What’s new? Jumbo published H1 results and it would not be Jumbo if these did not include contradictory messages. • Revenues/EBITDA/net income grew +13%/+12%/+17% yoy in H1. Management reiterated full year guidance (possibly at the high end), which combined with the August trading statement (8M sales +11% yoy) it implies revenues will go down by…
What’s new? This update can be best summarized by adding ‘Solidarity Tax’ to our latest note titled ‘Unprecedented Earnings’, published two weeks ago on Q2 results. The European Commission used a different term: ‘Solidarity Contribution’ on excess profits generated from activities of oil, gas, coal, and refinery sectors. Equal to a 33% charge against 2022…
With this Q&A note we describe the political situation in Greece with regards to the next elections scheduled for 2023. The electoral system effective in the forthcoming elections implies a second round will be unavoidable. Even then, YTD polls suggest a two-party coalition is required to form a government. We see the political risk rising…
What’s new? Fourlis reported weak H1 results last week with revenues and clean EBIT at E213m and E2.8m or +15%/-67% yoy, reflecting higher opex (+40%) and despite gross margin rising by +300bps yoy. Results are burdened by E5m-E6m additional energy costs and foregone revenues of E8m-E10m due to out-of-stock products. Still, the big news was…
What’s new? PPC reported Q2 results, showing a much better picture in EBITDA and cash flow terms compared to the horrifying Q1. Management reiterated its FY 2022 recurring EBITDA target (o/w half coming from the 51% owned distribution business), which sounds good considering the rather chaotic business conditions prevailing in the European electricity generation and…