Soft Quarter Shadowed by New Projects

GREECE | EQUITY RESEARCH | INDUSTRIALS

May 17, 2013

Q1 2013 REVIEW

METKA Recommendation BUY Target Price €13.40 Soft quarter shadowed by new projects Prior Target Price €12.70 Closing Price (17/05) €12.50 Q1 2013 review - The EPC contractor reported a 21.5% decline in revenues in the Market Cap (mn) €649.4 first quarter to EUR134mn, reflecting tough comparables, weak contract execution on Greece and the delay in Syria, which had made a significant contribution during Expected Return 1.0% the same period last year. Apart from these expected trends, Turkey-related Expected Dividend (2014e) 6.2% Expected Total Return 7.2% payments came in lower than our expectations and as a result group sales stood

26% lower than our estimates. This does not trigger a downgrade of our 2013e METKA Share Price estimates however; recall that the two Turkish projects are up for completion in 13.00 H1 2013 and we expect that the revenue miss will be reversed in the coming quarter. Adjusting for Turkey, the results were broadly in line with our expectations. On a positive note, the mgt’s special measures in Syria started 11.00 delivering positive results and contract execution has resumed. EBITDA stood at EUR22.9mn, down 17.3% yoy and 24.3% lower than our forecasts reflecting the aforementioned revenue miss but on sustainably strong operating margins, which 9.00 were in line with our forecasts. Although there was no improvement in working capital, METKA reported positive operating cash flows of EUR14.3mn in the quarter compared to an outflow of EUR84.6mn last year. As a result, adjusted net 7.00 cash improved EUR15.6mn qoq standing at EUR105.6mn.

Update on Iraqi project - The company has informed that it has received 5.00 notification from the Ministry of Electricity in Iraq that they have been awarded a May-12 Aug-12 Nov-12 Feb-13 May-13

EUR1.0bn turnkey CCGT project in the area. The project relates to the construction Stock Data of a reported 1,642MW CCGT plant in al-Anbar, to be carried out during a period Reuters RIC MTKr.AT of 32 months. Following recent press reports, the company has also given notice Bloomberg Code METTK GA that it is negotiating with the Chinese state-controlled construction company SEPCO regarding a potential co-operation. Although given its track record, we have 52 Week High (adj.) €12.50 no reason to doubt METKA’s ability to complete the project in a successful and 52 Week Low (adj.) €5.55 timely fashion, given the size of the contract, the largest single project ever won by Abs. performance (1m) 5.9% the company, and the high execution risk due to geopolitical reasons, it does not Abs. performance (YTD) 22.4% surprise that METKA would seek a partnership as a means to reduce its risk. Whatever the company opts to do, we believe there is significant value stemming Number of shares 52.0mn from the award of the project but since many variables have yet to be determined Avg Trading Volume (qrt) 53.4k we do not yet include the project in our numbers. Est. 3yr EPS CAGR -1.8%

Free Float 43% Estimates Revision & Valuation – We mildly upgrade our earnings forecasts to account for the recently awarded EUR92.8mn project in Algeria. We increase our Katerina Zaharopoulou target price to EUR13.40 per share from EUR12.70 previously, reflecting the Equity Analyst aforementioned mild earnings upgrade and a higher multiples valuation following Tel: +30 210 37 20 252 a re-rating of its global peers, while we retain our Buy recommendation on METKA, E-mail: [email protected] which is included in our Top Picks Portfolio. On our target price, the group trades at a 9.4x 2014e PE and a 3.9x EV/EBITDA multiple and offers a c. 11.1% cash flow John Kalantzis yield. Head of Research Tel: +30 210 37 20 118 Estimates EUR mn 2011a 2012a 2013e 2014e 2015e E-mail: [email protected]

Revenues 1,003.7 547.5 564.5 624.7 590.1 Head of Research EBITDA 161.4 92.7 95.9 105.5 99.5 Tel: +30 210 37 20 118

Net Profit 115.0 70.1 62.6 69.0 66.3 EPS 2.21 1.35 1.21 1.33 1.28 Sales DPS 0.75 0.25 0.77 0.62 0.63 Tel: +30 210 37 20 119

