What’s new? Q4/FY results came in line with our estimates and OPAP’s own EBITDA guidance. The positive surprise was the overall payment to shareholders at E1.45/share (we expected E1.35), almost as good as last year (E1.50). Management expects 2023 GGR at E2.06bn-E2.14bn (6%-10% yoy) with EBITDA at E740m-E760m (1%-4% yoy L4L). They also reiterated minimum…
What’s new? With this note, we are making a case in favor of Greek banks, considering recent banking developments in the US and Europe, namely the collapse of SVB and Signature Bank, the rescue of First Republic Bank, and the acquisition of Credit Suisse by UBS, including the wipe out of AT1 holders. We reiterate…
What’s new? Eurobank published Q4/FY 2022 results (no IFRS notes) beating our NII and PPP estimates on favorable interest rate pass through (loans, not deposits); but weirdly enough coming in line with our net income estimate and 12.7% annualized RoTE, on much higher taxes. Management raised its RoTE guidance to 13% in 2023 and 12%…
What’s new? 1.5 months after the release of flash note FY 2022 results showing record profits and a tremendous beat against consensus estimates, Mytilineos published its full IFRS 2022 report. We are halfway through the 444-page document. The most notable points are: Point #1, CEO E141m pay. On p. 400 (English version), we see admin…
What’s new? Following three months of exclusive negotiations, and in line with its 2021 strategy, PPC announced the acquisition of Enel Romania assets, namely 499MW installed wind + 36MW solar (plus 5GW pipeline o/w 314MW short term additions), three DSOs, and two electricity supply companies, for a total enterprise value of E1.9bn (incl. minorities) or…