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Attica Bank (TATT)

Business description

Attica is the fifth-largest bank in Greece, with assets of €3.45bn and 55 branches centred around Athens. It has a 3% market share of business banking and around 1% market share of most retail banking products.

Stock data

Market cap.€104.8m
Last close€0.13
High / Low (52 weeks)€0.6 / €0.1
Stock market listingASE
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual1.6(40.2)(77.5)
Relative *4.7(32.4)(74.7)

* % Relative to local index

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Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2016A 86.7 N/A (42.3) (2.59) N/A N/A
2017A 87.0 N/A 1.1 (0.51) N/A N/A
2018E 76.8 N/A 3.1 0.24 54.2 N/A
2019E 88.0 N/A 4.0 0.38 34.2 N/A

Last updated on 05/11/2018

Latest research

Investment summary

Through innovative securitisations, Attica has de-risked its portfolio, reducing net impaired loans from over 250% to just 79% of net tangible assets incorporating the gain on the Metexelixis transaction. This will also lift the common equity Tier 1 (CET1) ratio of 12.8% to 14.3%, representing significant headroom over regulatory requirements. Management will now move on to the next stage of recovery, shifting the group’s focus to the small and medium-sized enterprise (SME) market and raising profitability to improve the price/net tangible asset ratio, estimated at just 0.14x.

Last updated on 05/11/2018

Key management

Athanasios Tsadaris, CEO
Koutsogiannis Nikos, CFO

Company address

23 Omiru Str.
Athens
10672
Greece
30 210 3669000
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