Greek banks: trading above tangible equity
Greek banks trade 1.3x P/TE on the back of a flow-drivenĀ 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…