Anuncio • May 21
Public Power Corporation S.A. has completed a Follow-on Equity Offering in the amount of €4.25 billion. Public Power Corporation S.A. has completed a Follow-on Equity Offering in the amount of €4.25 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 193,907,675
Price\Range: €18.63
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 34,219,002
Price\Range: €18.63
Transaction Features: Rule 144A Buy Or Sell Opportunity • May 14
Now 88% undervalued after recent price drop Over the last 90 days, the stock has fallen 88% to €2.27. The fair value is estimated to be €18.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 5.6%. Revenue is forecast to grow by 7.6% in 2 years. Earnings are forecast to grow by 74% in the next 2 years. Buy Or Sell Opportunity • Apr 29
Now 88% undervalued after recent price drop Over the last 90 days, the stock has fallen 88% to €2.27. The fair value is estimated to be €18.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.7% per annum. Earnings are forecast to grow by 30% per annum over the same time period. Buy Or Sell Opportunity • Apr 14
Now 87% undervalued after recent price drop Over the last 90 days, the stock has fallen 87% to €2.27. The fair value is estimated to be €17.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.4% per annum. Earnings are forecast to grow by 30% per annum over the same time period. New Risk • Apr 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Buy Or Sell Opportunity • Mar 30
Now 88% undervalued after recent price drop Over the last 90 days, the stock has fallen 87% to €2.27. The fair value is estimated to be €19.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.4% per annum. Earnings are forecast to grow by 30% per annum over the same time period. Declared Dividend • Mar 23
Dividend increased to €0.60 Dividend of €0.60 is 50% higher than last year. Ex-date: 20th July 2026 Payment date: 24th July 2026 Dividend yield will be 3.4%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (71% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 28% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 93% over the next 2 years, which should provide support to the dividend and adequate earnings cover. New Risk • Mar 21
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 21
Full year 2025 earnings released: EPS: €0.85 (vs €0.43 in FY 2024) Full year 2025 results: EPS: €0.85 (up from €0.43 in FY 2024). Revenue: €9.70b (up 8.0% from FY 2024). Net income: €295.0m (up 94% from FY 2024). Profit margin: 3.0% (up from 1.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.6% p.a. on average during the next 2 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 3.6%. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Anuncio • Mar 20
Public Power Corporation S.A. announces Annual dividend, payable on July 24, 2026 Public Power Corporation S.A. announced Annual dividend of EUR 0.6000 per share payable on July 24, 2026, ex-date on July 20, 2026 and record date on July 21, 2026. Buy Or Sell Opportunity • Mar 09
Now 83% undervalued after recent price drop Over the last 90 days, the stock has fallen 87% to €2.27. The fair value is estimated to be €13.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.3% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.2% per annum. Earnings are forecast to grow by 21% per annum over the same time period. Buy Or Sell Opportunity • Feb 20
Now 81% undervalued after recent price drop Over the last 90 days, the stock has fallen 87% to €2.27. The fair value is estimated to be €12.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.3% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.2% per annum. Earnings are forecast to grow by 20% per annum over the same time period. Buy Or Sell Opportunity • Feb 04
Now 79% undervalued after recent price drop Over the last 90 days, the stock has fallen 86% to €2.27. The fair value is estimated to be €10.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.3% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.2% per annum. Earnings are forecast to grow by 20% per annum over the same time period. Buy Or Sell Opportunity • Jan 18
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to €18.44. The fair value is estimated to be €15.16, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.3% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 4.7% in 2 years. Earnings are forecast to grow by 90% in the next 2 years. Reported Earnings • Nov 21
Third quarter 2025 earnings released: EPS: €0.60 (vs €0.008 loss in 3Q 2024) Third quarter 2025 results: EPS: €0.60 (up from €0.008 loss in 3Q 2024). Revenue: €2.62b (up 2.6% from 3Q 2024). Net income: €212.0m (up €214.9m from 3Q 2024). Profit margin: 8.1% (up from net loss in 3Q 2024). Revenue is expected to decline by 2.5% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 3.0%. Buy Or Sell Opportunity • Oct 30
