Eurobank Equities – Greek banks turning the page

With the clearing of their balance sheets on the visible horizon, as they have accelerated their plans and are expected to complete their planned transactions in red loans by mid-2022, a year in which the non-performing loan ratio (NPEs) will be at single-digit levels, Greek banks are ready to turn the page, according to Eurobank Equities.

The shares of the sector are traded at average levels 0.4 times based on the estimated price index to tangible book value (P / TBV) for 2022, ie at a discount of 35% compared to the banks of the European region.

As a top choice, it maintains the share of National Bank of Greece for which it recommends a market with a target price of 3.48 euros as it combines strong fundamental figures with an attractive valuation, while it upgraded the share of Piraeus by recommending a “market” with a target price of 1.84 euros, but downgrades Alpha Bank’s share in a “holding” recommendation with a target price of 1.37 euros.

In the midst of international market turmoil, we note some other stocks that are now being set up by stockbrokers, so that investors have a better picture of developments:

Euroxx Stock Exchange recommends “increase of positions” for the share of ELVALHALCOR with a target price of 2.80 euros, against the recommendation of a “market” with a target price of 2.5 euros of AXIA Ventures Group, after the increase of its turnover by 34.6% and its organic profitability by 25.5% in the first half.

Euroxx gives a recommendation of “increase of positions” with a target price of 14.5 euros for the share of OPAP, against a recommendation of “purchase” with a target price of 15 euros of Eurobank Equities.

On the other hand, AXIA Ventures Group also issued a “purchase” recommendation with a target price of 15.7 euros for OPAP, estimating that the organization’s share is traded with a profit multiplier (P / E) at 9 and with an EV / EBITDA index. (business value to profit before taxes, interest and depreciation) at 7 for 2022, compared to 21.4 and 11.9 respectively of the average of a selected group of companies in the industry.

Euroxx issued a recommendation of “overweight” with a target price of 10.40 euros for the share of Autohellas, noting the stable results for the semester but also the positive outlook for the second half that it “sees” for the company.

The same stock exchange maintains, among other things, an “overweight” recommendation for the shares of Motor Oil with a target price of 21.40 euros, Aegean Airlines with a target price of 6.6 euros, Mytilineos with a target price of 19.5 euros (against 21.5 euros of Citigroup), GEK TERNA with a target price of 14 euros and Fourlis with a target price of 6 euros.