reports
Greek Organisation Of Football Prognostics S.A.: 1 director
A director at Greek Organisation Of Football Prognostics S.A. bought 7,641 shares at 16.260EUR and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's director...
- Stamatios Draziotis CFA
OPAP | More measured growth, but still betting on a safe ace
Firstly, how to value OPAP – Being a business operating limited-life concessions, OPAP is far more complicated to value than most investors realize. In fact, one can argue that as concession expiration approaches, the shares ought to incorporate a lower valuation reflecting the reduced time life of the respective concessions. On the other hand, we also note that some of the provisions embedded in certain concessions act as effective barriers to entry, attributing to these licences going-concern ...
- Stamatios Draziotis CFA
OPAP | More measured growth, but still betting on a safe ace
Firstly, how to value OPAP – Being a business operating limited-life concessions, OPAP is far more complicated to value than most investors realize. In fact, one can argue that as concession expiration approaches, the shares ought to incorporate a lower valuation reflecting the reduced time life of the respective concessions. On the other hand, we also note that some of the provisions embedded in certain concessions act as effective barriers to entry, attributing to these licences going-concern ...
- Research Team
The Rear-View Mirror – EME markets: mixed market performances in March
EME Equity Market – March 2024 Market performance – mixed performances in March, with the Romanian BET outperforming. The MSCI EM Europe Index declined by 0.3% mom in EUR terms and 0.4% mom in USD in March. The Romanian BET reported the strongest performance, adding 7.1% mom in EUR terms, followed by the Czech PX and the Polish WIG20 (+4.1% and 1.0% mom, in EUR terms, respectively). Greece saw a relatively muted performance (-0.2% mom in EUR terms), while Hungary (-1.1% mom in EUR terms) and Tür...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ECH ECHO INVESTMENT
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ALPHA ALPHA BANK
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
CTPNV KAZMUNAYGAS NC JSC
ONE CTP NV
GPP ONE UNITED PROPERTIES SA
AROBS GRUPA PRACUJ DA
2381 AROBS TRANSILVANIA SOFTWARE SA
9526 ARABIAN DRILLING CO.
4071 JAHEZ INTERNATIONAL CO
H2O ARABIAN CONTRACTING SERVICES CO
7203 HIDROELECTRICA S.A.
AQ ELM CO
AIRA AQUILA PART PROD COM
AIR ASTANA JSC
- Kate Heseltine
OPAP - A good end to FY23
OPAP enjoyed good growth from its land-based activities, as well through the continued expansion of its online activities in FY23, and it surpassed its own profit expectations. Ongoing enhancements to OPAP’s offer, including the revitalisation of games, will support further growth in FY24.
- Research Team
WOOD Daily: ASELS TI; GE Macro; CEZ CP; ALE PW; VER AV; CCOLA TI; OPAP...
HEADLINES: • Aselsan: quo vadis? New contracts, new products and upcoming transition to inflation accounting POSITIVE • Georgia macro: NBG cuts policy rate by 75bps • CEZ: press reports CEZ has won tender for 55% of GasNet, could weigh on the 2023 dividend payout NEGATIVE • Allegro: 4Q23 results above expectations; guidance for a strong 1Q24E POSITIVE • Verbund: 4Q23 results in line with guidance NEUTRAL • Coca-Cola Icecek: 4Q23 results – in line operationally NEUTRAL • OPAP: 4Q23 results and FY...
- Stamatios Draziotis CFA
OPAP | First thoughts: Healthy finish to the year as expected; cash re...
Q4 revenues back to growth; FY23 recurring EBITDA flattish yoy at €744.9m, above the latest guidance, in sync with our estimates – Following a rather subdued Q3 due to adverse sporting results, the situation reversed in Q4’23 as we had suspected, with sportsbook margins normalizing (as echoed by other bookmakers), thus underpinning a return to positive top line growth (Q4 GGR +7.5% at €581m, with retail +2% and online +25%). The increase in the top line (to an all-time record) was more than offs...
