The Greek government has come out today and stated that the Hellenic Post Bank is not viable.
I put it to you that this is a simple ploy in order to snap up a solvent bank with huge assets at a knockdown price. And the only way a theft of this size can take place is because the Greek government is allowing it to happen, and more than that, the Greek government is actually supporting the theft of Greek assets, assets that are ultimately the property of the Greek people.
This is the assessment by the Greek central bank. This news paves the way for the Hellenic Post Bank to be privatised.
“It [Hellenic Postbank] has been judged unviable,” Yannis Stournaras told MPs on Wednesday, referring to a report by the central Bank of Greece and its bank bailout fund, the Hellenic Financial Stability Fund.”
Reuters implies that the privatisation of the Hellenic Post Bank may not have been possible if it were a viable company
“The announcement paves the way for its sale or transfer to private investors.”
Lets look at some facts which exposes the blatant plan of the international banks, along with the Greek central bank to strip the Greek people of assets at knock down prices.
Figures are from the FT and are pasted in below in full
Currently the market capitalisation of Hellenic Post bank is 67.99million Euros
Hellenic Post Bank has assets of over 16 billion Euros.
The article in Reuters highlights the fact that the bank lost over 500 million Euros in 2011.
The lender reported a 544 million euro ($681.5 million) loss for the first nine months of 2011, the last time it published results.
Given that Hellenic Post Bank is supposed to be such a big investor in Greek government debt
Postbank has suffered from investing heavily in Greek government bonds, which left it with a huge capital gap despite its hefty deposits. A bond exchange to cut the Greece’s debt wiped off most of the value of Greek bonds held by private investors, mainly banks.
And given that the haircut only amounted to a 30% discount on all Greek government debt Hellenic Post Bank as of today looks quite strong.
Reuters also quotes a banker saying that the bank is in negative equity
“The finance minister’s comment says it all,” said Takis Zamanis, head of trading at Beta Securities. “The bank has negative equity and such an effect on the share is logical.”
Again, I encourage you to look at the banks financials and you will see that not only is this not true, the exact opposite is the case.
The bank is in the black to the tune of 16 billion Euros and the value of its “Property Plant and Equipment” is valued at 135 million Euros on its own. Even if you assume this valuation is wildly optimistic, it is still substantially more than its market capitalisation.
In Summary
This announcement from the Greek government which is based on a report by the Greek Central Bank is an obvious ploy by the international banks to seize the assets of a liquid company and assets of the Greek people at a knock down price.
The assets of Hellenic Post Bank will be a great boost to any of Greece;s insolvent banks.
At the moment the main banks in Greece are playing it cool
While no group has expressed an interest in the lender, potential suitors include National Bank (NBGr.AT) and Eurobank (EFGr.AT), Greece’s two biggest banks which each hold a 6.1 percent stake in Postbank.
But rest assured, one of the main Greek banks will be benefiting from the privatisation of Hellenic Post Bank and rest assured they will make it sound like they are doing the Greek people a favour by doing so.
more information on Greek privatisations from zerohedge
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Data from the FT
TT Hellenic Postbank SATT:ATH
| 0.168 |
0.00 / 0.00%
|
0 |
86.88%
|
1.46 | ||||
| Latest price in EUR | Today’s change | Shares traded | 1 year change | Beta |
|---|
Summary
As of last trade TT Hellenic Postbank SA (TT:ATH) traded at 0.168, -16.00% above its 52-week low of 0.20, set on Jun 05, 2012.
