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- Eurobank is trading at the same level where Prem Watsa and Ross Wilbur made their investment.
- Financial performance has already improved over the last few quarters. This trend is likely to continue going forward.
- Management has steps in place to reach asset efficiency of ROA=1% within couple of years.
- Share price has more than 100% upside if current trends continue and management's targets are met.
- Improving Greek economy will serve as tailwind for the bank.
Eurobank - Greek Bank With Value Investors On Board
- Prem Watsa and Ross Wilbur have announced activist investment in a Eurobank - fourth-largest bank in Greece - making further equity dilution very unlikely and indicating bottom of the cycle.
- This investment is very similar to the case of Bank of Ireland, where the same value-orientated investors with track record of business turnaround have tripled their money in 2.5 years.
- Eurobank’s financial performance is already showing material improvements over the last few quarters. With recession foretasted to end this year and involvement of activist investors the turnaround should speed up.
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Mon, Oct. 27, 3:32 PM
- National Bank of Greece (NBG -6.7%) failed the ECB stress test, but was not on the list of those needing to raise capital as the exam was based on how things stood at the end of 2013 (how's that for timeliness?) and the bank has already taken care of this issue.
- Nevertheless, the stock is tumbling again today, and now off about 50% YTD. It also happens to be the largest component of the GlobalX FTSE Greek 20 ETF (GREK -3.5%).
- Also failing the test, but not needing to raise any more capital are Piraeus (OTCPK:BPIRY -1.8%) and Eurobank (OTCPK:EGFEY +5.6%).
- Previously: Skeptical markets hit sell button on EU lenders
Apr. 8, 2013, 6:54 AM
Dec. 27, 2012, 3:15 PMThe Bank of Greece says four of the country's core banks need a €27.5B capital boost, while the capital needs for all Greek commercial banks were estimated in May 2012 at €40.5B. The strategic assessment identified the four “core banks”, as the following: National Bank of Greece (NBG -0.2%), Eurobank (EGFEY.PK), Alpha Bank (ALBKY.PK), Piraeus Bank (BPIRY.PK), which are all eligible for recapitalization using program funds. | 2 Comments
Mar. 14, 2012, 11:07 AMGreece's Alpha Bank (ALBKY.PK) and EFG Eurobank call off their shotgun marriage as EFG's large portfolio of Greek sovereign debt makes it less attractive following the bond swap (a haircut of 53% as opposed to around 20% expected when the merger was announced). Shares are flying in Athens, Alpha +6.3%, EFG +5%. | Comment!
Mar. 7, 2012, 3:10 AMWith Greece's debt-swap deadline a mere day away, posturing continues from both bondholders and Greek officials, but some of the largest private holders are falling in line. SocGen, Assicurazioni Generali and UniCredit all say they'll participate in the swap, as will Greece's six largest banks.
| 6 Comments
Nov. 28, 2011, 1:11 PMSoon to be merged Greek lenders Alpha Bank and Eurobank announce 9 month losses tied to their holdings of government debt. Eurobank reported a €575M loss, with €830M attributed to bond holdings, while Alpha recorded a €567M loss, €760M from Greek paper. The merger will close before year's end and will include plans for a €3.9B capital increase for 2012. | 1 Comment
Aug. 29, 2011, 8:10 AMIt appears they like the news... Greek shares sky on the merger and planned recapitalization of the country's 2nd and 3rd-largest banks; the Athens General Index +14.3%. For perspective, the index has fallen more than 50% the last 6 months. Not part of the merger: National Bank of Greece (NBG) +30% premarket. | 1 Comment
Aug. 28, 2011, 12:36 PMEurobank and Alpha Bank are set to announce their merger and a joint capital raise of €1.75B tomorrow. The combination would create Greece's largest lender, with assets of €150B, but a market cap of just €2B. EU and Greek officials have pressed for such alliances, believing pairing struggling entities can create one strong institution. | 4 Comments
EGFEY vs. ETF Alternatives
Eurobank group is a European banking organization with total assets of 73.6 bn, offering universal banking across eight countries. Eurobank is Greeces second largest bank. It holds lead positions in Bulgaria, Romania and Serbia, offers Wholesale Banking and Wealth Management services in Cyprus,... More
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