22/05/2007 14:53
Deutsche Bank maintained buy recommendation and TP of Marfin Popular Bank at €12. In a report released on Tuesday, DB said that “During its investor day in London, Marfin Popular Bank has revised up its 2008 and 2009 net profit guidance by 12%. Following this event, we have not changed our 2008 forecasts and we have slightly revised down our 2009 forecasts. However we think that there may be room for earnings revisions (up to 8% in 2008E) due to the relaxation of the liquidity requirement on FX deposits in Cyprus”.
“Our buy recommendation is justified by the potential strong EPS growth of the group (+30% over 07-09E)”, the report said. “. Main risk relates to the economic development in Greece and Cyprus. Specific risk relates to the ability of the group to integrate MFG, Egnatia and Laiki in Greece”, it added.
According to Deutsche Bank estimates, Marfin Popular is expected to have earnings per share of €0.56 in 2007, €0.66 in 2008 and €0.85 in 2009. The net income from interests will stand at €657 million in 2007, €821 million in 2008 and €1 billion in 2009. The total income is expected to reach €1.1 billion in 2007, €1.4 billion in 2008 and €1.6 billion in 2009. The operating cost will amount to €501 million in 2007, €560 million in 2008 and €622 million in 2009. The net profit is expected to reach €442 million in 2007, €528 million in 2008 and €677 million in 2009.
“Our buy recommendation is justified by the potential strong EPS growth of the group (+30% over 07-09E)”, the report said. “. Main risk relates to the economic development in Greece and Cyprus. Specific risk relates to the ability of the group to integrate MFG, Egnatia and Laiki in Greece”, it added.
According to Deutsche Bank estimates, Marfin Popular is expected to have earnings per share of €0.56 in 2007, €0.66 in 2008 and €0.85 in 2009. The net income from interests will stand at €657 million in 2007, €821 million in 2008 and €1 billion in 2009. The total income is expected to reach €1.1 billion in 2007, €1.4 billion in 2008 and €1.6 billion in 2009. The operating cost will amount to €501 million in 2007, €560 million in 2008 and €622 million in 2009. The net profit is expected to reach €442 million in 2007, €528 million in 2008 and €677 million in 2009.
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