== sync, corrected by elderman == @elder man
📻💥 A stock lesson
📻 A frequent discussion is whether international markets are going through a period «bubble» And if the bursting of it would mean that the revolution brought about by Artificial Intelligence is overturned.
📈 Her diagram Radio Corporation of America (RCA) It is perhaps one of the most characteristic symbols of the 1929 stock market. Many liken it to NVDIA and today's technology giants.
The share was launched by almost one - digit levels in the mid - 20 ’ s in unimaginable valuations within a few months, as the market believed that the radio would permanently change the world. And he did change him. But the valuations were completely disconnected from reality.
🚀 RCA became the «story stock» of the time. Something like today's AI plays, 2000's dot-com or Tesla's most extreme speculative phases and crypto's. Investors bought not profits, but dreams, narrative and fear of losing the next big rally.
📻📉 From «King» Wall Street in a crash symbol
📉 After the 1929 crash, RCA was at the centre of the Great Depression. The stock had reached outrageous valuations without substantial dividends and with huge growth expectations. When the market collapsed, RCA lost almost all its stock value within a few years.
🏭 But the company didn't disappear. He remained one of the most important U.S. technological groups, dominated by radio, electronic devices and later on television via NBC. RCA continued to invest in research and development, even within the recession.
⚡ Nevertheless, RCA was eventually one of the companies that survived and contributed to the technological explosion of the next decades. I mean, technology won... but the bubble investors were destroyed.
➡️Black Box Tips:
📌 Technology revolutions are often accompanied by stock exaggerations
📌 The survival of a company does not guarantee that shareholders of a bubble will recover their money
📌 Bear markets usually "kill" first the most expensive and popular shares
📌 RCA's story is to date considered one of the largest speculative mania courses on Wall Street
🚨🔙🎯 Back of the Tablet:
🌍 Family Offices: Turn Defense Against New Risk
🌐 The Family offices Worldwide they adapt their portfolios to an environment of increased uncertainty, with basic fears of geopolitical tensions, high global debt and risk of recession.
💼 According to UBS, 60% of 307 family offices plans changes in the strategic distribution of investments in 2026, compared with just 35% Last year. These families have an average net property of $2.7 billion and manage around $1.3 billion per office.
🪙 Η νέα τάση δείχνει ήπια στροφή προς emerging markets and gold, and reduction in exposure to Dollar. 47% thinks he has excessive dollar exposure.
📌 Even the very rich reduce dependence on a single currency
📌 Variation becomes a basic defense tool again
📈 PPC: Rebalancing brings volume, inputs and new data
🇬🇷 Στην καθ’ ημάς Ανατολή, yesterday's sitting had a clear lead on the PPC, which recorded new high, with volume increased compared to normal levels.
📊 Today restructuring of MSCI expected to launch markets around 9.5 million PPC shares, which explains why some have rushed since yesterday to «They catch pew» or move short-term speculatively.
🧮 The latest capital increase increased PPC’s capitalization and, by extension, its gravity in indicators from around 6.5% in 10%. This obliges passive funds to increase their participation in the share.
🏗️ From the inputs of today's restructuring it is expected that GEK TERNA, with estimated markets around 2.5 million shares.
👥 PPC's AMK data are interesting: 11,500 private shareholders; approximately 150 funds, while around 10 large portfolios —between them the State and CVC— received shares worth more than EUR 50 million.
🧑💻 With about 25,000 active codes in the last month this means that almost one in two has PPC in his portfolio. PPC's AMC is expected to have increased the active codes in May that stock exchange ends today.
📌 The reader is good to distinguish technical inputs due to indicators from the company's long-term investment value
📌 Increased demand from passive funds can support stock short-term, but often also creates strong volatility after rebalancing
📌 PPC is now entering a phase where the market will monitor the story of AMC less and more the execution of its investment project
🇬🇷📊 Restructuring MSCI Greece: Where are the flows going
🔄 Based on the calculations for the current restructuring of MSCI Greece, the largest outflows are recorded in bank shares, while significant inputs are mainly directed towards PPC.
