Alpha Bank

The first exercise period is approaching. We have created a ‘Plug-and-Play’ calculator spreadsheet, which adjusts automatically for the days remaining. Readers can insert their own risk free/volatility assumptions for each bank and estimate the value of warrants…to access this spreadsheet  contact@researchgreece.com

Greek banks trade 1.3x P/TE on the back of a flow-driven  re-rating (3M: +55%) with no change in the DSA outlook. Credit quality remains the main challenge with Blackrock 2 and stress tests being the next catalysts. Economic/fiscal conditions have improved but the sovereign is still struggling. We reiterate our DOI rating on all banks…