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 6.3% to €15.20. The fair value is estimated to be €12.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.9% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 5.5% in 2 years. Earnings are forecast to grow by 291% in the next 2 years. Declared Dividend • Jun 24
Dividend increased to €0.40 Dividend of €0.40 is 60% higher than last year. Ex-date: 21st July 2025 Payment date: 25th July 2025 Dividend yield will be 18%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 23% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 3.3% to bring the payout ratio under control. EPS is expected to grow by 135% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Declared Dividend • May 30
Dividend increased to €0.40 Dividend of €0.40 is 60% higher than last year. Ex-date: 21st July 2025 Payment date: 25th July 2025 Dividend yield will be 18%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 23% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 3.3% to bring the payout ratio under control. EPS is expected to grow by 142% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Anuncio • May 21
Public Power Corporation S.A., Annual General Meeting, Jun 25, 2025 Public Power Corporation S.A., Annual General Meeting, Jun 25, 2025, at 12:00 GTB Standard Time. Location: be conducted remotely in real time via, the venue, Greece Board Change • Apr 02
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Vice Chairman Pyrros Papadimitriou was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Declared Dividend • Apr 01
Dividend increased to €0.40 Dividend of €0.40 is 60% higher than last year. Ex-date: 21st July 2025 Payment date: 25th July 2025 Dividend yield will be 2.8%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 23% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 3.3% to bring the payout ratio under control. EPS is expected to grow by 135% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Anuncio • Mar 27
Public Power Corporation S.A. announces Annual dividend, payable on July 25, 2025 Public Power Corporation S.A. announced Annual dividend of EUR 0.4000 per share payable on July 25, 2025, ex-date on July 21, 2025 and record date on July 22, 2025. Reported Earnings • Mar 27
Full year 2024 earnings released: EPS: €0.43 (vs €1.16 in FY 2023) Full year 2024 results: EPS: €0.43 (down from €1.16 in FY 2023). Revenue: €8.98b (up 17% from FY 2023). Net income: €151.8m (down 65% from FY 2023). Profit margin: 1.7% (down from 5.6% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 1.7% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Anuncio • Oct 29
PPC Renewables S.A. acquired 629MW RES Romanian portfolio from Evryo Power S.A. PPC Renewables S.A. entered into a binding agreement to acquire 629MW RES Romanian portfolio from Evryo Power S.A.. for an enterprise value of €700 million on August 6, 2024. The funding of the transaction is structured to be compatible with PPC Group’s financial policy, to remain well within Group’s target leverage ceiling. Upon completion, PPC Group will add an estimated EBITDA of €100 million. The closing of the Acquisition is expected to occur by the fourth quarter of 2024, and will be subject to certain conditions precedent customary for this kind of transaction, including, among others, clearance from the relevant antitrust authorities. on an annual basis. The acquisition further strengthens PPC Group’s growth strategy in Romania and Southeast Europe, with the addition of a significant renewables operating portfolio, including 600MW onshore wind, 22MW hydro, 6MW BESS, 1MW solar PV installed capacity, and about 145MW pipeline assets. Upon completion of the agreement, PPC’s RES portfolio in operation in Romania will double and total RES of PPC Group in operation will reach 5.3GW. Citigroup Global Markets Europe AG acted as financial advisor for PPC Renewables S.A. Euroxx Securities S.A. acted as financial advisor for PPC Renewables S.A. Badea Clifford Chance acted as legal advisor to Public Power Corporation S.A.
PPC Renewables S.A. completed the acquisition of 629MW RES Romanian portfolio from Evryo Power S.A. on October 28, 2024. The antitrust has approved the transaction. Anuncio • Oct 25
Public Power Corporation S.A. to Report Q3, 2024 Results on Nov 14, 2024 Public Power Corporation S.A. announced that they will report Q3, 2024 results After-Market on Nov 14, 2024 Anuncio • Sep 27
Public Power Corporation S.A. (ATSE:PPC) entered into an agreement collaboration framework to acquire 66.6 MW RES in operation and 1.7 GW under development in Greece from COPELOUZOS GROUP and Samaras Group for €110 million. Public Power Corporation S.A. (ATSE:PPC) entered into an agreement collaboration framework to acquire 66.6 MW RES in operation and 1.7 GW under development in Greece from COPELOUZOS GROUP and Samaras Group for €110 million on September 25, 2024. PPC Group is expected to offer for the consideration a combination of cash and own shares, with a sale price of €12.21 which was derived from the higher of the 6-month weighted average price and the spot price at the close of September 24, 2024.
