This week, the momentum of the retreat of the previous three weeks may have been restrained. stock market but the war in Ukraine dominates every other development as the watershed in field of economics have a catalytic effect on her psychology Market with reference point what takes place in energy front. Due to the devaluations h Buy attempts an upward reaction following the extreme proportions of the previous fall, however in extreme devaluations the occurrence of a reaction does not necessarily mean that it is the end of the fall.
The stock market profits of the year evaporated, valuations have fallen by about 11 billion euros from their “highs” without anyone being able to estimate when there will be a visible point of de-escalation of tension. The mix of inflation in low interest rates and record energy prices is currently the main economic problem that Europe is called upon to solve without giving convincing answers as to how long it may take for the situation to be considered manageable. Until some convincing answers are given, everything goes into a downward revision: Estimates for growth, corporate profitability, business agreements, etc.
Despite the general negative climate shaped by the war in Ukraine, international investment houses continue to give a “vote of confidence” in the Greek stock market and especially in banking shares.
THE HSBC raises target prices of Greek banks to particularly high levels and sees as an opportunity the fall that has occurred since the invasion of Ukraine and the sell-off of 30% since the end of February.
For the share of Alpha Bank proposes a market recommendation with a target price of 1.60 euros from 1.40 euros previously and with a margin of 55.34% from current levels. For the share of Eurobank, the target price is 1.45 euros from 1.30 euros before and a growth margin of 59.10%. For the National, it gives a target price of 3.90 euros from 3.55 euros before and a rise margin of 42.49%. For Piraeus, it increases the target price to 2.10 euros from 1.95 euros previously and the margin increases to 64.71%.
The last week and while the ATHEX was receiving the “war fires” the big American bank Goldman estimated that in the next 12 months the General Price Index will rise to 1,175 points (42% higher than closing on Friday) and notes that the Greek market offers a better risk / reward profile than the S&P 500.
THE UBS -also “bull” for greek economy and Greek banks – raises its estimates for growth in Greece, despite the impact of the war in Ukraine. It raises GDP forecasts for 2022 to 5.5% or 1.5 basis points above market average estimates and 60 basis points above the Commission forecasts. With the four systemic banks on track for single-digit NPEs this year and adequate lending capacity following the completion of capital support measures, UBS expects the industry to make a significant contribution to financing the economic recovery. According to UBS, the valuations of Eurozone shares are attractive, having now fallen to the levels we last saw in January 2020. Eurozone shares are trading below the average relative 10-year valuation based on p / e indices, such as notes UBS.
THE General Price Index since the beginning of the war, it has recorded losses of 12.77%, while the total market capitalization has decreased by 9.133 billion euros. The index of high capitalization decreased by 14.15%, the index of medium capitalization by 7.49%, while the banking index recorded losses of 22.42%.
Of the high-capitalization stocks, since the beginning of the war, only the shares of Terna Energy (+ 7.19%) and Jumbo (+ 0.73%) have risen, while the stock prices of the stocks of ELPE (-4.59%), Saranti (-5.13%), Mytilineos (-5.79%), EYDAP (-6.31%), OPAP (-6.92%), IPTO (-7.96%), Quest Holdings (-8.22%) and PPA (-8.98%).
The biggest drop is recorded by the shares of Coca Cola HBC (-27.72%), Ethniki (-25.42%), Alpha Bank (-23.70%), Eurobank (-20.33%), Piraeus (-19.10%), Viohalco (-18.04%), Aegean Airlines (-14.97%), PPC (-13.94%), Lamda Development (-12.05%) of Titan (-11.82%), Elvalhalcor (-11.79%), Motor Oil (-10.27%), GEK TERNA (-10.26%), Ellactor (-9.57%) ) and OTE (-9.02%).
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