We downgrade 2016 sector earnings estimates by 22% (now at E2.7bn) as we expect sovereign uncertainty to cast its shadow for the remaining of 2015, hindering liquidity, deposit rates, lending growth and overall economic growth prospects. Normalization has been pushed back with banks unable to resume their intermediary funding role, let alone generate decent RoTE…
We downgrade our rating to DOI as the recent one-month rally on the shares (+29% vs. +6% for the Athens Index) has pushed the share price at par with our price target. We believe there is far bigger upside elsewhere in our Greek equities universe. Further upside requires…contact@researchgreece.com
Greece – Euro-group meeting take one – Hopefully negotiations tomorrow will lay the foundation for a new deal; preferably one with …to access this note please contact@researchgreece.com
Equities drop resembles the one between the two rounds of elections in 2012; we believe this time is different: we do not adopt/see a Grexit (given nobody wants one) hence we see good value in stocks – we reiterate our OI ratings on Jumbo, OTE, Hellenic Exchanges, NBG and Grivalia. Reading between the lines of…
Syriza won the election and will team up with the Independent Greeks (combined MP seats at 162) to form a government. This development reinforces our view that there is close to zero…for access contact@researchgreece.com