The signing of the final sale and purchase agreements as well as the final shareholders agreements is expected to be completed on December 31, 2024. PricewaterhouseCoopers Business Solutions S.A. acted as financial advisor for Public Power Corporation S.A. Vizas - Katrinakis and Associates acted as legal advisor for Public Power Corporation S.A. Lambadarios Law Firm acted as legal advisor for Public Power Corporation S.A. Anuncio • Aug 01
Public Power Corporation S.A. to Report First Half, 2024 Results on Aug 06, 2024 Public Power Corporation S.A. announced that they will report first half, 2024 results on Aug 06, 2024 Upcoming Dividend • Jul 16
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 22 July 2024. Payment date: 26 July 2024. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of British dividend payers (5.5%). Lower than average of industry peers (4.9%). Reported Earnings • May 21
First quarter 2024 earnings released: EPS: €0.11 (vs €0.14 in 1Q 2023) First quarter 2024 results: EPS: €0.11 (down from €0.14 in 1Q 2023). Revenue: €1.94b (down 2.8% from 1Q 2023). Net income: €40.2m (down 27% from 1Q 2023). Profit margin: 2.1% (down from 2.8% in 1Q 2023). Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorates as stock falls 80% After last week's 80% share price decline to €2.27, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Electric Utilities industry in Europe. Total loss to shareholders of 75% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.51 per share. Anuncio • May 03
Public Power Corporation S.A. to Report Q1, 2024 Results on May 20, 2024 Public Power Corporation S.A. announced that they will report Q1, 2024 results at 1:00 PM, GTB Standard Time on May 20, 2024 Anuncio • Apr 11
Public Power Corporation S.A. (ATSE:PPC) completed the acquisition of DSGi South-East Europe A.E.V.E. from Currys plc (LSE:CURY). Public Power Corporation S.A. (ATSE:PPC) signed an agreement to acquire DSGi South-East Europe A.E.V.E. from Currys plc (LSE:CURY) for an enterprise value of €200 million on November 2, 2023. The consideration corresponds the value on a debt free, cash free basis and excluding IFRS 16 lease liabilities. Under the terms of consideration, the enterprise value of €200 million (£175 million), adjusted to include lease liabilities of €97 million (£85 million) as at 29 April 2023, implies a multiple of 6x adjusted EBITDA1 of €49 million (£43 million) and 14x adjusted EBIT[1]of €21 million (£18 million). Net cash proceeds of the disposal are expected to be approximately £156 million (€179 million) at completion, after taking into account transaction and separation costs, intercompany balances and cash in the business. The Consideration is payable in full and in cash on the date of Completion. Following the agreed terms, the Currys board of directors ("Board") believes the proposed Disposal has strong strategic rationale and represents an attractive outcome for the Company's shareholders ("Shareholders"). Following Completion, the Continuing Group intends to pursue its strategy of delivering value for all stakeholders centred around its four strategic priorities: (i) Capable & Committed Colleagues; (ii) Easy to Shop; (iii) Customers for Life; and (iv) Grow Profits. Management's objective remains to achieve at least a 3% adjusted EBIT margin with a solid balance sheet that enables healthy returns to shareholders. Following Completion, the Continuing Group will consist of the Company's UK and Ireland and Nordics business segments. Kotsovoloas has It has 95 stores, in Greece and Cyprus, of which 27 are megastores. PPC intends to finance the acquisition through own funds.
The closing of the transaction is subject to certain conditions precedent, customary for these kinds of transactions, including the approval of shareholders at the General Meeting of Currys plc and obtaining a merger clearance approval from the European Commission or the Hellenic Competition Commission, obtaining a Foreign Subsidies Regulation clearance following a filing from the Purchaser before the European Commission or an ex officio investigation by the European Commission, obtaining third party consents to the Disposal from counterparties to certain contracts to which Kotsovolos is a party. The Disposal was unanimously agreed by the Board to be in the best interests of Shareholders. The transaction is expected to take place in the first quarter of 2024. The Board expects to update Shareholders on this strategic progress when it announces the Company's interim results in December 2023. In the short term, the Board intends to use the proceeds to reduce net debt and then at the appropriate time, following peak trading, enter discussions with pension trustees regarding the potential to reduce the pension fund's accounting net deficit and required future contributions. Reducing indebtedness may also provide, at the appropriate time, the Group with greater flexibility to invest to grow the business, after which Currys will also explore the potential to return any surplus capital to Shareholders. This will initially involve using proceeds to reduce net debt, and then at the appropriate time entering into discussions with the pension trustees regarding the funding for the pension scheme. As on March 5, 2024, Hellenic Competition Commission approved the deal. As on March 8, 2024, the transaction is expected to complete in first half of April.
