13/09/2007 10:40
Citigroup initiated the coverage of Marfin Popular Bank, giving a price target of €12 with a Buy/High Risk rating. In its report dated September 12, 2007, Citigroup supports that Marfin Popular is a product of a 2006 three-way merger of Laiki Bank, Egnatia Bank and Marfin Financial Group. “The company has a particularly entrepreneurial flavour to it with a management team focused on making money, usually in an opportunistic manner”, it reported.
According to the analysts, “MPB is growing rapidly: at end 1H07, group lending increased 41% yoy, deposits 40% and group NII rose 47%. Such robust growth is driven by attractive markets, led by an aggressive management team”.
According to Citigroup, “the strong current trading should lead to revised financial targets when MPB next reports”. “MPB should also profit from investment advisory and other fees paid by its sister company, Marfin Investment Group”, it added.
According to the analysts, “MPB is growing rapidly: at end 1H07, group lending increased 41% yoy, deposits 40% and group NII rose 47%. Such robust growth is driven by attractive markets, led by an aggressive management team”.
According to Citigroup, “the strong current trading should lead to revised financial targets when MPB next reports”. “MPB should also profit from investment advisory and other fees paid by its sister company, Marfin Investment Group”, it added.
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