Greeks voted NO to creditors’ proposals. Now what? We believe a realistic scenario requires a debt relief of c.E100bn (1/3 of public debt) as per our updated DSA exercise. A new program needs to be realistic or it will not work. Considering the concessions that creditors will have to make (financing, debt restructuring) such a…
With ELA maintained at Friday’s level the Greek government had to impose capital controls and keep banks closed until after the referendum takes place. The Greek economy has entered unchartered territory but we are certain economic activity will freeze. In this context we are withdrawing our ratings (previous DOI) and target prices on Greek banks….
Greek Government Calls for a Referendum – 5 months after national elections and 4 days before the bailout adjustment program expires, the Greek Government announced it will be holding a referendum on July 5 on the measures suggested by the institutions (Troika); the truth is the latter (and the rest of the world) will be…
According to Kathimerini (website), the list of measures Greece presented to its creditors over the weekend in Brussels is nowhere near the pre-election rhetoric – this is hardly a surprise; We believe if the current administration was not willing to compromise…
In this RG F4T we focus on OPAP: despite having one of the most interesting/promising investments cases in our Greek Universe it has underperformed the market on a 3M and 6M basis (by 0% and 7%). Shares trade 12x EPS 2015E and 9x EPS 2016E vs. RGUniverse (x-banks, OPAP) 16x EPS in both 2015E and 2016E….