What’s new? The most notable points from FY results are a) +10MW additional capacity vs Q3 (wind); b) +130bps load factor yoy; and c) 2023-2029 guidance reiterated. Revenues/EBITDA/net income came in at E298m/E165m/E68m or +9%/+3%/+3% yoy (adjusted for E49m non cash stock option expenses and discontinued trading operations) and +5%/-7% compared to our estimates. TEN…
What’s new? FY 2022 results came in even worse than what we expected, on lower water consumption and rising electricity costs, pushing EBITDA down by -55% yoy and -40% vs our estimate. Taking out E25m of non-cash income for maintenance (to be booked until 2025), underlying EBITDA collapses to E14m (from E60m adjusted in 2022…
What’s new? Despite several (small and big) one-offs, Q4 results marked a solid closing (Q4 ref margin: $20/bbl, FY: $19/bbl) to a very strong P&L and cash flow FY 2022. YTD MED margins are strong, comparable to 2022 levels, plus MOH’s naphtha reformer and full year contribution from acquired renewables suggest EBITDA will remain above…
What’s new? With this note we are re-vising the investment case of Fourlis. Q4 marked a strong finish in what was overall a bad 2022, hit by supply chain constraints and cost inflation (incl. energy). But it also means we have one more full year of Trade Estates, the hopefully-soon-to-be-IPOed REIT subsidiary of the group….
Now that all Greek banks have -finally- published their full IFRS notes (Eurobank being the last), we analyze the most interesting points out of 2022 performance: Balance sheet structure, NII breakdown, RoTE differences, Securities HtM & unrealized losses, Stage 1-3 movements & coverage, and P&L reporting peculiarities. Some things we find annoying. You can see…