More detailed:
📉 Outflows
🔴 Eurobank: - 5.5 million shares
🔴 Tr. Piraeus-3.4 million shares
🔴 National Bank: - 2.65 million shares
🔴 Hellenic Telecom (HTO): -1,40 million shares
🔴 OPAP: - 683 thousand shares
📈 Input
🟢 PPC + 9.31 million shares
🟢 GENTER: + 2,60 million shares
⚡In the case of inputs to PPC another 4.5 million shares must be calculated by FTSE25.
⚡ The picture confirms that the increase in PPC's capitalization after AMK significantly changes the weightings in international indicators. Passive funds monitoring MSCI are essentially obliged to increase their participation in the share, creating short-term strong demand and increased volumes.
🏦 On the other hand, banks operate as basic «source» liquidity to adjust the weightings, which explains some of the relative pressure or underperformance that may occur in the short term at meetings around the rebalancing.
Anyway...
🏦 The pressures yesterday They focused mainly on banking shares, with the DTP retreating 2,47% to the low day. The Eurobank had the heavier picture, closing at -4.19%, but without changing the core investment narrative of the industry.
🏗️ In the Viohalco Group, pressures were selective. Cenergy pulled out strong reflexes, closing at +2,8% with increased turnover, Bioco moved to 25-year peaks, while ELHA retreated but kept the 5-euro support.
🎯 On the dashboard, ALWN gave a reaction signal from low 4 years, the EEE is moving towards 58 euros, SAR is approaching 1 billion euros of valuation, GEKTERNA is holding 42 euros, MTLN is stabilising over 40 euros, while the CRI stands out with +5,82% and new historically high.
🔌 Cenergy: Although the first quarter is seasonally the smallest of the year, Cenergy started in 2026 confirming that the group is moving into a new size upgrade orbit.
📈 The target for operating profits of EUR 400 million in 2026 now seems perfectly feasible, clearing the way for the 5th consecutive year of historical performance.
🧮 However, if we look at the performances of May leaving us, BIO and ELHA lead with 40 and 28%, followed by PPC's share with 20%.
⚡🏗️ Cenergy: Energy superpower of infrastructure goes into a new phase
🏗️ Despite the fact that the valuation of the share has now passed at more demanding levels, the results of the first quarter of 2026 show that the company continues to perform with high efficiency a huge unexecuted project, directly linked to electrical connections, networks and energy transition.
📊 At a business value of around €5.5 billion and an estimated EBITDA of 2026 near € 390-400 million, the share is traded at around 14x EV/EBITDA. However, the adjusted EBITDA exceeded 100m euros, with an increase of over 30%, while net profits moved close to 74m euros.
🌍 The unexecuted around 3.3 billion euros offers strong visibility over the next few years, while expansion to the US through Baltimore creates expectations for greater international presence and improvement of margins.
➡️ Black Box assessment:
🌍 The most important element is the quality of the unexecuted EUR 3.3 billion, which comes mainly from underwater cables, offshore wind, energy connections and high added value projects. This offers visibility of several years and significantly reduces business risk.
📈 The EBITDA margin in the historic 19.7% shows that the company is going into a phase of functional maturation. The expansion in the USA, the strengthening of production in Thebes and the acquisition in Hartlepool increase the geographical diversification and strategic value of the group.
⚠️ Nevertheless, the market may begin to more demanding the share as capitalisation increases. Furthermore, the very high margins of the first quarter will hardly be maintained as the administration already warns of possible normalisation.
➡️Black Box Tips:
📌 The investor now sees Cenergy not just as an industry, but as an energy infrastructure platform
📌 Expansion in the US can evolve into game changer if networks and data centers are accelerated
📌 High valuations now require continuous execution of projects without delays
📌 Energy transition, offshore wind and transmission networks remain the main structural development catalysts
⚡️ Motor Oil: Explosive start at 2026 with profitability jump and strong cash flow
🛢️ Motor Oil started in 2026 with impressive performance, confirming that it remains one of Southeast European's strongest energy groups. The group's turnover spread to EUR 3.36 billion from 2.68 billion last year, while net profits amounted to EUR 332.7 million, almost four times as high as in the respective quarter of 2025.
