Report by ResearchGreece

Covering 22 names (80% of total M/Cap), ResearchGreece provides unbiased research, analysis and ideas on Greek (& Cypriot) equities. They offer a clear-cut, binary rating system: Own It (OI) or Do not Own It (DOI). Two stocks they are particularly keen on are…

National Bank of Greece (ETE) - Deserves to be trading at a higher P/TBV multiple than the current 0.50x; enjoys the highest FL CET1 among Greek banks; will benefit the most from a loan rate increase given its low L/D ratio; boasts the lowest combination of NPE ratio and NPE coverage.
OPAP (OPAP) - Q4/FY results comfortably beat expectations on stronger online contribution (Betting and Casino) and GGR/EBITDA guidance for 2022 points to ~40% growth Y/Y. In addition, the dividend was increased to €1.5/share (11% yield).