We are informed that a rumour reached the short fund Covalis suggesting that Metlen may acquire the 10.34% stake in PPC, causing upheaval within its management, as such a development would force Covalis to close its short position.
We present an interesting piece of information that must be evaluated in an evolutionary, not static, manner.
The American fund CVC is essentially selling all its assets in Greece. The reasons behind this move, and they certainly exist, will be analysed at another time.
Among these assets is the 10.34% stake in PPC, held through Selath Holding, which belongs to CVC.
Today, the 10.34% stake in PPC, with the company’s market capitalization at 6.6 billion euros, is valued at 683 million euros (38.18 million shares representing the 10.34% × 17.9 euros per PPC share = 683 million euros).
Currently, PPC is valued at 17.9 euros per share and, from what it appears, if the 10.34% stake is indeed sold — reportedly with government approval — the sale price may reach 19.5 to 20 euros. The stock market target price for PPC is estimated at 24 euros.
Some time ago, BN successfully predicted that PPC stock would fall to 4.85 euros, and it happened. Today, BN forecasts that PPC shares will reach 24 euros within the first four months of 2026.
At 20 euros × 38.18 million shares for the 10.34% stake, the valuation reaches 763 million euros.
Mytilineos also entering strongly, Covalis in fear
Among the candidates for the 10.34% stake in PPC is Metlen, owned by businessman Evangelos Mytilineos.
There are other interested parties as well, such as Helleniq Energy — but not Motor Oil, reportedly due to its relations with the government — and of course foreign funds have also expressed interest.
We are informed that the rumour regarding Metlen’s potential acquisition of the 10.34% stake in PPC reached Covalis, causing disruption within its management, as such an outcome would lead the fund to close its short position.
It should be noted that Metlen has a market capitalization of 5.9 billion euros and, with its share price at 41.40 euros, it lies within the critical technical support zone of 41.40 to 41.50 euros, and near the psychological support level of 40 euros.
A fair valuation is considered to be 44 to 45 euros.
Conclusion
PPC has very serious investment plans, which for now cannot be disclosed. However, some of these plans inspire confidence that the company’s share price will surge.
Certain alliances and strategic plans are particularly strong and show that Stassis, the head of the PPC group, has a plan for aggressive expansion.
If PPC, valued at 6.6 billion euros, and Metlen, valued at 5.9 billion euros, establish a shareholder relationship, the valuation landscape could change dramatically.
In PPC, the main shareholder is the Greek state with 35.30%, while the company also owns 5.5% in treasury shares.
Special note
There is no deal yet between CVC and Mytilineos. This is absolutely clear, but there is interaction and exploration.
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