⚙️ The great improvement in refining margins, high operational efficiency and the strengthening of energy and RES activities seems to now support a more multidimensional business model. At the same time, the cash resources exceeded EUR 1.49 billion, greatly enhancing the financial flexibility of the group.
🌍 The diversification strategy for electricity, natural gas, circular economy and renewable energy sources appears to gradually reduce dependence on the cyclicity of refining, which the market is increasingly assessing.
➡️ Black Box Tips:
📌 Strong profitability creates increased expectations for dividend returns and new investments
📌 The diversification of RES and electricity strengthens the long-term resilience of the group
📌 The progress of international refining margins will continue to be the key short-term catalyst
📌 High cash resources offer significant strategic flexibility for acquisitions and growth
🏦 Alpha Bank – Alpha Trust: Value recognition with strategic depth
💼 The premium about 56% Against the average half-yearly price it shows that Alpha Bank recognises the value created over time by the administration of Alpha Trust. This is not an emergency acquisition, but a strategic investment in know-how, client base and prestige.
📊 In a difficult period for the Greek capital market, Alpha Trust not only lasted, but evolved into an asset of strategic importance.
➡️ Black Box Tips:
📌 The investor here sees more strategic synergy than short-term trade
📌 Premium confirms that quality is paid
🥛🚀 Kri-kri: From Greek dairy to international growth story
KRI-KRI shows that it is now going into a new phase of ripening, where development is not based only on the Greek market but mainly on international expansion. The fact that nearly 75% of dairy sales now originate from abroad gradually turns the company into an export brand of a European scale.
🇬🇧🇮🇹 Strong growth in the United Kingdom and Italy is perhaps the most important element of the communication. If the company manages to maintain high penetration rates in the large European markets, it can continue to increase turnover and profitability for several more years.
⚠️ At the same time, however, the market will begin to focus more on maintaining profit margins. The rise in energy costs, transport and raw materials will likely limit some of this year's explosive profitability.
🏭 Large investments in production capacity are a positive indication, as they show that the administration sees a sustainable demand rather than a temporary sales explosion.
➡️Black Box Tips:
📌 Extroversion is now the company's main investment account
📌 The ability to maintain high margins will be the big bet of 2026
📌 Branded sales offer greater durability than private label products
📌 Production investments may function as a basis for a new multi-annual development cycle
🚢 Safe Bulkers: Double import with Greek imprint
⚓ Safe Bulkers prepares for its parallel introduction to Euronext Athens on Tuesday, June 2, while maintaining its negotiation at NYSE. The move is mainly strategic and symbolic as no new shares are issued and there is therefore no solution for existing shareholders.
🚢 The company is active in international dry cargo shipping, mainly carrying iron ore, coal and grain. It has a fleet of 45 ships, with two for sale, while implementing a new construction programme.
📊 In 2025 it was weaker operational, with revenues of US$288.1 million and net earnings of US$30.6 million, compared to US$89.4 million in 2024. Nevertheless, the company maintains a stable dividend policy.
➡️Black Box Tips:
📌 The double import enhances the company's visibility in the Greek market
📌 The absence of a resolution is a positive element for shareholders
📌 The course of dry load fares remains the main catalyst
📰 Alter Ego Media: From SME Group to Integrated Development Platform
📺 The picture presented by the Alter Ego Media in Analyst Day confirms that the group is going into a meaningful phase transform, with a view to developing into an integrated platform information, entertainment, streaming and live entertainment.
📈 The most positive element is that the strategy is already accompanied by strong sizes. 2025 EBITDA increased 15% to EUR 53,7 million; While net profits were increased by 80.8% to 19.7 million euros. At the same time, the net fund of EUR 44 million provides flexibility for new investments and acquisitions.
🎟️ The acquisition of more.gr, the extension to live entertainment, the entry to streaming through ANT1+ and the development of the digital ecosystem show management with a long-term strategy.
