Piraeus Port Authority: The turning of the tide (BUY - initiation of coverage)
We initiate coverage of Piraeus Port Authority (PPA) with a BUY rating and a 12M price target (PT) of EUR 24, offering 44% upside potential vs. the current price. Located in Athens, PPA is the largest port in the Mediterranean, in terms of container TEU capacity, and the nearest hub of the marine transport corridors among Asia and Europe via the Suez Canal. We like PPA for its: recent privatisation; earnings growth potentials in its container and cruise business; expansion plans, strong balance sheet position, with improving net debt/EBITDA; and promising FCF generation, which can offer an attractive long-term dividend. Overall, we can see further upside potential in our valuation in the longer term, once the restructuring and expansion have been implemented and absorbed by the port.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.