What’s new? Greek Banks have reported Q2 results and have -finally- published their IFRS reports. In this note we summarize the most notable points. Banks trade at 0.46x TBV 2022 on our estimates. Next year is less predictable and banks are not providing any guidance whatsoever. What should investors do? If you are relaxed about…
What’s new? Piraeus Q2 clean PPP went up by +8% qoq driven by NII and fees +6-7% qoq, while clean pre-tax and net income grew by an even higher rate at +18% and +44% qoq respectively, the latter thanks to zero taxes booked this quarter. CoR at 83bps (incl. service fees) and annualized RoTE at…
What’s new? Inspired by IMF’s recent blog, that places Greece among the 5 least affected EU countries from a full Russian gas cutoff, we outline our thoughts and arguments below as to why Greece is probably a better investment case than what is implied by the energy crisis, inflation- recession fears, and the ongoing impact…
What’s new? Piraeus Bank (CFO & IRO) held an update call with the sell-side this morning, discussing macro and banking trends. The bank painted a totally different picture than the one implied by war-energy-inflation dynamics…
Imagine someone is cutting off your energy/gas supply (QE) while pounding you with heavy artillery weapons (interest rates). The focus is on surviving the war with the help of your allies (ECB)*. Our mid-year strategy report is about which equities can get through stagflation with the least casualties. As we noted in our Feb note:…