Research (Investicniweb.cz)
World markets  |  February 01, 2013 10:38:48

Blood flowed in the streets, so I bet on Greece



The graphs of historical recession in the U.S., Argentina and the EU is clear that the decline in the stock market associated with them usually takes 3-6 years. In Greece began in the late fall of 2007, so I'm in summer 2012 Greek stocks perceived as a good opportunity. Very negative news about Greece's debt and a possible exit from the eurozone intimidated me - the peak of pessimism usually comes along with the date of the stock market.

I bet the nevystoupení Greece on the European (Monetary) Union, the opposite would be greatly devalued my local investments. I believed in the power of the idea of ??a united Europe in the economic interests of Germany. German banks to lend to Greece, but also other German companies own assets in Greece.

Hellenic Telecommunications Organization

I was looking for acyclic sectors, which, despite long recession remained in profit. I chose leaders in the industry such as telecom operator Hellenic Telecommunications Organization with a high market share. I have given it to include information from their Greek friends.

Compared to Western competitors, the company was still profitable, even during the recession reduced debt. Although there is little potential for organic growth, shares were selling for three times the average ten-year earnings per share compared to the market price (for about 2 euros).

Another factor was the entry of Deutsche Telekom in the company during the years 2011 and 2012. Last subjective advantage was the fact that people in difficult times more rally. Unlike consumer goods restrict calls and social contacts.

Currently this position is significantly profitable (cost over € 6 per share) and short-term growth potential by me rather exhausted. In the long term, however, is still quite attractive stocks, investor, however, must take into account risk premium associated with the fiscal situation in Greece.

Which Greek stocks worth the bet can be found on the web Investment


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