The NBG 2014 Q1 rpt (ETE.AT) lists E0.08 EPS, which is E0.32 EPS annualized, and a E3.2 PPS on a 10 P/E ratio (lower than typical 12 b/c of bad Greek economy). PPS of E3.2 is ~30% higher than current E2.5, a nice potential gain. So why isn’t the stock moving? Because the numbers are misleading.
Subtract the 123M one-off tax benefit, and replace the 2,400M Q1 shares w/ 3,500M due to the April recapitalization, and the EPS is E0.017 or E0.070 annualized for a PPS of E0.70 on 10 P/E. So the EPS must increase by a factor of 3.5 to justify the current price. With 30% non-performing loans, that’s going to be a struggle.
So the NBG Q1 numbers justify a price of about E3.2, but the real numbers justify a price of about E0.70 for ETE.AT. NBG report numbers can’t be taken at face value.
Ex: in millions except EPS
AS REPORTED by NBG 2014 Q1
(2,400M shares before Recap, 10 P/E)
(68 PBT) + (123 Tax-B) – (10 NCI) = 181 PAT / 2,400 sh = 0.08 EPS(Q) = 0.32 EPS(Y) = 3.2 PPS
(w/o Tax Benefit one-off, w/ 3,500M shares after Recap, 10 P/E)
(68 PBT) + (0 Tax-B) – (10 NCI) = 58 PAT / 3,500 sh = 0.017 EPS(Q) = 0.070 EPS(Y) = 0.70 PPS
where: PBT = profit before tax; Tax-B = tax benefit one-off; NCI = non-controlling interests; PAT = profit after tax; EPS(Q) & EPS(Y) = quarterly & extrapolated to annual, P/E = 10.
LifeSucks was busy doing some moral grandstanding b/c his NBG stock is in the toilet and it makes him feel better b/c he’s a loser.
lifesuckswhenstocksaredown • Jul 7, 2014 4:51 PM
Dear Buchanan, you ARE racist, homophobic and anti-Semitic. You are not serving this board politically incorrect opinions, you are serving us racist, homophobic and anti-Semitic propaganda. You are not politically incorrect, you are just abysmally strange.
Sentiment: Strong Buy
He says I’m “racist, homophobic and anti-Semitic,” but he can’t exert himself to post any quotes from my posts that document that. That’s b/c when I criticize those groups, I back up everything I say w/ facts. But LifeSucks is a lib, so speaking the truth about those groups is “racist, homophobic, anti-Semitic,” even if it’s the truth. Libs thinks those groups have OFFICIAL VICTIM STATUS AND CAN NEVER BE CRITICIZED ABOUT ANYTHING, EVER!!! Welcome to “1984” and Big Brother.
Libs like LifeSucks are moral grandstanders and poseurs, who believe they are morally superior to most, but they follow an age-old evil model:
Biblical times: Pharisees who were always praying in public to show how “good” they were.
. . . (Jesus called them whited sepulchers.)
13th Century: Religious fanatics screaming Heretic.
17th Century: Religious fanatics screaming Witch.
Today: Libs screaming Racist.
Today: Libs screaming Homophobe.
Today: Libs screaming anti-Semite.
Now, all of those groups (as well as others) have done some really bad stuff that is well documented, but liberal poseurs don’t want to hear the truth b/c then they would not be able to do moral grandstanding.
LifeSucks has big loses from NBG, so his Strong Buy is an act of desperation. Time for more moral grandstanding to make you feel better, loser!
July 5, 2014 6:47 pm
Credit expansion and loan quality are priorities for Greek banks
By Dimitris Kontogiannis
“With one of the world’s highest ratios of non-performing loans, Greek banks are under pressure to deal with bad loans more effectively, while continuing to support creditworthy corporations and households.
“Yannis Stournaras, the new central bank governor, says loans left unserviced for more than 90 days stood at E77bn or 36 per cent of the total portfolio in April.
“The Greek banks were initially recapitalised with E25bn from bailout funds held by the Hellenic Financial Stability Fund (HFSF), plus another E3bn raised privately.
This year the four banks have raised another E8.3bn on international capital markets to bolster capital adequacy ratios, following a stress test carried out by the Bank of Greece together with BlackRock, an investment management company. The fund-raisings have also allowed banks to repay preference shares held by the Greek state.
However, the International Monetary Fund says banks may need as much as E15bn in extra capital to write down bad loans more aggressively. It argues that an overhang of private debt will undermine growth if resources remain trapped in unproductive activities.” End
Raising E8.3bn in April for all Greek banks raised (diluted) NBG shares by 40% and dropped price from $5.75 to $3.0 at btm, now $3.51. Can’t imagine how bad it will get for NBG if Greek banks forced to raise another E15bn, almost double what they raised in April.
Let's see, you post "The peace of the Lord," but say it's not about religion. You are as delusional as Maria. You should get along just fine.
Let's see, the black violent crime rate is 5 times the white rate, gays have contaminated the blood supply w/ A*DS that has killed hundreds of thousands of innocents. But Mainst9 thinks that bad behavior is not a problem, but criticism of bad behavior is. There 's a term for that in the Diagnostic & Statistical Manual of Mental Disorders. It's called White Man's Disease, the death spiral of the White Race due to terminal sappiness and gutlessness.
