02/07/2007 11:12
Deutsche Bank increased the TP of Marfin Popular Bank to €13 from €12. In its report released on June 29, the German bank revised up its estimates by 11% for 2008 and 2009 (+8.1% the net profit and +3% the earnings per share), stressing that Marfin would benefit from the relaxation of the liquidity requirement on Euro denominated deposits in January 2008 and would receive an annual fee of 1% of the NAV of MIG. According to the new forecasts, Marfin Popular is expected to generate earnings per share of €0.58 in 2007, €0.74 in 2008 and €0.94 in 2009. Former forecasts had showed earnings per share of €0.56 in 2007, €0.66 in 2008 and €0.85 in 2009.
The net interest revenue is expected to reach €657 million in 2007, €842 million in 2008 and €1 billion in 2009. Total revenues are expected to stand at €1.1 billion in 2007, €1.4 billion in 2008 and €1.7 billion in 2009. Total operating costs will reach €501 million in 2007, €560 million in 2008 and €622 million in 2009.
According to DB, the stated net profit is expected to reach €456 million in 2007 (from €442), €586 million in 2008 (from €528) and €752 million in 2009 (from €677). DB sees more room for earnings revisions up to 39% for 2009.
The buy recommendation is justified by DB’s expectation of strong EPS growth for the group (+35% over 07-09). “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”, the report said.
“Marfin Popular Bank is our top pick in Greece together with Bank of Cyprus”, the report added.
Marfin Popular Bank anticipates that its profits will stand at €420 million in 2007, €526 million in 2008 and €669 million in 2009 with an average annual growth of 39.6%.
The bank is recording significant gains in the CSE and the ASE. By the time this text was in progress (12.30 pm), Marfin in the CSE was recording gains of 3.19% to €9.09. In the ASE, it was trading at €9.10 and at +3.64%.
The net interest revenue is expected to reach €657 million in 2007, €842 million in 2008 and €1 billion in 2009. Total revenues are expected to stand at €1.1 billion in 2007, €1.4 billion in 2008 and €1.7 billion in 2009. Total operating costs will reach €501 million in 2007, €560 million in 2008 and €622 million in 2009.
According to DB, the stated net profit is expected to reach €456 million in 2007 (from €442), €586 million in 2008 (from €528) and €752 million in 2009 (from €677). DB sees more room for earnings revisions up to 39% for 2009.
The buy recommendation is justified by DB’s expectation of strong EPS growth for the group (+35% over 07-09). “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”, the report said.
“Marfin Popular Bank is our top pick in Greece together with Bank of Cyprus”, the report added.
Marfin Popular Bank anticipates that its profits will stand at €420 million in 2007, €526 million in 2008 and €669 million in 2009 with an average annual growth of 39.6%.
The bank is recording significant gains in the CSE and the ASE. By the time this text was in progress (12.30 pm), Marfin in the CSE was recording gains of 3.19% to €9.09. In the ASE, it was trading at €9.10 and at +3.64%.
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