HFSF approved a E0.30 per share bid by a group of investors to cover 46.5% of the E2.86bn SCI. Final price will be set by the book building process (last week of April). E0.30 is a bargain for investors, implying an acquisition pro-forma P/TE 2013 of 0.77x (0.73x P/TE 2016E). The size of the SCI…
1/ Eurobank: OWN IT based on 0.9x P/TE and 7.4x P/E 2016E pro-forma for E3bn capital increase; 2/ Earnings: bridging 2013 to 2016; 3/ Price Target sensitivities based on different RoTE/CoE; 4/ Asset quality update – 2013; 5/ Warrants: fair value estimates; biggest catalyst: asset quality; on a like-for-like basis we favor Eurobank given the…
4Q13 was one of the same with 3Q13 – strong on profits; not so good on cash flow yet. Results distorted by inventory and receivables write-downs again. Folli missed on FCF in 2013; we modeled negative E7m – delivered negative E17m. Hats off to management; HDF deal must have added …to access this report contact@researchgreece.com
Stihima sales +17% yoy in Q4 at E398m (we expected E369m) with payout at 70.5%; KINO sales flat at E567m (we expected E531m) with payout at c.69%. Good performance from both games with Stihima up for a second consecutive quarter (grew +8% yoy in Q3) pushing total sales +4% yoy, beating our estimate by 4%…
2013 was the trough: decade-low margins, inventory losses and heavy maintenance. MOH has responded with higher volumes and stayed profitable. Mid-cycle refining margin at $8/bbl, EBITDA at E267m, EPS at E1.15. We forecast: refining margin at $5.0-$5.5/bbl, EBITDA at E275m and EPS at E0.80. We believe premium margin companies deserve premium multiples. Shares at 6.5x…