PPC reported Q3 results in line with expectations and guidance towards hitting E1.8bn clean EBITDA in FY 2024. But the focus was on the Investor Day held the day after (Nov 14), where management confirmed January’s RES strategy & investments and added 2027 as a target year for E2.7bn of EBITDA and E1.0 DPS (c. 8% yield at the current price). We were disappointed they did not use the event to…

Q3 Greek clean EBITDAL grew by +1.5% yoy, in line with the rate witnessed in the previous quarters. Romania remains operationally bad. Management sounded upbeat for FTTH thanks to the E80m/2YR subsidy scheme just launched, the 5% tax duty abolishment for speeds >100MBPS and the pay TV take up driven by sharing sports content with rival platform Nova (+E3 ARPU).

Greek Banks completed reporting Q3 results. Net income and RoTE came in stronger than expected. We model…

In the last month, last week and since ECB Oct 17th rate cut, Greek banks have underperformed the Athens Index and Euro Stoxx Banks. Alpha and Eurobank have suffered the most. Local noise blames a series of stock placements and bond issuances draining liquidity. We believe Greek Banks weakness has more to do with…

Jumbo released September sales growth at +6% yoy with the 9M growth rate at +7%. For FY sales guidance of +4% to prove correct, Q4 sales must drop by c. -1.5% yoy. We consider this unlikely given the growth witnessed so far, two hyper-stores opening in October (both in capital cities, Bucharest, and Nicosia) and with China/East Asia – MED freight rates back to April levels, having dropped -13% last week and -44% since their peak in early August. Jumbo typically generates…