What’s new? 2021 trading update. Jumbo said FY 2021 group sales grew by +19.87% yoy. Growth reflects lockdown-driven base effects like the one in December where sales grew by +95% yoy and the one in November with sales up by +60% yoy (we calculate Q4 up by +50% yoy). The impressive part is that 2021 sales were just 2% short of the sales booked in lockdown-free 2019. Jumbo thinks so too. Because this is just a trading update, there is zero info on profitability, and therefore no way of telling how much of this growth reflects price increases (if any), considering the rising energy/raw material/shipping costs witnessed (worldwide) in Q4 2021. According to the trading statement, management implemented a new strategy regarding the product mix, along with rescheduling the operation of the new stores.

What’s new? We revisited our model. Covid lockdowns aside, the main drivers of the investment case are a) new IKEA stores sales, b) REIT economics and c) mortgage lending. We discuss these in our current note. Conclusion. You should probably stick with Jumbo in the Greek retail space until Fourlis investment case becomes more tangible / visible…

What’s new? OTE announced it will be accelerating FTTH rollout by 2027, aiming to reach 3.0 million household and businesses or c. 60% of total (from 0.55m today). This will cost an extra E100m annual capex on top of the one committed so far, to be funded with own cash flow. We argue that…

What’s new? We talked to the company. We understand there is inflation / COGS pressure that could cost them as much as 200bps in gross margin terms, with management trying to increase prices as a counter measure. We estimate the target is to defend / maintain 2020 EBITDA of E63m. If successful, shares are trading 10x EBITDA 2021E.

What’s new? We have updated our model on Terna Energy following 9M results. We follow company -strategic- guidance for 3GW installed by 2026. This compares with 895MW installed + 400MW under construction as of 9M results. Pipeline capacity of 1.7GW includes +680MW pumped storage (Amfilochia), +700MW solar and +300MW wind.