What’s new? OPAP reported Q2 results, with strong, Euro cup driven, online GGR (+33% yoy) covering for the land-based weakness (-1%) and pushing total GGR higher by +7% yoy. Higher marketing costs (+43%), spent on the Euro cup and the Euro jackpot, took a toll with clean EBITDA +3% yoy and clean net income -2%…
Sarantis published H1 results showing impressive sales and EBIT growth with or without the first-time consolidation of Stella Pack. We thought the latter’s contribution would be the catalyst this year. But what really blew us away was the spectacular performance of the Beauty & Skin care segment with sales +37% yoy, reaching 92% of full…
Fourlis announced a deal with Foot Locker to acquire the latter´s operations in Greece and Romania (6 stores + ecommerce; price not disclosed) and to establish exclusive licensing agreements in 6 additional SEE countries (Cyprus, Bulgaria, Croatia, Slovenia, Bosnia and Montenegro).
MOH Q2 results were much stronger than what benchmark refining margins implied for the quarter. This is thanks to stronger gasoline vol & cracks and the higher naphtha-gasoline spread compared to Q1. The latter is not in benchmark margins (or Helleniq).
It did not come as a surprise that BoC raised its FY 2024 RoTE guidance to >24% from >17% following Q2 results (we were expecting this ever since Q1). Thanks to higher-than-initially-budgeted ECB/Euribor rates and unchanged deposits economics, NII/PPP/Net income stayed broadly flat in Q2 with RoTE at 30%*.