What’s new? MYT published flash note results for the full year (2022), reporting record profits and a tremendous beat against our and consensus estimates. We will not be changing our forecasts and recommendation until the audited results, full report and notes are published on March 3. In the meantime, we outline our thoughts on the…
What’s new? The Greek TSO (IPTO), 51% owned by ADMIE Holdings, wants* the regulator to increase 2022-2025 RAB returns (RoRAB), from 6.1% to 8.5% (pre-tax), claiming both cost of equity and cost of debt parameters are on the rise ever since the initial decision was taken (Sep). Our understanding is that PMI returns will not…
What’s new? We are concerned with Nova-Wind’s more-aggressive-than-expected commercial policy announced on Jan 11 and the potential ARPU/EBITDA impact on OTE. The dividend & share buyback for 2023 is not necessarily at risk thanks to OTE dividend-intended cash buffers. But 2023-2024 EBITDA could be, as we doubt OTE will let subscribers go. In the end,…
What’s new? Jumbo announced December’s trading, with monthly sales up +22% yoy and FY 2022 sales up +14% yoy. This is slightly better than the company’s revised guidance (a month ago) for +13% yoy full year sales growth and our own +12% assumption. They also said a) January sales trading so far is ‘simply outstanding’;…
What’s new? We are still struggling to comprehend the premium on Terna Energy’s speculated E22-E23/share M&A price, but this does not change the fact that GEK is reportedly close to selling its 37% stake in the company. Stub valuation. If GEK pockets c. E1.0bn from the sale, what does that mean for the implied valuation…