Pantelakis Securities -Jumbo (OW, TP: €24.0/sh)

  •  Poised for back-to-back net profit high of €236m in FY22, thanks to double-digit sales growth and stronger gross margin…
  •  …, in defiance of surging shipping costs. Further re-rating warranted, on enhanced earnings visibility and less risky profile
  • OW, with €24.0/sh TP; compellingly priced at 6.7x ex-cash 2023e P/E and 4.9x EV/EBITDA, offering 7.2% DY and 8.8% FCFY

Spiros Tsangalakis
Pantelakis Securities SA
+30 210 6965 212