Q2 NII was broadly in line with consensus while stronger fees pushed PPP +1.7% to +4.6% above estimates. Lending was stronger qoq (Interest earning Stage loans +E4.2bn in Q2 from +E1.6bn in Q1), prompting banks to revise their FY 2025 loan targets higher and making sure NII sensitivity to 25bps-50bps further ECB rate cuts remains…
On Jul 10, GEK and MOH announced plans to merge their thermal generation assets and retail/supply operations into a single entity, with each company holding a 50% stake (equity consolidated*). MOH will pay GEK E128m in cash, which we assume is to equalize the transaction, as GEK is contributing higher-value assets.
Euronext confirmed it has entered discussions with Hellenic Exchanges (Helex) about a possible offer to acquire up to 100% of the Greek stock exchange. The proposed deal would be structured as an all-share transaction, valuing Helex at E6.9 per share -or E399m, excluding treasury shares- based on a fixed exchange ratio of 1 Euronext share…
Focusing on the big picture usually means we are not able to assess the small one, i.e. short/mid term financials. Indeed, this is the case with the grid operator (51% owned by listed ADMIE Holdings). RAB of E2.6bn in 2024, increases to E3.5bn by 2026 with Ariadne (Athens-Crete) and Cyclades D and to E6.2bn by…
OPAP reported solid Q1 results with GGR/ EBITDA/net income at E595m/E207m/E123m or +8%/+8%/+10% yoy. Driven by +5% GGR growth in offline and +19% yoy GGR growth in online. Judging from total online GGR growth at +16% yoy in Q1 (regulator), OPAP enjoyed a higher market share in online. Management reiterated full year targets for low…