What’s new? Watching TEN’s Investor Day and going through their 2022-2029 capacity and financial targets, brought to our mind the magnificent quote from the late Greek composer and political activist Mikis Theodorakis*, describing his emotional bond with Greek poet Konstantinos Kavafis: ‘’He stands so high, and my inspiration cannot reach him’’. In a totally trivial association to the above…

What’s new? OTE published Q1 sales up 4.7% and clean EBITDA(L) +6% yoy (E319m*), with Greece +5% yoy (E314m); OTE cited the favorable base effect from last year and its more-for-more commercial strategy (BB, mobile) as the reasons for the good underlying performance.

What’s new? Surging electricity and gasoline prices, driven by high natural gas and oil prices, have been dominating low-level / day-to-day politics in Greece ever since Russia invaded Ukraine (we hope Ukrainian people fighting for their lives and their country are not paying any attention to this).

What’s new? Q4/FY 2021 results were weak and below our estimates once adjusted for one-off items. FY sales/EBITDA/net income came in at E408m/E60m/E40m or +4%/-5%/+4% yoy. But if you take out E3.6m of revaluation gains (land plot sale in Romania), FY net income was E36.5m or -5.5% yoy; while H2 net income was down -25% yoy (adjusted).

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. 2 in RES/wind), with an EV of E1.0bn or c. E2m/MW or 12x EBITDA 2021. Lastly, the managing shareholder of Ellaktor, Reggeborgh (30.52% stake), will proceed with a public offering for the minority shares (x-MOH) it does not own for E1.75 per share.