Buy Or Sell Opportunity • Aug 10
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to €21.80. The fair value is estimated to be €17.88, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 7.8%. For the next 3 years, revenue is forecast to grow by 5.4% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. Reported Earnings • Aug 06
Second quarter 2026 earnings released: EPS: €0.27 (vs €0.27 in 2Q 2025) Second quarter 2026 results: EPS: €0.27. Revenue: €2.21b (up 1.2% from 2Q 2025). Net income: €117.9m (up 28% from 2Q 2025). Profit margin: 5.3% (up from 4.2% in 2Q 2025). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Electric Utilities industry in Europe. New Risk • Jul 28
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 68% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Shareholders have been substantially diluted in the past year (68% increase in shares outstanding). Minor Risk Paying a dividend despite having no free cash flows. Upcoming Dividend • Jul 13
Upcoming dividend of €0.60 per share Eligible shareholders must have bought the stock before 20 July 2026. Payment date: 24 July 2026. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (3.6%). Tillkännagivande • 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 Declared Dividend • May 20
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 3.0%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (46% 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 55% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 56% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • 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. Tillkännagivande • 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 Tillkännagivande • 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. New Risk • Nov 16
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.2x 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. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.2x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Nov 15
Third quarter 2024 earnings released: €0.008 loss per share (vs €0.14 profit in 3Q 2023) Third quarter 2024 results: €0.008 loss per share (down from €0.14 profit in 3Q 2023). Revenue: €2.56b (up 32% from 3Q 2023). Net loss: €2.90m (down 106% from profit in 3Q 2023). Revenue is expected to decline by 3.6% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 2.2%. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Tillkännagivande • 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. Tillkännagivande • 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 Tillkännagivande • 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. New Risk • Aug 07
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x 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. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Aug 07
Second quarter 2024 earnings released: EPS: €0.23 (vs €0.32 in 2Q 2023) Second quarter 2024 results: EPS: €0.23 (down from €0.32 in 2Q 2023). Revenue: €2.09b (up 32% from 2Q 2023). Net income: €84.7m (down 30% from 2Q 2023). Profit margin: 4.1% (down from 7.6% in 2Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 1.2% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Tillkännagivande • 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 15
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: 2.1%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (4.9%). Buy Or Sell Opportunity • Jul 02
Now 22% overvalued Over the last 90 days, the stock has fallen 2.7% to €11.18. The fair value is estimated to be €9.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 105%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 8.7% in the next 2 years. Buy Or Sell Opportunity • Jun 21
Now 22% overvalued Over the last 90 days, the stock has fallen 3.4% to €11.36. The fair value is estimated to be €9.28, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 105%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 8.7% in the next 2 years. Buy Or Sell Opportunity • Jun 07
Now 21% overvalued Over the last 90 days, the stock has fallen 4.3% to €11.10. The fair value is estimated to be €9.19, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 105%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 8.7% in the next 2 years. 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 9% per year, which means it is significantly lagging earnings growth. Tillkännagivande • 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 Tillkännagivande • 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 7% per year, which means it is significantly lagging earnings growth. Tillkännagivande • 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 New Risk • Nov 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.4% per year for the foreseeable future. Minor Risks High level of debt (43% net debt to equity). Large one-off items impacting financial results. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: €0.14 (vs €0.43 loss in 3Q 2022) Third quarter 2023 results: EPS: €0.14 (up from €0.43 loss in 3Q 2022). Revenue: €1.94b (down 53% from 3Q 2022). Net income: €50.1m (up €213.6m from 3Q 2022). Profit margin: 2.6% (up from net loss in 3Q 2022). Revenue is expected to fall by 13% p.a. on average during the next 3 years compared to a 4.1% 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 22% per year, which means it is significantly lagging earnings growth. Tillkännagivande • 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. Tillkännagivande • 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. 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 40% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 31
First quarter 2023 earnings released: EPS: €0.14 (vs €0.49 loss in 1Q 2022) First quarter 2023 results: EPS: €0.14 (up from €0.49 loss in 1Q 2022). Revenue: €1.99b (down 11% from 1Q 2022). Net income: €55.0m (up €243.2m from 1Q 2022). Profit margin: 2.8% (up from net loss in 1Q 2022). Revenue is expected to fall by 20% p.a. on average during the next 3 years compared to a 3.6% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 132% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 25
Full year 2022 earnings released: €0.05 loss per share (vs €0.048 loss in FY 2021) Full year 2022 results: €0.05 loss per share (further deteriorated from €0.048 loss in FY 2021). Revenue: €11.3b (up 97% from FY 2021). Net loss: €19.0m (loss widened 3.2% from FY 2021). Revenue is expected to fall by 18% p.a. on average during the next 2 years compared to a 3.7% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 121% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 24
Third quarter 2022 earnings released: €0.43 loss per share (vs €0.30 loss in 3Q 2021) Third quarter 2022 results: €0.43 loss per share (further deteriorated from €0.30 loss in 3Q 2021). Revenue: €4.17b (up 177% from 3Q 2021). Net loss: €163.5m (loss widened 137% from 3Q 2021). Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 127% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Nov 01
