What’s new? Watching TEN’s Investor Day and going through their 2022-2029 capacity and financial targets, brought to our mind the magnificent quote from the late Greek composer and political activist Mikis Theodorakis*, describing his emotional bond with Greek poet Konstantinos Kavafis: ‘’He stands so high, and my inspiration cannot reach him’’. In a totally trivial association to the above…

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 will be less of a risk; we consider the end of free money and elevated costs and reiterate cash flow conversion as our #1 criterion.

What’s new? We have updated our model on Terna Energy following 9M results. We follow company -strategic- guidance for 3GW installed by 2026. This compares with 895MW installed + 400MW under construction as of 9M results. Pipeline capacity of 1.7GW includes +680MW pumped storage (Amfilochia), +700MW solar and +300MW wind.

More usually than not equity valuation is an art. In the case of Terna Energy (TEN) it is entirely abstract. We conclude there is a valuation gap of…

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.