PricewaterhouseCoopers Business Solutions S.A. (PwC) is acting as financial advisor and Vizas - Katrinakis and Associates Law Firm as legal advisor to PPC in connection with the acquisition. Andrew Seaton and Robert Farrington of Citigroup Global Markets Limited ("Citi") is acting as sponsor and sole financial advisor to Currys on the Disposal. Natasha Good and Tom Godwin of Freshfields advised Currys.
Public Power Corporation S.A. (ATSE:PPC) completed the acquisition of DSGi South-East Europe A.E.V.E. from Currys plc (LSE:CURY) for an enterprise value of €200 million on April 10, 2024. The cash proceeds received by Currys were €179 million (£156 million) after taking into account transaction and separation costs, intercompany balances and cash in the business. On completion, it is the Board's intention to use the net cash proceeds to reduce net debt and the Group expects to finish the year in a net cash position. Reported Earnings • Apr 10
Full year 2023 earnings released: EPS: €1.16 (vs €0.05 loss in FY 2022) Full year 2023 results: EPS: €1.16 (up from €0.05 loss in FY 2022). Revenue: €7.69b (down 32% from FY 2022). Net income: €428.3m (up €447.3m from FY 2022). Profit margin: 5.6% (up from net loss in FY 2022). Revenue is forecast to decline by 4.8% p.a. on average during the next 2 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Anuncio • Apr 01
Public Power Corporation S.A. to Report Fiscal Year 2023 Results on Apr 09, 2024 Public Power Corporation S.A. announced that they will report fiscal year 2023 results at 1:00 PM, GTB Standard Time on Apr 09, 2024 Anuncio • Nov 05
Public Power Corporation S.A. (ATSE:PPC) signed an agreement to acquire DSGi South-East Europe A.E.V.E. for an enterprise value of €200 million. Public Power Corporation S.A. (ATSE:PPC) signed an agreement to acquire DSGi South-East Europe A.E.V.E. for an enterprise value of €200 million on November 3, 2023. The consideration corresponds the value on a debt free, cash free basis and excluding IFRS 16 lease liabilities. Under the terms of consideration, the enterprise value of €200 million (£175 million), adjusted to include lease liabilities of €97 million (£85 million) as at 29 April 2023, implies a multiple of 6x adjusted EBITDA1 of €49 million (£43 million) and 14x adjusted EBIT[1]of €21 million (£18 million). Net cash proceeds of the disposal are expected to be approximately £156 million (€179 million) at completion, after taking into account transaction and separation costs, intercompany balances and cash in the business. The Consideration is payable in full and in cash on the date of Completion. Following the agreed terms, the Currys board of directors ("Board") believes the proposed Disposal has strong strategic rationale and represents an attractive outcome for the Company's shareholders ("Shareholders"). Following Completion, the Continuing Group intends to pursue its strategy of delivering value for all stakeholders centred around its four strategic priorities: (i) Capable & Committed Colleagues; (ii) Easy to Shop; (iii) Customers for Life; and (iv) Grow Profits. Management's objective remains to achieve at least a 3% adjusted EBIT margin with a solid balance sheet that enables healthy returns to shareholders. Following Completion, the Continuing Group will consist of the Company's UK and Ireland and Nordics business segments. Kotsovoloas has It has 95 stores, in Greece and Cyprus, of which 27 are megastores. PPC intends to finance the acquisition through own funds. The closing of the transaction is subject to certain conditions precedent, customary for these kinds of transactions, including the approval of shareholders at the General Meeting of Currys plc and obtaining a merger clearance approval from the European Commission or the Hellenic Competition Commission, obtaining a Foreign Subsidies Regulation clearance following a filing from the Purchaser before the European Commission or an ex officio investigation by the European Commission, obtaining third party consents to the Disposal from counterparties to certain contracts to which Kotsovolos is a party. The Disposal was unanimously agreed by the Board to be in the best interests of Shareholders. The transaction is expected to take place in the first quarter of 2024. The Board expects to update Shareholders on this strategic progress when it announces the Company's interim results in December 2023. In the short term, the Board intends to use the proceeds to reduce net debt and then at the appropriate time, following peak trading, enter discussions with pension trustees regarding the potential to reduce the pension fund's accounting net deficit and required future contributions. Reducing indebtedness may also provide, at the appropriate time, the Group with greater flexibility to invest to grow the business, after which Currys will also explore the potential to return any surplus capital to Shareholders. This will initially involve using proceeds to reduce net debt, and then at the appropriate time entering into discussions with the pension trustees regarding the funding for the pension scheme.PricewaterhouseCoopers Business Solutions S.A. (PwC) is acting as financial advisor and Vizas - Katrinakis and Associates Law Firm as legal advisor to PPC in connection with the acquisition. Andrew Seaton and Robert Farrington of Citigroup Global Markets Limited ("Citi") is acting as sponsor and sole financial advisor to Currys on the Disposal. Anuncio • Oct 27
