What’s new? Alpha Bank was the last GR bank to report Q3 results yesterday. General picture: Banks are doing a good job with NPEs, which are going down (securitized) fast, while new NPEs are negligible. Normalizing CoR drove annualized pre-tax RoTE at 8%. However, a good part of pre-tax income reflects NPE and TLTRO income,…
Our positive call on ADMIE Holdings has not worked. The irony is that our positive conviction keeps going up. The case looks like a value trap but the risk/reward profile remains compelling. We have failed to spot a catch in the investment case. We maintain our OI rating with a higher PT of E3.4 (from…
The Greek telco market has witnessed some interesting changes / developments in the last weeks. Some of which have been long speculated/flagged/communicated by market participants. We summarize these below, together with our thoughts and comments on what these might mean for the business performance of the different operators. It will take a while for the…
Our investment thesis on OPAP remains unchanged. It is hard to compare business performance yoy given the different lockdown days caused by the pandemic and the full consolidation of Stoiximan. Retail shops were open for most of this quarter, unlike Q2 last year. On a H1 basis, EBITDA stood at E205m and cash flow at…
With Eurobank we round up the Q2 results season, which as we wrote in our most recent RG Banking Blog, held zero surprises compared to Q1 when it comes to the fundamental story of the sector. Most notable points include stronger fees driven by credit cards (pandemic) and asset management (churn from deposits). We will…