INVESTMENT PERSPECTIVES

December 19, 2011

Equity Research | Weekly

w-o-w

y-t-d

P/E 11e

P/B 11e

DY 11e

EPS 11

Greece
ASE Comp.
FTSE 20
FTSE 40
FTSE 80
FTSE Intn'l
Europe
DJ Euro Stoxx
DJ Stoxx
DJ Stoxx mid
DJ Stoxx
DAX (DE)
CAC (FR)
FTSE (UK)
MIB 30 (IT)
PSI 20 (PT)
IBEX 35 (ES)
New Europe
ISE 100 (TU)
RTS (RU)
PX (CZ)
WIG 20 (PL)
BUX (HU)
USA
DJIA
S&P 500
Nasdaq

-2.9%
-5.0%
-4.9%
-5.0%

-53.6%
-62.2%
-56.5%
-61.4%

9.7 x
11.1 x
10.3 x
n.a.
9.1 x

0.4 x
0.4 x
0.4 x
n.a.
0.5 x

4.5%
4.2%
5.1%
n.a.
5.1%

-24.7%
3.4%
4.6%
n.a.
6.5%

-5.1%
-2.8%
-2.7%
-3.3%
-4.8%
-6.3%
-2.6%
-5.9%
-4.1%
-5.2%

-21.3%
-13.4%
-21.2%
-21.2%
-17.5%
-21.9%
-8.7%
-27.8%
-29.9%
-16.8%

12.5 x
11.9 x
15.2 x
n.a.
12.0 x
11.9 x
12.2 x
n.a.
15.7 x
11.1 x

1.4 x
1.4 x
1.3 x
1.7 x
1.5 x
1.3 x
1.8 x
n.a.
1.6 x
1.4 x

3.6%
3.8%
2.9%
3.2%
3.2%
3.9%
3.1%
n.a.
3.6%
5.1%

49.6%
34.3%
n.a.
n.a.
69.7%
51.1%
47.9%
n.a.
7.6%
12.4%

-4.0%
-2.6%
-1.9%
-5.0%
0.1%

-21.4%
-22.4%
-30.1%
-22.9%
-20.0%

n.a.
n.a.
11.4 x
13.0 x
13.5 x

n.a.
n.a.
1.5 x
1.7 x
1.3 x

n.a.
n.a.
5.0%
3.9%
2.1%

n.a.
n.a.
25.0%
3.1%
12.2%

-2.6%
n.a.
-3.5%

2.5%
n.a.
-4.2%

12.5 x
14.3 x
15.9 x

2.1 x
2.1 x
3.1 x

2.6%
1.9%
1.0%

29.5%
39.6%
29.9%

40
2.7

80
0.2

source: ExcelConnect, AF Estimates | data in local currency, reported

FTSE -

140
20.8

Market cap (bn)

Institutional ownership (30/09)
-Domestic
-Foreign
Institutional flows (net, bn)
-Domestic
-Foreign
Trading vol

/$
Current

20
17.9

6.3%

5.2%

10.5%

33.9%

40.8%

18.3%

Total LTM
(0.01)
(0.17)

FTSE 20 LTM
(0.21)
(0.10)

Last week

y-t-d

33.75

84.66

(daily avg., mn)

1.3029

Greek Equities

PSI+
, .
,
(PSI) .


Fitch.

. DJ Eurostoxx
5.1% ,
FTSE 100 DAX 2,6% 4.8% .

33.7. ( 28.
85.7. ).
2,6% , (-15,7%
).

53.6%,
(DJ Eurostoxx 21.3% ). FTSE 20
62.2% FTSE Mid
Cap 56.5%.
:
4.4%,
2.6% .
,
15.7%, ( -11.7% ).

: FTSE 20:
Alpha Bank (-28.5%,
3.6% -25.3% ).
(+7.9% +1.1% ).

3.7%

Bonds (10yr)
Current
33.5%

Model Portfolio ,
, -39.8%, (FTSE/ASE
Market) -61.3%. 21.6%. 2
,
Terna Energy, . /
95/5.

