PPC

ADMIE | Alpha Bank | Bank of Cyprus | Eurobank | EYDAP (Athens Water) | Fourlis | Greek Economy | Hellenic Bank | Hellenic Exchanges | Hellenic Petroleum | Hellenic Telecom | Industry-wide | Jumbo | Kri-Kri | Lamda Development | Motor Oil | Mytilineos | National Bank | OPAP | OTE | Piraeus Bank | PPC | Research | Sarantis | Terna Energy

Greek Equities Update
ByDimitris Giannoulis October 17, 2022June 18, 2023

In this note we outline the investment summaries of all Greek names we cover. We start off with a few points on macro and politics and our OI rated names, highlighting any changes compared to our previous assessment in June 2022. Inflation, inflation, inflation Real GDP grew by +7.8% yoy in H1 reflecting strong domestic…

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PPC | Research

PPC: Q2 Much Better than Q1
ByDimitris Giannoulis September 7, 2022June 17, 2023

What’s new? PPC reported Q2 results, showing a much better picture in EBITDA and cash flow terms compared to the horrifying Q1. Management reiterated its FY 2022 recurring EBITDA target (o/w half coming from the 51% owned distribution business), which sounds good considering the rather chaotic business conditions prevailing in the European electricity generation and…

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ADMIE | Alpha Bank | Bank of Cyprus | Eurobank | EYDAP (Athens Water) | Fourlis | Greek Economy | Hellenic Exchanges | Hellenic Petroleum | Hellenic Telecom | Industry-wide | Jumbo | Kri-Kri | Lamda Development | Motor Oil | Mytilineos | National Bank | OPAP | OTE | Piraeus Bank | PPC | Research | Sarantis | Terna Energy

Greece: Not As Bad As It Looks
ByDimitris Giannoulis July 22, 2022June 17, 2023

What’s new? Inspired by IMF’s recent blog, that places Greece among the 5 least affected EU countries from a full Russian gas cutoff, we outline our thoughts and arguments below as to why Greece is probably a better investment case than what is implied by the energy crisis, inflation- recession fears, and the ongoing impact…

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ADMIE | Alpha Bank | Bank of Cyprus | Eurobank | EYDAP (Athens Water) | Fourlis | Greek Economy | Hellenic Bank | Hellenic Exchanges | Hellenic Petroleum | Hellenic Telecom | Industry-wide | Jumbo | Kri-Kri | Lamda Development | Motor Oil | Mytilineos | National Bank | OPAP | OTE | Piraeus Bank | PPC | Research | Sarantis | Terna Energy

Greece: War on Equities
ByDimitris Giannoulis June 22, 2022June 16, 2023

Imagine someone is cutting off your energy/gas supply (QE) while pounding you with heavy artillery weapons (interest rates). The focus is on surviving the war with the help of your allies (ECB)*. Our mid-year strategy report is about which equities can get through stagflation with the least casualties. As we noted in our Feb note:…

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PPC | Research

PPC: Windfall Tax Vs Windfall Upside
ByDimitris Giannoulis May 11, 2022June 16, 2023

What’s new? Surging electricity and gasoline prices, driven by high natural gas and oil prices, have been dominating low-level / day-to-day politics in Greece ever since Russia invaded Ukraine (we hope Ukrainian people fighting for their lives and their country are not paying any attention to this).

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