Page 1

HELLENIC MARKETS | WEEKLY MONITOR

Friday, 08 March 2013


WEEKLY OUTLOOK GREECE General Index FTSE ASE Large Cap FTSE Banks Weekly Volume (€m) Market Cap (€bn)

Close 936.57 307.15 103.28 52.27 30.55

W-o-W -7.09% -8.17% -19.98% -16.27%

3 1 /1 2 3.16% -0.82% -38.84%

GLOBAL MARKETS Dow Jones S&P DAX CAC 40 FTSE-100

CYPRUS General Index FTSE/CySE 20 Parallel market Banks Weekly Volume (€m) Market Cap (€bn)

Close 92.66 37.08 594.34 88.11 0.47 0.74

W-o-W -15.10% -13.40% -3.96% -16.35% -8.19%

3 1 /1 2 -19.33% -16.49% -5.27% -20.97%

BALTIC INDICES Baltic Dry Index Capesize Index Panamax Index Supramax Index Handysize Index

Close 14,329.49 1,544.26 7,939.77 3,793.78 6,439.16 Close 834 1,260 1,112 852 478

W-o-W 1.96% 1.95% 2.56% 1.90% 1.23% W-o-W 2.71% -7.07% 10.99% 8.37% 6.08%

3 1 /1 2 9.35% 8.28% 4.30% 4.19% 9.18% 3 1 /1 2 24.66% 2.02% 59.08% 17.03% 6.94%

source: Athens Stock Exchange, Instanbul Stock Exchange, Cyprus Stock Exchange, Bloomberg

Negative week for Hellenic markets. Cyprus Stock Exchange posted the biggest losses by falling 15.10% w-o-w and Athens Stock Exchange fell by 7.09% on a weekly basis. Volumes came in lower across the board. As far as Greece is concerned, after a long period of time, macroeconomic data have started to reverse. In particular, the unemployment rate decelerated slightly m-o-m to 26.4% in December 201, while the economic climate index reached a 2yr high in February. On top of that, the Governor of Bank of Greece stated that deposit inflows reached €2.0bn in February. The Greek Finance Minister also stated that banks recapitalizations will take place in April or little later. In other news, OPAP delivered an indifferent set of results, as 2013 is a tough year due to the imposition of a 30.0% tax on GGR and taxation of player’s winnings which is expected to burden profitability. The company also called for an EGM on 26 March in order to approve the new IT contract with Intralot. No more details are available at the moment but the news is positive for Intralot. Last but not least, EU Finance Ministers are confident that an agreement with Cyprus can be reached. The Governor of Central Bank of Cyprus said Cypriot banks must merge their Greek franchises and to sell their international operations in an effort to reduce the size of the banking sector. The medium-term trend of ASE remains positive and only a major negative catalyst could reverse it. However, the short-term trend has turned to BEARIS H from NEUTRAL last week. First support level is standing at 921 and first resistance level at 977. We expect the correction to continue next week due to the impending recapitalizations of banks that will absorb significant liquidity from the stock market. FTSE ASE Large Cap is trading 13.3x EPS13e. We hold a NEUTRAL view on Hellenic banks and reiterate our positive stance on Hellenic Telecom and Intralot. OTE is trading 9.9x EPS13e, at a 3% premium to its European peers, while Intralot is trading 12.4x EPS13e, at a material discount of 26% to its peers. Finally, we believe that the correction is a good entry point for medium-term investors and hence we would be buyers on both stocks in any significant correction.

Macro Outlook Valuation Momentum Political risk Medium t e r m Out look

Athens Stock Exchange Cyprus Stock Exchange + + h

i

Have a great weekend. Yours faithfully,

Petros P.Tsourtis

www.diamondcapital.gr

1


GREEK EQUITIES OUTLOOK

www.diamondcapital.gr

2


FTSE ASE LARGE CAP VALUATION CONSENSUS Stock (€)

Price

%

M.Cap (€m)

