Greece – the snap elections saga – 2015 presidential elections pushed forward This note will not focus on what will happen to Greek Equities if New Democracy looses in an upcoming parliamentary election. It will focus on how difficult it is to drawing any conclusion on the upcoming presidential elections…to access this note contact@researchgreece.com
The shares lost 9% on Friday on 52k shares – 3Q14 was okay. Admittedly our DPS assumption was too generous which we had to cut today. We underestimated …
We stick to our OI rating on FCFE yields of 13% in 2015E and 15% in 2016E. Investors should be buying on any share price weakness; EV/EBITDA 2015E at 3.9x; Pay TV could add 6% on group EBITDA and +E0.75 to our PT following recent sports content agreements (Champions & Europa Leagues). Dividend to be…
The shares lost 11% since our initiation with a DON’T OWN IT rating. Dragged down by the underperformance of the Greek market; mainly on politics related risk. Today we upgrade to OWN IT; if the government changes we won’t change our view. We believe DPS will increase fast to reach …
We think it will be difficult to hit the Q4 2014 launch target; VLTs are a massive-scale project and we find the odds are greater that the company will face execution delays and hardball negotiations from agents that will opt to stay out of this venture. We see VLTs contributing E48m of EBITDA in 2015E…