Public Power Corporation S.A. (ATSE:PPC) completed the acquisition of Enel assets in Romania from Enel SpA (BIT:ENEL) for approximately €1.2 billion. Public Power Corporation S.A. (ATSE:PPC) signed an exclusivity agreement to acquire Enel assets in Romania from Enel SpA (BIT:ENEL) on December 14, 2022. Public Power Corporation S.A. (ATSE:PPC) signed an agreement to acquire Enel assets in Romania from Enel SpA (BIT:ENEL) for approximately €1.3 billion on March 9, 2023. In addition, the total consideration is subject to adjustments customary for these kinds of transactions as well as to an earn-out mechanism for a potential additional payment based on the future value of the retail business. PPC intends to finance the Acquisition with a combination of debt and cash on balance sheet, with €800 million of committed debt financing in the form of a €485 million 5-year term loan facility through Greek banks and a €315 million bridge facility through international banks. The transaction is subject to due diligence and approval by antitrust authorities. As of February 4, 2023, the exclusivity period for negotiations has been extended until February 28, 2023. As of June 26, 2023 European Commission approved the transaction. The transaction is expected to close in third quarter of 2023. Citigroup Global Markets Europe AG, Goldman Sachs Bank Europe SE, HSBC Continental Europe acted as financial advisors, S.A, Lisa O’Neill, Apostolos Gkoutzinis, Andrew Reilly, Trevor Truman, and Alan Rafferty of Milbank LLP acted as a legal advisor, Cornelia Bumbacea, Andreea Bistriceanu, Andreea Oprescu, Laura Paraschiv, Andreea Puiu, Daniel Anghel, Ruxandra Târlescu, Adina Vizoli, oana Bara, Ludmila Petrescu, Claudiu Simionescu, and Anca Lungeanu of PwC Romania, PwC Greece and Anda Rojanschi, Cristina Paduraru and Ovidiu Bold of D&B David si Baias experts provided due diligence, tax structuring advice and support on the complex financial and tax aspects of the transaction documents, as well as legal advice to Public Power Corporation S.A. (ATSE:PPC). Clifford Chance LLP acted as legal advisor to Enel SpA in the transcation.Public Power Corporation S.A. (ATSE:PPC) completed the acquisition of Enel assets in Romania from Enel SpA (BIT:ENEL) for approximately €1.2 billion on October 25, 2023. Following the fulfillment of all the conditions precedent customary for these kinds of transactions set forth in the related sale agreement closed the transaction. AXIA Ventures Group and Euroxx Securities SA acted as financial advisors to PPC. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment deteriorates as stock falls 77% After last week's 77% share price decline to €2.27, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Electric Utilities industry in Europe. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorates as stock falls 79% After last week's 79% share price decline to €2.27, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 13x in the Electric Utilities industry in Europe. Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: €0.32 (vs €0.45 in 2Q 2022) Second quarter 2023 results: EPS: €0.32 (down from €0.45 in 2Q 2022). Revenue: €1.59b (down 26% from 2Q 2022). Net income: €120.6m (down 29% from 2Q 2022). Profit margin: 7.6% (down from 8.0% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 20% p.a. on average during the next 3 years compared to a 4.0% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 139% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €9.91, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 14x in the Electric Utilities industry in Europe. Board Change • Aug 09
High number of new directors Independent Non Executive Director Michalis Panagiotakis was the last director to join the board, commencing their role in 2020. Board Change • Jul 04
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non Executive Director Michalis Panagiotakis was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Jun 06
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non Executive Director Michalis Panagiotakis was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 28
