We have updated our model and valuation. Since our previous assessment, GEK has commenced operations of Attiki Odos, advanced construction works at Kasteli Airport, secured the North Crete motorway concession, entered into an energy partnership with Motor Oil, and continued progress on the Athens IRC project. The major pending development remains the Egnatia motorway concession. We reiterate our OWN IT (OI) rating with our PT at…

Q3 trading update showed revenues/EBITDA adj/net at E219m/E153m/E94m or +1.5%/-2.0%/-4.6% yoy. Air revenues at E167m (-2.9%), against 11.1m pax (+4.7%), imply E15.0/pax (-7.3% yoy) in Q3 and E15.2 in 9M (-3.7% yoy). This reflects rebates…

Q3 results (NII, fees, PPP, clean net*) came in broadly in line with Piraeus’s own compiled consensus. On a qoq basis, NII/PPP/clean net income* moved by -0.5%/-0.8%/+1.8% respectively. RoTE 2025 was revised higher to 15% (from 14% and vs 13.8%/14.6% in Q3/9M) as new loans are now expected to exceed E3.5bn (from >E3.0bn) and reported EPS >E0.80 (from c. E0.80). Management remains upbeat on volume growth.

There were no surprises in Q3 results. NII, fees and PPP stood +0.9%-1.4% above the bank’s own compiled consensus. On a qoq basis, NII/PPP/clean net income* declined by -0.1%/-1.9%/-3.7% respectively. Management indicated that…

We knew traffic in Piers 2&3 (monthly throughput reported by Cosco) was down -15% yoy in Q3 (Aug -20%, Sep -18% yoy). The results announced today showed traffic in Pier 1 was also down -5% yoy (local -6%; transit -4%), bringing the total TEU decline to -13.6% yoy. We are mostly puzzled with the steep drop in Aug-Sep in concession Piers 2&3.