OPAP: Upgrade to OI
We upgrade OPAP to OI on the back of expectations over the completion of the second review of the third bail-out program…
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Greek Equities: 13 YRS / 19 non-banks; If History Is Any Guide
We analyzed 13 years of financials (2004-2016) on 19 non-bank corporates to conclude that investors should keep the following stocks in their radars…to access this report contact@researchgreece.com
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Greece: Cornered
We downgrade our few OI rated stocks as we expect volatility to rise and asset prices to head lower; Greece is cornered and…to access this report contact@researchgreece.com
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Greek Banks: Frozen
Much like negotiations with creditors over the second review, the outlook on Greek Banks has not changed. Sector trades at 30% of TBV 2017E. Reducing the stock of NPEs is a major challenge. We reiterate our DOI ratings; we have constructed…
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Sarantis: Déjà vu is required
We are not brave enough to assume another double-digit sales growth year (we model in +8%) and given political/sovereign uncertainty we stick to our DOI rating, albeit on much higher PT thanks to our revised EPS and discount rate; QE (lower country risk) or more acquisitions could send shares higher; back-of-the-envelope exercise shows that E50m…