EUROCORP

Greek Morning News 22/3/2012

GREEK MARKET

The General Index closed at 767.60 posting losses of 1.83%, after six consecutive sessions, due to the results of non-coverage of Bank of Cyprus’ capital increase, in a turnover of €39.57mn. Greek lawmakers approved the bailout deal of €172bn.

The Finance Ministry said that the state budget deficit amounted to €495mn in January and February this year vs. a target of €879mn.

The office of Prime Minister Mr. Lucas Papademos confirmed that the alternate Finance Minister Mr. Filippos Sachinidis will take over the top spot at the ministry following the resignation of Evangelos Venizelos to lead Socialist PASOK.

Commerzbank said that Greek agreement is benefiting EUR, after news that Greece΄s parliament had approved a new €130 billion loan deal for the country by a wide majority and the elections are to be held as planned.

The chief economist of Citi Mr. Willem Buiter said that Greece may need another bailout before the end of the year and no later than next year.

Corporate Releases

  • 03/22: OTE – EGM

Broker Meteorology

  • BoC:
    Citi believes that the bank has one of the highest quality franchises in the Hellenic banks space and reiterates its buy rating and target price at €0.95. If news of the capital strengthening shortfall leads to further weakness, it would consider the lower levels to be good entry points for both new and existing investors.

Corporate  Impacts

  • Piraeus Bank:
    It designed and undertook the initiative to implement an integrated investment plan combining private funds, community funds and financing. It is estimated that, in the next five years, these funds together with bank financing will amount to €1.6bn.
  • OPAP:
    It reported Q4’11 revenues of €1.162bn (estimate: €1.12bn) down 7.9% y-o-y, EBITDA of €185mn (estimate: €178.3mn) down by 14% y-o-y and net profits of €128.4mn (estimate: €132.7mn), down by 21.1% y-o-y. In the full year, sales reached at €4.36bn (-15%), with EBITDA at €734.2mn (-19%) and net profits at €537.5mn (-6.7%). It will distribute a 2011 gross dividend of €0.72 vs. €1.54 last year, implying a dividend yield of 10%.

Technical

  • FTSE 20 June future:
    Support levels: 296-290-282. Resistance levels: 314-320-330.

Disclaimer

The information that EUROCORP (henceforth the “Company”) provides via the web page eurocorp.gr, can be used only for informative aims and not for commercial, investment or other purposes. They cannot be considered as offer, advice, or proposal for purchase or sale of securities issued by companies that are reported in the web page of the Company, or as prompt on the realisation of any form of investments. The Company is not by any chance accountable for commercial or investment decisions that will be taken based on this information.

The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.

The use of web page eurocorp.gr is under the exclusive responsibility of each user, who accepts that the information and services, are provided “as such” and “depending on the availability”, without any guarantee of the Company, indicatively reported the guarantees of satisfactory quality or appropriateness for concrete aims.

Get Adobe ReaderYou will need Adobe Reader to open the files. If you do not have it already, you may download it from Adobe’s website by clicking the icon on the right.

Cannot retrieve http://vtickersrv.monopoly.gr/eurocorp.htm