Valuation Trading 2011a 2012a 2013e 2014e 2015e Tel: +30 210 37 20 140 P/E 5.6 9.3 10.4 9.4 9.8 EV/EBITDA 3.1 6.0 4.7 3.9 3.9 See Appendix for Analyst Certification and EBIT/Interest expense 11.5 7.0 7.9 8.7 9.7 important disclosures Yield 6.0% 2.0% 6.2% 5.0% 5.0% ROE 33.9% 18.9% 15.9% 16.1% 14.3%

METKA May 17, 2013

Q1 2013 Review

The EPC contractor reported a 21.5% decline in revenues in the first quarter to EUR134mn, reflecting tough comparables, weak contract execution on Greece and the delay in Syria, which had made a significant contribution during the same period last year. Apart from these expected trends, Turkey-related payments came in lower than our expectations and as a result group sales stood 26% lower than our estimates. This does not trigger a downgrade of our 2013e estimates however; recall that the two Turkish projects are up for completion in H1 2013 and we expect that the revenue miss will be reversed in the coming quarter. Adjusting for Turkey, the results were broadly in line with our expectations.

On a positive note, the mgt’s special measures in Syria started delivering positive results and contract execution has resumed. Syria-related revenues reached EUR20.5mn in Q1 vs. EUR93.1mn last year (we factored no Syria-related revenues in Q1). Recall that following a 6- month freeze in operations for safety reasons, the mgt took special measures and resumed activities at the Deir Ali plant during Q1. It has established an office in Lebanon (2 ½ hour drive from Damascus) and mgt now has remote control in many operations and is proceeding “in a very specific way and with a lot of extra measures”. The project is a couple of months away from the 1st fire and only a few months away of delivering power to the grid.

EBITDA stood at EUR22.9mn, down 17.3% yoy and 24.3% lower than our forecasts reflecting the aforementioned revenue miss but on sustainably strong operating margins, which were in line with our forecasts.

Although there was no improvement in working capital compared to the previous quarter due to the acceleration of payments relating to the two Turkish projects, METKA reported positive operating cash flows of EUR14.3mn in the quarter compared to an outflow of EUR84.6mn last year. As a result, adjusted net cash improved EUR15.6mn qoq standing at EUR105.6mn. In terms of net cash position, recall that METKA participates in the group’s cash pooling and through its subsidiary Mytilineos Financial Partners, has proceeded with an investment in corporate bonds totaling EUR34.2mn (vs. EUR41.3mn in Q4 2012).Although classified under IFRS as a receivable from connected parties, we treat this as a cash equivalent.

We expect that both working capital and the group’s net cash position will improve substantially by year-end upon successful delivery of the two Turkish projects in H1 and a forecasted partial collection of receivables. We also expect that METKA will continue to participate in the group’s cash pooling, albeit at lower levels.

METKA | Quarterly Highlights EUR mn Q1 2013 Q1 2012 yoy% Eurobank est. Actual vs. Eurobank

Sales 134.0 170.7 -21. 5% 180.5 - 25.8%

EBITDA 22.9 27.7 -17.3% 30.3 - 24.3% EBITDA margin 17.1% 16.2% 88 bps 16.8% 32 bps

EBT 19. 4 24.4 -20.6% 26.9 - 28.0% Net profits 16.1 23.5 -31.6% 19.9 -18.9%

OCF 14.3 -84.6 116.9% FCF 6.8 -11.5 159.4%

Net Debt / (Cash) - adjusted * -105.6 -69.2 52.4% Net Debt / (Cash) - reported -74.4 -69.2 7.4%

Sourc e: Eurobank Equities Research

METKA May 17, 2013

METKA wins USD1.0bn project in Iraq

In an official filing, the company informed that a consortium of METKA S.A. and its subsidiary METKA Overseas have received notification from the Ministry of Electricity in Iraq that they have been awarded a EUR1.0bn turnkey CCGT project in the area. The project relates to the construction of a reported 1,642MW CCGT plant in al-Anbar and will be carried out during a period of 32 months. According to press reports, apart from METKA, Italian Saipem, South Korean Hyundai Engineering, Turkish Gama and a consortium consisting of Italian Techint Engineering and Turkish Calik were in the shortlist to win the project.

This is quite a positive development for METKA, confirming the company’s solid track record and competitiveness in international large scale tenders. It also alleviates the looming backlog replenishment risk, even under the worst case scenario (suspension of the Deir-Ali project in Syria). The project represents almost 50% of current backlog and assuming METKA undertakes the construction of the project, it would bring the company’s year-end backlog to EUR1.9bn on our estimates, close to the EUR2.0-2.2bn peak levels experienced in 2009 - 2010.

