We fine tune our DPS estimates and down goes our target price to E9 – we now model dividends of E238m over 2015-20. We think negotiations with Greece and its creditors will be harsh to finding common ground and we are afraid liquidity will remain scarce, consumption will drop investments will be deterred and the economic growth outlook will worsen. However we believe Grivalia’s investment case should …to continue reading contact@researchgreece.com

2Q15 was okay with gross margins flat and EBITDA margin up 30bps. Romania acting as the strongest link contributing 80% of EBIT growth with Cyprus and Bulgaria also strong; Greece taking away profits on LfL deterioration. GDP growth could become …to continue reading contact@researchgreece.com

On limited upside potential despite the US and Egyptian businesses driving operating profits up by cE40m this year and upping group EBITDA margins by 210bps; albeit from a low of 15.7%. We model EBITDA of E260m by 2016 which compares to … continue reading contact@researchgreece.com

Greek national elections on January 25 brought upon a change in government led by left-wing Syriza. Our reflex reaction at the time was positive; we reckoned Greece was better off having a government formed instead of engaging (being dragged) into numerous election rounds. However, 45 days after the elections we are not positive anymore; negotiations with the Troika (EC, ECB and IMF) have worsened the economic outlook; Greece and its creditors will be ‘muddling through’ most of 2015 with the aim to find common ground on structural reforms, fiscal targets and funding needs/debt sustainability. Judging from post-election statements of government officials, it will be hard to …to continue reading please contact@researchgreece.com  

We downgrade 2016 sector earnings estimates by 22% (now at E2.7bn) as we expect sovereign uncertainty to cast its shadow for the remaining of 2015, hindering liquidity, deposit rates, lending growth and overall economic growth prospects. Normalization has been pushed back with banks unable to resume their intermediary funding role, let alone generate decent RoTE anytime soon. We downgrade our rating on …to access this report contact@researchgreece.com