Guidance reiterated for FCFE at c.E0.5bn (12% yield); dividend outlook has not changed either; we revised our estimates only slightly for 2016E thanks to strong performance in the domestic fixed line business; reiterate DOI with a new price target at…
In this RG F4T we focus on Interest Income from Impaired loans (III); in 2015, 37% of NII and 71% of recurring PPP consists of interest from impaired loans, on our estimates (4 systemic banks); excluding RG estimated 2010-2015 accumulated III from TBV …
Greece will have to present measures of E5.4bn/3% GDP plus a contingency package (and mechanism) with additional measures of E3.6bn/2%. It looks like the Greek government is having a hard time with ‘the negotiations’. We see two scenarios…
Shares trade 5.0x EBITDA 2016E including P&H liabilities of E270m; we have lowered our EBITDA estimates by 10%; we believe there is value in Athens Water under certain conditions (see report attached) but since the government has other priorities (and views) the stock will remain a value trap. We reiterate DOI with a lower price…
Since we model IKEA sales & EBITDA margin at 2.2%… To OWN the shares we should discount … to access this report contact@researchgreece.com