What’s new? We talked to the company. We understand there is inflation / COGS pressure that could cost them as much as 200bps in gross margin terms, with management trying to increase prices as a counter measure. We estimate the target is to defend / maintain 2020 EBITDA of E63m. If successful, shares are trading 10x EBITDA 2021E.

With this note we briefly share our views on all the names we cover. We start with our OI picks, followed by Radar and DOI names. We have added several names in our Universe, most of which on a Not Rated (NR) basis.

Comparing reported H1 results with the Q1 trading statement released on May 4, we highlight the following…

We maintain our rating on Sarantis on low visibility and the
challenging task to replace…contact@researchgreece.com

Investors are very generous with Sarantis, applying…