What’s new? MOH announced it will buy a 29.8% stake in Ellaktor from Greenhill Investments and Kiloman Holdings (controlled by two Greek shipping tycoons) for E182m/E1.75 per share @ 18% premium vs last closing. More importantly, MOH will buy 75% stake in the soon to be spun off renewables (mostly wind) business of Ellaktor (no….
What’s new? We reviewed our model estimates post the release of Q4/FY 2021 results. Our forecasting ability has improved following the investments in renewables (wind). Additional RES capacity and the naphtha plant will push refining contribution below 50% in terms of 2023 EBITDA, on our estimates. This has come at a cost though with net…
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…
MOH refining margin is down from an average $9/bbl in 2015-2018 to $6.5/bbl in 2019-2020; and the outlook does not look any brighter; MOH hit a refining margin of $6.2/bbl in Q1 while MED benchmark margins remained at low levels in Q2. The company has ‘lost’ half of its refining EBITDA (or E200m-E250m) vs. 2018…
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.