M	328M	228M	247M
Amortization of Deferred Charges, Total - (CF)	22.6M	18.2M	46.5M	36.1M	47M
(Gain) Loss From Sale Of Asset	-1.8M	-2.2M	600K	-3.6M	-
(Gain) Loss on Sale of Investments - (CF)	8.9M	12.8M	-6.2M	3.3M	8M
Asset Writedown & Restructuring Costs	16.6M	29.6M	21.7M	17.5M	18M
(Income) Loss On Equity Investments - (CF)	-79.1M	-86.4M	-170M	-263M	-363M
Net Cash From Discontinued Operations	-	-	-	-	-
Other Operating Activities, Total	288M	353M	227M	249M	238M
Change In Accounts Receivable	-45.6M	-7.5M	7.9M	137M	-194M
Change In Inventories	1.1M	-900K	-100K	-900K	1M
Change In Accounts Payable	39.1M	121M	226M	-199M	292M
Change in Other Net Operating Assets	200K	-	-	-	-
Cash from Operations	668M	828M	915M	529M	513M
Capital Expenditure	-49.9M	-68.2M	-102M	-256M	-353M
Sale of Property, Plant, and Equipment	1.8M	1.7M	1.8M	10.9M	-
Cash Acquisitions	-19M	-113M	-79.8M	-213M	-6M
Divestitures	-	-	-	-	17M
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-80.7M	900K	90.1M	15.8M	-412M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-72.3M	-	-	-291M
Other Investing Activities, Total	116M	125M	-260M	-98.1M	331M
Cash from Investing	-32.1M	-126M	-350M	-540M	-714M
Long-Term Debt Issued, Total	573M	1.43B	2.19B	1.36B	2.66B
Total Debt Issued	573M	1.43B	2.19B	1.36B	2.66B
Long-Term Debt Repaid, Total	-588M	-1.27B	-1.05B	-976M	-1.68B
Total Debt Repaid	-588M	-1.27B	-1.05B	-976M	-1.68B
Issuance of Common Stock	75M	-	-	4M	-
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-8.6M	-211M	-611M	-214M	-115M
Common & Preferred Stock Dividends Paid	-8.6M	-211M	-611M	-214M	-115M
Other Financing Activities, Total	-276M	-721M	-492M	-502M	-620M
Cash from Financing	-224M	-773M	36.5M	-332M	254M
Foreign Exchange Rate Adjustments	-2.7M	-2.1M	1.1M	-24.7M	17M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-7M
Net Change in Cash	409M	-72.7M	603M	-368M	63M
Supplemental Items
Cash Interest Paid	99.7M	117M	195M	292M	256M
Cash Income Tax Paid (Refund)	79M	172M	245M	230M	265M
Levered Free Cash Flow	573M	607M	988M	349M	24.62M
Unlevered Free Cash Flow	649M	691M	1.15B	536M	203M
Change In Net Working Capital	-133M	-30.7M	-393M	18.7M	162M
Net Debt Issued / Repaid	-14.7M	160M	1.14B	380M	989M

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Profitability
Return on Assets	5.56	8.2	6.73	6.89	5.23
Return on Total Capital	7.66	11.28	10.06	11.07	8.59
Return On Equity %	27	35.01	44.84	160.86	-133.33
Return on Common Equity	45.05	47.21	661.1	-51.34	-17.06
Margin Analysis
Gross Profit Margin %	59.79	75.59	59.49	58.31	58.15
SG&A Margin	30.27	18.54	15.39	15.82	17.03
EBITDA Margin %	36.35	24.92	13.48	11.99	9.65
EBITA Margin %	33.6	23.62	12.84	11.42	9.07
EBIT Margin %	27.55	20.67	9.82	9.95	7.5
Income From Continuing Operations Margin %	22.45	14.32	6.6	7.46	5.61
Net Income Margin %	10.91	4.91	2.97	3.69	2.42
Net Avail. For Common Margin %	10.91	4.91	2.97	3.69	2.42
Normalized Net Income Margin	4.18	2.5	1.98	2.6	2.29
Levered Free Cash Flow Margin	28.72	15.22	12.54	3.97	0.27
