What’s new? Jumbo released its trading statement for August 2022 showing accelerating sales growth rates compared to the previous two summer months (June-July). We calculate it would take -7% sales growth in the remaining 4 months of 2022 to confirm management’s upper guidance for +2%-5% FY 2022 sales growth yoy. But we expect the strong…
What’s new? Motor Oil and Hellenic Petroleum reported astonishingly strong Q2 results, with their adjusted EBITDA at E500m (each) and free cash flow at E300m (MOH) to E500m (Hellenic). The outstanding performance is attributed to the remarkable refining margins recorded in Q2 ($22/bbl for MOH and $26/bbl for Hellenic), driven by solid demand, the short…
What’s new? OPAP released Q2 results showing clean GGR/EBITDA/net income at E442m/E170m/E96m or +12%/+19%/+38% yoy with equity cash flow at E14m. The latter includes the E100m outflow relating to Stoiximan earn-out but was still enough to push net debt a bit further down to E30m. We believe the yoy and qoq trend is affected by…
What’s new? Bank of Cyprus announced on Friday it has rejected three consecutive cash offer proposals from private equity Lone Star, with the highest one at E1.51 per share, valuing the bank at E674m or 0.40x TBV actual Q1 2022/FY 2022E. BoC’s board rejected the offers as fundamentally undervaluing the bank, and strongly urged shareholders…
What’s new? Greek Banks have reported Q2 results and have -finally- published their IFRS reports. In this note we summarize the most notable points. Banks trade at 0.46x TBV 2022 on our estimates. Next year is less predictable and banks are not providing any guidance whatsoever. What should investors do? If you are relaxed about…