Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us


Where To Dig For Value In Greece

Value investor John Maloney is finding it tough locating great buys in the U.S. So where does he dig? Greece. Maloney, president of M&R Capital Management, bought shares in National Bank of Greece (NBG), the country's No.1 bank, which is growing 25% a year, vs. an average of 10% for European banks. Maloney sees NBG as a play on booming Southeastern Europe. Through acquisitions, NBG is in Bulgaria, Romania, Serbia, and Turkey, which have probusiness monetary and fiscal policies that keep inflation and interest rates low. Maloney sees earnings of $2 billion, or 83 cents an ADR, in 2007, up from $1.2 billion, or 60 cents, in 2006. In 2008, he expects earnings to jump 25%, to $1.04 per ADR. He thinks the stock, now at 11.30, will hit 21 in two years. Ronit Ghose of Citigroup (C) in London, who rates NBG a buy, believes that by 2009 it will derive 45% of its profits outside Greece, with Turkey bringing in 30%. "NBG remains our top pick in Greece," says Ghose, with its "strong home market, exposure to rising deposit spreads, and a high-growth Southeastern European franchise." Citigroup has done banking for NBG.

Note: Unless otherwise noted, neither the sources cited in Inside firms hold positions in the stocks under discussion. Similarly, banking or other financial relationships with them.

By Gene G. Marcial

blog comments powered by Disqus