What’s new? We are still struggling to comprehend the premium on Terna Energy’s speculated E22-E23/share M&A price, but this does not change the fact that GEK is reportedly close to selling its 37% stake in the company. Stub valuation. If GEK pockets c. E1.0bn from the sale, what does that mean for the implied valuation…
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…
What’s new? Terna Energy reported H1 results with the most notable points being a) zero capacity additions vs. last year; b) load factor in Greece at 32.1% (from 28.9% last year); and c) FY 2022-2029 EBITDA guidance reiterated. Revenues/EBITDA/net income came in at E277m/E87m/E34m or +98%/+26%/+16% yoy. TEN reiterated May Investor Day targets for 3.3GW…
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…
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:…