➡️ Black Box Tips:
📌 The net fund is an important advantage for organic development and new movements
📌 In 2026 it will be judged by the management's ability to convert digital and live integration into stable profitability
🕳️📉💶 The «Shadow» Economy of Europe and the Greek first
💸 Greece remains at the top of the informal economy in the European Union, with its size «a shadow economy» to be calculated in 20.9% of GDP, according to the EY report for 2025. Very close follow Portugal and Bulgaria, while countries such as Luxembourg, Austria and Sweden are on the other side with one-digit rates.
🏦 This element partly explains why the Greek economy often shows greater resistance to consumption than official wages and tax data show. An important piece of economic activity moves out of the official system, affecting real estate, retail, services and tourism.
📊 At the same time, however, the high grey economy also acts as a structural weakness. It reduces tax revenues, increases pressure on consistent taxpayers and makes it difficult to reduce tax rates on a permanent basis.
⚖️ The major challenge for Greece over the next few years is not only growth, but the transfer of more of the economic activity from «shade» in the official economy.
➡️Black Box Tips:
📌 The high grey economy often creates a distorted picture of the real purchasing power of an economy
📌 Investors usually monitor such indicators because they affect taxation, banks and fiscal stability
📌 Digitalisation of transactions and electronic payments are considered key tools for restricting the informal economy
⚡🏦 RES: Finally the time of «easy money»
⚡ The Greek Renewable Energy Market is now in a much more demanding phase, as banks abandon the model of easy funding and turn to stricter sustainability criteria.
📉 Large PV penetration, frequent production cuts, zero power prices in the midday hours, and increased variability in the electricity market completely change the balance. Banking now emphasizes so-called bankability, requesting fixed cash flows and long-term PPA-type contracts.
🏗️ At the same time, the lack of adequate networks and storage infrastructure increases the risk for new «red» loans to the industry, in particular projects with high bank leverage.
🔌 The role of IPTO is now considered to be key, as new connections and investments in networks will determine whether the next phase of the energy transition will remain sustainable and funded.
⚡🌍 The «green transition» still... pretty gray.
🔌 Global electricity production reached 31,779 TWh in 2025, but behind the big ESG narratives, reality shows that fossil fuels continue to dominate. 57% of global power generation is still derived from fossil fuels, with carbon alone holding 33%, which reflects how difficult and slow the energy transition remains.
🔥 Natural gas with a 22% participation is evolving into the absolute bridge of the time. It is the fuel that supports network stability when RES are not sufficient, while the explosion of data centers and Artificial Intelligence already creates a new wave of demand for electricity.
🏭 In the US, about 44,90 GW of new gas power are under development, while giants such as Meta and Google are closing huge energy agreements to ensure power adequacy for their AI infrastructure.
☀️💨 Despite the spectacular rise in solar and wind energy, the global economy shows that before reducing dependence on natural gas, it will likely increase it even more.
🏠 The ownership and illusion of wealth
🏡 Greece remains one of the countries with the highest rates of ownership in Europe, about 69%-70%, despite the fifteen-year economic crisis. For decades, the Greek household considered the property the basic form of security and savings, especially in a country with limited stock culture.
💶 However, the Greek case has a significant difference with regard to Eastern Europe. Although many Greeks have a residence, much of their property remains «trapped» instruments with low liquidity and high tax burden. The debt crisis after 2010 drastically reduced the value of the properties and destroyed much of the middle class.
The same applies to other countries in the south of Europe.
📉 At the same time, Greece and the rest of the South and East have the lowest rates of participation of households in shares and productive investments.
Private property seems to be an indicator of the poverty of an economy...
➡️Black Box Tips:
📌 Ownership offers security, but in itself it is not enough to create wealth
📌 Excessive concentration of property only in real estate increases the risk of stagnation
⚡🛢️ Chevron: The importance of participation in the Ionian Sea
Η είσοδος της Chevron στο θαλάσσιο block «10» στο Νότιο Ιόνιο αποτελεί μία από τις σημαντικότερες εξελίξεις των τελευταίων ετών για τις ελληνικές έρευνες υδρογονανθράκων. Η συμμετοχή ενός παγκόσμιου ενεργειακού κολοσσού δίπλα στη HELLENiQ ENERGY λειτουργεί ως ισχυρή ψήφος εμπιστοσύνης στις γεωλογικές προοπτικές της Ελλάδας και ενισχύει τη διεθνή αξιοπιστία της χώρας στον ενεργειακό τομέα.
