Since 2020 and 2021 Greece has had the lowest dividend tax rates in the EU, and still does in 2023 along with two other baltic states.Quote: “The market is up 2.8% in the last 7 days, led by the Financials and all sectors gaining ground. As for the past 12 months, the market is up 5.2%. As for the next few years, earnings are expected to grow by 1.6% per annum.”The Greek economy outperformed ranking first in the Economic performance for the 2020 OECD rankAfter a lot of analyzing I finally picked the best and healthiest looking stable growing stocks so far as well as some that are kind of monopolizing the market so here’s what my investing portfolio is gonna be and why im picking these stocks:OPAP ( Organization of Football Prognostics S.A., together with its subsidiaries, operates and manages numerical lottery and sports betting games in Greece. )is good value based on its Price-To-Earnings Ratio (13.1x) compared to the European Hospitality industry average (18.5x)forecast earnings growth (3.9% per year) is above the savings rate (2.5%).earnings (3.9% per year) are forecast to grow faster than the Greek market (1.6% per year).revenue (8.5% per year) is forecast to grow faster than the Greek market (-0.3% per year).Return on Equity is forecast to be very high in 3 years time (56.4%).net debt to equity ratio (33.1%) is considered satisfactory.debt is well covered by operating cash flow (80.7%).interest payments on its debt are well covered by EBIT (13.3x coverage).dividend (6.03%) is higher than the bottom 25% of dividend payers in the Greek market (2.13%).dividend (6.03%) is in the top 25% of dividend payers in the Greek market (4.75%)dividend payments have increased over the past 10 years.With its reasonably low cash payout ratio (43.6%), OPAP’s dividend payments are well covered by cash flows.2) HTO Stock Overview(Hellenic Telecommunications Organization S.A., together with its subsidiaries, provides telecommunications and related services to businesses and individuals primarily in Greece and Romania.)HTO is good value based on its Price-To-Earnings Ratio (12.6x) compared to the peer average (18.3x).is good value based on its Price-To-Earnings Ratio (12.6x) compared to the European Telecom industry average (17x)target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.earnings (5.3% per year) are forecast to grow faster than the Greek market (1.6% per year).forecast earnings growth (5.3% per year) is above the savings rate (2.5%).revenue (1.4% per year) is forecast to grow faster than the Greek market (-0.3% per year).Return on Equity is forecast to be high in 3 years time (27.3%)has high quality earnings.current net profit margins (14.3%) are higher than last year (9.1%).earnings have grown by 17.5% per year over the past 5 years.earnings growth over the past year (72.4%) exceeded the Telecom industry 16.4%.earnings growth over the past year (72.4%) exceeds its 5-year average (17.5% per year).Return on Equity (25.8%) is considered high.debt to equity ratio has reduced from 73.2% to 54.8% over the past 5 years.debt is well covered by operating cash flow (120%).interest payments on its debt are well covered by EBIT (23x coverage).dividend (3.82%) is higher than the bottom 25% of dividend payers in the Greek market (2.13%).With its reasonably low payout ratio (42.7%), HTO’s dividend payments are well covered by earnings.With its reasonably low cash payout ratio (37.4%), HTO’s dividend payments are well covered by cash flows.management team is seasoned and experienced (9.9 years average tenure).CEO Michail Tsamaz (63 yo) – Tenure 12.17yrsmanagement team is seasoned and experienced (9.9 years average tenure).Shareholders have not been meaningfully diluted in the past year.3) PPA Stock OverviewPiraeus Port Authority S.A. provides port services at the port of Piraeus, Greece.Good value Price-To-Earnings Ratio (7.4x) compared to the peer average (13x) and compared to the European Infrastructure industry average (12.4x)forecast earnings growth (4.7% per year) is above the savings rate (2.5%).earnings (4.7% per year) are forecast to grow faster than the Greek market (1.6% per year).revenue (1.3% per year) is forecast to grow faster than the Greek market (-0.3% per year).current net profit margins (29.4%) are higher than last year (21.7%).earnings have grown by 19.2% per year over the past 5 years.earnings growth over the past year (71.2%) exceeds its 5-year average (19.2% per year).earnings growth over the past year (71.2%) exceeded the Infrastructure industry 54.3%.It’s short term assets (€187.0M) exceed its short term liabilities (€47.4M).has more cash than its total debt.debt to equity ratio has reduced from 36.8% to 34.6% over the past 5 years.debt is well covered by operating cash flow (90.6%).interest payments on its debt are well covered by earnings before interest (23.1x coverage).dividend (3.86%) is higher than the bottom 25% of dividend payers in the Greek market (2.13%).dividend payments have increased over the past 10 yearsWith its reasonably low cash payout ratio (29%), PPA’s dividend payments are well covered by cash flows.4) BELA Stock OverviewJumbo S.A. engages in the retail sale of toys, baby products, gift articles, household products, stationery, seasonal and decoration items, books, and related products.Price-To-Earnings ratio (9.5x) is below the Greek market (11.2x)Revenue is forecast to grow 5.64% per yearEarnings have grown 8.2% per year over the past 5 yearsTrading at good value compared to peers and industryAnalysts in good agreement that stock price will rise by 21.7%7.29% Current Dividend Yield5) MOH Stock OverviewMotor Oil (Hellas) Corinth Refineries S.A.Trading at 20.1% below our estimate of its fair valueEarnings grew by 412.9% over the past yearTrading at good value compared to peers and industry4.94% Current Dividend Yield