PSI+
.
: )
Model Portfolio Highlights
2011, )
Allocation in equities
95%
6,5%,
Allocation in cash
5%
, ) Forthnet
13 , ) , Intralot, Lotomatica
Key equity positions
Motor Oil (20%), Piraeus Port (15%), OPAP (15%), PPC (15%), Terna Energy Scientific Games
, )
(10%), Metka (10%), Mytilineos (10%),
14% , )
22 1
, ) 1 , )
400.,
1
Performance
Net
) )
2004
18.8%
, RAE
2005
37.1%
.
w-o-w
y-t-d

2006
2007

-2.67%
-2.62%

W-1
Dec 10

35.1%
12.5%

27.6%
12.0%

2008
-60.3%
2009
31.4%
2010
-24.2%
2011 y-t-d
-31.1%
Source: AF Research | 1: After dividends and transaction costs | Alpha
Finance model portfolio was first launched in Jan03. It is usually rebalanced
on a monthly basis. We account for transaction costs at 46bp and 76bp on
any purchase or sale respectively and also include dividends entitled to.

(
),
. PSI+
.

source: ASE, AF Research

Alpha Finance . , AF
.
.

05

page 1

Alpha Finance Equity Research

Investment Perspectives | Weekly19-12-11

,
250,53
4,99%.
(triple witching) , 249,85
246,50 , 4,55% .
premium , 0,80%.
16.728
, open interest 13,420 .
, 708
, at-the-money 57% 61%.
F utures V olume

P ut/C all Ratio

30000

18.0

2.5

14.0

2.0

10.0

1.5

8.0
6.0

1.0

20000

Open Interest

Volume

12.0

15000

Contracts

25000

16.0

10000
5000

4.0
9--11

AJ1 Index

2--11

25--11

18--11

4--11

11--11

20--11

27--11

6--11

13--11

29--11

22--11

8--11

15--11

1--11

18--11

25--11

0.0

3--11

12/15

12/8

12/1

11/24

11/17

11/10

11/3

10/27

10/20

10/13

10/6

9/29

-2.0

0
10--11

0.5

0.0

27--11

2.0

S trike
V olume

O pen Interest

F TS E -20 F ront mo Basis

10
8
6
4
2
0
-2
-4

C all

P ut

10-day

12/13

12/9

12/5

12/1

11/27

11/23

11/19

11/15

11/11

-6

11/7

Vol %

F TS E -20 H istorical v s Implied

140
130
120
110
100
90
80
70
60
50
40
30
20
10
0

30-day

-8
-10
11/2

11/9

11/16

11/23

11/30

12/7

12/14

F TS E -20

Calendar
AGMs / EGMs / RGMs

26
13 Week T-bills
16/12

MACRO
20/12

to announce

Cbank C/A- Oct

05

02

Investment Perspectives | Weekly

AF Universe Valuations & Statistics

December 19, 2011

52 w-H ()

Mkt Cap (mn)

Free float

No. shares (mn)

