With this note we update our views on Greek equities…
This is what comes to mind when looking at Helex trading multiples. It would take more than…
Tourism / Fourlis / Helex / Banks
Greek banks recap should add c.E10bn to the average market cap (E45bn 9M). At 50%-60% velocity we estimate banks should add c. E25m to December ADV and push Q4 towards E50m (E84m in 9M) and FY at E75m. They will also contribute E2.5m in new issue fees (one off) and help EBITDA reach E4m for…
We lower our EPS estimates by 17%-24% on 12%-18% weaker ADV for 2015E-2017E; it will take more than YTD ADV of E107m for shares to re-rate. Actually, it will take an agreement on the sovereign front – one that will keep Greece afloat and urge investors to lift up banking stocks which have underperformed the…