The market turmoil and the likely deterioration of the macro-economic scenario have led us to downgrade our earnings projections and valuations. At this stage, we believe most of the impact will be felt at the top-line level while we do not consider that the economic slowdown will dramatically derail asset quality trends. A protest vote to the upcoming referendum could change our view. The bailout of troubled domestic banks will be a supportive announcement. However, the uncertainty surroundi
08 Jul 2016
Distressed valuation on accumulated uncertainties
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Distressed valuation on accumulated uncertainties
The market turmoil and the likely deterioration of the macro-economic scenario have led us to downgrade our earnings projections and valuations. At this stage, we believe most of the impact will be felt at the top-line level while we do not consider that the economic slowdown will dramatically derail asset quality trends. A protest vote to the upcoming referendum could change our view. The bailout of troubled domestic banks will be a supportive announcement. However, the uncertainty surroundi