We maintain unchanged our profitability estimates. The first time during the last year we don’t cut our EBIT forecasts post an earnings release. Despite sales/volume being worse; the raw material bill and FX were/are better. We model EBIT margin at 6.3% this year or 8.3% by 2016 and we still believe to OWN the shares…
It is impossible to estimate the outcome of the ECB/EBA AQR & Stress Test exercise on Greek banks. We believe there is a good chance Greek banks will not need to raise more capital given their recent recap and restructuring plans (approved by DG Comp); the results will be announced in late October. We have…
We downgrade the shares to DOI on limited share price upside potential due to EPS cuts again. In retrospect we should have downgraded Titan in June at E26; we underestimated Egypt. Today we reduce our EBITDA by 9% on average over 2014-16 or by 19% since our upgrade. We expect Egypt related EBITDA to hit…
2014 finished strong on sales +8% or 1.2pct better than our estimates. Cyprus better than expected and potentially responsible for most of the sales delta. On the other hand shares are off 30% from this year’s highs. We see no fundamental reason for such underperformance = reiterate our OWN IT rating. We model Greek LfL…
It will be hard for Helex to repeat Q2 ADV of E192m in the next quarters given the overhang of the ECB stress tests, political risk and debt negotiations. We stick to our DOI rating; PT is now E9.0 (was E8.5) with EPS +18% in 2014E (+25% higher ADV at E150m) and -4% in 2015-2017E…to…