OPAP announced yesterday a) it notified the Hellenic Republic of breaches of the 2000 concession agreement relating to the levy imposed on OPAP games (intending on further legal actions); b) filed an arbitration request with the London Court of International Arbitration due to changes in the VLT framework vs. the 2011 license agreement – for…
Greek like-for-like sales growth of +1.0% in Q1/-1.0% in Q2 /-1.0% in Q3 (-1.0% in 9M) is way better than company’s implicit estimate for real GDP growth of -4.0% (Apr) or initial expectations by creditors for -2.3%. Real GDP is actually +0.4% yoy in the first nine months (nominal -0.5% yoy) ‘chewing up’ capital controls…
Most EUR MED refineries expect strong margins to persist (Q4 so far is strong) driven by low oil prices (supply glut), crude sourcing, healthy demand, strong USD and capacity rationalization. There is no way of knowing for how long though; on balance most signs are positive: USD should remain strong ahead of higher US interest…
Reportedly, the government is considering applying a 10% consumption tax on KINO targeting >E200m in proceeds: the tax would raise cost per column by E0.05 yielding E225m on 4.5bn columns played in 2014; numbers do not add up (E2.01bn sales in 2014 imply 4.02bn columns played and not all sales are generated in Greece) but…
ECB CA 2015 results (AQR + 2.5YRS stress tests) revealed a capital shortfall of E4.4bn (baseline) and E14.4bn (adverse); hardly a surprise given latest speculation in the press and overall expectations; Alpha and Eurobank scored better and theoretically enjoy an easier task accessing private investors; their equity proposition at baseline (2017) 0.39x TBV/2.5x PPP and…