We up our 2015 EBITDA estimate by 60% at E400m – which would mark a record-high figure for MOH; driven by resilient refining margin (cost-driven), crude sourcing and max capacity…plus a quite strong dollar; FCFE >E200m should give the opportunity to deleverage the balance sheet <1.5x equity and accommodate a hefty dividend yield (>5%); we…
In the news conference that followed talks in Berlin between the Greek PM and the German Chancellor the Greek side made a number of U-turn statements, in our view. These statements mark a clear change to the pre-election rhetoric that wanted Greece objecting and discarding the adjustment program in place. On balance, we consider yesterday’s…
Downbeat mood; SAR expects Greek GDP to drop by 4% yoy; still, group sales will grow by 8% yoy on acquisitions, foreign operations and EBIT (x-EL) will grow by 30% yoy (+E5m) on operating leverage and synergies. No wonder strategy remains intact with more acquisitions targeted in 2015 (not included in our estimates). Remains DOI…
We cut our estimates again and model reported EBIT margin at 6.2% this year and 6.7% next. This year we see flat sales, EBIT at E400m/adjusted at E452m. Next year; +1% on volumes leads to …contact@researchgreece.com for this note
An unexciting 2015. Corporate actions on Glass could drive the share price short term. For the ICM to surprise ‘we need’ 12% EBITDA margin on 10% topline growth. We believe this …to continue reading contact@researchgreece.com