- Stamatios Draziotis CFA
OPAP | First thoughts: Healthy finish to the year as expected; cash re...
Q4 revenues back to growth; FY23 recurring EBITDA flattish yoy at €744.9m, above the latest guidance, in sync with our estimates – Following a rather subdued Q3 due to adverse sporting results, the situation reversed in Q4’23 as we had suspected, with sportsbook margins normalizing (as echoed by other bookmakers), thus underpinning a return to positive top line growth (Q4 GGR +7.5% at €581m, with retail +2% and online +25%). The increase in the top line (to an all-time record) was more than offs...
- Research Team
The Rear-View Mirror – EME markets: Greek stocks in the lead
EME Equity Market – November 2023 Market performance – Greeks in the lead, in a month with only green across the region. The MSCI EM Europe Index added 5.6% mom in EUR terms and 8.7% mom in USD in November. The Greek ASE Index was the top performer in our region (+6.9% mom), followed by the Polish WIG20 (+5.5% mom) and the Hungarian BUX (+4.0% mom). The Czech PX Index saw the most muted performance, advancing 2.8% mom.
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
PTKHY PETKIM PETROKIMYA HOLDING AS
ADNOCDIST ADNOC DISTRIBUTION PJSC
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
PCO PEPCO GROUP NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
H2O HIDROELECTRICA S.A.
- Kate Heseltine
OPAP - Short-term challenges in Q323
OPAP’s Q323 results were negatively affected by industry-wide influences in sports betting, a tough comparative for Lotteries, and one-off natural events, which have led to a minor, c 3%, tweaking to management’s prior FY23 EBITDA guidance. From an operational perspective, the new iLottery platform is building awareness and growing revenue, and player activity increased on the OPAP Store app, while the retail offer continues to evolve.
- Research Team
WOOD Daily: MOH GA; OPAP GA; FOYRK GA; PGE PW; TEN PW; WPL PW; HU Macr...
HEADLINES: • Motor Oil Hellas: 3Q23 results - stronger than expectations • OPAP: 3Q23 results and FY23 guidance slightly below expectations NEGATIVE • Fourlis: 3Q23 review - slightly weaker quarter, on soft Intersport results NEGATIVE • PGE: 3Q23 results in line with preliminary figures • Ten Square Games: earnings call takeaways - no major surprises, no detailed targets for 2024E NEUTRAL • Wirtualna Polska: key takeaways from the 3Q23 earnings call POSITIVE • Hungary macro: MNB moves ahead wi...
- Stamatios Draziotis CFA
First thoughts - OPAP | Q3’23 as expected, adj. EBITDA -13% weighed do...
Q3 revenues -3.6% yoy, adj. EBITDA -13%, dragged down by weak sportsbook margins and several one-offs; FY23 EBITDA guidance lowered to €720-740m – As anticipated, OPAP has reported a rather tepid Q3 with revenues -3.6% yoy affected by adverse sporting results (driving down sportsbook margins), weather (heat wave, floods) and the absence of Joker jackpot rollovers (c3% headwind on group GGR). Coupled with cost inflation, this translated to €25m lower adj. EBITDA yoy, at €172m (-13%), broadly in s...
- Stamatios Draziotis CFA
First thoughts - OPAP | Q3’23 as expected, adj. EBITDA -13% weighed do...
Q3 revenues -3.6% yoy, adj. EBITDA -13%, dragged down by weak sportsbook margins and several one-offs; FY23 EBITDA guidance lowered to €720-740m – As anticipated, OPAP has reported a rather tepid Q3 with revenues -3.6% yoy affected by adverse sporting results (driving down sportsbook margins), weather (heat wave, floods) and the absence of Joker jackpot rollovers (c3% headwind on group GGR). Coupled with cost inflation, this translated to €25m lower adj. EBITDA yoy, at €172m (-13%), broadly in s...
- Stamatios Draziotis CFA
OPAP | Heads up – Q3’23: tough comps and weak sports margins to weigh ...
