Q2 results were impressive, with both IKEA and sporting goods businesses growing their sales double-digit (L4L), on higher prices but mainly on higher volume, given supply/product availability issues have been resolved. Gross margin improved qoq/flat yoy and operating leverage sent EBITDAL +76% yoy. Management says H2 will be higher than H1 in absolute terms, although…
’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%…
What’s new? With this note we are re-vising the investment case of Fourlis. Q4 marked a strong finish in what was overall a bad 2022, hit by supply chain constraints and cost inflation (incl. energy). But it also means we have one more full year of Trade Estates, the hopefully-soon-to-be-IPOed REIT subsidiary of the group….
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? Fourlis reported weak H1 results last week with revenues and clean EBIT at E213m and E2.8m or +15%/-67% yoy, reflecting higher opex (+40%) and despite gross margin rising by +300bps yoy. Results are burdened by E5m-E6m additional energy costs and foregone revenues of E8m-E10m due to out-of-stock products. Still, the big news was…