What’s new? With Covid lockdowns -hopefully- done, favorable base effect growth in 2022 and the rich dividend policy well communicated (min E1.0 DPS /+7.3% yield p.a.), we try to understand what is weighing down on the stock, currently trading 12.6x EPS and 7.6x EBITDA 2022E. Conclusion. We conclude it is the combination of a) small…
This note is about investing, not trading or event-driven ideas. We believe our OI rated stocks will outperform the market on a risk-adjusted basis in the next 12-18 months. We recommend you own OPAP, Jumbo, PPC, Alpha Bank and ADMIE. We downgrade OTE given it is trading at our target price. We assume the pandemic…
What’s new? We are incorporating IPTO’s RAB 2022-2025 proposal into our model. In the process, we believe we have found the ‘catch’ weighing negatively on the investment case: lower than regulated adjusted profits in 2018-2021, reducing distributable income and dividends. Although the delta is small, we believe this to be important given the visible cash…
What’s new? In this note we analyze how much of reported / actual 9M 2021 NAV is attributed to the Ellinikon project and how much to the ‘old’ Lamda assets. With shares trading 7% below 9M 2021 NAV, we can also infer how much of Ellinikon is discounted into the current market cap. We present…
What’s new? 2021 trading data show ADV @ E71m (was E65m in 2020) and velocity rate @ 29%, which is lower than 2020 and the average witnessed post 2011, albeit on a higher market cap overall for Greek equities. Secondly, 2022 YTD has been strong with a 7-session average ADV of E74m. The impressive part…