What’s new? Following Q3 results and the higher, NII-driven, guidance for 2022-2023, we increase our estimates by a huge 60%-120% in 2022-2025, we raise our PT to E4.0 (from E2.1, not a typo) and reiterate our OI rating. European banks with the same RoTE (11%-13%), dividend yield (5%-7%) and fully loaded CET1 (13.5%-14.5%) trade on…
What’s new? As more and more Investors are asking about the work done so far by loan servicers on Greek NPEs, managed either on behalf of the banks or on behalf of third parties, we are compiling all available performance data in this note. The numbers available are not always straightforward or sequentially comparable. The…
What’s new? Q3 was the first quarter out of many with strong underlying growth in NII (+9% qoq); combined with solid lending growth (Stage 1 up +E3bn following +E5bn in Q2) and contained costs (-2% qoq), it explains why all 4 systemic banks raised their FY 2022 guidance. The weird part is that none of…
What’s new? OTE reported Q3 adjusted EBITDA(L) growth of +1.6% yoy, down from +7.2% in Q2 and +8.0% in Q1. The deterioration was not due to moderate sales growth in H2, as management had predicted back in Q2 results, as sales grew by +3.9% yoy compared to +3.7% in H1. It came mainly on a…
What’s new? Jumbo released its October trading statement showing +12% sales growth yoy, with the 10-month sales growth rate at +11% yoy. Greece was the only single digit growing country in October, as CY maintained its impressive +24% yoy rate but more importantly BUL and ROM grew by +37% and +21% yoy after many months…