There was nothing particularly noteworthy in Q2 numbers. The same trends from Q1 continued, but with a significantly weaker Romania. As a result, adjusted EBITDAL did not grow yoy, despite a 1.5% increase in Greece. Lower depreciation and financial costs helped adjusted net income to grow by +5.6% yoy. The new CEO made a positive…
Q2/H1 clean EBITDA of E0.47bn/ E0.92bn in line with management’s guidance for E1.8bn for the full year. We have the distribution business to thank for that, as it accounted for c. 45% of the total number, and 60% of the delta vs H1 2023. Management sounded upbeat while announcing a new 629MW (600MW wind) acquisition…
With this note we are updating our estimates, target prices and ratings for Greek banks, following Q2 results. We are also sharing our Sector Map, in which we have compiled the main Q2 numbers. We outline the main points below. In short, Q2 was a good set of results for the sector, supported by the…
Jumbo released the trading update for June, showing sales +9% yoy, shaping the H1 rate at +8% yoy. This run rate is in line with full year guidance for 8%-10% growth in sales and earnings. But the real news came from management’s update on transportation and Red Sea supply chain issues, saying the disruption has…
In this Food 4 Thought note we look at OPAP’s 15YRS lottery license renewal in Cyprus, announced on June 26: a) is the new deal better or worse than the previous one? and b) is there any readthrough for the renewal of the Greek license (offline) expiring in 2030? Better or worse? It is positive…