WOOD Flash – Greece macro: continuing COVID-19 really hurting
We have revised down our projections for 2020E and 2021E to reflect the persistent negative effects of the global COVID-19 pandemic, which are affecting the tourism industry severely. The 2Q GDP data have revealed a sharp 17% yoy drop in profits, amid a backdrop of persistently frail corporate balance sheets. This, in our view, remains Greece’s Achilles’ heel, which will constrain the rebound and caps the potential for wage gains in the coming years. Inflation remains in deflationary territory and we expect this to continue until the start of 2021E, due to a combination of low pricing expectations and deflationary impacts from tax cuts. Low inflation, the ECB’s support via QE and continuing progress on reforms should anchor long-term bond yields at current low levels, in our view.
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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