Rating

NBG

0.79

-5.42%

962.9

Neutral

1.61

0.0x

0.0x

-

Alpha Bank

0.83

-7.48%

442.9

Neutral

2.60

0.0x

0.0x

-

Eurobank EFG

0.31

-2.80%

173.1

-

-

0.0x

0.0x

-

Piraeus Bank

0.20

-9.91%

228.7

Neutral

0.22

0.0x

0.0x

-

0.180 -10.89%

323.1

Neutral

0.44

0.0x

0.0x

-

Bank of Cyprus

Target Price (€) P/E13E P/E14E Div. Yield13E

Public Power Co

6.34

-7.31%

1,470.9

Neutral

8.67

11.3x

2.6x

4.7%

Hellenic Telecom

5.68

-4.05%

2,784.1

Outperform

5.19

9.9x

8.2x

1.4%

20.15 -1.23%

Coca Cola Hellenic

7,386.1

Neutral

16.80

20.0x

16.7x

1.6%

OPAP

6.62

-4.89%

2,111.8

Neutral

6.30

18.2x

6.6x

3.8%

Intralot

2.19

-2.67%

348.1

Outperform

2.69

12.4x

13.7x

0.9%

Titan Cement

14.48

0.56%

1,115.9

Underperform

12.00

29.5x

16.9x

0.8%

Motor Oil

8.10

-4.93%

897.3

Outperform

9.38

6.0x

5.9x

7.5%

Hellenic Petroleum

7.91

-1.62%

2,417.6

Neutral

7.16

7.9x

7.2x

5.7%

Jumbo

7.14

1.42%

927.9

Neutral

5.69

10.3x

9.2x

3.5%

13.60

0.15%

910.5

-

-

9.6x

8.7x

0.0%

4.78

-4.40%

558.9

Outperform

3.47

8.7x

6.6x

1.9%

11.80 -0.34%

613.0

Buy

11.60

12.4x

12.7x

3.9%

Folli Follie Mytilineos Metka Viohalco

3.74

-4.35%

746.0

-

-

0.0x

0.0x

-

Ellaktor

1.71

-6.04%

302.7

Outperform

4.10

97.6x

22.4x

0.0%

MIG

0.38

-1.30%

292.0

-

-

0.0x

0.0x

0.0%

18.50 -2.12%

Piraeus Port Authority

462.5

Outperform

25.80

0.0x

0.0x

0.0%

Frigoglass

5.14

-3.20%

259.7

Outperform

5.40

15.4x

9.0x

1.9%

Hellenic Exchanges

4.75

-2.86%

310.5

Outperform

4.41

17.8x

16.1x

2.5%

Terna Energy

2.97

-1.00%

324.7

Outperform

3.25

9.2x

7.9x

3.4%

Eurobank Properties

5.95

1.71%

363.0

-

-

0.0x

0.0x

0.0%

13.3x

9.5x

2.3%

W. Average

26,734

sourc e: Thomson Reuters, DC estimates

www.diamondcapital.gr

3


ECONOMY Greece must keep the reform momentum-Eurogroup The Eurogroup called on the Greek authorities to keep the reform momentum and in particular to fully implement the agreed milestones for March as a precondition for the disbursement of a further sub-tranche of €2.8bn under the second installment. In other news, the Greek Finance Minister ruled out a new haircut on GGBs in 2013. Greece borrowed €1.14bn in 26W T-Bills PDMA announced that the Hellenic government borrowed ca€1.14bn in 26W T-Bills at a 4.25% yield. Coverage ratio stood at 1.64x. Greek Economic Climate Index at 2yr high in February According to IOBE, the economic climate index in Greece rose to a 2-yr high at 86.9 units from 85.8 units in January, reflecting the change of sentiment of domestic enterprises. Greek unemployment rate decelerated to 26.4% in December 2012 Hellenic Statistical Authority announced that the unemployment rate decelerated marginally to 26.4% in December 2012 from 26.6% in November 2012 and 21.4% in December 2011. The number of unemployed increased by 4.584 persons m-o-m, while for the first time the number of employed rose by 40.316 persons on a monthly basis. Finally, the unemployment rate climbed to 25.9% in 2012 versus 17.2% in 2011. We anticipate to surpass the 30.0% threshold and to accelerate to 29.0% in 2013. Eurogroup confident that an agreement with Cyprus can be reached The Eurogroup welcomed the new Cypriot government and is confident that a swift conclusion of the negotiations towards a MoU can be reached. Eurogroup reiterated its readiness to assist Cyprus in its adjustment effort in order to bring the economy to a sustainable path and has been informed that the preparatory work for concluding a Memorandum of Understanding is advanced and that the new government has agreed on an independent evaluation of the implementation of the anti-money laundering framework in Cypriot financial institutions. The Eurogroup will reconvene again in the near term in view of the progress of the discussions between the Cypriot authorities and the international institutions. Cyprus inflation decelerated in February According to the Statistical Service of the Republic of Cyprus, consumer price index decelerated to 1.6% in February 2013 from 1.8% in January 2013 and 3.1% a year earlier.