Unlevered Free Cash Flow Margin	32.56	17.33	14.58	6.1	2.24
Asset Turnover
Asset Turnover	0.32	0.63	1.1	1.11	1.12
Fixed Assets Turnover	4.56	10.3	21.53	19.42	16.34
Receivables Turnover (Average Receivables)	121.55	112.19	81.13	82.62	102.36
Inventory Turnover (Average Inventory)	85.73	105.23	286.25	280.95	280.81
Short Term Liquidity
Current Ratio	1.11	1.09	1.09	1	0.94
Quick Ratio	1.08	1.06	0.99	0.94	0.87
Operating Cash Flow to Current Liabilities	0.44	0.55	0.33	0.22	0.18
Days Sales Outstanding (Average Receivables)	3	3.25	4.5	4.43	3.57
Days Outstanding Inventory (Average Inventory)	4.26	3.47	1.27	1.3	1.3
Average Days Payable Outstanding	53.71	56.61	33.37	39.99	43.92
Cash Conversion Cycle (Average Days)	-46.45	-49.88	-27.6	-34.26	-39.05
Long Term Solvency
Total Debt/Equity	157.68	207.79	495.67	-11.21K	-1.14K
Total Debt / Total Capital	61.19	67.51	83.21	100.9	109.64
LT Debt/Equity	132.15	183.37	451.24	-10.57K	-1.03K
Long-Term Debt / Total Capital	51.29	59.58	75.75	95.11	98.97
Total Liabilities / Total Assets	71.6	76.55	89.47	100.56	106.02
EBIT / Interest Expense	4.49	6.13	3.01	2.92	2.37
EBITDA / Interest Expense	6.12	7.57	4.29	3.68	3.24
(EBITDA - Capex) / Interest Expense	5.72	7.07	3.89	2.83	2
Total Debt / EBITDA	3.79	2.98	3.86	4.36	6.3
Net Debt / EBITDA	1.92	1.67	2.21	3.04	4.55
Total Debt / (EBITDA - Capex)	4.06	3.19	4.26	5.68	10.19
Net Debt / (EBITDA - Capex)	2.06	1.79	2.44	3.96	7.35
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	47.05	23.8	97.54	11.63	3
Gross Profit, 1 Yr. Growth %	49.14	24.59	53.54	9.2	2.73
EBITDA, 1 Yr. Growth %	130.98	37.18	6.85	-3.05	-17
EBITA, 1 Yr. Growth %	144.81	40.66	7.37	-3.14	-18.13
EBIT, 1 Yr. Growth %	181.35	50.15	-6.2	9.5	-22.31
Earnings From Cont. Operations, 1 Yr. Growth %	99.42	27.64	-8.98	26.24	-22.56
Net Income, 1 Yr. Growth %	134.38	-9.98	19.36	38.81	-32.2
Normalized Net Income, 1 Yr. Growth %	-323.64	19.95	56.28	32.99	-10.4
Accounts Receivable, 1 Yr. Growth %	134.69	109.13	15.78	10.17	-41.96
Inventory, 1 Yr. Growth %	-11.11	10.23	29.9	7.14	-7.14
Net Property, Plant and Equip., 1 Yr. Growth %	-11.2	-11.84	1.76	45.41	6.52
Total Assets, 1 Yr. Growth %	6.07	-1.97	31	-5.42	10.53
Tangible Book Value, 1 Yr. Growth %	-8.65	8	17.03	32.05	2
Common Equity, 1 Yr. Growth %	49.35	-56.56	-171.86	500.11	17.91
Cash From Operations, 1 Yr. Growth %	309.56	24.32	10.48	-41.74	-3.02
Capital Expenditures, 1 Yr. Growth %	7.31	36.67	49.71	150.54	37.89
Levered Free Cash Flow, 1 Yr. Growth %	-18.02	3.14	70.52	-65.3	-95.55
Unlevered Free Cash Flow, 1 Yr. Growth %	-14.82	3.93	73.1	-54.02	-72.54
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	38.54	71.52	56.38	48.5	7.23
Gross Profit, 2 Yr. CAGR %	43.54	94.22	39.16	29.62	5.91
EBITDA, 2 Yr. CAGR %	28.14	78	21.08	2.98	-10.34
EBITA, 2 Yr. CAGR %	26.59	85.55	22.9	3.24	-10.96
EBIT, 2 Yr. CAGR %	24.05	105.52	18.7	2.99	-7.81
Earnings From Cont. Operations, 2 Yr. CAGR %	19.9	59.54	7.79	7.19	-1.15
Net Income, 2 Yr. CAGR %	23.85	45.26	3.66	28.72	-3.2
