The important news is OPAP will be paying a lower GGR tax rate on legacy games in 2021-2030, given the new licensing regime became effective in October and the state has not objected to the new -lower- tax stream. P&L wise, on our -quite complicated but exhaustive- estimates, OPAP will be effectively saving 27ppt of…
PPC does not produce enough electricity and hence buys 30% of its needs from the market to service its customers. With the target model live, PPC keeps on buying at prices lower than hoped; per MWh at E45 to sell to households at E100 and makes a cool electricity supply EBIT of E400m. We think…
We estimate reported cash flow of E440m in 2021 plus a (minimum) special dividend of E100m-E120m from the sale of TR fixed. OTE’s declared remuneration policy implies shareholders will pocket E400m in cash dividends and the rest E150m via buybacks. Adjusted free cash flow will not exceed E540m on our estimates (from E610m in 2020)…
With this note we present our thoughts on Piraeus Bank Contingent Convertible bond (CoCo) potential conversion into equity. We cannot help feeling there is a lack of a strategy, especially from the state’s side, on how and when to exit its holding in Piraeus Bank and at what price. On a second note, the alleged…
We revisit our model and we up our 2020E EBITDA by…