Company Valuation: OPAP

Data adjusted to current consolidation scope
Fiscal Period: December 2025 2026 2027 2028
Market Cap 1 7,068 9,768 - -
Change - 38.19% - -
Enterprise Value (EV) 1 7,068 16,596 16,414 16,286
Change - 134.79% -1.09% -0.78%
P/E - 23.8x 15.6x 13x
PBR - -4.3x -6.05x -6.73x
PEG - - 0.3x 0.7x
Capitalization / Revenue 786,142x - 884,265x 841,236x
EV / Revenue - - 1,485,972x 1,402,655x
EV / EBITDA - 8.7x 7.95x 7.36x
EV / EBIT - 10.4x 8.73x 8.05x
EV / FCF - 22.2x 15.8x 13.9x
FCF Yield - 4.5% 6.31% 7.18%
Dividend per Share 2 - 1 1.014 1.058
Rate of return - 8.14% 8.25% 8.6%
EPS 2 - 0.5153 0.7872 0.9418
Distribution rate - 194% 129% 112%
Net sales 8,991 - 11,046 11,611
EBITDA 1 - 1,907 2,064 2,213
EBIT 1 - 1,596 1,881 2,022
Net income 1 732 599 736.9 841.3
Net Debt 1 - 6,828 6,646 6,519
Reference price 2 19.10 12.29 12.29 12.29
Nbr of stocks (in thousands) 370,063 794,759 - -
Announcement Date 3/19/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - 8.7x - 11.2B
23.44x6.06x14.2x1.66% 25.81B
14.42x6.59x10.01x3.51% 16.79B
-94.57x1.41x9.61x-.--% 15.07B
216.45x1.71x15.72x-.--% 10.91B
29.38x3.47x16.5x3.58% 7.59B
20.85x3.56x8.84x2.02% 7.37B
14.67x2.18x7.99x2.48% 6.36B
-31.57x1.38x4.44x-.--% 6.04B
11.65x3.37x8.16x0.57% 5.71B
Average 22.75x 3.30x 10.42x 1.54% 11.28B
Weighted average by Cap. 20.94x 3.94x 11.19x 1.6%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

-40%: Exceptional extension
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