11 Interesting Greek Stocks

2012-08-13 09:12 -  , Value Investing

Interesting Greek Stocks

Undervalued stocks can often be found, where no reasonable person would believe it. What seems quite obvious in this regard? Right, Greece! Who would invest in Greek stocks at these times? Could Greek stocks be an interesting investment?

I must admit, that I have no idea, what will happen with the greek ecomomy in the next years. Or if Greece will remain in the euro zone. But I am very certain, that well-established and stable Greek companies will continue to earn money in the long run. Maybe one could find some interesting Greek stocks.

265 Greek stocks are listet at the Athens Stock Exchange. There will certainly be some interesting candidates among them! Let’s start and go through the list of Greek stocks.

I will filter all Grek companies for the following criteria:

  • a simple business, which I could understand
  • an annual report in English is available
  • positive earnings in the last three years

After several hours of work I filtered out most Greek stocks. A relatively small list if potentially interesting Greek stocks remains. The judgement whether a company is simple, is indeed highly subjective and only a very first impression. And you can be certain, that I missed one or another interesting Greek company. But I think the annual reports of the following Greek companies could be worth reading.

Autohellas

Market Cap: 41 m€
Equity: 139 m€
Earnings (2011-2010-2009): 13.4 m€ – 14.4 m€ – 17.7 m€

Autohellas SA is the biggest national franchisee of the car rental company HERTZ worldwide. It owns the exclusive right, to use the HERTZ brand in Greece. Main activities of Autohellas are car rental and fleet management.

Homepage | IR | Financial Statements 2011 | Annual Report 2011

Coca-Cola Hellenic Bottling Company

Market Cap: 5,000 m€
Equity: 2,895 m€ (of which 1948 m€ are intangible assets)
Earnings (2011-2010-2009): 273 m€ – 439 m€ – 425 m€

One of the bottlers of products of The Coca-Cola Company worldwide. Is active not only in Greece, but supplies 570 mn. people in 28 countries with Coca-Cola products.

Homepage | IR | Factsheet 2011 | Annual Report 2011

F.G. Europe

Market Cap: 25 m€
Equity: 31 m€
Earnings (2011-2010-2009): 4,2 m€ – 3,5 m€ – 8,4 m€

The F.G. EUROPE Group sells air conditioning systems, consumer electronics, home appliances and other electronic devices. The company is the exclusive distributor of FUJITSU GENERAL Ltd in ten countries of southern europe (Greece, Bulgaria, Albania, Macedonia, Serbia, Montenegro, Bosnia-Herzegovina, Romania, Turkey and Italy). In Greece the company is leader in the air conditioning market.

Homepage | IR | Financial Statements 2011 | Annual Report 2010

Folli Follie Group

Market Cap: 350 m€
Equity: 721 m€ (of which 357 m€ are intangible assets)
Earnings (2011-2010-2009): 90 m€ – 83 m€ – 98 m€

Folli Follie designs, produces and sells jewelery, watches and fashion accessories. In addition, the group comprises the Hellenic Duty Free Shops. Approximately half of the revenues are generated outside Greece.

Homepage | Financial Statements 2011 | Annual Report 2011

Frigoglass

Market Cap: 170 m€
Equity: 137 m€ (of which 42 m€ are intangible assets)
Earnings (2011-2010-2009): 20 m€ – 21 m€ – 3 m€

Frigoglass is the leader in the worldwide market for Ice-Cold Merchandising (Cooling of Beverages). Additionally the biggest producer of glass bottles in West Africa.

Homepage | IR | Annual Financial Report 2011 | Annual Report 2011

Hellenic Exchanges

Market Cap: 170 m€
Equity: 153 m€
Earnings (2011-2010-2009): 21.5 m€ – 21.3 m€ – 29.5 m€

The operator of the Greek stock exchanges.

Homepage | Financial Statements 2011 | Annual Report 2011

Intralot

Market Cap: 140 m€
Equity: 299 m€ (of which 285 m€ are intangible assets)
Earnings (2011-2010-2009): 17.7 m€ – 36.6 m€ – 49.8 m€

INTRALOT is a leading supplier of integrated gaming and transaction processing systems, innovative game content, sports betting management and interactive gaming services for state-licensed gaming organizations worldwide.

Homepage | IR | Annual Report 2011

Jumbo

Market Cap: 400 m€
Equity: 523 m€
Earnings (2011-2010-2009): 95 m€ – 79 m€ – 96 m€

Jumbo is Greece’s largest toy-retailer. 45 stores are operated in Greece, 3 in Cyprus and 6 in Bulgaria (as of Oct. 2011). The market entry in Romania is planned.

Homepage | IR | Financial Statments 2011 | Annual Report 2011

Karelia Tabacco Company

Market Cap: 270 m€
Equity: 218 m€
Earnings (2011-2010-2009): ? m€ – 23.6 m€ – 16.3 m€

The biggest Greek producer and exporter of Cigarettes.

Homepage | IR | Annual Report 2010

Opap

Market Cap: 1,600 m€
Equity: 890 m€ (of which 1100 m€ intangible assets)
Earnings (2011-2010-2009): 537 m€ – 576 m€ – 594 m€

OPAP is a Greek lottery and sports betting company. About. 1/3 of shares are hold by the Greek state.

Homepage | IR | Financial Statements 2011 | Annual Report 2011

Sarantis

Market Cap: 90 m€
Equity: 127 m€ (23 m€ intangible assets)
Earnings (2011-2010-2009): 9.7 m€ – 11.8 m€ – 16.4 m€

Sarantis, manufactures and markets products in the fields of cosmetics and household products. Principal markets are Greece and Poland (each about 1/3 of total sales), the rest of sales are mostly to other Eastern European markets.

Homepage | IR | Financial Statements 2011 | Annual Report 2011

Conclusion

Whether Greek shares are generally a bargain, I do not know. But some candidates could actually apply to this. I wish you a happy reading of the annual reports, if you want to dig into that a bit deeper!


Comments [2]

  1. — Musti · 2012-08-16 11:45 · #

    Hello,

    Didn’t you forget Titan Cement?
    The only bad thing at this company is their Home Base “Greece”.
    I think in the near future they will profit from reconstruction of Egypt.

    Musti

  2. Stefan Mohr · 2012-08-16 12:23 · #

    Hi Musti, thx for you comment.

    No, I didn’t forget Titan Cement, I excluded it. My main reasons were an unstable profitability and the feeling, that the business it is in, should be highly competetive and cyclical.

    Maybe the company is despite all that interesting. But after all one has to narrow the vast number of investment possibilities, because it is impossible to value all companies. I think the companies mentioned in this article could be worth looking at. But I also know, that it is certain that I missed some interesting candidates. An unavoidable thing if you “analyze” every company only for 3 to 5 minutes, like I did.

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