What’s new? We consider OPAP a solid pick for risk averse investors, not least thanks to its dividend policy. Notwithstanding the UKR-RUS war conflict impact, we believe late speculation on the government’s intention to raise winning taxes has been weighing negatively on the stock. The reason this matters is because it affects the recycling of…
What’s new? Q4/FY 2021 results did not include any surprises. Eurobank delivered 8% of adjusted RoTE, +100bps higher than originally guided but in line with the run-rate witnessed up to 9M results. Guidance for 2022 was broadly unchanged for 10% RoTE /E0.13 EPS, including a quantified 20% dividend payout out of 2022 earnings; while fresh…
What’s new? Jumbo provided a trading statement for the month of February, own estimates for Q1 2022 and the actual gross margin, EBITDA, and net cash numbers for FY 2021. In the paragraphs that follow we provide our view on all these.
What’s new? OTE revised its shareholder remuneration policy, announced along FY 2021 results. The telecom operator will be paying 70%-100% of annual reported free cash flow (from 100% previously) while splitting the payment equally between cash dividend and buybacks (from 65%/35% previously). The payment for 2022 will be E500m (was E480m in 2021) out of…
In this note we are addressing the main themes surrounding Greek Banks. Part of the note is in Q&A form. Themes include new lending, DTA, interest rates and valuation. We present our estimates for 2022-2024 in the spreadsheet attached. The power of momentum. What GR banks lack in mass, they make up for in velocity….