Rating

Target price

0.48
0.17
0.33
1.44
0.16
0.44
0.20
0.27

5.68
3.90
5.29
8.10
1.95
3.58
1.21
4.14

3,713
262
541
185
1,501
306
423
375
119

80%
100%
17%
57%
100%
94%
90%
73%
43%

6,746
534
905
553
956
1,143
899
1,470
284

Neutral
Restricted (G)
Non Rated
Restricted
U/R
U/R
U/R
U/R
Non Rated

Restricted (G)
N/R
Restricted
U/R
U/R
U/R
U/R
N/R

-40.2%
3.1%
-60.1%

2.89
0.11

8.58
0.71

1,463
1,446
17

74%
75%
25%

646
490
155

Outperform
Outperform
Neutral

6.00
0.24

-64.7%
-61.8%
-28.9%
-19.8%
-51.5%

-24.3%
-18.2%
52.2%
71.8%
3.9%

3.98
2.50
2.60
1.35

13.10
5.79
5.38
4.10

1,580
951
350
116
162

42%
50%
30%
30%
32%

484
232
107
36
109

Outperform
Outperform
Under Review
Under Review
Under Review

13.60
UR
UR
UR

1.10
0.68
12.36
1.95
0.65

-64.6%
-65.7%
-43.5%
-29.7%
-56.9%
-79.9%

-24.1%
-26.5%
21.0%
50.7%
-7.7%
-56.9%

0.97
0.63
9.32
1.87
0.56

4.19
1.48
18.36
4.80
4.04

1,342
204
54
890
138
57

68%
75%
40%
75%
30%
60%

496
177
78
85
71
86

Outperform
Under review
Under review
Neutral
Not rated
Under review

UR
UR
14.40
n.a.
UR

OPAr.AT
INLr.AT
AGNr.AT

6.68
0.74
1.41

-63.6%
-48.7%
-70.4%
-36.7%

-22.1%
9.9%
-36.5%
n.a.

5.88
0.71
1.28

16.97
2.88
2.38

2,333
2,118
117
97

72%
75%
50%
29%

549
319
159
71

Neutral
Outperform
Under Review
Neutral

13.60
UR
1.90

Personal & Household goods

Folli Follie
Sarantis
Fourlis

HDFr.AT
SRSr.AT
FRLr.AT

7.50
1.99
1.50

-43.0%
-30.3%
-37.3%
-71.3%

22.0%
49.2%
34.2%
-38.5%

6.20
1.45
1.56

15.40
3.57
6.53

666
511
72
82

59%
50%
75%
100%

122
33
38
51

Neutral
U/R
U/R
U/R

11.00
3.20
5.30

Industrial Goods & Services

Frigoglass
Metka
Viohalco
PPA (OLP)
TPA (OLTH)

FRIr.AT
MTKr.AT
VIO.AT
OLPr.AT
OLTr.AT

3.67
5.71
2.89
8.66
9.77

-32.9%
-52.4%
-36.7%
-27.7%
-24.0%
-5.8%

43.8%
2.0%
35.5%
55.0%
62.8%
101.8%

3.67
5.07
2.81
8.18
9.30

9.38
11.13
4.90
17.29
16.78

1,399
188
310
584
219
99

54%
50%
40%
75%
30%
30%

327
40
52
199
25
10

Outperform
Neutral
Outperform
Not rated
Outperform
Not rated

12.60
14.00
n.a.
22.45
n.a.

Oil & Gas

Hellenic Petroleum
Motor Oil

HEPr.AT
MORr.AT

6.29
5.97

-28.8%
4.6%
-16.5%

52.5%
124.1%
78.9%

5.11
5.50

7.84
9.13

2,539
1,874
666

40%
40%
39%

416
306
111

Neutral
Neutral
Outperform

8.30
11.00

Food & Beverage

Coca Cola Hellenic Bottling

HLBr.AT

12.32

-23.7%
-35.4%

63.4%
38.4%

10.81

21.66

4,457
4,457

40%
40%

366
366

Neutral
Neutral

20.50

Basic Resources
Mytilineos
Elval
Halcor
Sidenor
S&B Industrial Minerals
Corinth Pipeworks

