Kri-Kri reported Q3 sales/EBITDA/net income of E77m/E14m/E10m or +20%/+14%/+12% yoy thanks to foreign yogurt sales growing by +34% yoy. This performance confirms FY guidance for sales >E245m and EBIT margin at 16%. It also confirms the double-digit growth outlook of sales and earnings in 2025-2026, which is a sight for sore eyes in the low…
Kri-Kri reported FY EBIT -3% below our estimate and -6% below their own mid-point guidance. DPS at E0.35 from E0.20. Still, 2023 was a record P&L and cash flow year, with RoE @ 31% and FCFE yield @ 9%, partially on lower costs and stronger volume, but mainly thanks to higher prices. Which management said…
Q2 results were impressive and validated the sweet spot theme enjoyed by most of the companies we cover: higher prices + lower costs = higher margins. Pricing accounted for 80% of the gross profit increase yoy. Operating leverage did the rest for the bottom line, with annualized RoE in Q2 at 58%! The question is:…
’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%…
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…