ΧΡΗΜΑ #418, Ιανουάριος-Φεβρουάριος 2016

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<ul><li><p>www.hrima.gr</p><p>H Greek Exports Awards 2015</p><p> &amp; </p><p> / .</p><p>41</p><p>8 /</p><p> 01</p><p>-02</p><p>.20</p><p>16</p><p> / </p><p> 6,0</p><p>0 </p><p> Made in Greece -</p><p>, - , </p><p> .</p><p> SUNLIGHT</p><p> Made in Greece </p><p>B </p><p> ;</p><p>- </p></li><li><p>Our Assets: Partnering with Glob l players in Europe, China,</p><p>Russia and USA. Operating China &amp; Rt5ia specialized Desk -</p><p>Market inteligence, Language advantage- Transforming Servic through Innovation. Driving efficiencies with cutting-edge technologies.</p><p>Being one of the leading banks in Greece. NBG dedicates distinguished Trade Finance expertise to best serve the needs of Corporate and SME customers. ensuring the availability of credit and liquidity. risk 1 mitigation and facilitation of global trade. NBG's success is underpinned by our global reach across developed and emerging markets. our longstanding experience in structured Supply Chain Finance solutions to the evolving needs of the industries and customer oriented service. </p><p>The top line performance against strong headwinds reaffirms our commitment to respond to your business needs investing in innovation and excellence. </p><p>AL ANCE </p><p>www.nbg.gr </p><p>As a proud recipient of the Global Finance award. we would like to extend a sincere thank I you to our customers and partners for their support. </p><p>NATIONAL BANK OF GREECE </p></li><li><p>2 - 20162 - 2016</p><p> , !</p><p> .418, - 2016</p><p> ...</p><p> - , 1992, : </p><p> , !. -- , , . , , . , ; 2016 , , - , , . - . - , - ... , , , </p><p>, , . , - , - , , . (;) - , , , , , . , - , - , 2008. , , - , - . </p><p> 2009, - . , - , . , !: . - , . - , , , , - . , - , .</p><p> , </p></li><li><p>4 - 2016</p><p>08</p><p>60</p><p>28</p><p>20</p><p> ;</p><p>GREEK EXPORTS AWARDS 2015H </p><p> 5,7 . 2015</p><p> 2008;</p><p>54- </p></li><li><p> 5</p><p>50</p><p>16 ~ Deal </p><p>70 ~ VRSMicrosoft</p><p>72 ~ 2016</p><p> SUNLIGHT Made in Greece </p><p> .418/01-02.2016</p><p> Y </p><p> Made in Greece - , </p><p> , .</p><p>02 ~ : , !06 ~ : 80 ~ : ...</p><p> ouzounis.k@ethosmedia.eu</p><p> chaldoupis.n@ethosmedia.eu</p><p>T kaloumenos.g@ethosmedia.eu</p><p>B gerasimou.v@ethosmedia.eu</p><p> kypriotis.a@ethosmedia.eu</p><p> - louvari.a@ethosmedia.eu</p><p> manologlou.r@ethosmedia.eu</p><p> rampidis.k@ethosmedia.eu</p><p> lavdis.a@ethosmedia.eu</p><p>DIGITAL MARKETING geladaki.s@ethosmedia.eu</p><p> - voulgaraki.s@ethosmedia.eu</p><p> &amp; K salvarlis.k@ethosmedia.eu</p><p>Y lazarakou.n@ethosmedia.eu</p><p> Shutterstock</p><p> moisis.s@ethosmedia.eu</p><p> - - Pressious ....</p><p>ISSN 1105-0470</p><p> ~ - , , .</p><p>ETHOS MEDIA S.A. 29, 174 56 </p><p>T:210 9984950, :210 9984953E:info@hrima.gr</p><p>www.ethosmedia.eu www.ethosevents.eu </p><p>www.hrima.gr www.insuranceworld.gr www.asfalizomai.com </p><p>www.alivemag.grwww.virus.com.gr</p><p> - 2016</p></li><li><p>6 - 2016</p><p> Eurogroup, 7 , - : (staff level agreement), (27 ), -, - , - , , - . Eurogroup - , , , -, - , - , , . :</p><p> - </p><p> Eurogroup 7 </p><p> ~ - () , , , , , -, . </p><p> ~ , - - </p><p> -, . </p><p> ~ , - . - , , , Eurogroup, . , -</p></li><li><p> 7</p><p> - 2018 4-5% . 