We model realized 2016 margin at $9/bbl partially compensated by higher volumes yoy (+0.8mt given the shutdown in Q2 15). On flat EUR/USD yoy these yield…to access this report contact@researchgreece.com

Without a doubt the best business model in Greece… The shares have rebounded nicely albeit we feel there is another…to access this report contact@researchgreece.com

We initiate coverage on Aegean Airlines – to access our report contact@researchgreece.com

We have not become structurally positive but we are meeting the Greek government halfway in its U-turn towards implementing the adjustment program; we assign an OWN IT rating on Eurobank (0.39x TBV 2016E)– the only Greek bank with upside (+30%) from current levels based on RoTE/CoE implied P/TBV valuation without accounting for future capital returns. It will be a bumpy ride for Greek equities in H1 as the 3-seat majority coalition government is tested by the last socially sensitive structural reforms (pensions, farmers). Our estimates are conservative; deposits is the single most important metric/indicator for assessing both the sovereign and the banks in 2016.

We upgrade Jumbo to OWN IT… Greek trading over August-October was… We now worry less on…to continue reading contact@researchgreece.com