What’s new? Jumbo held its AGM today (80% participation/representation; all AGM issues voted/approved); and released the 4-month trading update right after. We present the main points below…

What’s new? Helex FY 2021 results published at the end of March held no
surprises given we already knew the ADV @ E71m (+10% yoy). Still, there was
a E1m revenue miss compared to our estimates, that went all the way down to
the bottom line and the dividend announced at E9.1m/E0.15 DPS/c.4% yield (no
capital return this time).

What’s new? FY 2021 results came in line with our EBITDA estimate for E86m, but a bunch of negative structural items rendered this totally irrelevant. The outlook for the investment case is negative. And this is even more frustrating considering EYDAP could be an infrastructure haven (monopoly, cash flows, dividend). On the contrary, it looks more and more like a value trap.

What’s new? We reviewed our model estimates post the release of Q4/FY 2021 results. Our forecasting ability has improved following the investments in renewables (wind). Additional RES capacity and the naphtha plant will push refining contribution below 50% in terms of 2023 EBITDA, on our estimates. This has come at a cost though with net debt rising to E1.45bn or 3.0x EBITDA 2021.

RG_Motor Oil_ Diversifying Away from Refining _Update

What’s new? Jumbo announced FY 2021 results on Apr 12 (had already released headline numbers on Mar 8 and Jan 7). Sales/EBITDA/net income grew +20%/+46%/56% yoy. Cash flow almost doubled at E283m, helped by lower working capital and despite higher capex. Net cash climbed to E540m (from E350m in 2020).