1/ Eurobank: OWN IT based on 0.9x P/TE and 7.4x P/E 2016E pro-forma for E3bn capital increase; 2/ Earnings: bridging 2013 to 2016; 3/ Price Target sensitivities based on different RoTE/CoE; 4/ Asset quality update – 2013; 5/ Warrants: fair value estimates; biggest catalyst: asset quality; on a like-for-like basis we favor Eurobank given the…
With this research note we attempt to address the following issues surrounding the sector: a) what is the market discounting at current levels? b) Impact from the DTA forbearance, c) changes in the recap framework, d) a closer look at Eurobank’s capital increase and d) an update on warrants’ pricing and valuation..to access this report contact@researchgreece.com
PPP in Q3 -24% qoq on weaker performance from Finansbank. Management said Turkish NIM will grow in 2014, Blackrock test will not lead to more capital needs and the NPL ratio will peak in 2014/early 2015 (incl. write-offs). EBA CT1 will reach 10% (9M pro-forma at 9.4%) before selling a minority stake in FS. NII…
After weeks of negotiations NBG announced a E653m ‘cash and in-kind’ deal over its 100% owned real estate subsidiary, Pangaia. NBG agreed to transfer 66% of Pangaia to Invel Real Estate for E580m in cash and E73m in kind (Italian real estate assets). The deal will boost NBG’s EBA CT1 ratio by 40bps…to access this…
The first exercise period is approaching. We have created a ‘Plug-and-Play’ calculator spreadsheet, which adjusts automatically for the days remaining. Readers can insert their own risk free/volatility assumptions for each bank and estimate the value of warrants…to access this spreadsheet contact@researchgreece.com