In Brief
Merrill Lynch mixed on two Greek refiners Merrill Lynch started coverage of Greece’s two oil refiners yesterday, giving Hellenic Petroleum (HELPE) a neutral rating. «Hellenic trades at a 17 percent discount to our sum of the parts (SoP)/replacement cost valuation of 13.6 euros a share, a key valuation tool in a market where refining margins are moving higher to encourage much needed investment,» the note said. «This valuation, balanced against our concerns over the strategic investment goals of the company, form the basis of our neutral recommendation.» Merrill Lynch gave Motor Oil a «buy» rating and a price target of 24 euros for the shares. «Motor Oil trades at a 29 percent discount to our replacement cost/SoP valuation – a rare chance to buy a modern refiner at a deep discount to replacement value,» the note said. (Reuters) Mytilineos results shoot up on windfall gain Metals and engineering group Mytilineos posted a 9-month net profit of 167.4 million euros yesterday, more than a tenfold rise, thanks to a one-off effect from its purchase of Aluminium de Grece (AdG). Net profit in the third quarter rose by 46.4 percent to 7.9 million euros ($9.34 million), according to Mytilineos’s results statement. «The consolidated statements are enhanced by the one-off capital gain of 137 million euros from the acquisition of Aluminium of Greece,» Marfin Analysis wrote in a note. Mytilineos bought a controlling stake in aluminium product company AdG earlier this year from Canadian aluminium producer Alcan Inc. (Reuters) Tax forms All firms and self-employed workers who have opted to submit electronically lists of suppliers and clients for 2004 will have to do so by December 31, irrespective of the last digit of their tax registration number (AFM), the Finance Ministry announced yesterday. The submission requires obtaining access codes from www.taxisnet.gr, for which an application has to be filed at least 10 working days in advance. Wind park A new wind park of 9.35 megawatts (MW) capacity is to be inaugurated in the Kissamos district of Hania in Crete on Saturday by a subsidiary of Electricite de France (EDF), which recently launched a 36MW facility near Kranidi, Peloponnese. EDF has announced a 500-million-euro program of investment in renewable energy sources in Greece over three years, for which it has obtained the necessary licenses. HDFS Greek retailer Hellenic Duty Free Shops (HDFS) posted a slight rise in nine-month net profit yesterday after increased tourist traffic. The company, which has exclusive rights to the Greek duty-free business until 2048, said profits rose to 32.6 million euros from 32.3 million euros a year earlier. At Athens International Airport, nine-month passenger traffic grew 6.5 percent year on year to 11.2 million. (Reuters) Greek tourism Research and Markets (http://www.researchandmarkets.com/reports/c28053) has announced the addition of Travel and Tourism in Greece to their offering. The report offers a comprehensive guide to the market nationally.
