FY results in line with our estimates, excluding the E13m one-off tax. E0.2/sh return to shareholders is below our estimates. We reiterate ADV of E120m in 2014 (YTD at E106m) and E180m in 2015 and raise 2017E to E300m (from E250m). Terminal velocity rate at 68% and market cap/GDP at 52%. This pace implies double-digit EPS growth in the next 3 years (+25% CAGR). Unless investors incorporate ADV to reach E300m this year already, we reckon shares are fully valued at 13x EBITDA 2015E. Our 10% 2015-16 EPS downgrade is offset by the higher terminal ADV. We reiterate our E8.5/sh PT. What is the best-case valuation scenario for the shares? See our report… to access this report  contact@researchgreece.com

Q4 13 EPS at E0.136 Vs. RGe E0.134 on lower sales, better margins; E10m of FCF helped by E8m of working capital sent FY figure to E24m (was E10m in 2012); not bad for an E265m market cap company with net cash of E22m. Do not expect the same FCF in 2014, though. The first 50 days of trading showed a single digit yoy drop in Greece, albeit the rate improved in the last 30 days. Sarantis will be providing 2014 guidance on April 3; shares on 15x P/E and 9x EV/EBITDA 2015E. We stick to our 2014 and 2015 estimates for EPS of E0.5 and E0.6 respectively… to access this report  contact@researchgreece.com

We raise our 2014-2016 EBITDA estimates by 10-15% mainly on cost cutting; combined with a lower discount rate for the fixed line business we up our target price to E13.7; shares are up by 35% in the last three months. Is there any further upside from here? See our report attached (18 pages)… to access this report  contact@researchgreece.com

We argue 2013 marks the end of a bad year for Greek refiners. We believe Motor Oil is the best way to exploit a -gradual- recovery in refining margins (middle cracks) driven by increasing demand for oil products in Greece, normalization of crude sourcing and capacity re-balancing. We revise our EBITDA estimates by 15-30% in 2014-16E but the lower discount rate used pushes our PT higher on both names. We identify a pair trade by owning Motor Oil and selling Hellenic Petroleum… to access this report  contact@researchgreece.com

4Q was unexciting with volume +1%, of which developing was -5% and emerging +4%.  E per case down 2.7% (-1.9% in 3Q, -1.5% in 2Q) on our calculations. In 2013 net income was E221m and FCF at E444m, broadly in line with our estimates. We model EBIT margin at 6.4% this year, 7.6% next and 8.2% in 2016E. We believe to own the shares would warrant … to access this report  contact@researchgreece.com