🌍 Η κίνηση αποκτά ακόμη μεγαλύτερη σημασία σε μια περίοδο όπου η ενεργειακή ασφάλεια και η διαφοροποίηση πηγών φυσικού αερίου βρίσκονται στο επίκεντρο της ευρωπαϊκής στρατηγικής. Η ανάληψη του ρόλου operator από τη Chevron αυξάνει τις πιθανότητες επιτάχυνσης των ερευνών και ενδεχόμενης μετάβασης σε ερευνητική γεώτρηση τα επόμενα χρόνια.
📈 Παράλληλα, η συμφωνία ενισχύει το επενδυτικό αφήγημα της Ελλάδας στην Ανατολική Μεσόγειο, καθώς η παρουσία μεγάλων διεθνών παικτών δημιουργεί προϋποθέσεις για νέες παραχωρήσεις, αυξημένες επενδύσεις και πιθανή αναβάθμιση της γεωπολιτικής σημασίας της χώρας στον ενεργειακό χάρτη της περιοχής.
🔌 ΔΕΔΔΗΕ: Το δίκτυο μπαίνει σε επενδυτική πρίζα
⚡ Ο ΔΕΔΔΗΕ περνά σε φάση μεγάλου μετασχηματισμού, καθώς η ΡΑΑΕΥ εγκρίνει αυξημένο επιτρεπόμενο έσοδο έως το 2028, από 1,16 δισ. ευρώ το 2025 σε πάνω από 1,30 δισ. ευρώ.
🏗️ Η εξέλιξη συνδέεται με επενδύσεις άνω των EUR 650 million ετησίως σε υπογειοποιήσεις, έξυπνους μετρητές, ψηφιακή παρακολούθηση, αυτοματισμούς και ανθεκτικότητα απέναντι σε ακραία καιρικά φαινόμενα.
📈 Η Ρυθμιζόμενη Περιουσιακή Βάση ανεβαίνει από 3,7 δισ. σε 4,64 δισ. ευρώ, ενώ το WACC στο 8,2% ενισχύει την απόδοση των κεφαλαίων.
⚙️ ΔΕΣΦΑ: Βέροια, φυσικό αέριο και γέφυρα προς το υδρογόνο
🛢️ Ο νέος Μετρητικός και Ρυθμιστικός Σταθμός του ΔΕΣΦΑ στη Βέροια ενισχύει ουσιαστικά την ενεργειακή κάλυψη της Ημαθίας και της Βόρειας Ελλάδας. Με δυναμικότητα 16.000 Nm³/h, τρεις γραμμές τροφοδοσίας και σύνδεση με τον νέο αγωγό υψηλής πίεσης Δυτικής Μακεδονίας, το έργο αυξάνει την ασφάλεια εφοδιασμού για νοικοκυριά, επιχειρήσεις και βιομηχανίες.
🧪 Το πιο στρατηγικό στοιχείο είναι η τεχνική συμβατότητα με μελλοντική μεταφορά υδρογόνου έως 100%, που μετατρέπει τον σταθμό σε υποδομή όχι μόνο για το σήμερα, αλλά και για την ενεργειακή μετάβαση των επόμενων δεκαετιών.
*Αποποίηση Ευθύνης: Το υλικό αυτό παρέχεται για πληροφοριακούς και μόνο σκοπούς. Σε καμιά περίπτωση δεν πρέπει να εκληφθεί ως προσφορά, συμβουλή ή προτροπή για την αγορά ή πώληση των αναφερόμενων προϊόντων. Παρόλο που οι πληροφορίες που περιέχονται βασίζονται σε πηγές που θεωρούνται αξιόπιστες, ουδεμία διασφάλιση δίνεται ότι είναι πλήρεις ή ακριβείς και δε θα πρέπει να εκλαμβάνονται ως τέτοιες.