Public Power Corporation S.A. to Report Q3, 2022 Results on Nov 22, 2022 Public Power Corporation S.A. announced that they will report Q3, 2022 results on Nov 22, 2022 Tillkännagivande • Sep 24
Public Power Corporation S.A. (ATSE:PPC) commences an Equity Buyback Plan for 36,344,000 shares, under the authorization approved on August 3, 2022. Public Power Corporation S.A. (ATSE:PPC) commences a share repurchases on September 23, 2022, under the program mandated by the shareholders in the Extraordinary General Meeting held on August 3, 2022. As per the mandate, the company is authorized to repurchase up to 36,344,000 shares, representing 10% of its paid up share capital. The shares will be repurchased at a minimum price of €2.48 per share, which is equal to the nominal value of the share and a maximum price of €17 per share. The purpose of the program is to pursue and implement any lawful purpose, in accordance with the applicable provisions of the relevant legislative and regulatory framework. The repurchases will be funded exclusively through free cash flows and other available cash resources. The authorization will be valid for a period of 24 months from the date of approval. Reported Earnings • Sep 07
Second quarter 2022 earnings released: EPS: €0.45 (vs €0.30 in 2Q 2021) Second quarter 2022 results: EPS: €0.45 (up from €0.30 in 2Q 2021). Revenue: €2.14b (up 99% from 2Q 2021). Net income: €170.7m (up 142% from 2Q 2021). Profit margin: 8.0% (up from 6.5% in 2Q 2021). Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Electric Utilities industry in Europe. 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 24% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Aug 30
Public Power Corporation S.A. to Report First Half, 2022 Results on Sep 06, 2022 Public Power Corporation S.A. announced that they will report first half, 2022 results on Sep 06, 2022 Tillkännagivande • Jun 01
Public Power Corporation S.A., Annual General Meeting, Jun 29, 2022 Public Power Corporation S.A., Annual General Meeting, Jun 29, 2022. Agenda: AGM. Reported Earnings • May 28
First quarter 2022 earnings released: €0.49 loss per share (vs €0.19 loss in 1Q 2021) First quarter 2022 results: €0.49 loss per share (down from €0.19 loss in 1Q 2021). Revenue: €2.25b (up 102% from 1Q 2021). Net loss: €188.2m (loss widened 331% from 1Q 2021). Over the next year, revenue is forecast to decline by 34% while the industry in Germany is not expected to grow. 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 50% per year, which means it is significantly lagging earnings growth. Tillkännagivande • May 02
Public Power Corporation S.A. to Report Q1, 2022 Results on May 26, 2022 Public Power Corporation S.A. announced that they will report Q1, 2022 results on May 26, 2022 Board Change • Apr 27
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 Germany is not expected to grow. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 64% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Apr 06
Public Power Corporation S.A. to Report Q4, 2021 Results on Apr 05, 2022 Public Power Corporation S.A. announced that they will report Q4, 2021 results on Apr 05, 2022 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 Germany. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has increased by 87% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Sep 25
State-Backed Funds in Greece May Cut Controlling Stake in PPC Hellenic Corporation of Assets & Participations S.A. (HCAP) and one of its subsidiaries may lower their combined 51% shareholding in Public Power Corporation S.A. (ATSE:PPC) (PPC SA), they said on September 23, 2021. Currently, Hellenic Corporation of Assets and Participations (HCAP) owns 34% of PPC, while its investment advisory arm Hellenic Republic Asset Development Fund S.A. (HRADF), which manages the privatisation of public assets in the country, holds 17%. In a press release indicating their support for a proposed share capital increase by PPC, the funds said they are considering a plan to trim their interest stakes in the utility to a combined blocking minority stake. The goal of the proposal is to raise both the free float and private participation to create long-term value for the company and its investors. The plan would be subject to market conditions, the state-backed funds noted. 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 increased by 87% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Sep 11
Spear Wte Investments SARL won the auction to acquire 49% stake in Hellenic Electricity Distribution Network Operator S.A. for an enterprise value €2.1 billion. Spear Wte Investments SARL won the auction to acquire 49% stake in Hellenic Electricity Distribution Network Operator S.A. for an enterprise value €2.1 billion on September 10, 2021. The final decision will be made by the competent corporate bodies of Public Power Corporation S.A. Reported Earnings • May 29
First quarter 2021 earnings released: €0.19 loss per share (vs €0.048 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: €1.11b (down 8.6% from 1Q 2020). Net loss: €43.7m (loss widened 294% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. 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 49% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 11
New 90-day high: €7.81 The company is up 45% from its price of €5.37 on 13 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electric Utilities industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.28 per share. Is New 90 Day High Low • Dec 28
New 90-day high: €7.39 The company is up 48% from its price of €4.99 on 29 September 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electric Utilities industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €12.41 per share. Is New 90 Day High Low • Dec 04
New 90-day high: €7.04 The company is up 65% from its price of €4.26 on 04 September 2020. The German market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electric Utilities industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €11.15 per share. 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 57% 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 Germany. Tillkännagivande • Nov 25
Public Power Corporation S.A. to Report Nine Months, 2020 Results on Dec 01, 2020 Public Power Corporation S.A. announced that they will report nine months, 2020 results on Dec 01, 2020 Is New 90 Day High Low • Nov 10
New 90-day high: €5.53 The company is up 47% from its price of €3.75 on 11 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electric Utilities industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €10.52 per share. Is New 90 Day High Low • Oct 06
New 90-day high: €5.30 The company is up 49% from its price of €3.56 on 08 July 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electric Utilities industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €10.29 per share. Tillkännagivande • Aug 27
Public Power Corporation S.A. to Report First Half, 2020 Results on Sep 03, 2020 Public Power Corporation S.A. announced that they will report first half, 2020 results on Sep 03, 2020 
