γράφει : Δ.Ν.
As FY:16 results announcements conclude today (still pending some construction groups and few mid-caps) Greek listed companies improved their performance and delivered higher underlying profitability.
Operating margins improved by 210 basis points while excluding refineries margin enhancement reached 130 basis points. Profitable companies outnumbered loss making companies for the first time since 2008 as restructurings and cost containment started to pay back.
Various one offs have distorted bottom line however trends on significant economic sectors (banks, refineries, chemicals, transportation, retailers) indicate for a solid rebound despite unfavorable domestic demand –as it was recorded in 2016 GDP- and liquidity constraints due to capital controls.
Never before in the last 8 years was the overall picture in the underlying profitability so promising as quality factors provide a solid ground for recurring performance (exports, operating and interest cost, working capital cycle, cash in the balance sheet).
We reiterate our top pick list, which consists of Alpha Bank, Mytilineos Group, FFGroup, Aegean Air and Hellenic Telecoms.
FY:16 Map of Earnings:
| Distribution of Profitable/Loss making companies in ASE | |||||
| p | Profitable | 99 | q | Loss | 79 |
| pp | Profits Increase | 39 | Loss Increase | 19 | |
| p | Profits reduction | 33 | q | Loss Reduction | 52 |
| M | Turn around | 27 | L | Loss Reverse | 8 |
| Listed Companies | 2015 | 2016 | Y-o-Y | 2015 | 2016 | Y-o-Y |
| EUR thous. | FY | FY | (%) | H2 | H2 | (%) |
| Sales | 61,401.2 | 59,872.1 | -2.5% | 27,076.5 | 26,877.5 | -0.7% |
| EBITDA | 7,277.2 | 8,335.0 | 14.5% | 4,052.6 | 3,345.0 | -17.5% |
| EBITDA Mrg | 11.9% | 13.9% | +207 bps | 15.0% | 12.4% | -252 bps |
| Net Income | -6,827.6 | 1,246.9 | 118.3% | 2,090.7 | -2,778.2 | -232.9% |
| Net Income x-Financials | 1,012.0 | 2,006.2 | 98.2% | 364.4 | 1,057.9 | 190.3% |
| Net Mrg | 1.6% | 3.4% | +170 bps | 1.3% | 3.9% | +259 bps |
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