ADMIE

ADMIE | Alpha Bank | Bank of Cyprus | Eurobank | Fourlis | Greek Economy | Hellenic Bank | Hellenic Exchanges | Hellenic Petroleum | Hellenic Telecom | Industry-wide | Jumbo | Kri-Kri | Lamda Development | Motor Oil | Mytilineos | National Bank | OPAP | OTE | Piraeus Bank | PPC | Research | Sarantis | Terna Energy

Greek Equities Update June 2023
ByDimitris Giannoulis June 22, 2023June 26, 2023

’If you cannot explain it simply, then you do not understand it well enough.’’ Testing ourselves, we share our understanding of each Greek investment case we cover within a few lines. Conclusions: Our base case scenario is materializing, i.e., Mitsotakis administration renewing its mandate and Greece avoiding a recession. Equities have re-rated and are +36%…

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ADMIE | Research

ADMIE Holdings: Waiting For The Regulator
ByDimitris Giannoulis January 26, 2023June 24, 2023

What’s new? The Greek TSO (IPTO), 51% owned by ADMIE Holdings, wants* the regulator to increase 2022-2025 RAB returns (RoRAB), from 6.1% to 8.5% (pre-tax), claiming both cost of equity and cost of debt parameters are on the rise ever since the initial decision was taken (Sep). Our understanding is that PMI returns will not…

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ADMIE | Alpha Bank | Bank of Cyprus | Eurobank | EYDAP (Athens Water) | Fourlis | Greek Economy | Hellenic Bank | Hellenic Exchanges | Hellenic Petroleum | Hellenic Telecom | Industry-wide | Jumbo | Kri-Kri | Lamda Development | Motor Oil | Mytilineos | National Bank | OPAP | OTE | Piraeus Bank | PPC | Research | Sarantis | Terna Energy

Greek Equities Update
ByDimitris Giannoulis October 17, 2022June 18, 2023

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…

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ADMIE | Alpha Bank | Bank of Cyprus | Eurobank | EYDAP (Athens Water) | Fourlis | Greek Economy | Hellenic Exchanges | Hellenic Petroleum | Hellenic Telecom | Industry-wide | Jumbo | Kri-Kri | Lamda Development | Motor Oil | Mytilineos | National Bank | OPAP | OTE | Piraeus Bank | PPC | Research | Sarantis | Terna Energy

Greece: Not As Bad As It Looks
ByDimitris Giannoulis July 22, 2022June 17, 2023

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…

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ADMIE | Research

ADMIE: Throwing in The Towel
ByDimitris Giannoulis June 29, 2022June 16, 2023

What’s new? Greece has a unique ability in castrating the investment cases of state-owned infrastructure assets (monopolies or not), rendering them totally unattractive to institutional investors. The most recent victim is ADMIE Holdings, owner of 51% in IPTO, the Greek TSO. Before ADMIE Holdings, it was Piraeus Port, Athens Water and PPC.

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