Greece: Primary surplus target – what will it be?
An agreement with Greece and its creditors should be struck soon. We reckon each side will ‘sell this’ differently. Watch out for …to access this note contact@researchgreece.com
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OTE: New VES Announced
We estimate OTE’s new E85m/700 NoE VES (third in the last four years) could save up to E32m of EBITDA in net terms (+2.4%) while boosting EBITDA margin by +85bps. Valuation wise it could boost our PT by c. 3% closer to E11 per share. We reiterate our OI rating. See our VES sensitivity matrix…
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Frigoglass – Disposing Glass at 10x EBITDA – positive development
Frigoglass announced the disposal of its glass business at 10x EBITDA. Will pocket E200m at the current $ to E rate. We exclude Glass from our DCF and conclude to a new target price at … to access this report contact@researchgreece.com
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Hellenic Petroleum: Update – Remains DOI
We raise our 2015 EBITDA estimate by 33% to E528m (-14% in 2016E) as refining margins remain strong YTD; shares trade 5.5x EBITDA 2015E or 17% lower than peers (but 35% higher than Motor Oil); problem is there is no visibility beyond this year; it has been low oil prices supporting margins, not higher demand…
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Hellenic Exchanges: Lowering Estimates – Remains DOI
We lower our EPS estimates by 17%-24% on 12%-18% weaker ADV for 2015E-2017E; it will take more than YTD ADV of E107m for shares to re-rate. Actually, it will take an agreement on the sovereign front – one that will keep Greece afloat and urge investors to lift up banking stocks which have underperformed the…