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MS with a short note (attached) on Eurobank’s Q2. They maintained both their recommendation “overweight” and PT €3.53. Note attached. @Viking thanks for the very thoughtful post above. Eurobank has a very bright future EUROBANK_20250731_1633.pdf

Fairfax is extracting quite a bit of cash between dividends and selling their proportionate share of the buybacks. It’s an exceptional seemingly reliable return especially when levered almost 3:1 in the investment portfolio. I think about Recipe that way too. They levered up in 2021, paid down the debt, levered up again in 2025 and perhaps in 2029, they will lever up again and pay Fairfax a big special dividend. IPO is an option but market likes growth and they don’t have to grow to provide great returns for Fairfax.