Going through the numbers, we reach the same conclusion as for Piraeus and NBG. Greek banks have a challenging task to replace NPE and TLTRO income via new loans and higher fees; and together with normalized CoR move to high-single digit RoTE (as per their guidance). On our calculations, Alpha Q2 NPE & TLTRO Income…
The next time you feel like mocking equity analysts on the ambiguous and/or arbitrary valuation assumptions backing their stock recommendations, do yourself a favor and go through the equity valuation of Cairo Mezz (CM) and Phoenix Vega Mezz (PVM) performed by Big 4 accounting/consulting firms. In the context of NPE securitizations, Eurobank and Piraeus Bank…
As per www.energypress.gr, PPC may receive a cool E1bn for disposing a 49% stake in Dedie, the electricity distributor. PPC currently owns 100% of Deddie. If confirmed it will be positive news for the shares which have upped 25% over the last month. Perhaps there is more upside in the cards. If the abovementioned sale…
In our latest note for Piraeus Bank, we analyzed Q2 results, trying to reveal the underlying performance. We will do the same with NBG. After going through the numbers, including the full IFRS report (unlike Piraeus), we reach the same conclusion. Underlying numbers look decent only thanks to NPE income (to be lost) and TLTRO…
Piraeus reported Q2 results communicating a strong set of numbers, especially on P&L and loan disbursements. After going through the numbers, and although we do not yet have the full IFRS report (will be available on August 8), we conclude the numbers do not look as great. In fact, were it not for NPE income…