| Open | 0.00 |
|---|---|
| Day high | — |
| Day low | — |
| Bid | 0.00 |
| Offer | 0.00 |
| Previous close | 0.168 |
| Average volume | 731.60k |
|---|---|
| Shares outstanding | 284.47m |
| Free float | 157.31m |
| P/E (TTM) | — |
| Market cap | 67.99m EUR |
| EPS (TTM) | -1.9254 EUR |
Comparative analysis
| 1 week | 1 month | 6 months | 1 year | 5 years | |
|---|---|---|---|---|---|
| TT Hellenic Postbank SA | -29.71% | -39.57% | -78.49% | -86.88% | -98.61% |
| AT SE GENERAL IDX | -1.69% | +5.76% | -15.50% | -30.88% | -87.11% |
| WRLD/FINANCIALS | -0.76% | +2.30% | -1.97% | +5.29% | — |
| WRLD/COMML BANKS | -0.63% | +2.25% | -2.12% | +5.39% | — |
|
Aug 30 2012 22:46 BST
Hellenic Postbank shares suspended The Athens stock market watchdog suspended trading in shares of Hellenic Postbank on Thursday after the finance minister said the state-controlled lender was “no longer viable” and demanded the publication by Friday of its 2011 balance sheet. Union members claiming the government planned to close Postbank occupied its central AthensBy Kerin Hope in Athens
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Sep 23 2011 11:47 BST
EU to speed recapitalisation of smaller banks European officials look set to speed up plans to recapitalise the 16 banks that came close to failing last summer’s pan-EU stress tests as part of a co-ordinated effort to reassure the markets about the strength of the 27-nation bloc’s banking sector. A senior French official said the 16 banksBy Brooke Masters in London, Peggy Hollinger in Paris and Alex Barker in Brussels
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Sep 15 2011 00:51 BST
France and Germany show support for Greece France and Germany offered their full support for Greece remaining in the eurozone, but made an emphatic appeal to Athens to implement promised economic reforms as a way of stabilising the bloc. Following a conference call on Wednesday evening with George Papandreou, the Greek prime minister, Nicolas Sarkozy, French president,By Kerin Hope in Athens and Joshua Chaffin in Brussels
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Sep 13 2011 23:18 BST
False promise of private helpers In July, the eurozone adopted “private sector involvement” – a debt swap with haircuts for private bondholders – as the way to squeeze through the shrinking overlap between the economically sensible and the politically acceptable in the second rescue of Greek public finances. A deadline for non-binding commitments closed last
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Aug 28 2011 17:38 BST
Merger to kickstart Greek bank consolidation A friendly merger between two private Greek banks with backing from the Gulf state of Qatar has been heralded as the first move in a long-awaited consolidation of the country’s struggling financial sector. Eurobank EFG and Alpha Bank, the country’s second and third largest lenders, will announce on Monday anBy Kerin Hope in Athens
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May 24 2011 19:45 BST
Opposition questions Athens sell-off plans The leader of the main Greek opposition party rejected the government’s fiscal austerity measures and questioned its approach to privatising €50bn ($70bn) in state assets after meeting George Papandreou, prime minister, on Tuesday. The move by Antonis Samaras not only appeared to dash hopes for a broad political consensus butBy Dimitrius Kontogiannis in Athens
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May 24 2011 18:13 BST
Moody’s Greece warning fails to dent rally A warning from Moody’s that a Greek sovereign debt default would spark widespread contagion across the eurozone was largely ignored by equity investors as most stock indices rallied after the losses of the previous session. The US rating agency said a Greek default could lead to downgrades across the continentBy Neil Dennis
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May 24 2011 13:48 BST
Greece: kicking a battered can Form an orderly queue for the great Greek fire-sale. Athens has given some detail on its intention to raise €50bn by 2015 from the sale of state assets. If the stakes were not so high, this privatisation programme would be cause for admiration. In the context of the crisis Greece
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May 24 2011 03:49 BST
Greece to sell stakes in state-owned groups The Greek government announced on Monday that it would sell stakes in state-controlled companies and form a sovereign wealth fund, to stem criticism that it has dragged its feet on measures to raise revenue and cut spending. The cabinet had “reaffirmed its determination to continue with the fiscal consolidation programme”,By Dimitris Kontogiannis and Kerin Hope in Athens and Joshua Chaffin in Brussels
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Dec 14 2010 19:11 GMT
Greece races to meet bail-out terms Greece has embarked on a last-minute legislative dash to meet conditions set by the European Union and International Monetary Fund for disbursing the next two portions of the country’s bail-out loan. Parliament was on Tuesday night due to approve a package of wage cuts for public and private sector workersBy Kerin Hope in Athens
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Reuters News Service company announcements are delayed by up to one hour.
TT Hellenic Postbank SATT:ATH
| 0.168 |
0.00 / 0.00%
|
0 |
86.88%
|
1.42 | ||||
| Latest price in EUR | Today’s change | Shares traded | 1 year change | Beta |
|---|
About the company
| 677.48m | -541.04m | 1900 | 2.49k | |||
| Revenue in EUR (TTM) | Net income in EUR | Founded | Employees |
|---|
Phone+30 2 103704000Fax+30 2 103704107Websitehttp://ttbank.gr
Income statment in EUR
Year on year TT Hellenic Postbank SA’s revenues fell 24.33% from 731.66m to 553.62m. has gone from a gain of 20.63m to a loss of 34.12m. View full income statement
| Gross margin | — |
| Net profit margin | -154.95% |
| Operating margin | -184.15% |
| Return on assets | -3.14% |
| Return on equity | -76.76% |
| Return on investment | — |
Growth Rates in EUR
Year on year, growth in earnings per share excluding extraordinary items dropped 484.86%.
