Jumbo continues to deliver in a class of its own. We up EPS by 8% and 14% this year and next. Started 2014 strongly – Greek LfL turns positive. However we believe the current share price is approaching a blue sky scenario…to access this report  contact@researchgreece.com

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 report  contact@researchgreece.com

New management addressed investors for the first time in the results conference call. They were not in a position yet to address strategic issues. These ‘’will take some time to answer’’. We continue to believe that OPAP has an interesting investment story, with VLTs being the big catalyst…to access this report  contact@researchgreece.com

We raise our 2013-2016 EPS estimates following better refining & marketing EBITDA in Q3. FCF was negative on higher working capital and we do not expect a dividend out of 2013 earnings. We reiterate our DON’T OWN IT rating due to the tough refining economic outlook…to access this report  contact@researchgreece.com

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