Investors will have to wait for VLTs to judge a re-rating. Management reiterated Q4 2014 as the launch date. Hellenic Lotteries made a good start with Q2 forcing us to double our sales estimate for 2014 alone; our 2015+ numbers were already rich enough. Stihima/KINO unexciting => +6.6% in our EBITDA and +2.5% in our net income for 2014E (adjusted); we up our PT to E12.85 (2015E) and reiterate DOI rating; shares on 9.0x EBITDA 2015E and 6.0x EBITDA 2016E. ..to access this report contact@researchgreece.com

Q2 refining margins were weaker than Q1 and forced us to revise our FY2014 EBITDA by 18%; we now expect $1/bbl lower refining margins than before for 2015-16E, triggering further cuts in our 2015-16 EBITDA by 24% and 11% respectively. EUR refining margins have rallied in July owing to lower crude costs and lower refinery runs but retreated again in August thanks to weakening US and EUR demand, according to the IEA; EUR 2014-15 demand outlook is unexciting; our new PT leaves decent upside but low visibility on structural re-balancing makes us uncomfortable reiterating an OI rating…to access this report contact@researchgreece.com

We don’t think so – hence we stick with our DOI rating. In 2Q14 Intersport was the strongest link managing PBT of cE2m / IKEA lost cE2m. We present  (again)our own plug and play calculator for IKEA related EBITDA. And conclude to OWN the shares today we need to discount 5% LfL in 15E, and 5% in 16E. We do not model this and maintain our DON’T OWN IT. For those who can wait 2 years Fourlis might turn out an excellent investment. We model average IKEA sales at E40m in 2016; a 4% beat translates to cE1 per share. At E73m; average over 2005-13, our target price ups by E10; will they ever revert to that?

OTE shares dropped below E10 in the first trading sessions of August -an ideal price level for investors to build a position. On a risk/reward basis OTE screens much better than other stocks in our universe. We upgrade our rating to OI with a new -higher-PT of E14.5 (was E13.7) after shifting our valuation to 2015; boost comes from OTE’s strong cash generation capacity (>E1/sh p.a) and makes our OI argument: FCF yield of 10-12% in 2015-16E…to access this report contact@researchgreece.com

We maintain unchanged our profitability estimates. The first time during the last year we don’t cut our EBIT forecasts post an earnings release. Despite sales/volume being worse; the raw material bill and FX were/are better. We model EBIT margin at 6.3% this year or 8.3% by 2016 and we still believe to OWN the shares we would need …