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ALWNConsumer Cyclical · Gambling · ΧΑ

Allwyn (ex-OPAP)

€11.85
+0.25(+2.20%)
Close 08/10/2026 · end-of-day price, not real-time

Allwyn (ex-OPAP) (ALWN) closed at €11.85 on 08/10/2026, +2.20% on the day. Market cap €8.5bn, P/E 12.17, dividend yield 10.97%.

My view
Private · MENTOR takes it into account
−21.8%6M
08/10/2026Close 11.85+2.20%−21.8% since start

Valuation

Peers: 5
MetricALWNPeer median
P/E12.210.3
P/E (forward)11.711.1
P/B1.31.6
P/S0.822.35
EV/EBITDA8.714.4
Dividend yield11.0%4.0%
Payout ratio52.2%21.2%
Gross margin58.8%49.1%
Operating margin6.1%16.5%
Net margin1.3%7.1%
ROE14.0%10.8%
Revenue growth (quarter, y/y)307.5%4.4%
Net debt€6.6bn€86.1m
Twelve Data · latest quarter 30/06/2026

Same sector: Consumer Cyclical

EV/EBITDADay
Allwyn (ex-OPAP)ALWN8.7+2.2%
JumboBELA6.8−0.9%Bally's (ex-Intralot)BYLOT14.4−2.7%Lampsa Hotel CompanyLAMPS28.7+0.0%Thrace Plastics Holding and Commercial SocietyPLAT4.8−2.9%FourlisFOYRK35.7−1.8%

The company

AI-drafted

Allwyn AG, formerly OPAP, is a multi-national gambling group headquartered in Lucerne and listed on the Athens Exchange. It runs lotteries, sports betting, iGaming and daily fantasy sports in Greece and Cyprus, Austria, the Czech Republic, Italy, the United Kingdom and the United States, mostly under exclusive licences. KKCG, Karel Komarek's group, controls it. A temporary Brazilian online gaming ban affects its Betano stake and 2026 margin guidance.

How it makes moneyH1 2026 · basis: revenue
  • Continental Europe158.4%
  • United Kingdom131.2%
  • North America110.4%
  • Betano1(36.75% equity-accounted stake, no revenue consolidated)share n/a
It is
  • A multi-national lottery and gaming operator that earns the margin between stakes and prizes, mostly under exclusive state concessions in seven markets.1,3
  • A Swiss company, registered in Lucerne since 29 May 2026, whose shares remain listed on the Athens Exchange under ALWN with the Greek ISIN GRS419003009.1,5
It is not
  • No longer the Greek-only OPAP. Greece produced 36.7% of H1 2026 revenue; the rest came from the United Kingdom, the United States, Austria, the Czech Republic and Cyprus.1
  • Does not own Betano outright. It holds 36.75% of Kaizen Gaming International and books only its share of net income, not Betano's revenue.1,2
  • Not the low-leverage business OPAP was. Net debt including leases was €6,659m at 30 June 2026, 3.5x pro forma Adjusted EBITDA.2
Recent developmentsAll company events →
  • Sep 2026A temporary Brazilian online betting and iGaming prohibition affects Betano and Allwyn’s margin guidance.7
  • Aug 2026An interim distribution of €0.20 per share for 2026 was declared, payable on 12 November.2
  • Jul 2026Agreed to raise its stake in Germany's Next Lotto to 64.53% for €16m.2
  • Jun 2026The board approved a share buyback programme of up to €150m.2
  • May 2026The statutory seat moved from Luxembourg to Switzerland on 29 May.1
  • Apr 2026€456m was paid to shareholders exercising the cash exit right, and €0.80 per share was distributed, €583m of it in cash.1
Key figures
  • Gross gaming revenue (GGR) €3,026m H1 20261
  • Adjusted EBITDA, LTM pro forma €1,879m LTM Q2 20263
  • Adjusted EBITDA margin on Net Revenue 36.8% Q2 20262
  • Online share of net gaming revenue 52% Q2 20262
  • Net debt including leases to Adjusted EBITDA 3.5x 2026-06-302
Key facts
  • KKCG, Karel Komarek's group, holds 79.2% of the outstanding shares at 25 September 2026; the free float is 20.8%.4
  • OPAP converted into a Luxembourg company in March 2026, was renamed Allwyn AG and moved its seat to Switzerland on 29 May 2026, keeping its Athens listing.1
  • The policy is a minimum annual distribution of €1.00 per share; a €0.20 interim for 2026 is payable on 12 November 2026.2
  • Eleven exclusive licences produce 62% of net gaming revenue, expiring between 2027 (Austria, Illinois) and 2039 (Cyprus numerical lotteries).3
  • The Greek network comprised 2,964 OPAP Stores, 350 PLAY halls and 4,436 independent points of sale at end-2025.6
Sources
  1. 1.Allwyn AG Report for the six months ended 30 June 2026Allwyn AG via Euronext Athens HERMES · 03/09/2026official
  2. 2.Q2 2026 Preliminary Unaudited Financial ResultsAllwyn AG · 27/08/2026official
  3. 3.Investor Presentation September 2026Allwyn AG · 09/2026official
  4. 4.Shareholder structure of Allwyn AGAllwyn AG · 04/09/2026official
  5. 5.Information Document for the admission to trading of 2,494,811 new common sharesAllwyn AG · 29/04/2026official
  6. 6.OPAP S.A. Annual Financial Report 2025OPAP S.A. · 02/03/2026official
  7. 7.Allwyn update on Brazil regulationAllwyn AG · 28/09/2026official
AI-drafted from the cited sources · 30/09/2026 · v3 · ✓ checked by an independent second modelAllwyn AGWebsite ↗
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Data: Twelve Data · End-of-day prices · Nothing here is investment advice.