We are not big fans of optionality but Sarantis case is too compelling to ignore. 3YR EPS CAGR +18.5% => shares trade 9.5x EPS 2016E and 5.1x EBITDA 2016; 12% FCF yield 2016E; a net cash balance sheet; 2/3 of sales generated outside Greece. Strategy skewed towards acquisitions implies EPS accretion even under conservative assumptions; we upgrade our rating to OI; see status quo and acquisitions potential in the note attached…to access this report contact@researchgreece.com

Greece is +13% since the elections with ADV >E280m; we conclude this is driven by re-rating rather than upgrades in earnings; only a handful of companies have scope for upgrade in earnings in our view; the ones that combine both catalysts (re-rating and EPS upside) are Jumbo (OI), Titan (OI), Eurobank (OI) and Motor Oil (OI); in our research note we compare 2016E with 2007-08 peak earnings (scope for upgrades; p. 5); we test 200bps lower discount rates (re-rating; p. 8); we highlight points from IMF’s latest review on Greece (p. 9).  …to access this report contact@researchgreece.com

Our EPS estimates are unchanged; our target price stays the same. We present our own plug and play calculator for IKEA related EBITDA. And conclude to OWN the shares today we need to discount 5% LfL in 2015 followed by another …

Nothing really changed post Q1; all drivers (deposit spreads, cost cutting, NPL formation) in place; we revisited our 2013-2016 bridges making small changes to our pre-provision and bottom line forecasts. We stick to our normalized RoTE estimates and valuation assumptions; we reiterate our rating on each bank; cannot exclude a market re-rating…

We downgrade our rating to DON’T OWN IT (DOI) given the strong share price performance since our upgrade (+25%), now standing above our E12.0/sh price target; further upside requires discounting bull case assumptions, specifically E200 net wins/day for VLTs (double our base case) and Stihima gross profit growing (20% vs. our base case). Management has been delivering on all fronts. We cannot exclude a re-rating owing to World Cup momentum and the anticipation of VLT launch but investors should bear in mind that in the previous World Cup gross profit was down 8% (Q2; payout at 77%); our base case estimates reflect pre-crisis levels of GGR against GDP at 1.4% by 2017E, therefore bull case implies/requires record highs…