What’s new? FY 2021 results (Apr 5) were a perfect illustration of PPC’s vertical integration (generation – supply), renewables (hydro) and regulated EBITDA (distribution) absorbing the wholesale tariff shocks caused by the RUS – UKR war conflict via abnormally high gas prices. Conclusion: We reiterate our OI rating even if it means we are lowering…
What’s new? We are updating our latest assessment on PPC (Feb 3) following recent developments (war conflict in UKR and energy prices) and the share price weakness. Our initial take is included at the end of this note. We focus on the impact from the government’s latest initiatives to alleviate the high energy cost from…
This note is about investing, not trading or event-driven ideas. We believe our OI rated stocks will outperform the market on a risk-adjusted basis in the next 12-18 months. We recommend you own OPAP, Jumbo, PPC, Alpha Bank and ADMIE. We downgrade OTE given it is trading at our target price. We assume the pandemic…
As per www.energypress.gr, PPC may receive a cool E1bn for disposing a 49% stake in Dedie, the electricity distributor. PPC currently owns 100% of Deddie. If confirmed it will be positive news for the shares which have upped 25% over the last month. Perhaps there is more upside in the cards. If the abovementioned sale…
Last year PPC spit E605m FCF and we calculate supply and production FCF at E200m when adjusting for the securitization. We also model net debt to hover at E3-3.2bn over the next couple of years. The management team is best in class, in our view. The good news is that FCF generation should continue and…