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Goldman Sachs raises target price for OPAP to 7.5

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Goldman Sachs  raise price target for OPAP to €7.5 from €7.3 to reflect estimate changes. In a report published yesterday the bank says that OPAP trades on 2013/14 EV/EBITDA multiples of 10.3x/8.5x and P/E multiples of 14.9x/17.7x.

Goldman Sachs retains Neutral rating, however the bank updates its estimates to reflect:  1) the expectation of a later roll-out of 35,000 video lottery terminals and 2) OPAP’s successful €190 mn bid for the Hellenic Lotteries concession as part of a consortium which also includes Scientific Games and Intralot.

Adverse of Greek Supreme Court ruling regarding the legality of OPAP’s Greek monopoly position, macroeconomic risk, and the rate of online penetration being greater than or less than Goldman Sachs’ expectations, are the "key risks" according to the report.

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