3% , 4-5% . - , , . ... . </p><p> ~ , , - - , , 15 . - , , - , - , (robust). </p><p> Eurogroup, 7 , :</p><p>1 - , , - , - . , , , . </p><p> , . </p><p>2 , , -, - . , ( - ) , , -, .</p><p> , , . , - , , , - . , , - . , - ( ) ( ) 1.500 . 1.500 , 350.000 , - . , , 2.773 3.680 , 2.300 3.000 , . -</p><p> 2.000 2.500 , , -. , 1,5%, 1% ( ), 2-20%, 170 . , , - , -. , 15 20 , 384 , - 2% . , , 5%. 62.000 - , 2013.</p><p>: </p></li><li><p>8 - 2016</p><p> ;</p><p> deal </p><p> : .</p></li><li><p> 9</p><p> : , 2016. deal , , , 1.000 . , - , , - , 300 , , . - :</p><p> ~ ( -), -, - , .</p><p> ~ - -. - - , , -, . , - -, </p><p>, , .</p><p> ~ , - - : , 488,91 , 6 2012, - - , - . , - - , 908,53 , . , -, , -, success story -. 2 2014, . 1.354,93 . , 2010. - </p><p>- - , 11 , 446,58 . , , , Eurogroup Grexit ;</p><p> - ... , , , - , . - , , -. -, , - , , Grexit. - , , .</p><p> , .</p></li><li><p>10 - 2016</p><p> - , - -, , :</p><p> ~ , , , - , - , - , - ! . - 2015, , , . , - , - 2015 . - ( ; ; ;). , , , . .</p><p> ~ 2015 -</p><p> -. , , , , - , - - Grexit. - , , - . , , 18-19 , - , . 180 , - , , , - - . - </p><p> , , - .</p><p>, , , - , : , 2015, , (. Grexit) (. ...). - , , . , , - , . , , .</p></li><li><p> 11</p></li><li><p>12 - 2016</p><p> - - , , , - . , , - . - , (risk aversion) , , , , - .</p><p>- , , - , , - 40% FTSE-25. 50% , (. ), , , 70%. - Beta Sec., -, (...). - 22%, - . , - </p><p> 48% , (33%), 40% - . , 0,2 / (P/TBV), 0,7 . - , Grexit, - -, . , , - , - . , - - . , , ELA. - </p><p> 19/2 2016</p><p> 27,25 -53,75%FTSEM-40 568,95 -30,31%FTSE-25 127,96 -30,21% 1.885,51 -25,87% &amp; 1.088,38 -23,62%</p><p> 1.286,37 -23,22%. 1.468,26 -19,53% 1.335,63 -18,29% 2.118,14 -16,15% 1.594,69 -15,10% 2.157,81 -10,54%</p><p> 76,13 -10,29%- 6.724,40 -8,84% 523,02 -8,56% 2.320,47 -4,12% 6.612,98 -2,93%</p><p> 5.129,42 1,31%</p></li><li><p> ( waiver). , - , . , , . , - , NBG, .</p><p> - , - . , , - , (37% 59% CET1). Moodys pro forma CET1 19%, - 11% . , </p><p> , - - , -. Beta - 2016 , momentum , , , . ; :</p><p> ~ Eurobank Equities , Jumbo EXAE. </p><p> ~ Top picks Beta Motor Oil, O, Alpha Bank, Jumbo, EXAE Aegean. </p><p> ~ , Folli Follie, , Motor Oil , , Jumbo Grivalia, , , . </p><p> ~ Pantelakis - , Coca Cola, METKA, , FF Group, . </p><p> ~ , Aegean, , Coca Cola, , Motor Oil, , , .</p><p> ;</p><p> 45% ( 70% ). , , 16,8 . .</p><p> ;</p><p>, , . , - , 14,2 . 2015-2017 4,7 . , 30% - 2015. , , : ) - , - - , ) ) . - , 0,3% 2015 0,5% 2016, 2,3% 2015 1,3% 2016.</p></li><li><p>14 - 2016</p><p> ( 18/02)</p><p> 16 (%) PE 15 PE '16 EV/EBITDA '15 P/BV P/S DY '14</p><p> 3 ,15 -18,80% 730,8 5,19 4,41 5 ,05 0,12 0,12 1,59% 4 ,25 -19,80% 277,8 27,78 15,02 5 ,12 1,6 8,13 7,53% 7 ,05 -23,70% 3.455,60 13,8 9,98 3 ,27 1,55 0,89 1,13% 5 ,95 -26,50% 1.898,10 9,22 8,9 4 ,09 1,71 0,44 12,27% 6 ,43 -10,40% 334 6,19 7,06 0 ,77 0,65 0,7 7,78%</p><p>FF GROUP 14,95 -13,60% 1.000,90 6,29 5,49 3 ,70 0,69 0,87 2,16% 2,09 -15,00% 228,5 11,05 7,76 4 ,08 0,67 1,21 4,31%JUMBO 9,98 2,90% 1.357,90 12,95 12,02 7 ,20 1,7 2,3 1,80% 3,15 -14,20% 368,3 5,1 4,11 2 ,78 0,39 0,31 3,17% 9,70 -2,50% 1.074,60 4,36 5,44 4 ,66 1,83 0,14 - 7,25 -6,10% 252,1 13,09 11,61 7 ,75 1,57 0,95 2,07%</p><p>AEGEAN 6,46 -5,40% 461,4 6,94 6,13 2 ,20 1,85 0,48 