Hellenic Exchanges – When demotion is a good thing
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%…