Monday, November 21, 2011

BETA Securities
Member of the Athens Stock Exchange

Market Screener
Market Comment

Athens Stock Exchange Index General FTSE FTSEM FTSES Closing Price 712.63 273.64 742.54 174.24 Session Overview
725 724,46 720

(%) -1.68% -2.35% -0.77% -1.18%

2011 -49.60% -58.89% -50.77% -31.58%

Todays session can be expected to be of low interest in terms of volume, with a negative tendency since there is lack of any significant catalyst that could improve investors psychology. Despite the low volumes last week, the GI reached close to year low and is currently is highly likely that will fall below the area of 700 units. A positive opening today with low volumes can be an opportunity to reduce short positions.

In the Spotlight
What to Watch Meetings between Greek government officials and Troika mid-level units have been scheduled to begin this week, focusing on the commitments related to the sixth instalment. Greek Prime Minister Lucas Papademos meets with EU President Herman Van Rompuy and European Commission President Jose Barroso in Brussels. Marfin Investment Group / Abu Dhabi Mar acquires 3% stake in Marfin Investment Group

715

710

705 710,14 700 10:30 11:15 12:00 12:45 13:30 14:15 15:00 15:45 16:30

Up Down Stable

95 56 123

Max: Min: Volume (m. ):

..

S3

724.46 710.14 36.37

9M Results Preview - Opap

Opap In thousand euro 9M 2011 Results- Estimates 2010 3,878,662
1,134,624

Max 2011: 1,747.17 (21 Feb.)

Min 2011: 701.31 (10 Oct.)

FTSE20 - December Closing Price 272.25 (%) -1.70% Market Valuation

Trailing Multiples 11 P/BV PS
EV/EBITDA

9M 2011E 3,248,200
1,056,817

-16.3% -6.9% -19.1%

Open Positions 18,096

Volume 2,902

Sales 3Q EBITDA

695,912

563,200

(% trnv)
3Q

17.94%
220,281

17.34%
195,066

-60 bps
-11.4%

AthEx FTSE FTSEM FTSES EN.A

0.39 0.37 0.37 0.32 1.72

0.33 0.30 0.25 0.16 1.40

11.75 7.32 15.30

(% trnv)
Net Profit

19.41%
413,113

18.46%
417,200

-96 bps
1.0%

(%trnv)
72.84

10.65%
161,234

12.84% +219 bps

143,498 -11.0%

3Q
29.67

(% trnv)
Market Cap/GDP 2010: 12.4%

14.21%

13.58%

-63 bps

Based on 6 2011 Results

International Markets Valuation
Index 10 11 P/BV

Dow Jones S&P 500 Dax Nikkei

12.14 12.78 9.5 16.23

12.06 12.26 9.57 15.41

2.41 1.91 1.14 1.04

Source: Bloomberg
International Markets - Commodities
Index - Value Closing Price (%) 2011

Company will be announcing 9M2011 Results today after market. A conference call will follow tomorrow, November 22nd at 16:00 [Athens time]. According to consensus estimates. Sales for the 9 months are expected at 3,248.2 m down by 16.3%. The continuing slowdown of the domestic economy and the World Cup that boosted sales during 3Q2010 will be affecting sales and particularly Stihima where we expect a drop in sales at the level of 25%.According to managements statements we expect an increased contribution in the sales of monitor games. EBITDA is expected at 563.2 m reduced by 19.1% yoy and Net Profit at 417.2m up by 1%. Fall in sales is expected to be counterbalanced in bottom line results, since profits will not be burdened by the one-off tax contribution [93.8m euro] that was imposed last year.

Dow Jones NASDAQ Comp. NIKKEI* DAX Euro/USD* Oil* Gold*

11,796.16 2,572.50 8,348.27 5,800.24 1.35 97.27 1,721.30

0.22 -0.60 -0.32 -0.85

1.89 -3.03 -18.39 -16.11 1.00 6.44 21.09

*Values at 09:00 a.m.