| EPS growth(5 years) | — |
| EPS (TTM) vs TTM 1 year ago |
-164.205 |
Cash flow in EUR
In 2010, cash reserves at TT Hellenic Postbank SA fell by 1.41bn. Cash Flow from Financing was negative, which signals that this company did not need to attract significant financing from outside sources. In addition the company used 1.36bn for operations while cash used for investing totalled 43.38m. View full cash flow statement
| Cash flow per share | -1.883 |
| Price/Cash flow per share | — |
| Book value per share | 1.78 |
| Tangible book value per share | 1.69 |
Balance sheet in EUR
TT Hellenic Postbank SA uses little or no debt in its capital structure. View full balance sheet
| Current ratio | — |
| Quick ratio | — |
| Total debt/total equity | 0.00 |
| Total debt/total capital | — |
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Consensus recommendation
As of Aug 24, 2012, the consensus forecast amongst 4 polled investment analysts covering TT Hellenic Postbank S.A. advises investors to hold their position in the company. This has been the consensus forecast since the sentiment of investment analysts improved on Aug 09, 2012. The previous consensus forecast advised that the company would underperform TT Hellenic Postbank S.A..
| Last year | 3 months ago | 2 months ago | 4 weeks ago | Latest |
| Buy | 0 |
| Outperform | 0 |
| Hold | 2 |
| Underperform | 2 |
| Sell | 0 |
| No opinion | 0 |
12 pages, 25 Aug 2012
9 pages, 26 Apr 2012
Share price forecast
The one analyst offering a 12 month price target expects TT Hellenic Postbank S.A. share price to rise to 0.20 in the next year from the last price of 0.168. View Full Financials
| High | +19.0 % | 0.20 |
| Med | +19.0 % | 0.20 |
| Low | +19.0 % | 0.20 |
Dividends
Dividend information is not available for TT Hellenic Postbank SA. View Full Financials
| Div growth (TTM) | — |
- Mouseover chart for details.
- Dividend forecast
- Quarter 1
- Quarter 2
- Quarter 3
- Quarter 4
Earnings history & estimates
On Sep 15, 2011, TT Hellenic Postbank S.A. reported 2nd quarter 2011 earnings of 0.16 per share.
The next earnings announcement is expected on Apr 20, 2012. View Full Interim Financials
| Average growth rate | +64.48% |
TT Hellenic Postbank S.A. reported annual 2010 losses of -0.159 per share on Mar 30, 2011. View Full Annual Financials
| Average growth rate | -80.72% |
- Mouseover chart for details.
- Reported results
- Forecasts
-
Pos/Neg restatement
Revenue
TT Hellenic Postbank S.A. had 3rd quarter 2011 revenues of 73.61m. This missed the 84.00m estimate of the one analyst following the company. This was 4.69% below the prior year’s 3rd quarter results. View Full Interim Financials
| Average growth rate | -4.69% |
TT Hellenic Postbank S.A. had revenues for the full year 2010 of 319.02m. This was 13.55% below the prior year’s results. View Full Annual Financials
| Average growth rate | -4.53% |
- Mouseover chart for details.
- Reported results
- Forecasts
-
Pos/Neg restatement
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Data From Bloomberg
Tt Hellenic Postbank S.A. (TT:Athens)
Tt Hellenic Postbank S.A. (TT) Snapshot
|
Open
€0.17
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Previous Close
€0.17
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Day High
€0.17
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Day Low
€0.17
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52 Week High
08/31/11 – €1.42
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52 Week Low
08/30/12 – €0.17
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Market Cap
47.8M
|
Average Volume 10 Days
767.5K
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|
|
EPS TTM
€-1.93
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Shares Outstanding
284.5M
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EX-Date
06/14/11
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P/E TM
—
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Dividend
—
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Dividend Yield
—
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Related News
Tt Hellenic Postbank S.A. (TT) Related Businessweek News
No Related Businessweek News Found
Tt Hellenic Postbank S.A. (TT) Details
TT Hellenic Postbank S.A. provides various retail and corporate banking products and services to individuals and businesses in Greece. The company’s deposit product line includes savings accounts, current accounts, sight accounts, time deposits, and foreign currency deposits; and loan products comprising home loans, student loans, consumer loans, loans on pledge, and personal loans. It also provides various investment products, such as domestic balanced mutual funds, government securities, and savings-investment accounts; involves in executing payments and funds transfer, as well as in financing overseas trade; and engages in safeguarding, organizing, and managing various kinds of movable assets, securities, financial products, and assets for the account of third parties. In addition, the company engages in the issuance and management of the means of payment, including credit cards, travelers’ checks, and letters of credit; provides underwriting, capital structure and corporate strategy, mergers, and disintegration and acquisition services; and issues and distributes securities. Further, it offers financing restructuring purification services, including corporate factoring services, information regarding credit worthiness, leasing of safe deposit boxes, and pawnshop services. Additionally, the company provides intermediary services in the interbank market consisting of leasing and prepaid cards, as well as transactions on behalf of the institution or its clientele that refer to financial market instruments, exchanges, future contracts or options, interest rate and currency swaps, and securities. As of December 31, 2009, its branch network comprised 146 branches located in 67 cities in Greece. TT Hellenic Postbank S.A. is headquartered in Athens, Greece.
