ADMIE Holdings: Investments Are On Track What’s new? Q4/FY results confirmed the mismatch between regulated and actual depreciation (see our previous note attached). This, plus some smaller one-off items, drove net income and dividend 10%-12% lower compared to our estimates. More importantly though, capex spent (E412m in FY 2021) to interconnect the islands remains on…
What’s new? Piraeus presented its 2022-2025 business plan on Apr 6. Compared to the old one (2020-2024), communicated 12 months ago, the bank now targets lower NII on weaker net credit expansion, compensated by stronger fees, more cost cutting and lower impairments; ending up with unchanged 10% RoTE 2024 an introducing 12% for 2025. Plus…
What’s new? FY 2021 results (Apr 5) were a perfect illustration of PPC’s vertical integration (generation – supply), renewables (hydro) and regulated EBITDA (distribution) absorbing the wholesale tariff shocks caused by the RUS – UKR war conflict via abnormally high gas prices. Conclusion: We reiterate our OI rating even if it means we are lowering…
What’s new? We have updated our model following the publication of FY 2021 IFRS notes. We also analyze gas power plant economics considering MYT’s 826MW new CCGT within 2022. The latter will add value but is no match for renewables, in our view. Our assessment considers the current geopolitical crisis does not escalate further, and…
Our base case scenario is Greek banks will weather the geopolitical crisis even if they must deal with a short-term spike in their bad loan ratios. They have limited to zero exposure to RUS and UKR. This saves them any direct impact, but their business will be indirectly affected as consumers see their disposable income…