Author: Dimitris Giannoulis

ADMIE | Alpha Bank | Bank of Cyprus | Eurobank | EYDAP (Athens Water) | Fourlis | Greek Economy | Hellenic Exchanges | Hellenic Petroleum | Hellenic Telecom | Industry-wide | Jumbo | Kri-Kri | Lamda Development | Motor Oil | Mytilineos | National Bank | OPAP | OTE | Piraeus Bank | PPC | Research | Sarantis | Terna Energy

Greece: Not As Bad As It Looks
ByDimitris Giannoulis July 22, 2022June 17, 2023

What’s new? Inspired by IMF’s recent blog, that places Greece among the 5 least affected EU countries from a full Russian gas cutoff, we outline our thoughts and arguments below as to why Greece is probably a better investment case than what is implied by the energy crisis, inflation- recession fears, and the ongoing impact…

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Piraeus Bank | Research

Piraeus Bank: Analyst Call
ByDimitris Giannoulis July 8, 2022June 17, 2023

What’s new? Piraeus Bank (CFO & IRO) held an update call with the sell-side this morning, discussing macro and banking trends. The bank painted a totally different picture than the one implied by war-energy-inflation dynamics…

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Jumbo | Research

Jumbo: Accelerating Sales Growth
ByDimitris Giannoulis July 8, 2022June 17, 2023

What’s new? Jumbo released its trading statement for June 2022 showing accelerating sales growth rates compared to the previous month. June performance is more telling given its strong -revenge spending- comparable of last year. At least this is what Jumbo claims. At this pace, the company will beat its own guidance for full year sales…

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Research | Sarantis

Sarantis: Details on Estee Lauder JV Sale
ByDimitris Giannoulis July 7, 2022June 17, 2023

What’s new? SAR provided details on the Estee Lauder JV sale (49% stake) in a stock market filing. We talked to the company and outline the main points below. Conclusion: Outsiders, like ourselves, can only speculate on the driving forces or intentions of the counterparties involved in the deal. We do not like the deferred…

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ADMIE | Research

ADMIE: Throwing in The Towel
ByDimitris Giannoulis June 29, 2022June 16, 2023

What’s new? Greece has a unique ability in castrating the investment cases of state-owned infrastructure assets (monopolies or not), rendering them totally unattractive to institutional investors. The most recent victim is ADMIE Holdings, owner of 51% in IPTO, the Greek TSO. Before ADMIE Holdings, it was Piraeus Port, Athens Water and PPC.

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