What’s new? Jumbo published full 2022 accounts with sales at E949m/+14% yoy (as guided), EBITDA at E337m/+10% yoy and net income at E249m/+15% yoy. These are all record numbers, including the gross margin at 55.9% (+20bps yoy). Guidance for 2023 was reiterated for sales/gross margin/net income at +15% yoy/54%/E270m-E275m. As was management’s assessment of the…
What’s new? FY 2022 EBITDA came in E1.5m/-11% lower compared to our estimate for E14m, on E1.0m less revenue (post trading) and E0.5m higher opex (personnel). Weirdly enough, lower depreciation (E0.9m) and higher income from associates plus tax returns (total E0.6m) made sure pre-tax income came in line with our estimate for E10.5m. Helex announced…
What’s new? EBITDA in Q4 came in +37% better than guidance (and consensus) but -16% below our estimates. We single out a) the huge cash flow improvement in Q4, with net debt landing to E1.5bn from E2.5bn in Q3; b) RES progressing as per the business plan; and c) guidance for higher EBITDA in 2023…
What’s new? Sarantis reported weak, albeit but in line with our estimates, Q4/FY 2022 results, missing Estee Lauder’s P&L contribution, and reflecting higher raw material costs, affecting mainly the home care segment. The outlook for 2023-2024 is way better, the balance sheet is strong, and the business strategy is unchanged. Conclusion. While It is quite…
The political risk has gone up following the train tragedy at Tempe on Feb 28. Elections moved forward by one month, Mitsotakis poll lead has come down to 3ppt (from 7-9ppt), and so have the chances of forming a one-party government in the second round. Basic election math. Recent polls show Mitsotakis lead has narrowed…