Grivalia

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…