Weak Greece vs. better Romania and Bulgaria; no room for upgrades; in 2Q15 group sales grew 5.7% yoy which compares to 11% in 1Q15; we calculate Greek LfL sales growth at … to access this note contact@researchgreece.com

With this flash note we highlight some of the difference (s) on economic policies for the two main parties in a pre-election era. For New Democracy we go back three and half years when Greece was in a primary deficit; for Syriza we go back 3 months – to access this note contact@researchgreece.com

We think it is extremely difficult to discount the medium term; the next two months can be extremely volatile in light of a potential parliamentary election. The first presidential vote count is tomorrow; politics will drive the market/economy in the short term – for a change. During the Greek crisis it has been the economy driving politics; the unavoidable deadlock came when the Troika asked for more fiscal measures for 2015 turning the snap 2015 presidential election  – to access this report contact@researchgreece.com

We cut our 2016E net income by 18% driven by Greek NII; sector trades 0.67x TBV 2016E and 6.2x P/E following recent sell-off, on 10.8% RoTE. We upgrade NBG on valuation grounds (PT at E2.5); superior PPP and implied RoTE; asset quality/coverage capacity; uncovered NPLs at 93% of TE (lowest among peers); biggest upside to PT as shares trade 0.59x TBV and 4.5x P/E 2016E; Greek business valued at 2.66x P/E 2016E at current prices and if assume 1.0x TBV 2014E for Finansbank and zero value for rest of SEE ops.

Greece – the snap elections saga – 2015 presidential elections pushed forward

This note will not focus on what will happen to Greek Equities if New Democracy looses in an upcoming parliamentary election. It will focus on how difficult it is to drawing any conclusion on the upcoming presidential elections…to access this note contact@researchgreece.com