Fourlis: One-Off Transformation Costs & Recurring Benefits
During the General Assembly on June 12, Fourlis provided details on its transformation program.
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Greece: Adopting a More Cautious Stance
We revisit our stock picks and assess the political outlook ahead of the next parliamentary elections. Economic conditions remain solid with Q1 2026 real GDP up +2.0% yoy (consumption +1% yoy, tang investments +12%, exports +2%). But with the inflation rate in May accelerating to +5.2% yoy/+0.0% mom (food +3.5% yoy, clothing -0.9%, housing +11.6%,…
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Piraeus Port: Expecting Better Container Volume Days
The most important development since our last assessment has been the decline in container volumes, with TEU throughput falling 13.6% yoy in Q3 2025, 16.5% in Q4 2025, and 11.6% in Q1 2026 across all Piers, affecting both domestic and transit cargo. We attribute this to the Middle East disruption and a challenging comparison base,…
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Greek Refineries: Strong H1; Valuation Requires Elevated Margins Beyond 2026
Following the very strong Q1 results, we have updated our estimates. Underlying demand remains solid, while the Iran crisis has materially boosted mid-distillate cracks and refining margins, with diesel and jet fuel tightening significantly yoy. Both MOH and Helleniq have successfully diversified away from Iraqi crude, reducing feedstock risk.
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ADMIE Holdings: Strong SCI Targets but the Execution Risk is High and the Dividend Yield is Low
ADMIE Holdings will raise up to E530m of equity (EGM on June 11) to fund its 51% participation in the E1.0bn capital increase of the Greek TSO (IPTO). The proceeds will support IPTO’s E6bn capex program for 2026-2029, o/w 60% to interconnect Greek islands.