Hellenic Exchanges (EXAE GA) Greece
Financials
2023 has started off strongly in ADV terms - average daily trading values of transactions in the Greek stock market reached €92m in Jan while Feb-to-date is at €120m. These are the strongest first two months since 2015. ResearchGreece guestimates ADV by using the following equation: (M/Cap of Greek equities × velocity rate) ÷ No. of trading days. Their modelling work implies M/Cap will hover at €75bn-80bn, but velocity rises to 40-45% (from 30% in 2022), pushing ADV to €125m this year (vs. €74m in 2022) and to €147m by 2025. TP increased to €5.90 (40% upside). They use DCF @ 9.5% hurdle rate (= 4.5%+5%); on their TP shares would trade 9.5x EBITDA and 20x EPS 2023E (15x ex-cash).
Edition: 154
- 17 February, 2023