ATHENS EXCHANGE | Another year, another disappointment…
In our latest note on AthEx, we highlight the fact that trading activity in the cash market remains limited, due to low trading velocity which remains in a downward path, thereby keeping group’s profitability at low levels and its market performance negative year to date. In addition, we take a look at the recent history of estimates highlighting the fact that consensus has consistently been overestimating each annual performance since 2010, as actual figures were better than estimates only once during the last this period, namely in 2013.We adjust our ADV for 2018-19 25% lower, leading to a 40% negative revision of our EBITDA estimates for the same period. As a result our new TP stands at EUR 4.8 suggesting limited upside from current levels underpinning our ‘Hold’ recommendation.
The Hellenic Exchanges is engaged in the following business sectors: trading, clearing, settlement, data feed, IT, exchange services, depository services, clearinghouse services, and other.
Eurobank Equities is a Greek-based firm offering research, sales and trading services to institutional, corporate and private clients. The company is wholly owned by Eurobank, one of the 4 systemic banks in Greece.
Research is the backbone of Eurobank Equities' platform, with a team of 4 professionals committed to generating actionable investment ideas by providing timely research products. We are committed to offering value-added services to clients by filtering market noise and providing insights on the multiple sectors that we cover. Our universe includes 26 - large, medium and small cap - companies whose market capitalization amounts to 80-85% of the total market capitalization of the Athens Stock Exchange. Our research team also maintains the capacity to generate ad-hoc research for micro-cap listed companies.
Our team has consistently gained recognition among institutional investors for its quality research, having ranked No. 1 team in Greece at the Extel Surveys of 2013-2016 and 2018. We have also been named Leading Brokerage Firm in Greece over 2014-2016 and in 2018.
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