Following recent press reports, the company has also given notice that it is negotiating with the Chinese state-controlled construction company SEPCO (SEPCOIII Electric Power Construction Corporation) regarding a potential co-operation for the recently awarded project.

Although given its track record, we have no reason to doubt METKA’s ability to complete the project in a successful and timely fashion, given the size of the contract, the largest single project ever won by the company, and the high execution risk due to geopolitical reasons, it does not surprise that METKA would seek a partnership as a means to reduce its risk.

We remind that in the past METKA has proceeded with a similar action, when it decided to disengage from a project commissioned by PPC (Megalopoli V sale to GEK TERNA) in order to release capital for re-investment. Whatever the company opts to do, we believe there is significant value stemming from the award of the project but since many variables have yet to be determined we do not yet include the project in our numbers.

METKA May 17, 2013

Estimates revision

Apart from the aforementioned project in Iraq, METKA has also informed that it has signed a contract with Societe Algerienne de Production de l’ Ectricite (SPE Spa) in consortium with General Electric. The contract relates to the engineering, procurement, construction and commissioning of a 368MW OCGT plant in Hassi R’ Mel, Algeria.

It is budgeted at c. EUR92.8mn and will be carried out within a period of 29.5 months. This is the third project in Algeria and represents 5% of backlog (excluding the EUR1.0bn project in Iraq). We have included this project in our model, assuming contract execution will start in Q4 2013. We have made no other changes in our forecasts for the time being.

METKA | Estimates Revision 2013e 2014e 2015e EUR mn old est. new est. Revision old est. new est. Revision old est. new est. Revision Sales 558.2 564.5 1.1% 617.7 624.7 1.1% 574.8 590.1 2.7%

EBITDA 93.9 95.9 2.2% 104.2 105.5 1.3% 96.4 99.5 3.1% of which mgt fees 6.0 6.0 0.0% 6.0 6.0 0.0% 6.0 6.0 0.0% of which other EBITDA 99.9 101.9 2.1% 110.2 111.5 1.2% 102.4 105.5 3.0%

EBITDA Margin 16.8% 17.0% 18 bps 16.9% 16.9% 2 bps 16.8% 16.9% 8 bps Underlying EBITDA margin 17.9% 18.1% 17 bps 17.8% 17.9% 1 bps 17.8% 17.9% 5 bps

Net Profit 61.2 62.6 2.4% 68.1 69.0 1.3% 64.2 66.3 3.3%

DPS 0.75 0.77 2.4% 0.62 0.62 1.3% 0.61 0.63 3.3%

Group Free Cash Flow 146.0 147.9 1.3% 71.8 73.0 1.7% 45.4 48.3 6.4%

Working Capital 166.3 166.0 -0.2% 163. 1 162.4 -0.4% 182.3 180.8 -0.8% Source: Eurobank Equities Research

METKA May 17, 2013

Valuation

We increase our target price to EUR13.40 per share from EUR12.70 previously, reflecting the aforementioned mild earnings upgrade and a higher multiples valuation following a re-rating of its global peers, while we retain our Buy recommendation on METKA, which is included in our Top Picks Portfolio.

We have reached to our target price using a blended valuation methodology applying a 50% weight to our DCF and a 50% weight to an assumed exit multiple of 2014e EV/EBITDA of 5.2x, which represents a 10% discount to the 2014e EV/EBITDA multiple of its global peers. On our target price, the group trades at a 9.4x 2014e PE and a 3.9x EV/EBITDA multiple and offers a c. 11.1% cash flow yield.

METKA | Blended Valuation Current Equity Current Value Prior Equity Prior Value Weight Value (EUR mn) Per Share (EUR) Value (EUR mn) Per Share (EUR)

DCF Valuation 50% 687 13.3 690 13.3 Multiples Valuation 50% 701 13.5 626 12.1 Target Valuation 694.4 13.4 658 12.7

Upside / Downside 6.9% 35.1%

S ource: Eurobank Equities Research

Relative Valuation

Our selected universe of EPC contractors1 currently trades at 10.9x 2014e net earnings and 5.8x EBITDA multiples. On our numbers, METKA trades at a heavy c30% discount relative to its global peers on 2013e-2014e EV/EBITDA multiples.

