Disappointing 2Q which leads to downgrades again. Shares are off 38% ytd but we still wouldn’t OWN IT with Russia and Ukraine as headwinds and ICM generating losses in 2016E. Our cost savings assumption is E5.5m short vs. upper range of management guidance. And equates to break even profits next year and E3m in 2016E…
2Q14 was one of the same – strong on profits; weak on cash flow. We model working capital increase of E153m in 2014; our new sales delta is at E72m. Capital return of E50m could drive net cash to net debt by year end. If the Dufry stake is worth E2.7 per share the market seems…
Net income at E100m in Q2 normalized (RGe) with NIM up in all regions; NPLs +20bps qoq or 23.2% of gross loans (Greece +90bps; ratio at 29.3%) with coverage unchanged at 56%; volumes flat; CET1 transitional at 16.2% offering E6.8bn buffer against ECB adverse stress test scenario; we made small changes to our estimates –…
Pre-tax loss at E233m adjusted for one-offs from E285m in Q1; NIM at 2.0% (+7bps qoq) plus other income boost sent PPP higher; +E260m DTA; NPLs at 31.8% of gross loans, +90bps qoq (Greece 33.6%, +90bps qoq) with coverage +80bps at 51.1% to reach 55% by year-end on our estimates; CET1 transitional at 17.8% offers…
Net income at E361m in Q2 turning to losses of E83m if we strip out the +E0.4bn DTA recognized (RGe); NII +2.0% qoq as NIM increased 9bps but lower other income and flat costs lead to flat PPP; NPL ratio at 33.6%, +30bps qoq (Greece 34.9%, +20bps) with coverage +200bps at 58%; volumes flat; CET1…