And what's this "The peace of the Lord" stuff, Sopho? Maria is a Jesus freak also. Does God talk to you and Maria? Why are you bringing religion on this board that you claim is only for finance?
Sopho wrote, "Maria is here for one primary question: buy, sell or hold. Her political sentiment, her history as a teacher is not important."
Sopho, Apparently you can read, but you can't comprehend. I and Tsar have made our case in tremendous detail that the reason this fight started is that Nurse Rached went ballistic whenever we posted politically incorrect stuff, called us racist, homophobic, anti-Semitic, and tried to get YH to block our accounts. So your claim that Maria is here only to make money means that you are covering for her. As I suspected, it’s chick solidarity.
We are going to post more politically incorrect stuff and Maria is going to try to get YH to ban us again. Your comment that she is only here to make money is ridiculous and appears to be as delusional as Maria. I am no longer interested in anything you have to say on the subject. You and Maria are not going to turn this board into a hen party, so stuff it.
Here is one of her student evaluations of Maria that shows her stunning hypocrisy. It was posted in the comments section below the Tampa Bay Times article about her disastrous teaching career.
"As an Honors student, I did well in her class, in no small part to getting her coffee in the teacher's lounge each morning. I remember the JFK day, where she wept all day while playing VHS tapes of him, and spending the day mourning. Ridiculous!"
"This woman has been in need of a visit to a reputable psychiatrist for at least 2 decades. Her teaching abilities are mediocre at best, her treatment of students is/was reprehensible, and she blatantly plays favorites."
Notice the maudlin weeping all day playing memorial tapes of JFK's death 30 years earlier. The women never tires of playing the victim and moral grandstanding.
Sopho, writes “The best way to deal with a mosquito bite is to ignore it.” Her students and their parents did not think Maria was a mosquito, they thought she was the teacher from hell. She tyrannized her classes for years and the administration let her get away w/ it b/c it’s almost impossible to get fired from a govt job. So they looked the other way or transferred her (like the Catholic Church transferred bad priests). So the school administrators enabled her to continue abusing her students w/ her classroom tyranny.
However, I, Tsar, and others are not going to enable her to dictate to this board what type of political discussions we are allowed. She is fine w/ political discussions w/ a liberal perspective, but not from a conservative perspective. And she doesn’t debate, she just screams racism, homophobia, anti-Semitism, typical lib psychobabble when the facts are not on their side. Then she tries to shut us down by flagging our posts, none of which have obscenities.
But she is perfectly fine w/ long boring posts about her hated ex-husband and his trophy wife, her relatives that she doesn’t like, her medical problems, recipes, troubles w/ parties, yada, yada, yada. The rt wing political stuff we discuss is a hell of a lot more interesting and important to the nation.
Maria is a cross between Nurse Rached (One Flew Over the Cuckoo’s Nest), Glenn Close (Fatal Attraction), and Leona Helmsley (The Queen of Mean). Read her student comments about her below the article.
I have contributed detailed Fair Value and Tangible Book Value calculations on NBG and others going back to Oct 2013 (do a search) that would have saved NBG bulls from big losses if they had listened. Maria has contributed squat calculations b/c she knows squat.
For evil to thrive all that is required is for good men to do nothing. I and a few others are going to do something.
Pinellas teacher's 33-year career: fired, rehired, transferred, investigated
By Ron Matus, Times Staff Writer
Sunday, March 27, 2011 9:48pm
Agree totally, Tsar, on why Maria became a pariah on this board and in her teaching career. How many teachers are exposed as a pariah by a major LIBERAL newspaper (Tampa Bay Times) on the front page of their News Section (thanks for your research)? A LIBERAL newspaper that NORMALLY PROTECTS TEACHERS! Sopho has not been here long enough to have all the info, but I can fix that tomorrow.
Maria, Apparently you can't read b/c Sopho wrote "but I have to agree it was one of the most idiotic things I have ever read." But you bought it b/c it suited your left wing ideology. That's why your students hated you b/c they could see your ideology trumped reality. BTW, anybody that believes you heard it on radio or TV is a few fries short of a happy meal.
As usual she does not apologize for a ridiculous statement she made to make an ideological point. She's sticking to her story that she heard it on the news, but of course she does not give the source, which she SHOULD know is required as a teacher for 33 years.
And she makes no apology for not fact fact checking an apparently outlandish claim, which she SHOULD know is required as a teacher for 33 years.
But never mind -- this is Maria Land where ideology trumps reality, which is why many of her students hated her. She is part of the liberal mob assault on America.
Again , you don't show your calculations or source. Sloppy.
Your "DCF" data looks like it was written by Prof. Irwin Corey, who's specialty was comedic psychobabble and obfuscation. But notice how much nicer I am. I didn't use one "doofus" or "stupid."
If you want credibility, you have to show your calculations or give your source. Why do I have to tell you that? Were you one of Maria's students?
What she means, FP, is that right wing political discussions are not allowed, but left wing ones are. Delusional narcissism squared!