Shares trade 5.0x EBITDA 2016E including P&H liabilities of E270m; we have lowered our EBITDA estimates by 10%; we believe there is value in Athens Water under certain conditions (see report attached) but since the government has other priorities (and views) the stock will remain a value trap. We reiterate DOI with a lower price target.

Since we model IKEA sales & EBITDA margin at 2.2%… To OWN the shares we should discount … to access this report contact@researchgreece.com

Mid-single-digit L4L sales growth + acquisitions should result to double-digit reported sales growth in 2016, according to management; the same goes for earnings, with margins expanding on operating leverage. This means shares trade 7.0x EBITDA and 11x EPS 2016E, not demanding considering corporate strategy/consistency/balance sheet strength over the years (p. 3). We argue thin trading volumes (and sovereign uncertainty = high discount rates) stand in the way of…

Record P&L and Cash flow numbers in 2015 but the question remains whether that was the last superb year of the cycle. 2016 has started off strong and most EUR refiners expect margins to remain at high levels. We account for above-the-cycle EBITDA and cash flows in 2016 while our mid-cycle margin valuation means we keep our DOI rating. Shares trade 2.6x EBITDA 2016E or 50% lower than EUR peers – must be uncertainty over…

Post 4Q15 results we fine tune our model; our target price stays at E9 – to access this report contact@researchgreece.com