This note is about investing, not trading or event-driven ideas. We believe our OI rated stocks will outperform the market on a risk-adjusted basis in the next 12-18 months. We recommend you own OPAP, Jumbo, PPC, Alpha Bank and ADMIE. We downgrade OTE given it is trading at our target price. We assume the pandemic will be less of a risk; we consider the end of free money and elevated costs and reiterate cash flow conversion as our #1 criterion.

BoC reported FY 2020 results (Feb 24) but our focus is not on Q4 reporting but the medium-term targets shared by the bank. Especially the underlying assumptions. Management seems to have a cautious and realistic approach on future performance. Our conclusion: the -yet- unknown pandemic effect on NPEs, the still high real estate exposure and the strain on NII by low L/D make us reiterate our…. – on a risk/reward basis, it still makes more sense to own the bank’s debt instruments offering YtM of 8.9%-9.2%.

With this note we briefly share our views on all the names we cover. We start with our OI picks, followed by Radar and DOI names. We have added several names in our Universe, most of which on a Not Rated (NR) basis.

We believe Cypriot Banks hold a message for their Greek peers:…contact@researchgreece.com

Analyzing FY 2018 results we conclude BoC…