BoC reported FY 2020 results (Feb 24) but our focus is not on Q4 reporting but the medium-term targets shared by the bank. Especially the underlying assumptions. Management seems to have a cautious and realistic approach on future performance. Our conclusion: the -yet- unknown pandemic effect on NPEs, the still high real estate exposure and the strain on NII by low L/D make us reiterate our…. – on a risk/reward basis, it still makes more sense to own the bank’s debt instruments offering YtM of 8.9%-9.2%.

This is better than what we expected. OTE guides for E480m reported cash flow (8.5% yield) to be paid E313m in cash dividend (2/3; 5.5% yield) and E167m via buybacks (1/3; 3.0% yield). These numbers do not include the special dividend from TR sale. Assuming E100m out of E268m sale price, shareholders will pocket E580m total remuneration. We reiterate…

We assume solar capacity at 2400MW by end of 2023 and a year later group EBITDA to reach E500m with net debt at E1.8bn. For all these to happen Mytilineos must generate FCF post financials and dividends of …

Every 15 years it snows heavily in Athens; today is one of those days and the perfect timing for Mytilineos to announce the new transformational solar panel strategy!
They said they plan to operate new RES of c1880MW in Greece (mainly solar) and another c1265MW internationally; ’ballpark’ let us assume 2400MW by end of 2023.
If management pulls this through…

Investment View Unchanged: Makes sense to…