BANKS Banks recapitalization to take place in April or little later-Finance Minister The Greek Finance Minister stated that banks recapitalizations are in the final phase and will take place in April or little later. System deposits rose by €2.0bn in February-BoG governor The Governor of Bank of Greece stated that system deposits accelerated by €2.0bn in February. Recall that system deposits stood at €161.0bn in January. NATIONAL BANK OF GREECE <NBGr.AT><ETE GA> denied reports on Finansbank National Bank of Greece officially denied press reports citing the sale of its Turkish franchise Finansbank to Qatar National Bank.

www.diamondcapital.gr

4


Cypriot banks must merge their Greek franchises-Governor The Governor of the Central Bank of Cyprus stated that the reduction of the size of the banking sector by 20.0% in the next three to five years is feasible. In this spectrum, he proposed Cypriot banks to merge their Greek franchises in one as well as to sell their international subsidiaries. On top of that, he proposed the imposition of a 10.0% tax on deposits which could generate revenues of €150.0m and the government to proceed with privatizations which could generate additional revenues of €4.5bn.

GAMING OPAP <OPAr.AT><OPAP GA> 2012 results Q4 revenues came in at €1.02bn (-11.8% y-o-y), with KINO sales at €573.6m (-4.3% y-o-y), and STIHIMA sales at €340.9m (-19.2% y-o-y). Sales of other games tumbled by 21.2% y-o-y to €111.1m. KINO accounted for 55.9% of sales and STIHIMA for 33.2% respectively. Payout eroded to 65.7% in Q412 from 67.1% in Q411. STIHIMA payout squeezed to 63.7% in Q4 versus 67.6% a year earlier and 69.4% in Q312. KINO payout lowered to 69.6% in Q4 from 70.2% a year ago. Operating expenses tumbled by 14.4% y-o-y to €52.2m. EBITDA came in at €174.2m (-5.8% y-o-y). EBITDA margin widened to 17.0% vs. 15.9% a year earlier. Net profit came in at €133.8m (4.3% y-o-y). Management proposed the distribution of a €0.57 gross DPS, implying a gross div. yield of 8.6%. Management is scheduled to host a conference call today at 16:00 Local/14:00 UK Time. Dial-in numbers GR: 211 180 2000, UK: +44 (0) 800 376 9250, US: +1 866 288 9315. We expect investors to focus on a) top line performance after the imposition of a 10.0% tax on player’s winnings from 01.01.2013 and b) on the privatization progress. P & L (€ m) Sales KINO STIHIMA STIHIMA payout EBITDA margin Net profit

Q4 1 2 1,025.5 573.6 340.9 63.7% 174.2 17.0% 133.8

Q4 1 1 1,162.3 599.4 421.9 67.6% 185.0 15.9% 128.3

% -11.8% -4.3% -19.2% -5.8% 4.3%

2012 3,971.6 2,145.5 1,381.2 68.9% 673.8 17.0% 505.5

2011 4,358.5 2,242.7 1,560.7 69.4% 734.2 16.8% 537.5

% -8.9% -4.3% -11.5% -8.2% -6.0%

source: OPAP

VIEW: OPAP delivered a weak set of Q4 results as expected. On the positive side, the performance of KINO remained resilient with a low single-digit drop and STIHIMA payout came in lower in Q4. On the negative side, sports betting game STIHIMA remains under extreme pressure on the back of lower disposable income and the intense competition from illegal internet operators. Nonetheless, the results are indifferent due to the impending privatization of the company as well as the imposition of a 30.0% tax on GGR and 10.0% tax on player’s winnings from the beginning of the year which is expected to burden operating profitability. OPAP <OPAr.AT><OPAP GA> New tax on games to commence on 18 March The new tax on OPAP games will commence on 18 March. Recall that the tax free bracket of €100 will be re-launched, while player’s winnings between €100-€500 will be taxed at a 15% rate and above €500 at a 20.0% rate. HRADF launched the privatization process for Horse race betting organisation The Hellenic Republic Asset Development Fund (HRADF) announced on Friday the launch of an international open tender for the grant of the exclusive right to organize and conduct mutual betting on horse races in Greece for a period of twenty years. The submission for expressions of interest from interested investors must be received by April 12 2013 at 17:00 Local Time and afterwards shortlisted investors should submit their binding financial offers.

