The next time you feel like mocking equity analysts on the ambiguous and/or arbitrary valuation assumptions backing their stock recommendations, do yourself a favor and go through the equity valuation of Cairo Mezz (CM) and Phoenix Vega Mezz (PVM) performed by Big 4 accounting/consulting firms. In the context of NPE securitizations, Eurobank and Piraeus Bank…
We have set up a Scorecard for Greek Banks. Placed side-by-side, you can see which bank scores good or bad in P&L items; balance sheet; asset quality and capital. We are also showing their theoretical valuation based on a) their own RoTE 2022 guidance and b) our own RoTE estimates.
We have summarized Alpha Bank’s 40-page Project Tomorrow Capital Increase presentation into a single table (spreadsheet attached). Our goal is to showcase the underlying assumptions of the business plan. Alpha targets a 10% RoTE in 2024 o/w +4% via normalized CoR (NPE reduction), +4% via revenues (new loans & fees), +1% via cost cutting, +1%…
Good Morning RG readers! Following a pause for Q4 reporting season, we resume our RG Banking Blog. ALPHA (mkt cap E1.91bn; P/TBV @ 0.32x); NBG (mkt cap E2.35bn; P/TBV @ 0.45x); EUROBANK (mkt cap E2.81bn; P/TBV @ 0.56x); PIRAEUS (mkt cap E2.49bn; P/TBV @ 0.48x) We will start with, quite important, sovereign news. S&P upgraded…
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