28/11/2007 16:02
In its latest report, UBS raised the rating of Marfin Investment Group (MIG) to Buy from Neutral and maintained its PT of €7.2. “We anticipate the current NAV at €6.8 suggesting a discount to NAV of 16%”, it added.
According to the report, “The share price has underperformed the ASE by 10% in that period, which we attribute to the slowdown of the buy back, concerns on credit line availability and Greek stock market orientation plus some investor dissatisfaction of its holding in Marfin Popular Bank”. “We understand that the management has offers to sell these shares back to large investors however this would only be considered over the acquisition price of c€6.6” the report added.
“MIG’s investing in Marfin Popular Bank at a level which we estimate at c€9 per share was a solid move with the bank having a good growth outlook, suggesting IRR over the set target of 25% is possible”, it concluded.
According to the report, “The share price has underperformed the ASE by 10% in that period, which we attribute to the slowdown of the buy back, concerns on credit line availability and Greek stock market orientation plus some investor dissatisfaction of its holding in Marfin Popular Bank”. “We understand that the management has offers to sell these shares back to large investors however this would only be considered over the acquisition price of c€6.6” the report added.
“MIG’s investing in Marfin Popular Bank at a level which we estimate at c€9 per share was a solid move with the bank having a good growth outlook, suggesting IRR over the set target of 25% is possible”, it concluded.
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