In conclusion shares are weak because of the lockdown and not on what the company can deliver thereafter…

In conclusion, we believe the shares should stop for a breather. We maintain our target price at…

Why swapping GGBs? It is the only way to M2M and book the upside (and keep on board) all or part of those GGBs classified as Held to Collect and which are amortized at cost. The alternative would be to sell them (at current – higher- prices) and re-buy them from the market. The swap demonstrates in the most powerful way, the impact of QE and lower interest rates…

More usually than not equity valuation is an art. In the case of Terna Energy (TEN) it is entirely abstract. We conclude there is a valuation gap of…

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…