OTE lowered its adjusted FCFE guidance to c. E440m (from c. E500m) on the back of higher capex which we understand relates to accelerated VDSL infrastructure investments; E440m FCFE equals a 11% yield but still OTE does not seem willing to commit to a specific dividend; we fail to understand why OTE will not raise its dividend yield to the average of peers (i.e. E200m/5% yield) therefore we also fail to see how shares will re-rate going forward…

We brought down our refining margin estimate for 2016 but did not change our numbers post 2017; we expect…

The Greek government announced a large-scale cabinet reshuffling, with 24 members keeping their posts…to access this report contact@researchgreece.com

OPAP will be re-starting the VLT project while Aegean could be up for another profit warning…

We remain structurally negative; Greece does not ‘own’ the adjustment program, debt relief is not in sight, banks are struggling with NPES, GDP cannot grow more than +1.5% p.a.; we single-out three (3) cash flow/dividend yield stories and rate as OI.