Athens Exchange Group: Risk-reward finally appealing (upgraded to BUY)
Athens Stock Exchange’s share price is down 26% ytd, following the weak performance of the ASE (-32% ytd), the removal of half of the Greek stocks from the MSCI Index, and the soft outlook for volumes going forward. In our view, however, the current valuation levels reflect all the bad news, with the cash on the balance sheet amounting to c.35% of the current market cap and the stock trading at an EV/EBITDA discount of c.10% vs. its peers and its 10-year average. Its turnover velocity and market cap to GDP are also below historical averages and the median levels for the European exchanges. We have upgraded the stock to BUY (from Hold), but keep our price target (PT) unchanged, at EUR 4.2/share.The Hellenic Exchanges is engaged in the following business sectors: trading, clearing, settlement, data feed, IT, exchange services, depository services, clearinghouse services, and other.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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