We downgrade our rating to DOI as the recent one-month rally on the shares (+29% vs. +6% for the Athens Index) has pushed the share price at par with our price target. We believe there is far bigger upside elsewhere in our Greek equities universe. Further upside requires…contact@researchgreece.com

Greece – Euro-group meeting take one  – Hopefully negotiations tomorrow will lay the foundation for a new deal; preferably one with …to access this note please contact@researchgreece.com

Equities drop resembles the one between the two rounds of elections in 2012; we believe this time is different: we do not adopt/see a Grexit (given nobody wants one) hence we see good value in stocks – we reiterate our OI ratings on Jumbo, OTE, Hellenic Exchanges, NBG and Grivalia. Reading between the lines of statements made by government officials we understand the GR side will seek a decent compromise with the aim to reduce (unsustainable) primary surplus targets of 4.5% to GDP (to 1.0%-1.5% thus saving up to E6.0bn p.a.); propose debt relief actions; attract FDI (MoF interview yesterday); we do not have a specific timetable of negotiations with the Troika but some color is expected in meetings of GR government officials with the head of the Eurogroup/Euro Working group and several European ministers of finance in the following days; potential risks: we do not see GDP growing anywhere near IMF targets of +3% yoy (most likely flat yoy); visibility is now lower on state-owned assets…contact@researchgreece.com

Syriza won the election and will team up with the Independent Greeks (combined MP seats at 162) to form a government. This development reinforces our view that there is close to zero…for access contact@researchgreece.com

This flash note calculates the relevant MP seats as per the latest four polls – we present our calculations below and conclude it seems difficult for Syriza to … access this note contact@researchgreece.com