What’s new? FY 2022 results came in even worse than what we expected, on lower water consumption and rising electricity costs, pushing EBITDA down by -55% yoy and -40% vs our estimate. Taking out E25m of non-cash income for maintenance (to be booked until 2025), underlying EBITDA collapses to E14m (from E60m adjusted in 2022…
In this note we outline the investment summaries of all Greek names we cover. We start off with a few points on macro and politics and our OI rated names, highlighting any changes compared to our previous assessment in June 2022. Inflation, inflation, inflation Real GDP grew by +7.8% yoy in H1 reflecting strong domestic…
What’s new? EYDAP published H1 results and held an analyst presentation. H1 numbers show clean operating EBITDA has collapsed. Contrary to this negative operating performance, management will decide whether to pay a special dividend by November. Conclusion: We reiterate DOI. We are still not able to put a price target on the shares, given the…
What’s new? Inspired by IMF’s recent blog, that places Greece among the 5 least affected EU countries from a full Russian gas cutoff, we outline our thoughts and arguments below as to why Greece is probably a better investment case than what is implied by the energy crisis, inflation- recession fears, and the ongoing impact…
Imagine someone is cutting off your energy/gas supply (QE) while pounding you with heavy artillery weapons (interest rates). The focus is on surviving the war with the help of your allies (ECB)*. Our mid-year strategy report is about which equities can get through stagflation with the least casualties. As we noted in our Feb note:…