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Non Executive Director Michalis Panagiotakis was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 08
Full year 2021 earnings released: €0.048 loss per share (vs €0.084 profit in FY 2020) Full year 2021 results: €0.048 loss per share (down from €0.084 profit in FY 2020). Revenue: €5.71b (up 23% from FY 2020). Net loss: €18.4m (down 195% from profit in FY 2020). Over the next year, revenue is forecast to decline by 11% while the industry in the United Kingdom is not expected to grow. Board Change • Feb 17
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Non Executive Director Michalis Panagiotakis was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Jan 14
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Non Executive Director Michalis Panagiotakis was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 10
High number of new directors There are 8 new directors who have joined the board in the last 3 years. Independent Non Executive Director Michalis Panagiotakis was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Dec 01
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: €0.30 loss per share (down from €0.071 loss in 3Q 2020). Revenue: €1.50b (up 18% from 3Q 2020). Net loss: €69.1m (loss widened 319% from 3Q 2020). Revenue exceeded analyst estimates by 2.0%. Over the next year, revenue is forecast to grow 2.9%, compared to a 7.9% growth forecast for the industry in the United Kingdom. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment deteriorated over the past week After last week's 76% share price decline to €2.27, the stock trades at a forward P/E ratio of 214x. Average forward P/E is 14x in the Electric Utilities industry in Europe. Total loss to shareholders of 59% over the past year. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment deteriorated over the past week After last week's 72% share price decline to €2.27, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Electric Utilities industry in Europe. Board Change • Oct 27
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 5 were independent directors. The company's board is composed of: 9 new directors. No experienced directors. 2 highly experienced directors. 5 independent directors (6 non-independent directors). Employee Representative Non-Executive Director Pantelis Karaleftheris is the most experienced director on the board, commencing their role in 2013. Independent Non Executive Director Michalis Panagiotakis was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Oct 27
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 5 were independent directors. The company's board is composed of: 9 new directors. No experienced directors. 2 highly experienced directors. 5 independent directors (6 non-independent directors). Employee Representative Non-Executive Director Pantelis Karaleftheris is the most experienced director on the board, commencing their role in 2013. Independent Non Executive Director Michalis Panagiotakis was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €8.05, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Electric Utilities industry in Europe. Reported Earnings • Sep 24
Second quarter 2021 earnings released: EPS €0.30 (vs €0.17 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €1.08b (up 4.7% from 2Q 2020). Net income: €70.6m (up 75% from 2Q 2020). Profit margin: 6.5% (up from 3.9% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Board Change • Sep 15
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 5 were independent directors. The company's board is composed of: 9 new directors. No experienced directors. 2 highly experienced directors. 5 independent directors (6 non-independent directors). Employee Representative Non-Executive Director Pantelis Karaleftheris is the most experienced director on the board, commencing their role in 2013. Independent Non Executive Director Michalis Panagiotakis was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Apr 24
Full year 2020 earnings released: EPS €0.15 (vs €7.27 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €4.65b (down 5.7% from FY 2019). Net income: €35.2m (up €1.72b from FY 2019). Profit margin: 0.8% (up from net loss in FY 2019). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 50% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Dec 04
Revenue beats expectations Revenue exceeded analyst estimates by 0.5%. Over the next year, revenue is expected to shrink by 6.7% compared to a 13% growth forecast for the Electric Utilities industry in the United Kingdom. Reported Earnings • Dec 04
Third quarter 2020 earnings released: €0.071 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: €1.27b (down 2.5% from 3Q 2019). Net loss: €16.5m (loss narrowed 79% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 54% per year, which means it is well ahead of earnings. 
