JPM ups betting firm OPAP to 'overweight' on strong retail momentum

Allwyn AG

31/08/2023 07:29

** J.P.Morgan upgrades betting firm Greek Organisation of
Football Prognostics (OPAP)  OPAr.AT  to "overweight" from
"neutral" on better than expected turnover and profitability
post-pandemic, driven by strong retail momentum in Greece
    ** The broker says Greece's positive economic outlook will
help OPAP benefit from an improving consumer sentiment
    ** "The general public continues to prioritize outdoor
activities/experiences ... OPAP's retail stores have been key
beneficiaries of this trend, serving as entertainment
zones/social hubs for the public, thereby driving higher than
expected activity/bets," JPM says
    ** It adds OPAP is a "high-quality name" due to its retail
license exclusivity and 60% online market share 
    ** The OPAP stock has gained 23.5% YTD

 (Reporting by Antonis Pothitos)
 ((antonis.pothitos@thomsonreuters.com))