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Holly LaFon
Holly LaFon
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Francis Chou Comments on Eurobank Ergasias SA

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September 12, 2019 | About:
Eurobank Ergasias SA (ATH:EUROB) (“Eurobank”) is the third largest bank in Greece by total assets with more than 650 branches globally. Greek banks face continuing challenges with the non-performing loans left over from the multi-year debt crisis. Eurobank’s management team has embarked on a plan to face the issue head on. By securitizing some of the loans and entering a deal to buy real estate firm, Grivalia Properties, Eurobank will increase its capital and reduce its non-performing loan portfolio significantly. Eurobank’s stock price increased 60% from €0.54 as of December 31, 2018 to €0.87 on June 30, 2019. We think the stock continues to be undervalued when compared to its book value of approximately €2.30 - €2.50 per share.

From Francis Chou (Trades, Portfolio)'s Europe Fund semi-annual 2019 report.

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Holly LaFon
I'm a financial journalist with a Master of Science in journalism from Medill at Northwestern University.

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