Eurobank Equities

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Eurobank Equities is a Greek-based firm offering research, sales and trading services to institutional, corporate and private clients. The company is wholly owned by Eurobank, one of the 4 systemic banks in Greece.

Eurobank Equities S.A. offers a comprehensive suite of investment products—including equities, derivatives, bonds, and mutual funds—serving over 15,000 private, corporate, and institutional clients in Greece and internationally. 

The firm maintains a dominant position in the Greek capital markets, consistently ranking among the top brokers in terms of market share and is repeatedly recognised in major institutional investor surveys as one of the leading brokers and top Equity Research Providers for Greece. 

Its multi-awarded Research Division delivers timely insights and fundamental coverage on almost 40 listed companies—representing over 90% of the ATHEX’s market capitalisation and traded value.

Marios Bourazanis ... (+2)
  • Marios Bourazanis
  • Stamatios Draziotis CFA
CENER CENERGY

CENERGY | Upgrades loading

FY’26 outlook understated, with clear path for upgrades throughout the year – Following the FY’25 release, we reiterate our FY’26 adj. EBITDA estimate of €424mn, while also incorporating moderate upgrades to our mid-term forecasts, reflecting improved visibility on the Maryland addition, stronger outlook for cables projects driven by a higher-quality backlog and much-improved prospects for steel pipes. Our FY’26e adj. EBITDA estimate sits above mgmt guidance and c12% above consensus but just a ...

04/17/26 April 17, 2026 1 EN
Marios Bourazanis ... (+2)
  • Marios Bourazanis
  • Stamatios Draziotis CFA
PREMIUM
CENER CENERGY

CENERGY | Upgrades loading

FY’26 outlook understated, with clear path for upgrades throughout the year – Following the FY’25 release, we reiterate our FY’26 adj. EBITDA estimate of €424mn, while also incorporating moderate upgrades to our mid-term forecasts, reflecting improved visibility on the Maryland addition, stronger outlook for cables projects driven by a higher-quality backlog and much-improved prospects for steel pipes. Our FY’26e adj. EBITDA estimate sits above mgmt guidance and c12% above consensus but just a ...

04/17/26 April 17, 2026 1 EN
Stamatios Draziotis CFA
  • Stamatios Draziotis CFA
ALWN ALLWYN

Allwyn | New name, new game; initiate with a Hold

Bigger platform, thinner visibility – Over the 16 years we have covered OPAP, we have been buyers in most cases, anchored on a clear and repeatable equity story: strong visibility on cash flows, substantial dividend capacity, hidden value from gaming duty dynamics and meaningful licence renewal optionality. The investment case was simple, cash-backed and catalyst-driven. That framework has shifted materially, with the Allwyn group now structurally more complex and more levered. While growth aven...

04/16/26 April 16, 2026 1 EN
Stamatios Draziotis CFA
  • Stamatios Draziotis CFA
PREMIUM
ALWN ALLWYN

Allwyn | New name, new game; initiate with a Hold

Bigger platform, thinner visibility – Over the 16 years we have covered OPAP, we have been buyers in most cases, anchored on a clear and repeatable equity story: strong visibility on cash flows, substantial dividend capacity, hidden value from gaming duty dynamics and meaningful licence renewal optionality. The investment case was simple, cash-backed and catalyst-driven. That framework has shifted materially, with the Allwyn group now structurally more complex and more levered. While growth aven...

04/16/26 April 16, 2026 1 EN
Andreas Souvleros ... (+2)
  • Andreas Souvleros
  • CFA
ALPHA ALPHA BANK AE
ETE National Bank o... ... (+5)

GREEK BANKS | Geopolitical noise masks resilient earnings and re-ratin...

Earnings have bottomed; delivery now structurally de-risked… – Q4’25 marked a clear inflection point, with system NII stabilising q/q (+1.7% q/q) and confirming Q3’25 as the trough, as strong volume growth (>10% y/y, mainly corporate, with gradual retail recovery) and deposit repricing (c.30–40bps) offset rate normalisation. Fee generation (+12% y/y), alongside loan growth, remains the key positive driver, with strong momentum across lending commissions, asset management and bancassurance, suppo...

ALPHA ALPHA BANK AE
ETE NATIONAL BANK OF GREECE S.A.
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
OPTIMAr OPTIMA BANK S.A.
BOCHGR BANK OF CYPRUS
04/15/26 April 15, 2026 1 EN
Natalia Svyriadi ... (+2)
  • Natalia Svyriadi
  • Stamatios Draziotis CFA
QUEST Quest Holdings ...

QUEST HOLDINGS | Instilling confidence

Continuing to execute well – Quest’s 9M results affirmed that the group is on solid footing, with growth remaining robust across all segments. Group continuing revenues shaped 40% higher yoy at €637m, with Q3 showcasing moderating – albeit still very strong – trends (revenues +26% from >40% in H1). Operating profit growth was also healthy, with 9M EBITDA +35% yoy and Q3 +15%. Net profit from continuing operations settled at €29.7m in the 9M period, markedly higher yoy, and was further bolstered ...

QUEST QUEST HOLDINGS SA
12/14/21 December 14, 2021 10 EN
PREMIUM
ALPHA ALPHA BANK AE
ETE National Bank o... ... (+3)

GREEK BANKS | On the right track

Strategic plans on track – Management teams report good progress on strategic plans with most actions taking place on time and within budget. The swift implementation of the strategic plans transforms banks’ balance sheets and operations, on the one hand, while giving a strong signal to the market about their determination to return to normality as soon as possible, on the other.  Significant divergence in Q3 2021 earnings – This was another quarter with several one-offs distorting the underlyi...

ALPHA ALPHA BANK AE
ETE NATIONAL BANK OF GREECE S.A.
TPEIR PIRAEUS FINANCIAL HLDGS SA
12/03/21 December 3, 2021 30 EN
Stamatios Draziotis CFA
  • Stamatios Draziotis CFA
PREMIUM
OPAP Greek Organisat...

OPAP | First thoughts: Performing like a champ!

Q2: as good as it gets, underpinning FY20 EBITDA >€280m – OPAP announced quite solid Q2 results, delivering EBITDA some €9m above our estimates by virtue of a better top line performance (revenues -53% vs EEe -58%) mainly stemming from VLTs. As a result, EBITDA not only remained in positive territory but exceeded €16m, also underpinned by cost curtailment (non-variable opex >€7m lower yoy) and a higher-than-envisaged contribution from non-gaming activities (other income spread over other costs >...

OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
09/10/20 September 10, 2020 4 EN

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