METKA | Relative Valuation PE EV/EBITDA 2013e 2014e 2013e 2014e EPC Contractors (BBG Consensus)2 12.8x 10.9x 7.0x 5.8x

METKA (Eurobank Est.) * 10.4x 9.4x 4.7x 3.9x Premium / (Discount) -19.3% -13.6% -33.4% -33.0% Source: Eurobank Equities Research, Bloomberg

1 Mcap weighted average of JGC, Petrofac, Samsung Engineering, Hyundai Engineering & Construction, AMEC, Jacobs Engineering, AKER Solutions, KBR, GS Engineering & Construction, Daelim Industrial, McDermott, Tecnicas Reunidas, Foster Wheeler, Duro Felguera, Kvaener and Kentz. 5

METKA May 17, 2013

Group Financial Statements

Balance Sheet EUR mn 2011a 2012a 2013e 2014e 2015e

Non-current Assets Property, Plant & Equipment (net) 59.4 57.5 57.3 57.0 56.5 Set-up Expenses (net) 0.1 0.0 0.0 0.0 0.0 Goodwill (net) 1.8 1.8 1.8 1.8 1.8 Investments 11.3 13.8 8.0 8.0 8.0 Deferred Tax Asset 0.7 6.5 6.5 6.5 6.5 Total Non-current Assets 73.2 79.6 73.6 73.3 72.8

Inventories 45.5 37.4 45.0 40.0 40.0 Trade Receivables 456.6 452.0 344.7 357.2 360.0 Other receivables 43.5 50.9 50.9 50.9 50.9 Cash & Equivalents * 168.1 143.3 200.5 241.5 257.8 Current Assets 713.7 683.6 641.1 689.7 708.7

Total Assets 786.9 763.2 714.7 762.9 781.5

Share Capital & Premium 16.6 16.6 16.6 16.6 16.6 Reserves 305.2 336.2 358.8 395.3 429.1 Minority Interest 17.2 17.2 17.7 18.2 18.7 Total Equity 339.1 370.0 393.0 430.1 464.4

LT Loans 0.9 2.7 0.0 0.0 0.0 Provisions 1.3 1.2 1.2 1.2 1.2 Deferred Tax Liability 27.5 45.8 45.8 45.8 45.8 Other Non-current liabilities 65.7 77.0 33.9 62.5 59.0 Long Term Liabilities 95.4 126.8 80.9 109.5 106.0

ST Loans 14.2 48.4 0.0 0.0 0.0 Trade Payables 331.0 207.7 230.5 213.0 200.7 Other Payables 7.4 10.3 10.3 10.3 10.3 Current Liabilities 352.5 266.5 240.8 223.3 211.1

Total Equity & Liabilities 786.9 763.2 714.7 762.9 781.5

Source: Company, Eurobank Equities Research

* In 2012, METKA, through the group’s subsidiary Mytilineos Financial Partners proceeded with an investment in 3-month and 6-month corporate bonds totaling EUR41.3mn (3-month Euribor +6.15% and 4.5% respectively). Although classified under IFRS as a receivable from connected parties, we treat this as a cash equivalent.

METKA May 17, 2013

P&L EUR mn 2011a 2012a 2013e 2014e 2015e

Turnover 1,003.7 547.5 564.5 624.7 590.1 change 72.7% -45.4% 3.1% 10.7% -5.5%

Gross Profit (excl. depreciation) 191.3 118.0 123.0 132.7 126.6 Gross margin 19.1% 21.5% 21.8% 21.2% 21.5% Selling, Administrative & Other Expenses -21.4 -21.8 -21.1 -21.2 -21.1 Fees -8.5 -3.5 -6.0 -6.0 -6.0

EBITDA 161.4 92.7 95.9 105.5 99.5 change 59.3% -42.6% 3.5% 10.0% -5.8% EBITDA margin 16.1% 16.9% 17.0% 16.9% 16.9% Depreciation -4.9 -4.7 -4.2 -4.4 -4.5

EBIT 156.5 88.0 91.7 101.2 95.0 change 62.1% -43.8% 4.2% 10.3% -6.1% EBIT margin 15.6% 16.1% 16.2% 16.2% 16.1% Net Financial Expense / Income -10.6 -7.3 -6.4 -7.2 -4.8 Adjustments 2.9 3.7 0.0 0.0 0.0

