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

3Q13 was strong on profits; not so good on cash flow yet. Results distorted by inventory and receivables write-downs booked in 1H13. We reconstruct parts of the balance sheet and conclude to working capital increase. And model negative FCF this year and positive at E33m and E36m in 2014E and 2015E. Shares are on P/FCF of 42x next year, if we exclude HDF from the price. If our estimates are correct the market discounts FCF of E182m in perpetuity or is there ….to access this report  contact@researchgreece.com