Much like negotiations with creditors over the second review, the outlook on Greek Banks has not changed. Sector trades at 30% of TBV 2017E. Reducing the stock of NPEs is a major challenge. We reiterate our DOI ratings; we have constructed…

We are not brave enough to assume another double-digit sales growth year (we model in +8%) and given political/sovereign uncertainty we stick to our DOI rating, albeit on much higher PT thanks to our revised EPS and discount rate; QE (lower country risk) or more acquisitions could send shares higher; back-of-the-envelope exercise shows that E50m of firepower could add E10m in EBITDA (+25%) in the next 3 years – sending EV/EBITDA down to 6.5x.

4 pilot VLT stores (100 VLTs) opened yesterday (within Attica -press); we reiterate OI on dividend yield + VLT optionality; we expect +1.5k-2.0k VLTs to be installed per quarter totaling 5.5k-6.0k by year-end, adding E30m of EBITDA (pre-KINO impact); focus on daily net wins and KINO behavior; ResearchGreece plans to visit pilot stores next week – stay tuned!

Did Greece and its creditors reach … to access this report contact@researchgreece.com

We believe 3Q16 results were…to access this report contact@researchgreece.com