If Greek Banks do not believe in Santa Claus after recent developments, then no one ever will: a) on December 10, the ECB prolonged its targeted lending support (TLTRO III @ -1%) by an additional 12 months while raising the maximum amount banks can borrow (55% from 50%); b) the expanded PEPP will include E31bn of GGBs (from E23bn); c) the GR government will reportedly extend the NPE guarantee scheme ‘Hercules’ into 2021-2022. For Greek Banks this translates to an excellent opportunity to support their earnings (funding cost, bond gains) while cleaning up their Greek NPEs (securitizations) by 2022. For investors it means they can now focus on RoTE 2022 and beyond. We upgrade our rating on…

With this note we briefly share our views on all the names we cover. We start with our OI picks, followed by Radar and DOI names. We have added several names in our Universe, most of which on a Not Rated (NR) basis.

If you are still wondering why Greek Banks have not
recouped their pre-pandemic P/BV multiples (0.40x), you should look no
further than Bank of Greece’s latest Financial Stability Review (published
July 16); on pp. 7-8…contact@researchgreece.com

In the supply business, PPC with…

There is a good chance both companies will pay a decent
dividend yield (4%-5%) out of 2020 earnings (out of 2021 cash flows). But
given that a good yield can be found in other names with better visibility,
we conclude…contact@researchgreece.com