We revisit our model; we now expect FCF of …to access this report contact@researchgreece.com

EYDAP is working on a 5-year / E0.6bn business plan but few details have been announced; we are missing important elements, therefore …

With fundamentals poised to be weak for a long time, all investors can look forward to is lower country risk and/or re-rating catalysts. The latest Eurogroup (see previous notes) did not provide any, in our view; report includes Q&A, detailed asset quality and revised forecasts 2017-2018; spreadsheet includes sector maps FY 2016/Q1 2017 – available upon request.

…or Much Ado About (almost) Nothing; Greece will get the money from the third tranche and the IMF will participate in the program without any money until debt relief measures are completely identified; this is where the ‘good’ news end (for Greece). Perfectly in line with what we expected…

The legacy business performed well; GGR from VLTs (E1.9m) was weak and the installation pace (1,355 machines) slower than what we expected. Our dividend yield estimate remains…