Shares now at a 17-month low and net cash/mkt cap at 50% compared to 35% historically; P/E 2015E at 9.5x adjusted for cash vs. 12.9x historical average; Risk/reward wise we recommend long-term investors build a position; Helex trades as per investors perception on the sovereign; we have lowered our ADV and EPS estimates by 10-30%…
ECB/EBA AQR and stress tests; DTA conversion into DTC can be a real game-changer adding E10bn/+42%/+430bps to CET1 capital in Q2 FL B3 terms. Short term we expect equities to trade lower on volatility caused by politics, the risk of early elections and negotiations with the Troika over public debt. Long term we expect asset…
Eurobank Properties is one the largest investment property funds in Greece. We assume another E300m of new investments at 8.7% with the running yield at 8.3%; recent transactions were struck higher at 9.6% for office and 11% for commercial space. If our estimates turn out correct Eurobank Properties will up rental income to E65m next…
Two Syrian projects were responsible for 75% of net income in 2Q. FCF above all expectations; topped E170m in 1H14. On the other hand we believe payables will normalise by year end. For FCF to finish at E90m this year; still very impressive in our view. If this is the case the dividend should at…
Construction manages adjusted net income of E6m in 2Q; on track to E1bn sales this year. Attiki Odos traffic -4% in 1H14: now model -2%; cumulative -40% since 2010. With Moreas traffic not picking up yet; we still expect related losses and the reason behind concession adjusted loss of E6m in the quarter; one off…