There were no surprises in Q3 results. However, Oct/Nov trading show volumes of E150m vs. E66m in the first nine months, driven by MSCI flows as Greece has been demoted to an Emerging Market. We up our volume estimates by 20-29% in 2013-15E and we raise our EPS by 6% in 2013E followed by 12-19% in 2014-15. PT raised to E5.5 from E4.6/sh. Expect a 6% total return (capital + dividend) at current prices. Latter discounts volumes of E150m-E300m. We are not willing to go there given sovereign/macro conditions. Reiterate DOI… to access this report contact@researchgreece.com

Bank of America Ready and Poised To Run Free of One Timers, Major Legal Matters and Major Asset Dispositions