Q3’23 on 21st Nov; tough comps and one-offs to interrupt positive streak – With Q3 impacted internationally by adverse sporting results (driving down sportsbook margins) and domestically by one-off events (heat wave, floods) and the absence of Joker jackpot rollovers (c3% headwind on group GGR), Q3 looks set to see an interruption in the positive trends of previous quarters. As such, we expect GGR -3% yoy at €482m, with retail -6% only partly offset by online (+5%). Coupled with cost inflation a...
- Stamatios Draziotis CFA
OPAP | Heads up – Q3’23: tough comps and weak sports margins to weigh ...
Q3’23 on 21st Nov; tough comps and one-offs to interrupt positive streak – With Q3 impacted internationally by adverse sporting results (driving down sportsbook margins) and domestically by one-off events (heat wave, floods) and the absence of Joker jackpot rollovers (c3% headwind on group GGR), Q3 looks set to see an interruption in the positive trends of previous quarters. As such, we expect GGR -3% yoy at €482m, with retail -6% only partly offset by online (+5%). Coupled with cost inflation a...
- Kate Heseltine
OPAP - Strategy delivering incremental growth
OPAP’s management is successfully executing its strategy of growing the core brands and customer interactions online and offline, as evidenced by increasing online exposure and revitalising growth in its mature retail core activities, while maintaining its leading corporate and social responsibility (CSR) credentials. Its exclusive licences in the majority of its activities enable high levels of profitability, cash generation and shareholder returns. We see attractive upside to our DCF-based val...
- Research Team
The Rear-View Mirror – EME markets: only Romania and Turkey in the bla...
EME Equity Market – September 2023 Market performance – positive developments in Romania and Turkey, declines everywhere else. The MSCI EM Europe Index lost 3.7% mom in EUR terms and 6.0% mom in USD in September. Romania took the spotlight, with the BET Index advancing 7.4% mom in EUR terms, followed by the Turkish ISE30 (+4.6% mom). The Polish WIG20 declined the most (-8.7% mom), followed by the Greek ASE, the Hungarian BUX and, finally, the Czech PX (-7.9%, -1.9% and -0.6% mom, respectively).
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ECH ECHO INVESTMENT
11B 11 BIT STUDIOS S.A.
DAT DATAWALK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
NLBR NLB GROUP
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS AROBS TRANSILVANIA SOFTWARE SA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
- Andreas Souvleros
- CFA
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
Greek Equity Strategy – Post Greece’s IG upgrade | Stay on board
Stay on board – Greek stocks have had a rather muted summer (ASE +4.7% in July, -1.6% in August), as the prospect for higher-for-longer rates fanned worries about the global economy, leading to widening equity risk premia amidst poorer liquidity conditions given the low seasonality. With Greek stocks already up 35% ytd (banks +55%), the short-term risk-reward looks symmetrical as the fragile international sentiment is balanced with the strong domestic fundamentals, attractive valuations and posi...
- Andreas Souvleros
- CFA
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
Greek Equity Strategy – Post Greece’s IG upgrade | Stay on board
Stay on board – Greek stocks have had a rather muted summer (ASE +4.7% in July, -1.6% in August), as the prospect for higher-for-longer rates fanned worries about the global economy, leading to widening equity risk premia amidst poorer liquidity conditions given the low seasonality. With Greek stocks already up 35% ytd (banks +55%), the short-term risk-reward looks symmetrical as the fragile international sentiment is balanced with the strong domestic fundamentals, attractive valuations and posi...
- Stamatios Draziotis CFA
OPAP | First thoughts – Cash avalanche in full swing, €1.0 interim DPS...
Healthy operating trends, overwhelming cash returns – OPAP Q2 results were broadly in sync with our expectations, but the key take-away is the overwhelming cash return, with €1.0 interim DPS announced (vs our €0.35 expectation). Although c50% of the interim DPS can be considered non-recurring (stemming from the booking of the capital gain related to the sale of Betano at parent company level), this validates our thesis for a cash avalanche post the COVID normalization with OPAP on track to distr...
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