MYTr.AT
VAL.AT
XAKO.AT
SID.AT
BARr.AT
CORr.AT

2.80
1.16
0.45
0.89
3.93
0.52

-47.5%
-30.2%
13.7%
-24.2%
-64.0%
2.0%
-15.2%

12.4%
49.6%
143.6%
62.4%
-22.9%
118.4%
81.7%

2.72
1.00
0.46
0.90
3.12
0.56

5.81
1.67
1.03
3.60
4.84
1.42

891
344
144
48
87
199
70

51%
75%
40%
30%
40%
40%
20%

594
117
124
101
96
31
124

Neutral
Outperform
Not rated
Not rated
Outperform
Outperform
Outperform

7.90
n.a.
n.a.
3.26
6.20
1.41

Healthcare
Athens Medical
Iaso
Euromedica
Hygeia

AMCr.AT
IASr.AT
EMDr.AT
HYGr.AT

0.27
0.67
0.45
0.24

-88.5%
-53.3%
-44.9%
-86.1%
-59.8%

-75.3%
0.0%
18.0%
-70.3%
-14.0%

0.23
0.63
0.24
0.21

0.74
1.62
4.12
0.75

142
24
35
9
74

48%
40%
100%
20%
30%

309
87
53
44
126

Neutral
Not rated
Not rated
Not rated
Not rated

n.a.
n.a.
n.a.
n.a.

-67.4%

-30.2%

485

50%

200

Neutral

Sprider
Babyland (Jumbo)

SPDr.AT
BABr.AT

0.16
3.75

-81.5%
-25.1%

-60.3%
60.4%

0.14
3.40

0.97
5.99

4
481

40%
50%

79
121

Underperform
U/R

0.96
6.50

Financial Services
EFG Properties
Lamda Development
Hellenic Exchanges
B. Vovos
MIG

EUPr.AT
LMDr.AT
EXCr.AT
EXCr.AT
MRFr.AT

3.58
2.30
2.75
2.75
0.36

-72.3%
-37.0%
-41.7%
-40.6%
-70.1%
-44.6%

-40.6%
35.0%
24.9%
27.2%
-36.0%
18.7%

3.32
1.90
2.50
0.30
0.20

7.00
4.10
6.98
1.74
1.03

829
229
101
184
16
299

57%
30%
25%
79%
50%
75%

957
61
44
70
34
747

Non rated
Outperform
Under Review
Neutral
Not rated
Not rated

8.10
n.a.
4.60
n.a.
n.a.

Ticker

Price ()

YTD (abs)

YTD (rel)

ACBr.AT
AGBr.AT
EFGr.AT
NBGr.AT
BOPr.AT
BOCr.AT
MRFr.AT
GPSr.AT

0.44
0.32
0.30
1.59
0.21
0.44
0.36
0.41

-87.9%
-87.1%
-89.8%
-91.1%
-74.1%
-86.1%
-81.8%
-76.8%
-85.7%

-74.1%
-72.4%
-78.2%
-80.9%
-44.4%
-70.3%
-61.0%
-50.2%
-69.3%

Telecommunications
OTE
Forthnet

OTEr.AT
FORr.AT

2.78
0.11

-72.1%
-51.9%
-81.4%

Utilities
Public Power Corporation
Athens Water
Thessalonica Water
Terna Energy

DEHr.AT
EYDr.AT
TWSr.AT
TENr.AT

3.99
3.39
3.20
1.42

Construction & Materials

Ellaktor
J&P Avax
Titan
Heracles
Gek

HELr.AT
AVAr.AT
TTNr.AT
HERr.AT
HRMr.AT

Travel & Leisure

Opap
Intralot
Aegean Airlines

UNIVERSE
Banks
Alpha Bank
ATE Bank
Eurobank EFG
National Bank of Greece
Piraeus Bank
Bank of Cyprus
Marfin Popular Bank
Postal Savings Bank

Retail

52 w-L ()

Investment Perspectives | Weekly

AF UNIVERSE
Banks
Alpha Bank
ATE Bank
Eurobank EFG
National Bank of Greece
Piraeus Bank
Bank of Cyprus
Marfin Popular Bank
Postal Savings Bank

-----P/E-----2010a
2011e
10.4x
11.7x
34.8x
<0
<0
<0
<0
<0
<0
<0
3.5x
<0
<0
<0
1.1x
1.5x
3.9x
9.8x
<0
<0

-----EPS () ---2010a
2011e
0.18
0.15
0.02
-0.02
0.00
-0.14
-0.48
-0.15
-0.14
-0.15
0.45
-0.05
-0.04
-0.03
0.41
0.31
0.06
0.02
-0.18
-0.20

