OTE reiterated 2021 FY cash flow guidance E480m reported / 6.8% yield (E575m adjusted / 8.2% yield) which points to a cash dividend of E313m (65% – paid) and buy-back of E168m (35% – ongoing). These numbers do not include the proceeds from the sale of TR (paid by Q1 2022). Moreover, they do not…
We do not know when rates will go up nor when inflationary pressure will ease off nor when Covid will be history. Considering our limited conviction on the abovementioned threats, we believe our OWN IT rated names will do better than the rest since barring the banks the cash flow potential is second to none….
Or 40.8m shares from current shareholder Third Point for -reportedly- E33m or E0.80/share, close to previous closing price, valuing the bank at 0.30x TBV Q1 2021. The two sides have signed an SPA for Third Point’s remaining 2.7% stake, with Eurobank potentially owning 12.6% in the 2nd biggest CY bank in loan terms (21%). On…
Management quantified an expected value creation of E600-E835m from the first phase of the project crystalized in 2025, not discounted in today’s terms. They also expect NPV expansion from the existing malls and the second Ellinikon phase (E0.8-E1bn) not addressed in this note. The presentation slides, the live webcast by management, and the feedback we…
MOH refining margin is down from an average $9/bbl in 2015-2018 to $6.5/bbl in 2019-2020; and the outlook does not look any brighter; MOH hit a refining margin of $6.2/bbl in Q1 while MED benchmark margins remained at low levels in Q2. The company has ‘lost’ half of its refining EBITDA (or E200m-E250m) vs. 2018…