Earnings Before Tax 148.8 84.4 85.3 94.0 90.2 change 18.7% -43.3% 1.1% 10.2% -4.0% EBT margin 14.8% 15.4% 15.1% 15.0% 15.3%

Income Tax -32.4 -13.5 -22.2 -24.4 -23.5 Greek levies 0.0 0.0 0.0 0.0 0.0 Effective Tax Rate 21.8% 16.0% 26.0% 26.0% 26.0% Earnings After Tax 116.3 70.9 63.1 69.5 66.8 Minorities -1.3 -0.8 -0.5 -0.5 -0.5

Net Profit 115.0 70.1 62.6 69.0 66.3 change 32.2% -39.1% -10.6% 10.2% -4.0% Net Profit margin 11.5% 12.8% 11.1% 11.1% 11.2%

EPS 2.21 1.35 1.21 1.33 1.28

DPS (regular & special gross) 0.75 0.25 0.77 0.62 0.63

Source: Company, Eurobank Equities Research

METKA May 17, 2013

Cash Flow Statement EUR mn 2011a 2012a 2013e 2014e 2015e

Net Profit 115.0 70.1 62.6 69.0 66.3 Depreciation of Fixed Assets 4.9 4.7 4.2 4.4 4.5 Changes in Working Capital 8.8 104.8 -79.2 -3.6 18.5 Other Adjustments 6.0 9.9 0.0 0.0 0.0

Net Inflows (Outflows) from Operating Activities 117.1 -20.1 146.1 77.0 52.3

Capex 3.9 2.3 4.0 4.0 4.0 Other 0.4 39.0 -5.8 0.0 0.0

Net Inflows (Outflows) from Investing Activities 4.3 41.3 -1.8 4.0 4.0

Free Cash Flow - adjusted 112.9 -61.4 147.9 73.0 48.3

Purchase of bonds * 0.0 41.3 0.0 0.0 0.0

Free Cash Flow - reported 112.9 -20.1 147.9 73.0 48.3

Source: Company, Eurobank Equities Research

*In 2012, METKA, through the group’s subsidiary Mytilineos Financial Partners proceeded with an investment in 3-month and 6-month corporate bonds totaling EUR41.3mn (3-month Euribor +6.15% and 4.5% respectively), recorded under investments (other) for cash flow purposes. Although classified under IFRS as a receivable from connected parties, we treat this as a cash equivalent.

Ratios 2011a 2012a 2013e 2014e 2015e

P/E 5.6 9.3 10.4 9.4 9.8 P/BV 2.0 1.8 1.7 1.6 1.5 P/Sales 0.6 1.2 1.2 1.0 1.1

EV/EBITDA 3.1 6.0 4.7 3.9 3.9 EV/Sales 0.5 1.0 0.8 0.7 0.7

EBIT/Interest expense * 11.5 7.0 7.9 8.7 9.7 Net Debt/EBITDA -0.9 -1.0 -2.1 -2.3 -2.6

Dividend Yield (gross) 6.0% 2.0% 6.2% 5.0% 5.0% ROE 33.9% 18.9% 15.9% 16.1% 14.3%

Cash Flow Yield 18.0% -3.1% 22.5% 11.9% 8.1% Payout Ratio 33.9% 18.5% 64.0% 47.0% 49.0%

Source: Company, Eurobank Equities Research

* Interest expense refers to LoCs cost.

METKA May 17, 2013

Eurobank Equities Investment Firm S.A. 10 Filellinon Street Member of Athens Exchange, 105 57 Athens, Greece Cyprus Stock Exchange and Eurobank Ergasias S.A. Telephone: +30 210-3720 000 Regulated by the Hellenic Capital Markets Commission Facsimile: +30 210-3720 001 Authorisation No: 6/149/12.1.1999 Website: www.eurobankequities.gr VAT No: 094543092, Reg. No. 003214701000 E-mail: [email protected]

