As expected, the ECB changed the TLTRO III terms to eliminate the carry trade and wipe out the excess liquidity from the market, in its fight against inflation. It also lowered the interest rate paid on minimum reserves. With Greek Banks holding E51bn of ECB funding, we estimate the impact to be a negative -15%/-21%/-214bps…
In this note we outline the investment summaries of all Greek names we cover. We start off with a few points on macro and politics and our OI rated names, highlighting any changes compared to our previous assessment in June 2022. Inflation, inflation, inflation Real GDP grew by +7.8% yoy in H1 reflecting strong domestic…
What’s new? We have updated our model on MYT. Compared to our previous assessment (April 5 – ‘Too Many Modeling Assumptions’ – attached), AL prices have come down from $3,500/tn to $2,165/tn; USD has strengthened significantly; energy economics remain dislocated; GR government has imposed price caps and levies/taxes on energy producers; geopolitics have not improved…
What’s new? Terna Energy reported H1 results with the most notable points being a) zero capacity additions vs. last year; b) load factor in Greece at 32.1% (from 28.9% last year); and c) FY 2022-2029 EBITDA guidance reiterated. Revenues/EBITDA/net income came in at E277m/E87m/E34m or +98%/+26%/+16% yoy. TEN reiterated May Investor Day targets for 3.3GW…
What’s new? EYDAP published H1 results and held an analyst presentation. H1 numbers show clean operating EBITDA has collapsed. Contrary to this negative operating performance, management will decide whether to pay a special dividend by November. Conclusion: We reiterate DOI. We are still not able to put a price target on the shares, given the…