This presentation should not be considered as an investment proposal or as a buy/sell suggestion

Agenda Today
9M Results pap after market
50 40 30 20 1 60 0 1 55 0 1 50 0 1 45 0 1 40 0 1 35 0 1 30 0 1 25 0 1 20 0 1 15 0 1 10 0 1 05 0 1 00 0 9 50 9 00 8 50 8 00 7 50 7 00 6 50 3 00 00 2 50 00 2 00 00 1 50 00 1 00 00 x 5 00 0 1000 20 27 4 July 11 1 Aug ust 8 16 22 29 5 Sep tem be r 12 19 26 3 Octob er 10 17 24 31 7 Novem b er 14 21 28 ( 72 1.9 80, 7 24 .46 0, 71 0.1 40 , 71 2.63 0, - 12. 180 0)

Technical Chart
Rela tiv Stren gth Ind ex (3 7.91 69 ) e 50 40 30 20 16 00 15 50 15 00 14 50 14 00 13 50 13 00 12 50 12 00 11 50 11 00 10 50 10 00 95 0 90 0 85 0 80 0 75 0 70 0 65 0 30 00 0 25 00 0 20 00 0 15 00 0 10 00 0 x 1 50 00 00 0 5 Dece mb er

Events Announcements and Corporate Actions Calendar

General Meetings
24/11 MIG 1/12 Sarantis 5/12 Bank of Cyprus 6/12 HTO

Indices (Greece)
25/11 Commercial Transactions - Provisional Data [Sept 2011] 29/11 Producer Price Index in Industry [Oct 2011] 30/11 Turnover Index in Retail Trade [Sept 2011] 8/12 Industrial Production 8/12 Harmonised Consumer Price 8/12 Labour Force Survey (monthly) 9/12 Turnover Wholesale 9/12 Commercial Transactions (est) 9/12 Quarterly National Accounts (prov) 13/12 Turnover in Transports 13/12 Import Price Industry 13/12 Building Activity 14/12 Services Sales 14/12 Construction Production 15/12 Labour Force Survey

Results Q3
21/11 pap

Events
28/11 EU-US Summit in Washington 29/11 Eurogroup

Corporate Actions
Attica Holdings: SCI 17n/40 o + 0.30 Share Capital Increase Initiation Trading of Rights Initiation Trading of Rights Ceases Share Capital Increase Ceases Stocks Trading Initiation

22/11 Conference Call 16:00

23/11 Aegean Airlines 24/11 lpe

24/11 Conference Call 18:00

25/11 PPC

25/11 Conference Call 18:00

28/11 EFG 17:20 28/11 Motor Oil

29/11 Conference Call 17:30

29/11 National Bank

29/11 Conference Call 18:00

29/11 Bank of Cyprus 29/11 Fourlis

30/11 Conference Call 17:00

29/11 Sarantis

30/11 Conference Call 17:00

29/11 Sidenor 29/11 RNA energy 29/11 BG 30/11 Bank of Piraeus

This presentation should not be considered as an investment proposal or as a buy/sell suggestion

Dividends (2010) and Capital Returns [Bloomberg ticker]

Dividends 2010 (before tax) 01/07 12/05 21/03 15/07 06/07 01/08 04/07 10/06 29/06 10/05 05/07 06/07 04/07 24/06 05/07 19/08 24/05 14/04 :AVAX :IOLC :DRO :RBA :VOSYS :GEKTERNA :PPC : :LCAN :TELL :LLAKTOR :LTRK :LPE :ER :YDAP :EYAPS :EUPIC :EUPRO 0.04 0.20 0.10 0.25 0.22 0.00375 0.79 0.50 0.13 1.976 0.03 0.09 0.2055 0.034 0.04 0.114 0.04 0.53 25/05 28/09 04/07 22/08 23/05 25/07 03/06 30/05 17/08 13/07 16/08 31/05 06/09 23/08 02/06 24/05 27/04 12/05 21/07 Dividends 2010 (before tax) : : :ZAMP : :NLOT :ASO :ARTZ : ARE :PEN :LEM :MOL :BOC :KYRM :LEBEP :LYK :ARFB :GRE :TK :DIC 0.15 0.10 0.253165 0.05 0.004523 0.057 0.065 6.32 0.045 0.05 0.01 0.03 0.05 0.028 0.03 0.10 0.15 0.48 0.17 16/05 30/05 03/10 24/06 19/06 28/07 16/05 14/07 28/06 12/05 24/05 02/05 11/04 24/06 30/05 01/03 01/04 06/09 Dividends 2010 (before tax) :RKO : : :ALKA :LTH :PPA :OPAP :OPTRON :HTO :PETRO :PLAIS :PLAT :REV : :ERGY :RASTOR :FLEXO :FRIGO 1.0556 0.25 0.25 0.10 0.21 0.0158 0.09577 0.03 0.1179 0.10 0.05 0.036 0.0329 0.18 0.04034 0.10 0.09 0.1616 Interim Dividends (2009. 2010) Capital Returns

