Public Power Corporation, Greece’s largest electricity producer, was upgraded to “overweight” from “underweight” at Morgan Stanley, which said agreed tariff increases and job cuts should boost profit next year.
“In 2009, we expect EBITDA to triple and the group to easily finance its capex and reduce debt,” London-based analyst Antonella Bianchessi wrote in a report yesterday.
“We expect management to announce a substantial cut in capex, cost cutting and minor disposals” at a November 18 business plan presentation. Bianchessi cut her price estimate on the stock to 20 euros from 25.
(ΚΑΤΗΙΜΕRINI, 10/10/2008)