HSBC on Greece Consumers

HSBC on Greece Consumers
Unlocking long-term value

• Extended lockdown in Greece adds short-term challenges; we see a weaker 1H 2021, but a stronger recovery in 2H 
• Value unlocking for OPAP from reduced cash tax outflow; Jumbo's value is in its resilience and expansion opportunity 
• Retain Buy on Jumbo, with a TP of EUR18.50 (unchanged), and OPAP, with a TP of EUR14.00 (from EUR10.50)

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