Fourlis

We do not change our estimates. Our target price goes up  at E5.5 on a much lower risk free rate and can go up by another E0.5-E0.7 for every 1% IKEA LfL beat. If our sensitivity analysis is correct shares would reach double digits on …to access this report  contact@researchgreece.com

We up our 2013 & 2014 group EBITDA forecasts by 14-22% on better IKEA EBITDA margins. Not confident to up meaningfully IKEA related sales. And conclude on marginal IKEA profits this year vs. losses last year.  We think current share price discounts IKEA LfL at 4-5% in 2014 and 2015…to access this report  contact@researchgreece.com