Mid-single-digit L4L sales growth + acquisitions should result to double-digit reported sales growth in 2016, according to management; the same goes for earnings, with margins expanding on operating leverage. This means shares trade 7.0x EBITDA and 11x EPS 2016E, not demanding considering corporate strategy/consistency/balance sheet strength over the years (p. 3). We argue thin trading…
Record P&L and Cash flow numbers in 2015 but the question remains whether that was the last superb year of the cycle. 2016 has started off strong and most EUR refiners expect margins to remain at high levels. We account for above-the-cycle EBITDA and cash flows in 2016 while our mid-cycle margin valuation means we…
Post 4Q15 results we fine tune our model; our target price stays at E9 – to access this report contact@researchgreece.com
We model realized 2016 margin at $9/bbl partially compensated by higher volumes yoy (+0.8mt given the shutdown in Q2 15). On flat EUR/USD yoy these yield…to access this report contact@researchgreece.com
Without a doubt the best business model in Greece… The shares have rebounded nicely albeit we feel there is another…to access this report contact@researchgreece.com