We downgrade our rating to DOI as the recent one-month rally on the shares (+29% vs. +6% for the Athens Index) has pushed the share price at par with our price target. We believe there is far bigger upside elsewhere in our Greek equities universe. Further upside requires…contact@researchgreece.com
Shares now at a 17-month low and net cash/mkt cap at 50% compared to 35% historically; P/E 2015E at 9.5x adjusted for cash vs. 12.9x historical average; Risk/reward wise we recommend long-term investors build a position; Helex trades as per investors perception on the sovereign; we have lowered our ADV and EPS estimates by 10-30%…
It will be hard for Helex to repeat Q2 ADV of E192m in the next quarters given the overhang of the ECB stress tests, political risk and debt negotiations. We stick to our DOI rating; PT is now E9.0 (was E8.5) with EPS +18% in 2014E (+25% higher ADV at E150m) and -4% in 2015-2017E…to…
FY results in line with our estimates, excluding the E13m one-off tax. E0.2/sh return to shareholders is below our estimates. We reiterate ADV of E120m in 2014 (YTD at E106m) and E180m in 2015 and raise 2017E to E300m (from E250m). Terminal velocity rate at 68% and market cap/GDP at 52%. This pace implies double-digit…
At current levels investors are ‘buying’ 2016-17E ADV of E250m (2013: E87m) based on E100bn GR total market cap (2013E: E70bn), nominal GDP of E210bn (market cap/GDP: c.50%), velocity of 65% and listing fees of c.E12m (10YR clean average); crystallizing into net income of E40m, or a P/E of 13x 2017E. For the shares to…