www.diamondcapital.gr

5


OPAP <OPAr.AT><OPAP GA> EGM on 26 March OPAP announced that the BoD of the company on 2 March 2013 decided to conclude the bidding process related to the selection of the technology provider for the core system with Intralot. The new contract will cover the supply of application software, hardware and services for implementation and support of OPAP’s core system which will ensure the full execution and distribution of the company’s 11 games as well as the provision of certain peripheral systems. The implementation works will commence immediately after the signing of the new contract. The BoD called for a EGM of shareholders on Tuesday 26 March at 12:00 Local Time where shareholders will approve the new contract with Intralot. The new contract ensures that the company will continue its operations in an uninterrupted and seamless manner after 30 July 2013. VIEW: The news is positive on Intralot which is one of our top picks in our Hellenic universe. However, it is still too early to assess the positive impact on Intralot’s valuation as the details of the new contract are unknown. The stock is trading 12.8x EPS13e, at a 20.0% discount to its European peers. HRADF launched the privatization process for Horse race betting organisation The Hellenic Republic Asset Development Fund (HRADF) announced on Friday the launch of an international open tender for the grant of the exclusive right to organize and conduct mutual betting on horse races in Greece for a period of twenty years. The submission for expressions of interest from interested investors must be received by April 12 2013 at 17:00 Local Time and afterwards shortlisted investors should submit their binding financial offers.

BEVERAGES COCA COLA HELLENIC <HLBr.AT><EEEK GA> UK Listing Authority approved the prospectus The company announced that its prospectus for admission to trading of its ordinary shares to the premium segment of the London Stock Exchange and public offering of its ordinary shares in UK and once pass ported in Greece and Austria has been approved by the UK Listing Authority. CCHBC expects the acceptance period for the voluntary share exchange offer to commence later this month and to end in mid-April 2013, while trading in LSE to commence towards the end of April 2013.

INDUSTRIALS TITAN CEMENT <TTNr.AT><TITK GA> A poor set of results as expected Titan Cement reported a weak set of results that came in below market expectations. In a snap view, cons. revenues came in at €1.1bn (3.6% y-o-y), EBITDA at €195.8m (-19.8% y-o-y), while the company posted a net loss of €24.5m. P & L (€ m) Sales EBITDA margin Net profit

2012 2011 1,130.7 1,091.4 195.8 244.1 17.3% 22.4% (24.5) 11.0

% 3.6% -19.8% -

Consensus % 1,087.0 4.0% 205.0 -4.5% 18.9% (6.2) 295.2%

source: Company, Thomson Reuters

www.diamondcapital.gr

6


SHIPPING DIANA SHIPPING <DSX.N><DSX US> New time charter The company announced that it has entered into a time charter contract with Cargill International S.A., Geneva, through a separate whollyowned subsidiary, for one of its Capesize dry bulk carriers, the m/v Sideris GS. The gross charter rate is US$13,500/day, minus a 5% commission paid to third parties, for a period of minimum twenty-one (21) months to maximum twenty-seven (27) months. The charter is expected to commence in the middle of March 2013. This employment is anticipated to generate approximately US$8.5m of gross revenue for the minimum scheduled period of the charter. DRY SHIPS <DRYS.O><DRYS US> FY2012 results Dry Ships reported FY2012 results. In a snap view, cons. revenues came in at $1.2bn (12.3% y-o-y) in line with consensus and adjusted EBITDA at $500.5m (-16.7% y-o-y), above consensus estimate of $469.0m. The company posted a net loss of $246.8m due to one-off costs of 10-yr survey and losses on the sale of two new building tankers. Adjusted for these items, net loss would stand at $162.8m, in line with consensus estimate of $164.0m. P & L ($ m) Sales EBITDA margin Net profit

2012 2011 1,210.1 1,077.7 500.5 600.9 41.4% 55.8% (246.8) (70.1)

