We reiterate our rating on the company’s dividend capacity. Valuation can justify PT @ E16 on discount rate as low as 5% given OPAP is running a concession business. But we stick to our 6.5% WACC (risk free 1% + premium of 5%-5.5%) yielding a PT of E13.6. The implied +15% upside is not great,…
Considering that circa 9% RoTE guidance: a) is based on pre-tax or core operating income and b) circa usually means ‘lower than’… we reiterate our DOI rating because the risk-reward profile of NBG at current 0.50x TBV 2021E is not cheap/attractive enough. Clarity provided on the E6bn Frontier securitization, NPE reduction plan, loan moratoria update…
The updated NPE targets announced by Alpha Bank for 2021-2022 are not as bullish as Eurobank or Piraeus, but they are definitely (more) realistic. Alpha will lower its Greek NPEs ratio
We set a new target price; we capitalize FCF of E190m at 9%, cancel the 4.1m shares and add the E0.4 return in capital. We do not include…
We set a new target price with the electricity distributor comprising 50% of the fair value. Hopefully, it will be partially sold this year at an EV of at least equal its RAB of E3bn. Assuming debt of E1.5bn is transferred to the distributor, it would equate the fair value, for the PPC shareholder at…