What’s new? In this note we analyze how much of reported / actual 9M 2021 NAV is attributed to the Ellinikon project and how much to the ‘old’ Lamda assets. With shares trading 7% below 9M 2021 NAV, we can also infer how much of Ellinikon is discounted into the current market cap. We present…
Management quantified an expected value creation of E600-E835m from the first phase of the project crystalized in 2025, not discounted in today’s terms. They also expect NPV expansion from the existing malls and the second Ellinikon phase (E0.8-E1bn) not addressed in this note. The presentation slides, the live webcast by management, and the feedback we…
With this note we briefly share our views on all the names we cover. We start with our OI picks, followed by Radar and DOI names. We have added several names in our Universe, most of which on a Not Rated (NR) basis.