Investors are fully backing an imminent restructuring plan for the power utility PPC, as highlighted by the spectacular rise of the company’s share, up 124 percent since an April low and 145 percent from the deepest dive registered in 2018.
PPC’s share, which shed 80 percent of its value over the past five years, has regained 18.5 percent of this loss over the past few days alone, driven by the prospect of a restructuring plan seen as realistic and implementable by investors.
It has been a roller-coaster ride for PPC’s share price over the past few years, a reflection of the contradicting views of upbeat and concerned pundits.
PPC shareholders may have gained 145 percent since the 2018 low but they have also lost 40 percent since the highest price in 2017 peak, 62 percent since the highest level recorded in 2015, and 75 percent since the peak in 2014.
The appointment of PPC’s new chief executive, rumored to be set for an announcement over the next few days, will serve as the next major crash test for the power utility’s share price.
The new boss will succeed Manolis Panagiotakis who submitted his resignation from the state-controlled power utility just days after the July 7 election that brought the conservative New Democracy party into power.
The new PPC boss has already been picked from a limited list of candidates and could be announced by tomorrow, when energy minister Costis Hatzidakis returns from an energy forum in Cairo, sources informed.
PPC’s EBITDA performance has the potential to rise by between 400 and 600 million euros over the next year or two, according to the results of an Axia Research study released yesterday.