We have argued investors should focus more on the cash flow rather than profits. In 2014 the group managed net income of E142m and FCF of E16m. We believe cash flow was short vs. market’s expectations – as we type market cap is at E1.8bn and EV at E1.9bn. At ResearchGreece OWN IT rated stocks…
The ECB considers Greek Banks solvent enough to grant them access to Emergency Liquidity Assistance (ELA) through the local central bank. It does not consider the sovereign solvent enough to keep accepting its debt or its guarantees as collateral and grant local banks access to direct ECB funding (this distinction alone could be a stand-alone…
Judging Greek equities’ rise today (+3.4%) and in the last four sessions (+8.1%) we understand investors are optimistic that Greece will soon (within May) strike a deal with its creditors and avoid defaulting on its payments; If this is the case then Greek stocks and especially banks, which are down by more than 60% in…
Investors have their eyes on the E233m sitting in the balance sheet; management said it is ready to give E150m (E1.4/share) back to shareholders – 27% of market cap – on state’s approval. The latter needs the money so a capital return seems like the only business plan there is for the water utility. We…
Stihima and Kino came in line; strong Joker (jack pots) and one-offs (impairment reversal, deferred tax) explain 11% beat on EPS; VLT guidance was revised downwards to 2.5k own machines in late Q2; sovereign risk weighs on the stock in the form of a) more on-line betting licenses tendered potentially breaching OPAP’s Stihima exclusivity (online)…