The shares lost 9% on Friday on 52k shares – 3Q14 was okay. Admittedly our DPS assumption was too generous which we had to cut today. We underestimated …

The shares lost 11% since our initiation with a DON’T OWN IT rating. Dragged down by the underperformance of the Greek market; mainly on politics related risk. Today we upgrade to OWN IT; if the government changes we won’t change our view. We believe DPS will increase fast to reach …

Eurobank Properties is one the largest investment property funds in Greece. We assume another E300m of new investments at 8.7% with the running yield at 8.3%; recent transactions were struck higher at 9.6% for office and 11% for commercial space. If our estimates turn out correct Eurobank Properties will up rental income to E65m next year or to E73m by 2016 which could drive 2015 DPS at E0.52.