Last Reported Date: 11/29/11
Tt Hellenic Postbank S.A. (TT:Athens)
Financial Statements For Tt Hellenic Postbank S.A. (TT)
View Income Statement In U.S. Dollar
| Currency in Millions of Euros |
As of: | Dec 31 2007 Restated EUR |
Dec 31 2008 Restated EUR |
Dec 31 2009 Restated EUR |
Dec 31 2010 EUR |
4 Year Trend |
| TOTAL REVENUES | 264.7 | 234.8 | 328.4 | 264.8 |  |
|
| Cost Of Goods Sold | 1.8 | 1.9 | 3.7 | 3.9 | |
|
| GROSS PROFIT | 263.0 | 232.9 | 324.7 | 260.9 | |
|
| Selling General & Admin Expenses, Total | 198.7 | 127.3 | 168.1 | 164.4 | |
|
| EBT, EXCLUDING UNUSUAL ITEMS | 50.2 | 18.3 | 47.4 | 3.7 | |
|
| Merger & Restructuring Charges | — | -15.7 | -7.9 | -0.5 | |
|
| EBT, INCLUDING UNUSUAL ITEMS | 50.2 | 2.6 | 39.5 | 3.2 | |
|
| Income Tax Expense | 6.8 | -0.2 | 16.8 | 36.2 | |
|
| Minority Interest In Earnings | 0.0 | 0.0 | -2.0 | -1.2 | |
|
| Earnings From Continuing Operations | 43.4 | 2.8 | 22.6 | -32.9 | |
|
| NET INCOME | 43.4 | 2.9 | 20.6 | -34.1 | |
|
| NET INCOME TO COMMON INCLUDING EXTRA ITEMS | 43.4 | 2.9 | 10.2 | -51.2 | |
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| NET INCOME TO COMMON EXCLUDING EXTRA ITEMS | 43.4 | 2.9 | 10.2 | -51.2 | |
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Tt Hellenic Postbank S.A. (TT:Athens)
Earnings & Estimates Summary – TT HELLENIC POSTBANK S.A. (TT)
No earnings announcements are currently available for TT HELLENIC POSTBANK S.A..
Quarterly Earnings & Estimates – TT HELLENIC POSTBANK S.A. (TT)
TT Hellenic Postbank S.A.’s Quarterly Earnings
TT Hellenic Postbank S.A. reported 3rd quarter 2011 losses of €0.18 per share on 11/29/2011.
Annual Earnings & Estimates – TT HELLENIC POSTBANK S.A. (TT)
TT Hellenic Postbank S.A.’s Annual Earnings
TT Hellenic Postbank S.A. reported annual 2010 losses of €0.12 per share on 03/31/2011.
Quarterly Revenues – TT HELLENIC POSTBANK S.A. (TT)
TT Hellenic Postbank S.A.’s Quarterly Revenues
TT Hellenic Postbank S.A. had 3rd quarter 2011 revenues of €95.3M. This bettered the €89.9M estimate of the one analyst covering the company. This was -5.9% below the prior year’s 3rd quarter results.
Annual Revenues – TT HELLENIC POSTBANK S.A. (TT)
Tt Hellenic Postbank S.A. (TT:Athens)
Key Executives – Tt Hellenic Postbank S.A. (TT)
| Name | Board Relationships | Title | Age |
| Kleanthis A. Papadopoulos | 16 Relationships | Chairman of the Board | — |
| George Xifaras | No Relationships | Chief Financial Officer | — |
| Alexandros Topaloglou | No Relationships | Deputy General Manager of Finance & Operation | — |
| Spyridon Christos Pantelias | 28 Relationships | Executive Vice Chairman and Executive Vice President | — |
Board Members – Tt Hellenic Postbank S.A. (TT)
| Name | Board Relationships | Primary Company | Age |
| Kleanthis A. Papadopoulos | 16 Relationships | TT Hellenic Postbank S.A. | — |
| Spyridon Christos Pantelias | 28 Relationships | TT Hellenic Postbank S.A. | — |
| Michail Siamidis | 10 Relationships | TT Hellenic Postbank S.A. | — |
| Aristides Pittas | 10 Relationships | TT Hellenic Postbank S.A. | — |
| Christos Varsamis | 10 Relationships | TT Hellenic Postbank S.A. | — |
Executive Committees* – Tt Hellenic Postbank S.A. (TT)
| Committee Name | Chairperson | Board Relationships | Members |
| Audit Committee | Michail Siamidis | 10 Relationships | 3 Executives |
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