----EPS growth----2010a
2011e
-52.9% -15.8%
-93.9%
-209.7%
-100.1% 21245.2%
-3.0%
-68.2%
-135.0%
9.5%
-61.9%
-111.1%
-125.8%
-34.6%
-10.4%
-25.4%
-50.6%
-59.9%
-309.1%
9.7%

---P/BV---2010a
2011e
0.4x
0.4x
0.1x
0.2x
0.1x
0.1x
11.6x
0.7x
0.0x
0.1x
0.2x
0.2x
0.0x
0.1x
0.2x
0.1x
0.1x
0.1x
0.2x
0.4x

----Div. Yld.---2010a
2011e
5.1%
4.4%
2.8%
1.1%
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
19.1%
9.8%
n.a.
n.a.
n.a.
n.a.

----EV/EBITDA---2010a
2011e
4.9x
5.3x
n.m.
n.m.
n.m.
n.m.
n.m.
n.m.
n.m.
n.m.
n.m.
n.m.
n.m.
n.m.
n.m.
n.m.
n.m.
n.m.
n.m.
n.m.

----RoE---2010a
2011e
3.7%
3.3%
0.4%
<0
<0
<0
<0
<0
<0
<0
3.9%
<0
<0
<0
11.9%
9.9%
2.4%
1.0%
<0
<0

Telecommunications
OTE
Forthnet

<0
36.5x
<0

8.7x
5.7x
<0

-0.07
0.08
-0.55

0.26
0.52
-0.56

-112.5%
-90.2%
109.2%

-469.8%
546.1%
3.0%

1.1x
1.3x
0.1x

1.0x
1.1x
0.1x

3.9%
4.0%
n.a.

6.1%
6.2%
n.a.

3.4x
3.3x
6.8x

3.4x
3.3x
7.8x

<0
3.2%
<0

11.9%
23.3%
<0

Utilities
PPC (Public Power Corporation)
EYDAP (Athens Water)
Thessalonica Water
Terna Energy

2.7x
1.7x
29.2x
8.3x
16.9x

7.0x
6.3x
10.0x
7.3x
6.5x

1.23
2.40
0.11
0.39
0.09

0.47
0.65
0.33
0.44
0.23

-18.6%
-19.5%
110.5%
-2.7%
-39.2%

-61.9%
-73.0%
191.7%
14.3%
160.4%

0.2x
0.1x
0.4x
1.1x
0.4x

0.2x
0.1x
0.4x
1.0x
0.4x

12.4%
19.3%
1.2%
3.4%
2.7%

6.1%
7.4%
2.6%
3.4%
8.0%

3.7x
3.4x
8.4x
3.6x
n.a.

4.9x
4.7x
7.1x
3.1x
n.a.

7.5%
8.4%
1.5%
13.4%
2.6%

2.8%
2.2%
4.2%
14.4%
6.7%

Construction & materials

Ellaktor
J&P Avax
Titan
Heracles
Gek

8.5x
>100
3.6x
8.7x
<0
1.3x

<0
<0
4.1x
17.6x
<0
1.1x

0.32
0.00
0.19
1.33
-0.10
0.52

-0.01
-0.29
0.17
0.66
-0.99
0.62

-51.6%
-99.2%
-44.4%
-17.2%
-147.6%
-50.4%

-102.9%
-9357.2%
-13.3%
-50.6%
861.9%
18.9%

0.3x
0.2x
0.2x
0.6x
0.2x
0.1x

0.3x
0.2x
0.2x
0.6x
0.2x
0.1x

3.1%
3.4%
3.2%
1.7%
n.a.
29.2%

2.2%
n.a.
2.8%
0.9%
n.a.
34.8%

4.3x
4.0x
5.4x
5.3x
0.5x
3.2x

6.3x
7.6x
5.1x
6.3x
-2.8x
3.5x

3.8%
0.1%
5.6%
6.8%
<0
7.6%

<0
<0
4.6%
3.2%
<0
8.4%

Travel & Leisure

Opap
Intralot
Aegean Airlines

3.9x
3.7x
2.3x
<0

4.8x
4.4x
7.3x
<0

1.10
1.81
0.32
-0.33

0.89
1.53
0.10
-0.23

-9.5%
-3.0%
2.5%
-201.3%

-19.4%
-15.4%
-68.5%
-30.4%

2.7x
5.4x
0.4x
0.5x

2.8x
5.8x
0.4x
0.6x

21.1%
23.2%
0.6%
n.a.

