A director at Admie (IPTO) Holding S.A. sold 15,000 shares at 2.881EUR and the significance rating of the trade was 53/100. 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 year...
Outperformer yet still an outlier, trading at a discount to RAB… – Following the WACC uptick to 7.5% in mid-2023, IPTO went on to post a robust FY’23 performance, with EBITDA surging 43% yoy to €278mn while being on track to grow another 20% in FY’24e. ADMIE’s stock has mirrored the strong operating momentum, rallying 30% in 2023, followed by a 19% return in 2024, outperforming both Greek non-fins and its EU peers. Despite this impressive share performance, ADMIE still trades at a 10% discount t...
Outperformer yet still an outlier, trading at a discount to RAB… – Following the WACC uptick to 7.5% in mid-2023, IPTO went on to post a robust FY’23 performance, with EBITDA surging 43% yoy to €278mn while being on track to grow another 20% in FY’24e. ADMIE’s stock has mirrored the strong operating momentum, rallying 30% in 2023, followed by a 19% return in 2024, outperforming both Greek non-fins and its EU peers. Despite this impressive share performance, ADMIE still trades at a 10% discount t...
Regulator raises IPTO’s WACC… – One year after setting IPTO’s WACC for the regulatory period 2022-2025, the Regulator (RAAEY) made a noteworthy decision revising upward the respective return for the period 2023-25 to 7.45%-7.57% (from 6.1% previously). We expect this change to unlock further value for ADMIE Holding and to catalyse further upside following a period of somewhat disappointing performance during 2022. In particular, the enhanced WACC coupled with IPTO's hefty €5bn 10-year investment...
Regulator raises IPTO’s WACC… – One year after setting IPTO’s WACC for the regulatory period 2022-2025, the Regulator (RAAEY) made a noteworthy decision revising upward the respective return for the period 2023-25 to 7.45%-7.57% (from 6.1% previously). We expect this change to unlock further value for ADMIE Holding and to catalyse further upside following a period of somewhat disappointing performance during 2022. In particular, the enhanced WACC coupled with IPTO's hefty €5bn 10-year investment...
2022: The comeback – Greek equities staged an impressive comeback in 2022, outpacing most international markets with a 7% total return vs a 2-digit drop suffered by other European indices (and the S&P in EUR terms). Underpinning the ASE was certainly the better macroeconomic backdrop, with the Greek economy expanding by >5% in 2022 compared with c3% for the EU. Light positioning, healthy corporate profitability and more attractive yield gaps than in other regions were additional supporting facto...
2022: The comeback – Greek equities staged an impressive comeback in 2022, outpacing most international markets with a 7% total return vs a 2-digit drop suffered by other European indices (and the S&P in EUR terms). Underpinning the ASE was certainly the better macroeconomic backdrop, with the Greek economy expanding by >5% in 2022 compared with c3% for the EU. Light positioning, healthy corporate profitability and more attractive yield gaps than in other regions were additional supporting facto...
Regulated activity with ample growth prospects… – Through its 51% stake in IPTO, a natural monopoly that owns and operates the Greek Transmission System, ADMIE Holding is expected to play a key role in the Greek energy transition. The Greek regulator RAE has approved a c€5bn 10-year investment plan for IPTO, which translates into 13% RAB CAGR over 2022-2030e (and 16% through to 2025e), by far the highest RAB growth profile among its EU peers (c5% in the medium term). … and visibility around re...
2021: “life in the fast lane" – 2021 was quite an eventful year, with swings in risk perception as initial enthusiasm about vaccine progress was followed by concerns about inflation, a pivot in central bank policy (Fed) and the impact from the Omicron variant. As a result, after a 12% return until mid-May 2021, Greek stocks were flat in the remainder of the year, affected by the general de-risking mood and some idiosyncratic headwinds (liquidity drain from capital raisings and issuance activity ...
2021: “life in the fast lane" – 2021 was quite an eventful year, with swings in risk perception as initial enthusiasm about vaccine progress was followed by concerns about inflation, a pivot in central bank policy (Fed) and the impact from the Omicron variant. As a result, after a 12% return until mid-May 2021, Greek stocks were flat in the remainder of the year, affected by the general de-risking mood and some idiosyncratic headwinds (liquidity drain from capital raisings and issuance activity ...
IPTO HOLDING (GR), a company active in the Conventional Electricity industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 2 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date August 20, 2021, the closing price was EUR 2.56 and its po...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....