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.

Research is the backbone of Eurobank Equities' platform, with a team of 4 professionals committed to generating actionable investment ideas by providing timely research products. We are committed to offering value-added services to clients by filtering market noise and providing insights on the multiple sectors that we cover. Our universe includes 26 - large, medium and small cap - companies whose market capitalization amounts to 80-85% of the total market capitalization of the Athens Stock Exchange. Our research team also maintains the capacity to generate ad-hoc research for micro-cap listed companies.

Our team has consistently gained recognition among institutional investors for its quality research, having ranked No. 1 team in Greece at the Extel Surveys of 2013-2016 and 2018. We have also been named Leading Brokerage Firm in Greece over 2014-2016 and in 2018.

Christiana Armpounioti ... (+2)
  • Christiana Armpounioti
  • Stamatios Draziotis CFA
BRIQ BriQ Properties...

BriQ Properties | From Capital Gains to Bond-Like Yield; Hold

Lower funding costs and stronger balance sheet – BriQ delivered a 50% yoy increase in H1’25 revenues, with rental income rising by €3.6m to €10.9m and adj. EBITDA up €2.8m to €9m, largely driven by ICI’s full consolidation. Net profit declined to €7.0m (vs €10.2m) mainly due to lower revaluation gains, while the average effective interest rate eased to 4.1% from 5.2% in FY’24. Looking ahead, we have updated our forecasts to factor monetary policy easing, a higher share of RRF-backed funding, and...

BRIQ BRIQ PROPERTIES REIC
09/24/25 September 24, 2025 1 EN
Marios Bourazanis ... (+2)
  • Marios Bourazanis
  • Stamatios Draziotis CFA
CENER CENERGY

Cenergy Holdings | Charging ahead

Raising our FY’25 EBITDA estimate on strong HV delivery, MV/LV resilience and steel pipes outperformance – We raise our FY’25 forecasts for Cenergy, now expecting group adj. EBITDA at €343m (+26% yoy) by year-end (mgt guidance at €310-340m) corresponding to group adj. EBITDA margin of 16.4%. Our revised estimates primarily reflect stronger Cables margins (adj. EBITDA margin 16.5% for FY’25e vs. 15.5% prior) supported by greater feed-in of HV and new capacity across the entire core offering. We a...

09/19/25 September 19, 2025 1 EN
Marios Bourazanis ... (+2)
  • Marios Bourazanis
  • Stamatios Draziotis CFA
PREMIUM
CENER CENERGY

Cenergy | Charging ahead

Raising our FY’25 EBITDA estimate on strong HV delivery, MV/LV resilience and steel pipes outperformance – We raise our FY’25 forecasts for Cenergy, now expecting group adj. EBITDA at €343m (+26% yoy) by year-end (mgt guidance at €310-340m) corresponding to group adj. EBITDA margin of 16.4%. Our revised estimates primarily reflect stronger Cables margins (adj. EBITDA margin 16.5% for FY’25e vs. 15.5% prior) supported by greater feed-in of HV and new capacity across the entire core offering. We a...

09/19/25 September 19, 2025 1 EN
Christiana Armpounioti ... (+2)
  • Christiana Armpounioti
  • Stamatios Draziotis CFA
PAP PAPOUTSANIS SA

Papoutsanis | Bubbling Revenues, Softer Margins, Upside on Hold

Revenue gains offset by margins; stock fairly valued; Hold – Papoutsanis has stepped up its growth profile, with strategic priorities clearly anchored around branded portfolio expansion and deeper third-party partnerships. Following on from the H1’25 results, we have raised our 2025–27e revenue forecasts by c10–13%, reflecting the ramp-up of newly secured contracts, the scaling of existing ones, and deeper market penetration in branded products. However, this sales uplift is largely offset at th...

09/18/25 September 18, 2025 1 EN
Natalia Svyriadi
  • Natalia Svyriadi
SAR Gr. Sarantis S....

Sarantis | Margins climb, re-rating awaits

Double digit H1’25 profitability growth… – Sarantis group grew H1’25 EBIT by 18% yoy to €38m, despite the soft +1% top line growth (€304m), as a result of the strong mix improvement and the cost initiatives. Net profit increased by 20% to €29m. Importantly, the group’s export activity grew significantly in H1’25, with sales from exports rising to c€18m (+52% yoy) and exports’ EBIT more than doubling to c€7m, mainly reflecting the strong rollout of the group’s suncare products in the U.S market. ...

SAR GR. SARANTIS S.A.
09/15/25 September 15, 2025 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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