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Index Data
NON-FINANCIALS | Fairly valued Reuters RIC .ATG
Bloomberg Code ASE Index
Sales
+30 2103720119
Trading
+30 2103720168 / 110
Top picks
OTE 3,353 6.84 Buy 8.30 21% 43
Metka 526 10.13 Buy 13.40 32% 49
EYDAP 628 5.90 Buy 7.60 26% 48
Banks
Alpha Bank 5,472 0.50 Hold 0.514 3% 40
Piraeus Bank 5,326 1.05 Hold 1.13 8% 41
Non-Financials
Coca-Cola HBC 7,550 20.60 Sell 17.70 -14% 42
OPAP 2,329 7.30 Buy 8.30 14% 44
Titan Cement 1,137 14.75 Sell 12.40 -16% 45
Folli- Follie Group 9312 17.18 Hold 14.50 -16% 46
Jumbo 1,043 8.02 Hold 8.00 0% 47
Mytilineos Holdings 475 4.06 Buy 6.10 50% 50
Hellenic Stock Exchanges 369 5.65 Sell 4.90 -13% 51
Ellaktor 358 2.02 Buy 3.40 68% 52
Terna Energy 306 2.80 Buy 3.45 23% 53
Corinth Pipeworks 247 1.99 Hold 2.10 6% 54
Frigoglass 233 4.60 Hold 5.60 22% 56
Intralot 242 1.52 Buy 2.20 45% 55
EYATH 209 5.76 Hold 5.50 -4% 57
GEK TERNA 179 2.08 Hold 2.50 20% 58
Sidenor 149 1.55 Sell 1.20 -23% 59
Fourlis 120 2.36 Hold 2.70 14% 60
th
Source: Eurobank Equities Research. Prices as of August 29 , 2013.
th
Prices at the close of August 29 , 2013 used throughout this report
2
GREEK EQUITY STRATEGY
September 03, 2013
EXECUTIVE SUMMARY
3
GREEK EQUITY STRATEGY
September 03, 2013
4
GREEK EQUITY STRATEGY
September 03, 2013
IMPORTANT DISCLOSURES
This report has been issued by Eurobank Equities Investment Firm S.A., a member of the Athens Exchange, a member of the Cyprus Stock Exchange and a member of
Eurobank Ergasias S.A. Eurobank Equities Investment Firm S.A., is regulated by the Hellenic Capital Markets Commission (HCMC) with authorization number
6/149/12.1.1999. This report may not be reproduced in any manner or provided to any other persons. Each person that receives a copy by acceptance thereof represents
and agrees that it will not distribute or provide it to any other person. This report is not an offer to buy or sell or a solicitation of an offer to buy or sell securities mentioned
herein. The investments discussed in this report may be unsuitable for investors, depending on their specific investment objectives and financial position. The investments
discussed in this report are subject to risks and in respect of some investments there is risk for multiplied losses to be caused in respect to the capital invested.
The information contained herein has been obtained from sources believed to be reliable but it has not been verified by Eurobank Equities Investment Firm S.A. The opinions
expressed herein may not necessarily coincide with those of any member of the Eurobank Group. No representation or warranty (express or implied) is made as to the
accuracy, completeness, correctness, timeliness of fairness of the information or opinions herein, all of which are subject to change without notice. No responsibility of
liability whatsoever or howsoever arising is accepted in relation to the contents hereof by Eurobank Equities Investment Firm S.A. or any of its directors, officers or
employees.
Eurobank Equities Investment Firm S.A. follows procedures under Eurobank Group policies that set up Chinese Walls, restricting communication between Research and other
departments inside the Company or the Group so that Eurobank Equities Investment Firm S.A. complies with regulations on confidential information and market abuse.
Eurobank Equities Investment Firm S.A. or any of its related legal persons, does not hold shareholdings exceeding 5% of the total issued share capital in any of the subject
companies mentioned in this report, with the exception of Hellenic Post Bank, Eurobank Properties, Lamda Development, Altec, Nikas, Quality & Reliability, Alpha Trust
Andromeda, Kardasilaris and to the Cyprus Stock Exchange listed Cyprus Airways Public Ltd.
None of the subject companies mentioned in this report holds shareholdings exceeding 5% of the total issued share capital of Eurobank Equities Investment Firm S.A., or any
of its related legal persons, with the exception of Eurobank Ergasias S.A. and National Bank.
Eurobank Equities Investment Firm S.A., or any of its related legal persons, is not a market maker (of stocks or of derivative contracts on stocks) to any of the subject
companies mentioned in this report with the exception of National Bank, MIG, Alpha Bank, OTE, Marfin Popular Bank, Viohalco, Piraeus Bank, Titan, Motor Oil, Ellaktor,
Mytilineos, PPC, Bank of Cyprus, Hellenic Post Bank, Intralot, Coca Cola Hellenic, OPAP, Hellenic Petroleum, Gek Terna, Hellenic Exchanges, Sidenor, Frigoglass.
Eurobank Equities Investment Firm S.A., or any of its related investment banking services legal persons, is not a party to any other agreement relating to the provision of
investment banking services, which a) has been in effect over the previous twelve months or b) has given rise during the same period to the payment of a compensation or
to the promise to get a compensation paid, with any of the subject companies mentioned in this report with the exception of the following: Athens International Airport,
Depa, DOL, Electroniki Athinon, Eurobank, Hellas On Line, Hellenic Petroleum, Hellenic Post Bank, Hygeia, Maillis, Mytilineos, OPAP, Regency Entertainment, Teletipos,
Vivartia, EYDAP, Thessaloniki Water & Sewage, Haitoglou Bros, Attica Bank, Selonda Aquaculture, Greek Yellow Pages, Digimed Communications Ltd., Geniki Bank, BlueFin
Tuna, S&B.
Eurobank Equities Investment Firm S.A., or any of its related legal persons, is not a party to an agreement relating to the production of this report with the subject companies
mentioned in this report.
Analyst Certification:
This report has been written by John Kalantzis, Stamatios Draziotis (CFA), Nikos Koskoletos (CFA), Katerina Zaharopoulou, Christina Kouklaki.
Analyst Compensation:
The remuneration of John Kalantzis, Stamatios Draziotis (CFA), Nikos Koskoletos (CFA), Katerina Zaharopoulou, Christina Kouklaki is not tied to the investment banking
services performed by Eurobank Equities Investment Firm S.A. or any of its related legal persons. John Kalantzis, Stamatios Draziotis (CFA), Nikos Koskoletos (CFA), Katerina
Zaharopoulou, Christina Kouklaki did not receive or purchase the shares of the subject companies mentioned in this report prior to a public offering of such shares.
Planned Frequency of Updates:
Eurobank Equities Investment Firm S.A. provides daily and monthly updates as well as updates on companies based on company-specific developments or quarterly financial
results announcements or any other publicly available information.