12.5%
13.8%
n.a.
n.a.

1.8x
1.6x
2.8x
16.4x

2.3x
2.1x
3.3x
-2.3x

73.5%
175.1%
18.3%
<0

57.3%
128.9%
5.6%
<0

Personal & Household goods

Folli Follie
Sarantis
Fourlis

6.1x
3.0x
6.1x
5.5x

6.4x
3.3x
5.4x
5.7x

0.90
2.53
0.31
0.29

0.85
2.31
0.35
0.28

-24.8%
-15.2%
-27.9%
-53.1%

-5.5%
-8.6%
13.5%
-3.3%

0.8x
0.5x
0.6x
0.4x

0.7x
0.4x
0.5x
0.4x

0.0%
n.a.
0.4%
n.a.

0.1%
n.a.
0.5%
n.a.

5.6x
6.0x
4.2x
4.2x

6.1x
6.7x
3.9x
4.4x

14.4%
19.6%
9.9%
6.9%

11.2%
13.3%
10.3%
6.4%

Industrial Goods & Services

Frigoglass
Metka
Viohalco
PPA (OLP)
TPA (OLTH)

13.7x
7.1x
3.5x
<0
31.0x
16.1x

9.5x
5.0x
3.7x
33.1x
39.7x
10.5x

0.31
0.52
1.71
-0.10
0.28
0.61

0.45
0.75
1.63
0.09
0.22
0.93

-253.2%
425.0%
152.1%
-72.7%
-121.0%
37.2%

44.4%
42.9%
-4.5%
-184.4%
-21.7%
53.0%

0.8x
1.3x
1.3x
0.5x
1.5x
0.8x

0.8x
1.1x
1.7x
0.5x
1.4x
0.8x

1.1%
n.a.
3.8%
n.a.
n.a.
3.1%

5.3%
6.7%
16.4%
1.1%
1.0%
4.8%

7.2x
4.9x
2.3x
11.2x
16.5x
3.2x

6.2x
4.3x
2.3x
8.0x
16.6x
2.5x

6.0%
20.1%
45.5%
<0
4.8%
5.2%

8.4%
24.2%
40.3%
1.6%
3.7%
7.7%

Oil & Gas

Hellenic Petroleum
Motor Oil

8.1x
10.3x
5.1x

6.1x
9.4x
3.1x

0.75
0.59
1.18

1.00
0.65
1.97

5.5%
-3.6%
21.4%

33.7%
10.1%
66.3%

0.9x
0.8x
1.6x

0.8x
0.7x
1.3x

6.5%
7.3%
4.2%

8.1%
4.0%
19.5%

7.1x
7.4x
6.4x

6.6x
9.8x
3.3x

11.3%
7.6%
33.6%

14.3%
8.1%
46.3%

Food & Beverage

Coca Cola Hellenic

10.6x
10.6x

9.5x
9.4x

1.15
1.15

1.29
1.29

5.6%
5.6%

12.1%
12.1%

1.5x
1.5x

1.4x
1.4x

0.0%
n.a.

0.0%
n.a.

6.0x
6.0x

6.1x
6.1x

15.4%
15.4%

15.2%
15.2%

Basic Resources
Mytilineos
Elval
Halcor
Sidenor
S&B Industrial Minerals
Corinth Pipeworks

20.6x
6.1x
16.9x
<0
<0
11.4x
<0

8.2x
4.1x
7.9x
12.2x
<0
9.6x
8.8x

0.07
0.48
0.07
-0.13
-0.24
0.34
-0.01

0.18
0.71
0.15
0.04
-0.23
0.41
0.06

-168.8%
-9450.0%
-232.3%
-32.4%
-67.7%
-12.6%
-107.6%

151.3%
48.3%
113.5%
-129.7%
-5.3%
18.6%
-617.6%

0.4x
0.5x
0.3x
0.3x
0.2x
0.8x
0.5x

0.4x
0.4x
0.3x
0.3x
0.2x
0.8x
0.5x

0.5%
n.a.
n.a.
n.a.
n.a.
2.2%
n.a.

