PPA reported strong, volume-driven results in Q4 with significant growth in TEU, cruise, and storage metrics. Revenues/EBITDA/net at E56m/E26m/E17m showed a +7% beat on EBITDA and a +40% beat on net income compared to our estimates, driven by higher PCT concession revenues and lower taxes.

This is our BoP Greek equities briefing. We have not made many changes compared to our semi-annual one in July: we downgraded Alpha and Helex; and upgraded Eurobank. Plus, we re-visited GEK, reiterating OI and replacing its soon-to-be-delisted RES subsidiary, Terna Energy.

PPA reported H1 2024 results revealing a stronger run rate compared to our full year estimates and what is implied by the Red Sea disruption. The main reasons are a) higher domestic TEU traffic in Pier 1 (as in Q1); b) quite resilient…

PPA reported FY 2023 results below our estimates on higher payroll (E7.5m diff) and other expenses (E10m diff) causing an EBITDA miss of -5% (E6m). The higher effective tax rate (31% vs 22%) made things worse (E7m diff), with net income -17% (E13.5m diff). DPS of E1.34 is consistent with a 50% payout, included in our estimates, but applied on lower earnings means it too came in worse than expected (E1.58).

PPA’s Q3/9M strong set of results forced us to look at the name more closely. Q3 sales went up +18% yoy; EBITDA +25% and net income +28%; the latter reached E66m in the first nine months of 2023, up by +40% yoy. The drivers: Domestic cargo TEU mix in Pier 1, concession income from Piers 2&3; plus, imported cars and cruise ships passing through the port. At this run rate, FY 2023 EBITDA and net income will reach E120m and E78m, with shares trading 5.5x EPS (x-cash) and 3.5x EBITDA 2023E; if payout does not change vs 2022 (50%), the implied dividend yield is 7.0%.