A Tale of Two Engines: Coca-Cola HBC (EEE.AT) By the end of 2026, the valuation of Coca-Cola HBC (EEE.AT) is projected to reach a "New Normal." The convergence of the Sept 21, 2026, Developed Market upgrade and the formal closing of the CCBA acquisition creates a unique valuation window where the stock sheds its "emerging market discount" while fully pricing in its "African growth premium." ________________________________________ 1. End-of-2026 Target Price Summary Based on the 2027 forward-looking earnings (the metric the market will be pricing in by December 2026), the projected share price is: • DCF-Derived Target (End-2026): €56.40 • Comparables-Derived Target (End-2026): €52.80 • Consensus Year-End Target: €54.60 ________________________________________ 2.Read more

Recommendation: I remain sidelined, NEUTRAL (HOLD );— Slight bearish tilt Rating agencies' views reinforce a mixed picture: post-acquisition upgrades (Fitch to 'B+' IDR with 'BB' notes, Moody's to B2 stable, Morningstar DBRS to B(high) positive trend, S&P to 'B-' stable) reflect improved scale, synergy potential, and deleveraging path, with projected adjusted EBITDA margins largely resilient at 37-38% (S&P over 2025-2027), ~38% (Morningstar DBRS), and above 35% (Fitch pre-revision emphasis on margin expansion via integration). However, Fitch revised its outlook to Negative in December 2025 due to "material exposure to increased UK taxation," which will result in lower-than-previously-expected EBITDA (though not quantified as a sharp margin drop—management mitigated the 2026 impact to ~4% via €84M offsets, revising FY2026 EBITDA guidance to €420-440M from prior higher targets).Read more

As of the close on January 21, 2026, TITC.AT traded at €54.40, near the upper end of its 52-week range (€33.80–€55.80), with a market capitalization of approximately €4.26 billion. This consolidated report reflects my personal analysis and view, drawing on the latest available data as of this date.Read more

As of the market close on January 20, 2026, Viohalco's shares traded at €12.00, within its 52-week range of €4.70–€12.30, reflecting a market capitalization of approximately €3.2 billion. This personal analysis reflects my view on the stock's undervaluation amid sector headwinds, drawing from real-time data and my proprietary modeling.Read more

As of the market close on January 20, 2026, Cenergy's shares traded at €17.30, at the upper end of its 52-week range of €10.50–€17.32, with a market capitalization of approximately €3.65 billion. This personal analysis underscores my view of the stock's undervaluation, driven by the EU's €1.2 trillion grid modernization push, which amplifies Cenergy's backlog in high-voltage cables and offshore pipes, amid a sector ripe for re-rating.Read more

I view GEK TERNA entering 2026 with a robust €6.9 billion order backlog, positioned to capture outsized share from Greece's infrastructure renaissance, yet trading at a discount to peers on undervalued concessions like Attiki Odos. My non-consensus edge stems from accelerated EU Recovery and Resilience Facility (RRF) disbursements—€35 billion through 2026—fueling a 15%+ revenue CAGR, overlooked amid near-term macro noise.Read more

A Global Powerhouse in the Making Sector: Global Industrials / Energy Transition Current Price: €43.62 | Target Price: €74.50 The Institutionalization of a Global Champion I maintain my BUY rating on Metlen Energy & Metals (MTLN) , raising the 12-month price target to €74.50. The investment thesis has evolved from a "Greek recovery play" to a "Global Industrial Leader" narrative.Read more

OPAP S.A. (OPAP.AT), Greece's dominant gaming and lottery operator with exclusive concessions across lotteries, sports betting, video lottery terminals (VLTs), and online platforms, is undergoing a transformative merger with Allwyn International AG, announced on October 13, 2025, to form the world's second-largest listed lottery and gaming entity valued at €16 billion. This all-share transaction, pending shareholder approval at an Extraordinary General Meeting on January 7, 2026, positions OPAP for pan-European expansion, leveraging Allwyn's footprints in the UK, Austria, and Czech Republic while enhancing OPAP's online and VLT capabilities domestically.Read more