Greek Trends & Trivia – 8 August 2016
Tourism / Fourlis / Helex / Banks
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Fourlis: Strong finish but not strong enough to become positive
Since we model IKEA sales & EBITDA margin at 2.2%… To OWN the shares we should discount … to access this report contact@researchgreece.com
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Fourlis – Remains a DON’T OWN IT
We do not expect operating leverage to be unleashed this year since we model IKEA related EBITDA margin at 8% and 9% by 2017 which compares to an all time record high of 19.7% back in 2006. To OWN the shares today we need to discount …to continue reading contact@researchgreece.com
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Fourlis – Immense operating leverage – unleashed next year?
We don’t think so – hence we stick with our DOI rating. In 2Q14 Intersport was the strongest link managing PBT of cE2m / IKEA lost cE2m. We present (again)our own plug and play calculator for IKEA related EBITDA. And conclude to OWN the shares today we need to discount 5% LfL in 15E, and…
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Fourlis – IKEA plug and play reveals huge upside
Our EPS estimates are unchanged; our target price stays the same. We present our own plug and play calculator for IKEA related EBITDA. And conclude to OWN the shares today we need to discount 5% LfL in 2015 followed by another …