Eurobank Ergasias (EURBr.AT)
Target price (€) 1.0600
Q116 First glance: Earnings ok, not main driver
Target price (€) 1.4200
Q116 First glance: Better than expected
Rating: Neutral (previously overperform) on lack of upside after recent stock performance
Target price (€) 1.0300
Q116 First glance: Eurobank’s operating performance came in line with our expectations in 1Q16 and the bank recorded quarterly profits for the first time after 5 years. Nevertheless, the stock has gained 140% (85% rel. to the General Index) since we rated the stock Outperform in mid-February (Banking sector report 17-Feb- 2016) also exceeding our TP of EUR1.03. The shares currently trade at 0.4x 2017e TBV vs. an avg. of 0.5x in the European periphery, a discount which we believe is justified by both current country and domestic banking sector risks.
WOOD & CO.
Target price (€) 1.2000
Q116 First glance: Supportive, in line to meet or even exceed full year quidance
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