IMPORTANT DISCLOSURES

This report has been issued by Eurobank Equities Investment Firm S.A., a member of the Athens Exchange, a member of the Cyprus Stock Exchange and a member of EUROBANK Ergasias S.A. Eurobank Equities Investment Firm S.A.. is regulated by the Hellenic Capital Markets Commission (HCMC) with authorisation number 6/149/12.1.1999.This report may not be reproduced in any manner or provided to any other persons. Each person that receives a copy by acceptance thereof represents and agrees that it will not distribute or provide it to any other person. This report is not an offer to buy or sell or a solicitation of an offer to buy or sell securities mentioned herein. The investments discussed in this report may be unsuitable for investors, depending on their specific investment objectives and financial position. The investments discussed in this report are subject to risks and in respect of some investments there is risk for multiplied losses to be caused in respect to the capital invested. The information contained herein has been obtained from sources believed to be reliable but it has not been verified by Eurobank Equities Investment Firm S.A.. The opinions expressed herein may not necessarily coincide with those of any member of the Eurobank Group. No representation or warranty (express or implied) is made as to the accuracy, completeness, correctness, timeliness or fairness of the information or opinions herein, all of which are subject to change without notice. No responsibility of liability whatsoever or howsoever arising is accepted in relation to the contents hereof by Eurobank Equities Investment Firm S.A. or any of its directors, officers or employees. Eurobank Equities Investment Firm S.A. follows procedures under Eurobank Group policies that set up Chinese Walls, restricting communication between Research and other departments inside the Company or the Group so that Eurobank Equities Investment Firm S.A. complies with regulations on confidential information and market abuse. Eurobank Equities Investment Firm S.A., or any of its related legal persons, does not hold shareholdings exceeding 5% of the total issued share capital in METKA. None of the subject companies mentioned in this report holds shareholdings exceeding 5% of the total issued share capital of Eurobank Equities Investment Firm S.A., or any of its related legal persons. Eurobank Equities Investment Firm S.A., or any of its related legal persons, is not a market maker of METKA. Eurobank Equities Investment Firm S.A., or any of its related legal persons, is not a party to an agreement relating to the production of this report with METKA. EUROBANK Equities Investment Firm S.A, or any of its related investment banking services’ legal persons, has not received compensation for investment banking services provided within the last twelve months from METKA. This report was sent to the company for factual verification prior to publication. There have been no significant changes on the initially sent report.

Analyst Certification: This report has been written by Katerina Zaharopoulou (Equity Analyst).

Analyst Compensation: The remuneration of Katerina Zaharopoulou is not tied to the investment banking services performed by Eurobank Equities Investment Firm S.A. or any of its related legal persons. Katerina Zaharopoulou did not receive or purchase the shares of METKA prior to a public offering of such shares. Katerina Zaharopoulou does not have a significant financial interest in one or more of the financial instruments which are the subject of this report or a significant conflict of interest with respect to the subject companies mentioned in this report a) that are accessible or reasonably expected to be accessible to the persons involved in the preparation of this report or b) known to persons who, although not involved in the preparation of this report, had or could reasonably be expected to have access to this report prior to its dissemination to customers or the public.

Planned Frequency of Updates: Eurobank Equities Investment Firm S.A. provides daily and monthly updates as well as updates on companies based on company-specific developments or quarterly financial results announcements or any other publicly available information.

12-month Rating History of METKA: Date Rating Stock price Target price 17/05/2013 Buy € 12.50 € 13.40 28/03/2013 Buy € 9.40 € 12.70 15/01/2013 Buy € 11.00 € 13.70 26/11/2012 Buy € 7.45 € 11.80 05/09/2012 Hold € 5.78 € 8.00 24/08/2012 Hold € 6.10 € 8.00 18/06/2012 Hold € 6.49 € 8.00 30/05/2012 Hold € 5.60 € 8.00

Eurobank Equities Investment Firm S.A. Rating System: Stock Ratings Coverage Universe Investment Banking Clients Count Total Count Total Buy 9 31% 3 33% Hold 10 34% 1 10% Sell 2 7% 0 0% Restricted 3 10% 1 33% Under Review 5 17% 0 0% Total 29 100%

Analyst Stock Ratings: Based on a current 12-month view of total shareholder return (percentage change in share price to projected target price plus projected Buy: dividend yield), we recommend that investors buy the stock. Hold: We adopt a neutral view on the stock 12-months out and, on this time horizon, do not recommend either Buy or Sell. Sell: Based on a current 12-month view of total shareholder return, we recommend that investors sell the stock. Restricted: Under Eurobank Group policy and / or regulations which do not allow ratings Under Review: Our estimates, target price and recommendation are currently under review