22/09 : 07/12 :YRM 16/08 :HYGEIA 04/10 :LPE 24/12 :BELA 26/10 :BOC 26/10 :BOC share) 06/12 :MARFP 15/12 :EUPRO 30/12 :ELTON 30/12 :INTEK 15/12 :PAP 17/01 :ANAK :NDRO :BELA

0.13 0.05 0.15 0.15 0.189 0.06 or 0.50 (per 0.22 0.15 0.04 0.60 0.46 0.16

0.05 0.17

: Dividend : Capital Return

This presentation should not be considered as an investment proposal or as a buy/sell suggestion

Disclosure Appendix RESPONSIBLE ENTITY Responsible Entity: Beta Securities Research Analysts: Manolis Chatzidakis. Certified Equity Analyst. Elena Chatzistefanou. Equity Analyst. Eleni Zombanaki. Equity Analyst Authority: Hellenic Capital Market Committee. Analyst Certification Analysts identified in this report hereby certify that: () All the views about the companies and securities contained in this report accurately reflect our personal views (b) No part of our compensation was or will be directly or indirectly related to the specific recommendations or views in this report. The compensation of the research analysts. strategists. or research associates principally responsible for the preparation of this research report may depend on various factors such as quality of work. stock picking. client feedback. experience and overall firm profitability. The remuneration of analysts referred on the first page does not relate to any investment banking services provided by Beta Securities and its affiliates. Probable Conflict of Interest Beta Securities or its employees and directors may have a position. make markets. or engage in any of the securities mentioned herein. Investors. therefore. should take into account that Beta Securities might have a conflict of interest that could influence the integrity of the research. Beta Securities is not responsible for investment decisions. taken out from this report. Important Disclosures The content of the research has not been sent to the above mentioned listed enterprises. Equity Analysts in order to provide the best analysis for the companies mentioned in this report. may make company visits. access to the internet or read domestic and international press. Beta Securities will issue equity reports according to companies mentioned in this report news. announcements. developments and market conditions. The opinions. judgments and estimates in this report express the view of each equity analyst on that date and are subject to change without warning. All equity research reports are written by the equity research department with absolute discretion without the participation of other departments of the company and released at the same time to both the public and the company. The information contained in these reports and any opinion expressed constitutes an offer. or an invitation to make an offer. to buy or sell any securities or any opinions. futures or other derivatives related to such securities (related investments).Although the information in this report has been obtained from sources that Beta Securities believes to be reliable. we do not guarantee its accuracy or fairness and such information may be incomplete or condensed. Share Prices The aforementioned prices and related financial ratios regard the closing price of the previous day. Definition of risk Risk analysis: We evaluate risk based on fundamental analysis. share price volatility and past forecasting experience. We distinguish risk into three levels: low risk. medium risk and high risk. Definition of Investment ratings Outperform: The stock is expected to perform more than 10.0% relative to the General Index in the next 12 months. Neutral: The stock is expected to perform between 10.0% and +10.0% relative to the General Index in the next 12 months. Underperform: The stock is expected to perform less than 10.0% relative to the General Index in the next 12 months.

Research Management Manolis Chatzidakis 210-64.78.755

mchatzidakis@beta.gr

Institutional Sales Petros Papathanasiou 210-64.78.764

petrosp@beta.gr

Derivatives Sales John Spirtos 210-64.78.989

ispirtos@beta.gr

Bonds Kostas Boukas 210-64.78.995

Asset

kboukas@beta.gr

Elena Chatzistefanou 210-64.78.904

analisi@beta.gr

Vangelis Charatsis 210-64.78.920

xaratsisv@beta.gr

Nickolaos Zaxaropoulos 210-64.78.946

zaxaropoulos@beta.gr

Eleni Zombanaki 210-64.78.905

eleniz@beta.gr

George Karadimas 210-64.78.766

gkaradimas1@beta.gr

Michalis Tzavlas 210-64.78.758

tzavlas@beta.gr

George Zois (ACA) 210-64.78.768

gzois@beta.gr

Konstantinos Markis 210-64.78.982

makris@beta.gr

Beta Securities S.A. Member of the Athens Stock Exchange Member of the Athens Derivatives Exchange International Markets. Portfolio Management. Consulting Services. On Line Trading 29. Alexandras Av. P.C. 114 73. Athens el: 210 64 78 900 | Fax: 210 64 78 901 | Email: info@beta.gr | Web: www.beta.gr

This presentation should not be considered as an investment proposal or as a buy/sell suggestion

This presentation should not be considered as an investment proposal or as a buy/sell suggestion