Normalized Net Income, 2 Yr. CAGR %	18.35	63.73	37.05	51.26	9.94
Accounts Receivable, 2 Yr. CAGR %	2.72	121.54	112.85	11.36	-19.9
Inventory, 2 Yr. CAGR %	9.05	-1.02	19.66	17.97	1.57
Net Property, Plant and Equip., 2 Yr. CAGR %	45.36	-11.52	-5.28	21.64	24.49
Total Assets, 2 Yr. CAGR %	19.62	1.97	13.32	11.31	2.24
Tangible Book Value, 2 Yr. CAGR %	24.45	-0.67	12.43	24.32	17.15
Common Equity, 2 Yr. CAGR %	4.64	-19.45	-44.13	107.66	177.4
Cash From Operations, 2 Yr. CAGR %	45.95	125.34	17.19	-20.1	-24.81
Capital Expenditures, 2 Yr. CAGR %	15.82	21.11	43.04	93.67	85.94
Levered Free Cash Flow, 2 Yr. CAGR %	64.6	-6.78	29.6	-22.39	-84.36
Unlevered Free Cash Flow, 2 Yr. CAGR %	59.46	-4.77	31.45	-10.1	-58.25
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	13.49	56.59	79.78	39.76	31.45
Gross Profit, 3 Yr. CAGR %	8.71	73.37	80.33	28.45	19.95
EBITDA, 3 Yr. CAGR %	22.37	31.08	50.16	13.31	-4.2
EBITA, 3 Yr. CAGR %	21.47	31.11	54.63	14.45	-4.44
EBIT, 3 Yr. CAGR %	21.55	32.19	58.26	16.79	-6.28
Earnings From Cont. Operations, 3 Yr. CAGR %	24.82	22.42	32.32	13.62	-3.83
Net Income, 3 Yr. CAGR %	15.91	11.36	36.05	14.25	3.8
Normalized Net Income, 3 Yr. CAGR %	-0.23	18.85	61.31	40.09	27.64
Accounts Receivable, 3 Yr. CAGR %	-46.36	30.19	119.89	69.3	-10.28
Inventory, 3 Yr. CAGR %	-7.9	9.44	8.37	15.33	10.25
Net Property, Plant and Equip., 3 Yr. CAGR %	42.31	23.04	-7.3	9.27	16.4
Total Assets, 3 Yr. CAGR %	13.59	11.94	10.85	6.7	11.05
Tangible Book Value, 3 Yr. CAGR %	13.43	18.71	4.91	18.62	17.11
Common Equity, 3 Yr. CAGR %	-10.66	-21.94	-22.46	23.27	76.83
Cash From Operations, 3 Yr. CAGR %	42.68	38.22	77.69	-7.42	-14.76
Capital Expenditures, 3 Yr. CAGR %	-14.49	22.39	29.97	72.42	72.98
Levered Free Cash Flow, 3 Yr. CAGR %	48.73	42.14	12.27	-15.97	-65.11
Unlevered Free Cash Flow, 3 Yr. CAGR %	43.58	39.37	14.67	-6.9	-32.58
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	34.9	26.45	42.02	53.3	46.21
Gross Profit, 5 Yr. CAGR %	30.29	29.04	38.25	54.72	45.81
EBITDA, 5 Yr. CAGR %	41.33	23.46	21.85	19.02	22.74
EBITA, 5 Yr. CAGR %	40.16	23.42	22.03	19.16	24.61
EBIT, 5 Yr. CAGR %	36.61	26.04	20.4	19.64	28.32
Earnings From Cont. Operations, 5 Yr. CAGR %	37.13	24.7	17.71	16.09	17.75
Net Income, 5 Yr. CAGR %	30.89	16.08	10.84	18	18.74
Normalized Net Income, 5 Yr. CAGR %	34.69	8.58	13.26	30.93	41.06
Accounts Receivable, 5 Yr. CAGR %	-23.24	-18.81	-6.9	38.62	45.99
Inventory, 5 Yr. CAGR %	-7.34	2.92	2.26	12.78	5.6
Net Property, Plant and Equip., 5 Yr. CAGR %	34.78	21.29	20.93	22.48	4.31
Total Assets, 5 Yr. CAGR %	11.76	9.76	13.48	11.69	7.32
Tangible Book Value, 5 Yr. CAGR %	8.93	11.69	13.03	20.92	9.64
Common Equity, 5 Yr. CAGR %	-1.17	-19.06	-25.96	15.45	29.11
Cash From Operations, 5 Yr. CAGR %	66.39	29.42	31.81	11.01	25.76
Capital Expenditures, 5 Yr. CAGR %	30.37	-6.49	5.05	47.05	49.99
Levered Free Cash Flow, 5 Yr. CAGR %	35.81	36.63	41.53	10.56	-48.78
Unlevered Free Cash Flow, 5 Yr. CAGR %	33.21	32.25	39.27	16.01	-23.22