% Consensus % 12.3% 1,212.0 -0.2% -16.7% 469.0 6.7% 38.7% 251.9% (164.0) 50.5%

source: Thomson Reuters consensus

www.diamondcapital.gr

7


DIARY ECONOMY

08/03 11/03 12/03 12/03 14/03 21/03

GREECE CPI GDP Building activity Ind. Production Unemployment Merchant Fleet

Feb13 Q412 Dec 12 Jan13 Q412 Jan13

11/03 18/03 28/03 29/03

CYPRUS GDP Tourism Arrivals Ind. Production Unemployment

Q412 Feb13 Jan13 Q412

ANNUAL GENERAL MEETINGS | CORPORATE ACTIONS 27/03/2013

GREECE PPC EGM

CYPRUS

Q412 RESULTS

08/03/2013 11/03/2013 12/03/2013 27/03/2013 27/03/2013 27/03/2013 14/03/2013

GREECE OPAP CC Hellenic Exchanges Frigoglass Mytilineos Metka Mytilineos Motor Oil

CYPRUS 16:00 AM 08:30 AM AM AM AM

www.diamondcapital.gr

8


INSIDER MOVES 17/01/2013 17/01/2013 18/01/2013 18/01/2013 21/01/2013 21/01/2013 22/01/2013 22/01/2013 22/01/2013 23/01/2013 23/01/2013 23/01/2013 24/01/2013 24/01/2013 25/01/2013 25/01/2013 25/01/2013 25/01/2013 28/01/2013 28/01/2013 28/01/2013 29/01/2013 29/01/2013 29/01/2013 30/01/2013 01/02/2013 01/02/2013 04/02/2013 04/02/2013 05/02/2013 06/02/2013 07/02/2013 07/02/2013 08/02/2013 08/02/2013 08/02/2013 11/02/2013 12/02/2013 13/02/2013 14/02/2013 15/02/2013 19/02/2013 20/02/2013 25/02/2013 25/02/2013 26/02/2013 26/02/2013 26/02/2013 26/02/2013 27/02/2013 01/03/2013 06/03/2013

GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE

AUTOHELLAS MLS AUTOHELLAS SAR SAR MLS SAR QUEST H AUTOHELLAS MOH AUTOHELLAS QUEST H AUTOHELLAS PLAISIO SAR QUEST H AUTOHELLAS REVOIL AUTOHELLAS REVOIL OPAP QUEST H AUTOHELLAS REVOIL AUTOHELLAS AUTOHELLAS PLAISIO REVOIL JUMBO AUTOHELLAS AUTOHELLAS AUTOHELLAS QUEST H REVOIL QUEST H AUTOHELLAS AUTOHELLAS REVOIL AUTOHELLAS QUEST H REVOIL AUTOHELLAS AUTOHELLAS AUTOHELLAS QUEST H QUEST H REVOIL MLS PLAISIO AUTOHELLAS AUTOHELLAS OTE

Share buyback CEO Share buyback Share buyback Share buyback CEO Share buyback Share buyback Share buyback Motor Oil Holdings Share buyback Share buyback Share buyback CEO Share buyback Share buyback Share buyback Share buyback Share buyback Share buyback Baupost Group LLC Share buyback Share buyback Share buyback Share buyback Share buyback CEO Share buyback Franklin Templeton Share buyback Share buyback Share buyback Share buyback Share buyback Share buyback Share buyback Share buyback Share buyback Share buyback Share buyback Share buyback Share buyback Share buyback Share buyback Share buyback Share buyback Share buyback CEO CEO Share buyback Share buyback RomTelecom CEO

