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PPA.AT · Piraeus Port Authority (Athens: PPA) 49.00 EUR +3.35 (+7.34%) 2026-SEP-18 10:11 EST

My allocationNot heldas of 2026-SEP-03 · allocation page ↗
Research: QT · SA · STK1 mention
2024-NOV-10 · Jay Singh · Special Situations Report — weekly research call (premium, Discord) · Positiveinsight · source page ↗28.85 EUR

In short: New infra idea — a COSCO-controlled (67%) regulated-monopoly Greek port at the Europe/Asia/Africa crossroads, exiting its capex cycle (capex €40M→~€20M) into a capital-return cycle: ~€90M FCF on a €735M cap = a ~12% FCF yield at ~7× earnings, 5% dividend with room to a ~78% payout → potential double. 28-yr concession to 2052; >25% of the cap is cash.

In plain English

Piraeus is the main port of Athens, Greece — the biggest passenger port in Europe and a major container and car hub, controlled (67%) by the giant Chinese shipping company COSCO. Ports are essentially regulated monopolies: you can't just build a new one, so the existing one has a protected, toll-like business. It's listed in Athens under the ticker PPA (note: not the same as the US "PPA" aerospace ETF).

For years the port spent heavily upgrading its piers; that spending is now ending, which means the cash it throws off is about to surge. On roughly €90 million of free cash flow against a €735 million market value — a ~12% free-cash-flow yield, about 7× earnings — it's strikingly cheap for something this safe. It already pays a 5% dividend, has lots of spare cash, and could comfortably pay much more, so the stock could roughly double as the dividend rises.

SOD 28.85 EUR (open 2024-NOV-08)

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