What’s new? Q3 results confirmed our view that PPC should be regarded as a utility implementing a gigantic E2.3bn1 Voluntary (or Mandatory) Retirement Scheme. But instead of employees retiring, think of 2GW lignite power plants decommissioned (delayed pace due to the energy crisis) and replaced by 5GW of renewables, mainly solar, by 2026. We estimate…
What’s new? Jumbo announced key financial figures for Q3/9M 2022 with sales +8%/11% yoy (we knew that from the monthly trading statements), EBITDA +4.5%/+8.6% yoy and EBIT +5%/+10% yoy; EBITDA margin in Q3 at 37% (from 33% in H1 and 39% in Q3 last year). It seems ‘inventory management’ has continued successfully, which we decipher…
What’s new? Q3 results confirmed there is no sign of slowing down for the strong refining earnings witnessed in 2022 (Q3: $22/bbl, 9M: $19/bbl). Difficult to predict 2023 but we are factoring in $14/bbl, i.e. lower yoy, albeit higher-than-historical refining margins ($7/bbl). Windfall/solidarity taxes do not seem enough to alter the positive picture. Ahead of…
What’s new? Eurobank announced it bought an additional 13.4% stake in Hellenic Bank for E70m, or 0.48x TBV 2022E, doubling its stake in the 2nd largest CY bank to 26%. The acquisition reflects HB’s current market cap of E528m. The stake was bought from Wargaming, which keeps a stake of 6.8%. Eurobank becomes HB’s biggest…
What’s new? OPAP released Q3 results showing clean GGR/EBITDA/net income at E500m/E198m/E119m or +6%/+14%/+17% yoy with equity cash flow at E180m (annual. FCFE yield at 15% or clean 12.5%). Excluding several in shop restrictions, Q3 is the first L4L yoy post-lockdown quarter, helping us to compare yoy trends. Off-line GGR was flat yoy while on-line…