The emergency note on Piraeus, the ghost of Lehman and Daniel’s memories

The emergency note on Piraeus, the ghost of Lehman and Daniel’s memories – Economic Postman

Where is Jefferies setting the bar for Piraeus?

· We were impressed by an extraordinary note from Jefferies for Piraeus.

· It estimates a decline, albeit marginal, of around 1% in net interest income (NII) in the first quarter of the year.

· When in fact there has been no change in interest rates.

· He attributes this more to higher interest expenses, since he estimates that there were higher grants.

· For the next two years it also raised earnings estimates slightly, by 1%, due to higher… NII.

· However, Jefferies keeps the target price at 5.20 euros for the share.

· The bank’s first quarter results will be announced on April 30.

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· Biocarpet returned to the fore at yesterday’s meeting. He made five packages for the price of 2.74 euros.

· 300 thousand pcs changed hands. against 822,000 euros. That is 1.25% of the company.

· The stock had been in the spotlight due to the Daniel flood in Thessaly.

· Of its subsidiary to be precise, Exalco.

· Managed to restore one of Exalco’s two plants to full operation, while being paid €6.6 million in compensation in early 2024.

· But 2023 net profits are down 39% to €5.5m due to lower profitability from the metals sector.

· Profitability would therefore be worse, excluding compensation.

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· Fears have returned in the US about the state of the commercial real estate market.

· Of course, Powell of the Fed had warned us about a month ago.

· The new figures from ATTOM have now arrived, showing more than double seizures in March compared to March 2023.

· The number of commercial property foreclosures is even approaching the peak of 889 that was in October 2014.

· California was in first place, followed by New York, Florida, Texas and New Jersey.

· Along with these will come new shocks to the regional banks.

· “I’m sure there will be bank failures, but they won’t be big banks,” Powell had said on Capitol Hill, and it seems he knew something more.

· Another headache is likely to be added to the market soon.

· He does not have a few and the AX cannot “sail carelessly” as our own Antikritis wrote

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· Eurobank Equities considers Jumbo one of the best plays for dividend yields.

· Although its stock has somewhat narrowed its valuation gap with other retailers, the valuation is still compelling.

· That is why Eurobank Equities keeps it in its top choices in Greece.

· After all, in recent years Jumbo has returned 0.85 billion to shareholders as of 2019 (23% of market capitalization)

· In fiscal 2023 alone cash returns amounted to 11% of current market capitalization.

· And its net cash position stood at 444m at the end of 2023, little changed from 2019 despite cash returns

· Thus, Eurobank Equities sets the target price at €33.40, under the estimate of 10% EBIT growth in 2024