This note is about investing, not trading or event-driven ideas. We believe our OI rated stocks will outperform the market on a risk-adjusted basis in the next 12-18 months. We recommend you own OPAP, Jumbo, PPC, Alpha Bank and ADMIE. We downgrade OTE given it is trading at our target price. We assume the pandemic will be less of a risk; we consider the end of free money and elevated costs and reiterate cash flow conversion as our #1 criterion.
Greek Equities: Slow and Steady Wins the Race
February 3rd, 2022Greece: Equities Update
September 30th, 2017With this note we update our views on Greek equities…
Frigoglass – Disposing Glass at 10x EBITDA – positive development
May 22nd, 2015Frigoglass announced the disposal of its glass business at 10x EBITDA. Will pocket E200m at the current $ to E rate. We exclude Glass from our DCF and conclude to a new target price at … to access this report contact@researchgreece.com
Frigoglass – Remains a DON’T OWN IT
March 16th, 2015An unexciting 2015. Corporate actions on Glass could drive the share price short term. For the ICM to surprise ‘we need’ 12% EBITDA margin on 10% topline growth. We believe this …to continue reading contact@researchgreece.com
Frigoglass – On a restructuring mode: Don’t go in yet
September 9th, 2014Disappointing 2Q which leads to downgrades again. Shares are off 38% ytd but we still wouldn’t OWN IT with Russia and Ukraine as headwinds and ICM generating losses in 2016E. Our cost savings assumption is E5.5m short vs. upper range of management guidance. And equates to break even profits next year and E3m in 2016E…