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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.€50.7m
Last close€0.11
High / Low (52 weeks)€0.5 / €0.1
Stock market listingASE
Forecast net cash (€m)0
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(9.8)(14.3)(73.8)
Relative *(7.6)(11.5)(64.3)

* % 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 104.2 N/A (42.3) (2.59) N/A N/A
2017A 166.6 N/A 1.1 (0.51) N/A N/A
2018E 133.5 N/A 3.1 0.24 45.8 N/A
2019E 96.9 N/A 4.0 0.38 28.9 N/A

Last updated on 23/11/2018

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.

Last updated on 29/11/2018

Industry outlook

Attica intends to focus on its business banking activity to exploit attractive margins and an existing 3% market share. Rebuilding profitability will be achieved through: voluntary retirement schemes; pricing leverage as the major Greek banks review their product offerings; and normalisation of impairments facilitated by reduced exposure to the collateral underpinning impaired loans and an economy anticipated to grow 2% pa with declining unemployment. We expect that, by 2020, Attica will be close to achieving a 5% return on tangible equity.

Last updated on 29/11/2018

Key management

Athanasios Tsadaris, CEO
Koutsogiannis Nikos, CFO

Company address

23 Omiru Str.
Athens
10672
Greece
30 210 3669000
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