HSBC-Greece Consumers

Greece Consumers

Not so attractive anymore

• Recessionary outlook with pressure on disposable income presents higher challenges on discretionary spend
• Jumbo has deep net cash position while OPAP's strong cash level and flexible cost model provide some cushion
• Downgrade both OPAP and Jumbo to Hold from Buy, TPs of EUR8 (from EUR12) and EUR17 (from EUR20), respectively

Bulent Yurdagul
Head of EEMEA Consumer Research
+90 212 376 46 12