What’s new? Jumbo provided the trading update for February and sales/gross margin/net income guidance for FY 2023. When management urged investors on Feb 8 not to extrapolate January’s +45% yoy sales growth into the rest of the year, we could not imagine this meant February would still grow by +35% yoy, bringing sales in the…
With this note we provide an awkward update on the political situation in Greece, considering the deadly train crash that took place in Central Greece (Tempe) on Feb 28, killing 57 people on board. Much like the deadly fires in Attica back in 2018 weighed on 2019 elections, contributing to the overthrowing of Syriza (Tsipras),…
What’s new? Hellenic reported record adjusted EBITDA and net income, but its cash flow has yet to capitalize on the remarkably high, energy (war) crisis driven, refining margins witnessed in 2022. EBITDA rose 4x yoy at E1.6bn (adjusted) while net debt remained unchanged at E1.9bn. Add the slow take up on RES, and Motor Oil…
What’s new? Piraeus published Q4/FY 2022 results (no IFRS notes) showing super strong NII (+E100m/+30% qoq), hitting annualized adjusted RoTE of c. 12.5% (on our clean calculations). All thanks to a) the loan-deposit spread going up +E50m/+17% qoq (almost zero pass-through to deposits); and b) ECB income +E50m qoq (net of TLTRO), following ECB rate…
What’s new? The rather rhetorical question we raised a month ago was answered today. Q4/FY 2022 results announced came in line with our estimates in EBITDA(L) terms, but FY 2023 projected cash flow and remuneration policy are weaker compared to 2022 and our own expectations. OTE expects cash flow to go down this year (from…