Citigroup sees Hellenic Bank at EUR 7

Citigroup has commenced coverage of Hellenic Bank Pcl (HB) with a price target of EUR 7 per share with a buy/medium risk 1M rating. According to Citigroup estimates, Hellenic Bank is on track to register 46% YoY growth in EPS in 2007 and a further increase of 22% in the years 2008-2009.

Citigroup sees the EPS of Hellenic Bank at EUR 0.36 per share for 2007, EUR 0.46 for 2008 and EUR 0.56 for 2009. The Return on Equity of Hellenic is seen improving to 25% by 2009 from 18% in 2006 and 22% forecasted for 2007.

Citigroup analysts see Hellenic Bank reporting profit of EUR 96 mln in 2007, which will climb to EUR 133 mln in 2008 and EUR 160 mln in 2009.