www.diamondcapital.gr

Bought 1.000 shares @ €1.70 Sold 130.000 shares @ €2.68 Bought 1.000 shares @ €1.72 Bought 9.656 shares @ €4.19 Bought 2.711 shares @ €4.19 Sold 60.000 shares @ €2.80 Bought 2.657 shares @ €4.20 Bought 3.000 shares @ €1.24 Bought 1.000 shares @ €1.77 Bought 125.000 shares @ €8.68 Bought 1.000 shares @ €1.77 Bought 3.300 shares @ €1.309 Bought 1.000 shares @ €1.77 Bought 41.000 shares @ €4.3535 Bought 1.526 shares @ €4.16 Bought 3.500 shares @ €1.27 Bought 1.000 shares @ €1.70 Bought 4.500 shares @ €0.69678 Bought 1.000 shares @ €1.72 Bought 3.000 shares @ €0.69167 Bought 16.554.553 shares or 5.19% Bought 3.400 shares @ €1.30 Bought 1.000 shares @ €1.70 Bought 2.000 shares @ €0.675 Bought 1.000 shares @ €1.68 Bought 1.000 shares @ €1.57 Bought 43.000 shares @ €4.2055 Bought 3.000 shares @ €0.66 Bought 12.994.423 shares or 10.0% Bought 1.000 shares @ €1.52 Bought 1.000 shares @ €1.58 Bought 1.000 shares @ €1.65 Bought 2.800 shares @ €1.22 Bought 3.300 shares @ €0.68 Bought 2.600 shares @ €1.30 Bought 1.000 shares @ €1.65 Bought 1.000 shares @ €1.60 Bought 4.000 shares @ €0.69075 Bought 1.000 shares @ €1.59 Bought 2.600 shares @ €1.276 Bought 3.000 shares @ €0.683 Bought 1.000 shares @ €1.72 Bought 1.000 shares @ €2.60 Bought 1.000 shares @ €1.68 Bought 2.200 shares @ €1.19 Bought 2.300 shares @ €1.24 Bought 2.975 shares @ €0.6809 Bought 50.000 shares @ €2.78 Bought 25.000 shares @ €5.0741 Bought 1.000 shares @ €1.68 Bought 1.000 shares @ €1.72 Bought 2.975 shares @ €5.92

9


DISCLAIMER This document is issued by DIAMOND CAPITAL. Neither DIAMOND CAPITAL, nor the authors of this report are engaged in any agreement with the issuer for the preparation of this report or for the provision of any other remunerated services to the issuer(s) or to the issuer(s)’s affiliates. The content of the analysis, opinions and estimations of this report has not been communicated to the issuer(s) concerned by it nor has it been communicated to employees of DIAMOND CAPITAL other than those of the Investment Research Department prior to the publication of this report. The present report has solely informative use. The comments contained herein do not constitute buy, hold or sell suggestions under any circumstances. The information contained in this report including any expression of opinion has been taken from sources believed to be reliable but it cannot be guaranteed and no warranty or representation is given that such information is accurate or complete and it should not be relied upon as such. DIAMOND CAPITAL cannot assume any liability for any investments undertaken by our clients, since these investments will be a product of their own free will. As of the issuance date of this report, DIAMOND CAPITAL and its employees who participated in the preparation of this report do not have any substantial financial interests in the financial instruments which constitute the object of this report nor do they have any conflict of interest with the issuer(s) concerned by this report. Investors should consider this report as only one of the factors influencing their investment decision. Securities mentioned in this report are subject to investment risks, including the loss of the initial capital invested. DIAMOND CAPITAL verifies that this report has been prepared according to the regulations and guidelines concerning conflict of interest’s management. All opinions suggestions and estimates for each company contained in this report constitute the personal views of the respective author. It is certified that each analysts’ personal views or specific suggestions expressed in this report were not and will not be in any case linked directly or indirectly with the relevant analysts’ remuneration which is being based exclusively upon factors related to the analyst’s performance within the activities of the Investment Research Department, such as the quality and accuracy of their research, productivity, experience and personal reputation. DIAMOND Capital’s policy is to update research reports as it deems appropriate, based on developments with the subject company, the sector or the market that may have a material impact on the research view or opinions started therein. DIAMOND CAPITAL may have issued in the past or may issue in the future reports leading to different conclusions than the conclusions contained herein. Those reports may reflect different assumptions, views and methods used by different authors and DIAMOND CAPITAL is under no obligation to ensure that those reports shall be communicated to the recipients of the present report. No responsibility of liability whatsoever of howsoever arising is accepted in relation to the contents hereof by DIAMOND CAPITAL or any of its directors, officers or employees. All information or opinions herein are subject to change without notice.

DIAMOND CAPITAL 7 PANAGI TSALDARI STREET ALIMOS 174 55 ATHENS GREECE Tel: +302109823591, +302109840126 info@diamondcapital.gr

www.diamondcapital.gr

10

HELLENIC MARKETS WEEKLY REPORT  

Weekly Report for Greece, Cyprus and Hellenic equities. News, views and valuations.

Advertisement