We do not expect operating leverage to be unleashed this year since we model IKEA related EBITDA margin at 8% and 9% by 2017 which compares to an all time record high of 19.7% back in 2006. To OWN the shares today we need to discount …to continue reading contact@researchgreece.com
We fine tune our DPS estimates and down goes our target price to E9 – we now model dividends of E238m over 2015-20. We think negotiations with Greece and its creditors will be harsh to finding common ground and we are afraid liquidity will remain scarce, consumption will drop investments will be deterred and the…
2Q15 was okay with gross margins flat and EBITDA margin up 30bps. Romania acting as the strongest link contributing 80% of EBIT growth with Cyprus and Bulgaria also strong; Greece taking away profits on LfL deterioration. GDP growth could become …to continue reading contact@researchgreece.com
On limited upside potential despite the US and Egyptian businesses driving operating profits up by cE40m this year and upping group EBITDA margins by 210bps; albeit from a low of 15.7%. We model EBITDA of E260m by 2016 which compares to … continue reading contact@researchgreece.com
Greek national elections on January 25 brought upon a change in government led by left-wing Syriza. Our reflex reaction at the time was positive; we reckoned Greece was better off having a government formed instead of engaging (being dragged) into numerous election rounds. However, 45 days after the elections we are not positive anymore; negotiations…