reports
Jumbo SA: 1 director
A director at Jumbo SA sold 4,000,000 shares at 0.000EUR and the significance rating of the trade was 72/100. 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 directors over the last two years clearly show...
Mytilineos S.A.: 1 director
A director at Mytilineos S.A. sold 8,694 shares at 38.574EUR and the significance rating of the trade was 75/100. 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 directors over the last two years clearly ...
- Andreas Souvleros
- CFA
GREEK BANKS | Valuation remains out of sync with sustainable RoTEs
March underperformance sparked repositioning opportunity; risk-reward compelling – Greek bank shares had a strong start to 2024 (until Feb) closing the valuation gap vs EU periphery peers buoyed by the stellar 2023 profits (adj. RoTE of c16%), successful B/S de-risking (NPE ratio c4%) and improved market liquidity post HFSF’s placements. However, in March they suffered a bout of underperformance (>15%), with the relative 2024e P/TBV discount widening to c20% (and the P/E discount even higher) on...
- Andreas Souvleros
- CFA
GREEK BANKS | Valuation remains out of sync with sustainable RoTEs
March underperformance sparked repositioning opportunity; risk-reward compelling – Greek bank shares had a strong start to 2024 (until Feb) closing the valuation gap vs EU periphery peers buoyed by the stellar 2023 profits (adj. RoTE of c16%), successful B/S de-risking (NPE ratio c4%) and improved market liquidity post HFSF’s placements. However, in March they suffered a bout of underperformance (>15%), with the relative 2024e P/TBV discount widening to c20% (and the P/E discount even higher) on...
- Toby Thorrington
Mytilineos - Strong Q1 and plans for potential London listing
On April 25, Mytilineos (MYTIL) announced, as part of its strategic review, that it is considering a potential international listing on the London Stock Exchange (LSE) within the next 12–18 months. Listing on the LSE would demonstrate a strong vote of confidence by MYTIL in the UK market and aligns with its international growth ambitions, allowing the company to leverage its geographically diverse portfolio of operations. It would provide greater liquidity for investors and enable MYTIL to conti...
- Stamatios Draziotis CFA
JUMBO | Patience you must have
Another record year; on track for c10% EBIT growth in 2024 – Jumbo delivered 20% EBIT growth in FY23 thanks to 14% higher sales, resilient gross margins (-15bps yoy, albeit >3pps higher than 2019 levels) and opex savings (opex just +6% yoy). Coupled with net financial income given the debt-free balance sheet, Jumbo grew net profits by a whopping 22%, eclipsing the +20% embedded in our estimates a year ago. Mgt proposed another generous €1 DPS following the €0.6 paid in March, adding up to c6% yi...
- Stamatios Draziotis CFA
JUMBO | Patience you must have
Another record year; on track for c10% EBIT growth in 2024 – Jumbo delivered 20% EBIT growth in FY23 thanks to 14% higher sales, resilient gross margins (-15bps yoy, albeit >3pps higher than 2019 levels) and opex savings (opex just +6% yoy). Coupled with net financial income given the debt-free balance sheet, Jumbo grew net profits by a whopping 22%, eclipsing the +20% embedded in our estimates a year ago. Mgt proposed another generous €1 DPS following the €0.6 paid in March, adding up to c6% yi...
- Nikos Athanasoulias CFA
MYTILINEOS Energy & Metals | More than just a deal, more than 10% grow...
Stellar delivery, bulletproof growth, and more catalysts ahead… – Over the past two years Mytilineos has reported impressive results, leveraging synergies arising from the vertically integrated model. Following outstanding delivery to the ambitious FY’23 EBITDA target of €1bn (+23% yoy), we still see ample room for growth, now estimating FY’24 EBITDA of €1.14bn (+13% yoy) and a 3-year EBITDA CAGR of 10%, driven by a step-up in Renewables and solid growth Metals. Moreover, we view the value-accre...
- Nikos Athanasoulias CFA
MYTILINEOS Energy & Metals | More than just a deal, more than 10% grow...
Stellar delivery, bulletproof growth, and more catalysts ahead… – Over the past two years Mytilineos has reported impressive results, leveraging synergies arising from the vertically integrated model. Following outstanding delivery to the ambitious FY’23 EBITDA target of €1bn (+23% yoy), we still see ample room for growth, now estimating FY’24 EBITDA of €1.14bn (+13% yoy) and a 3-year EBITDA CAGR of 10%, driven by a step-up in Renewables and solid growth Metals. Moreover, we view the value-accre...
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...
- MarketLine Department
Piraeus Bank S.A. - Mergers & Acquisitions (M&A), Partnerships & Allia...
Summary Marketline's Piraeus Bank S.A. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Piraeus Bank S.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments...
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
Greek Equity Strategy – 2024 outlook | Junk no more
2023: Reclaiming investor spotlight – Greek equities had another year of stellar performance, with the ASE index popping >40%, eclipsing the Stoxx 600 by >25ppts. Strong fundamentals (mid-teens EBITDA growth for non-financials, >50% NII growth for banks) were coupled with falling risk premia thanks to crystallized domestic political stability and expectations for Greece’s return to investment grade (IG), further propelled by the generic risk-on rally in Q4 and low positioning. Financials (+66%) ...
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
Greek Equity Strategy – 2024 outlook | Junk no more
2023: Reclaiming investor spotlight – Greek equities had another year of stellar performance, with the ASE index popping >40%, eclipsing the Stoxx 600 by >25ppts. Strong fundamentals (mid-teens EBITDA growth for non-financials, >50% NII growth for banks) were coupled with falling risk premia thanks to crystallized domestic political stability and expectations for Greece’s return to investment grade (IG), further propelled by the generic risk-on rally in Q4 and low positioning. Financials (+66%) ...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.