10,84% 1,18 -18,60% 208,9 10,11 4 ,44 0,25 0,13 - 1,22 -19,70% 125,8 4,04 2,4 2 ,35 0,36 0,13 - 4,10 -18,00% 436,7 8,74 8,97 2 ,07 0,46 1,34 4,88% 2,90 -3,30% 105,3 10,74 9,4 2 ,63 0,73 1,44 4,17%</p><p>GRIVALIA 7,15 -3,00% 724 11,68 10,53 7 ,86 0,83 1 2,21 4,20% 11,5 -17,10% 287,5 24,78 25,9 11,93 1,61 2,88 0,31% 2,47 -17,70% 126 87,1 12,81 6 ,63 0,82 0,3 - 3,35 -17,10% 1.023,90 4,7 3,91 3 ,39 0,59 0,13 5,97%COCA COLA 17,84 -9,90% 6.567,60 22,83 20,41 9 ,40 2,22 1,01 1,98%FRIGOGLASS 1,11 -41,30% 56,2 -2,14 8 ,41 - 7,7 0,11 -</p><p> 16,40 -6,90% 1.326,10 22,56 13,69 6 ,56 0,85 1,01 1,83%/ 0,76 -25,30% 94,6 5,42 8,3 6 ,23 0,62 0,32 -RALOT 1,16 -0,90% 184,4 2 ,97 1,17 0,1 - 4,19 -2,30% 92,5 7,23 6,4 2 ,51 1,13 0,34 11,93% 0,60 -8,00% 49,8 6,11 3,73 4 ,21 0,68 1,33</p><p>14,72 12,24 5,96 1,48 1,33 3,20%</p><p>T</p><p> 16 (%) PE '15 PE '16 EV/EBITDA '15 P/BV P/S DY '14</p><p> 0 ,130 -53,20% 1.135,30 - - - 0,17 - -ALPHA 1 ,490 -40,20% 2.290,00 - - 12,5 0,27 - - 0 ,180 -47,50% 1.646,50 40,09 - 304,91 0,21 - -EUROBANK 0 ,470 -54,80% 1.027,40 - - 25,37 0,2 - -</p><p>: Beta Sec.</p></li><li><p> 15</p></li><li><p>16 - 2016</p><p>Deal </p><p> - , - deal . - , - , , deal - . </p><p> , - - --, . - Chipita, , . . </p><p> , , -. - , - . , , - . </p><p> -, -, Chipita - .</p></li><li><p> 17</p><p> , - deal , -. , , - , , - . , - , - deal . , , , - , .</p><p> - , . fund, , , - . , - - , , /- , , - : </p><p> , , - . , - , . , fund - -, , , . , -, , :</p><p> ~ , </p><p> - , - deal.</p><p> ~ -, - . - , , , - -, 21 . , .</p><p> ~ - , - : - - . , EBITDA, - .</p><p> ~ , - , private equity fund - .</p><p> ~ - , -, . - - , - .</p><p> , .</p></li><li><p>18 - 2016</p><p> ... -!</p><p> , , , -- , 33 , - . , - deal - . deal - , - - . , , , asset , , - , - , , -. -, , -, . , deal - , - , , . 50% - 150 . , Grivalia, </p><p> 33 - . , , . ( , - ) 180 . , 100 . . 33 -, 160.000 .., 3.000 , 2015 325 . . - , . , , . , , , - - .</p><p> , My Market, , - , , . , , </p><p> , - . , , - deal -. -, , Metro , 2016 , - , My Market. O Metro, . , , </p></li><li><p> 19</p><p> . - , , . , 240 , - 50 (cash &amp; carry) 9.000 , 10.000 , , , , , . , - , , 5% , - My Market. - </p><p> deal, , , . , 60 70 . - 150 . . - , . , , , , - . , -. , Metro deal . , - 1.000 , Metro 10.000 .</p><p> , , deal - , - . , 50% Chipita, , 50% Impala Invest BV . .. , Alpha Bank Eurobank, , </p><p> , - . , , -:</p><p> ~ , 30 . . - Chipita Impala Invest. 30 . 20 . - - 10 . .</p><p> ~ -, - , - 29 . . .. - -, (sale and lease back). .. 59.392,93 .. 70 . ( factoring). .. 44,83 . .</p><p> - 2015, - 37,72 . , 41,64 . 2014, 7,37 . 35,9 . , . .. 1970 - . 67,48% Global Capital Investors, 11,99% Eurobank, 9,98% First European Retail Corp, 10,55% 5%.</p></li><li><p>20 - 2016</p><p> 2008;</p><p> , G-20 .</p><p> .</p><p> - , -: </p><p> ~ , , - -</p><p> , 2008, , G-20 , 27 28 . , - 2008. </p><p> 2008 Lehman, . - , , , , , </p><p> , . , , , - .</p></li><li><p> 21</p><p> ~ , - 30 ./, , 16 , - , , - . , , - - 1 . , , - , , , . , , -, , , , . </p><p> ~ , Fed - / -, G-20 . , , - - , </p><p> Bundesbank. G-20 - , - , , .</p><p> 2016 - : -, , 2008 . , - -, (;) . -, , ( , ) - , . 2008 , , , . 2008 -</p><p> , . . - - . , . , , , - 3 . . . - , - . - . - , , - , . </p><p> , G-20 .</p><p> , 2008...</p></li></ul>