What’s new? OPAP released Q4/FY results, surprised us positively with an overall E1.5/share (11% yield) payment to shareholders (o/w E0.10 interim DPS already paid) and provided GGR/EBITDA guidance for 2022 pointing to c.40% growth yoy. Conclusion: We are happy with our OI rating. Q4 results came in above our estimates by 15%-20% on stronger on-line…
What’s new? Q4 2021 clean PPP and net income of E165m/E111m came in above our estimates by 15%-20% driven mainly by lower operating costs and lower impairments; Actual pre-tax RoTE was higher by 150bps. It seems we had underestimated the cost cutting performance of the bank. We had long favored NBG as a runner-up to…
What’s new? We are updating our latest assessment on PPC (Feb 3) following recent developments (war conflict in UKR and energy prices) and the share price weakness. Our initial take is included at the end of this note. We focus on the impact from the government’s latest initiatives to alleviate the high energy cost from…
What’s new? Ever since our last update (Dec 9), Russia invaded Ukraine and soon after SAR announced a E55m acquisition (enterprise value) in Poland, its biggest M&A deal in the last many years. Sarantis is present in Ukraine through its 90% owned subsidiary Ergopack (home and personal care products), contributing E28m of sales and E1.5m…
What’s new? Q4/FY 2021 results did not include any surprises, other than 2022 net income / RoTE outlook revised downwards by -10% / -100bps (we attribute this to the more aggressive NPE reduction achieved in 2021) while not accounting for the UKR-RUS war / geopolitical consequences; also, there is no mention on 2024 targets, unlike…