3.4%
3.8%
4.4%
2.9%
n.a.
3.7%
4.0%

6.9x
5.5x
6.2x
16.1x
10.3x
4.7x
5.2x

5.8x
4.8x
5.0x
7.3x
10.2x
4.3x
6.1x

2.0%
7.9%
1.7%
<0
<0
7.3%
<0

4.7%
9.9%
3.5%
2.6%
<0
8.6%
5.2%

Healthcare
Athens Medical
Iaso
Euromedica
Hygeia

<0
<0
74.2x
<0
<0

<0
<0
<0
<0
<0

-0.43
-0.11
0.01
-1.05
-0.62

-0.11
-0.12
-0.04
-0.08
-0.14

-4518.3%
-600.4%
-96.6%
113.1%
-967.8%

-75.0%
5.9%
-529.3%
-92.5%
-77.3%

0.2x
0.1x
0.3x
0.1x
0.1x

0.2x
0.2x
0.3x
0.1x
0.1x

0.1%
n.a.
0.5%
n.a.
n.a.

0.0%
n.a.
n.a.
n.a.
n.a.

19.2x
10.5x
8.4x
19.1x
-53.3x

13.4x
12.8x
9.4x
12.2x
22.5x

<0
<0
0.4%
<0
<0

<0
<0
<0
<0
<0

Retail
Sprider
Babyland (Jumbo)

7.0x
<0
5.7x

7.8x
<0
5.7x

0.35
-0.13
0.65

0.31
-0.20
0.64

-24.2%
124.5%
-17.1%

-9.6%
53.9%
-1.5%

1.0x
0.2x
1.0x

0.9x
0.3x
0.9x

5.0%
n.a.
5.4%

13.1%
n.a.
5.7%

3.6x
6.6x
3.4x

4.3x
-33.2x
3.8x

15.0%
<0
19.6%

11.9%
<0
16.3%

Financial Services
EFG Properties
Lamda Development
Hellenic Exchanges
B. Vovos
Marfin Investment Group

<0
52.7x
<0
9.3x
<0
<0

<0
18.8x
<0
9.9x
1.1x
<0

-0.24
0.07
-0.17
0.30
-1.47
-0.26

-0.19
0.20
-0.14
0.28
0.44
-0.30

154.5%
-89.0%
-196.2%
-27.9%
-34.9%
118.7%

-18.5%
180.3%
-17.7%
-5.9%
-130.0%
16.0%

0.2x
0.3x
0.2x
1.3x
0.3x
0.1x

0.3x
0.3x
0.3x
1.3x
0.2x
0.2x

4.4%
12.8%
n.a.
3.8%
n.a.
n.a.

4.5%
13.0%
n.a.
4.0%
n.a.
n.a.

-43.3x
21.0x
163.6x
1.9x
-9.5x
n.m

73.1x
15.3x
38.3x
2.5x
22.0x
n.m

<0
0.6%
<0
14.3%
<0
<0

<0
1.8%
<0
13.5%
22.1%
<0


ALPHA FINANCE INVESTMENT SERVICES S.A. (Alpha Finance)

Headquarters: 5, Merlin Street, GR 106 71 Athens, www.alphafinance.gr

T +30-210-367 7400, F +30-210-331 1193, reception@alphafinance.gr
Ministry of Development, S.A. Registration Number: 19420/06/B/89/01
Regulated by the Hellenic Capital Market Commission, License No. 42/13.04.1989

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Member of the AE, CSE
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106 71 Athens
Greece

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