We have set up a Scorecard for Greek Banks. Placed side-by-side, you can see which bank scores good or bad in P&L items; balance sheet; asset quality and capital. We are also showing their theoretical valuation based on a) their own RoTE 2022 guidance and b) our own RoTE estimates.
We have summarized Alpha Bank’s 40-page Project Tomorrow Capital Increase presentation into a single table (spreadsheet attached). Our goal is to showcase the underlying assumptions of the business plan. Alpha targets a 10% RoTE in 2024 o/w +4% via normalized CoR (NPE reduction), +4% via revenues (new loans & fees), +1% via cost cutting, +1%…
In 2021, focus should be on EBITDAR margins; for the IKEA division we model an uplift of 50 bps at 10% (11.7% by 2023) and for Intersport which may have been zero last year, 3-4% and to flirt with double digits by 2023. Fourlis does not provide such a breakdown for now and we believe…
Good Morning RG readers! Following a pause for Q4 reporting season, we resume our RG Banking Blog. ALPHA (mkt cap E1.91bn; P/TBV @ 0.32x); NBG (mkt cap E2.35bn; P/TBV @ 0.45x); EUROBANK (mkt cap E2.81bn; P/TBV @ 0.56x); PIRAEUS (mkt cap E2.49bn; P/TBV @ 0.48x) We will start with, quite important, sovereign news. S&P upgraded…
Last year PPC spit E605m FCF and we calculate supply and production FCF at E200m when adjusting for the securitization. We also model net debt to hover at E3-3.2bn over the next couple of years. The management team is best in class, in our view. The good news is that FCF generation should continue and…