Eurobank Equities

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.

Nikos Athanasoulias CFA
  • Nikos Athanasoulias CFA

Terna Energy | Deal sealed at €20/share

Masdar to obtain control of Terna Energy for €20/share – After more than two years of media buzz, the highly-anticipated deal for the sale of Terna Energy has been officially sealed. As per the announcement, the Abu Dhabi investment fund "Masdar" will acquire a combined stake of c65%, including GEK Terna's 36.6% and the stakes of other investors (incl. mgt) who have given irrevocable undertakings to sell their shares. The consideration settled at €20/share (on an ex-div basis). The deal values T...

Nikos Athanasoulias CFA
  • Nikos Athanasoulias CFA

Terna Energy | Deal sealed at €20/share

Masdar to obtain control of Terna Energy for €20/share – After more than two years of media buzz, the highly-anticipated deal for the sale of Terna Energy has been officially sealed. As per the announcement, the Abu Dhabi investment fund "Masdar" will acquire a combined stake of c65%, including GEK Terna's 36.6% and the stakes of other investors (incl. mgt) who have given irrevocable undertakings to sell their shares. The consideration settled at €20/share (on an ex-div basis). The deal values T...

Andreas Souvleros ... (+2)
  • Andreas Souvleros
  • CFA

GREEK BANKS | Banking on dividends again

ECB approval and EPS upgrades likely to catalyze a re-rating – The ECB has approved Greek banks' requests to pay the proposed dividends out of 2023 profits, signaling a return to normality after 16 years. The announced payouts correspond to shareholder remuneration of €0.063 for Piraeus (1.7% DY), €0.052 for Alpha Bank, equally split between a cash dividend of €0.026 (1.6% DY) and a buyback (3.2% total yield), €0.0933 for Eurobank (4.6% DY), and €0.36 for NBG (4.6% DY). Following a period of >15...

Andreas Souvleros ... (+2)
  • Andreas Souvleros
  • CFA

GREEK BANKS | Banking on dividends again

ECB approval and EPS upgrades likely to catalyze a re-rating – The ECB has approved Greek banks' requests to pay the proposed dividends out of 2023 profits, signaling a return to normality after 16 years. The announced payouts correspond to shareholder remuneration of €0.063 for Piraeus (1.7% DY), €0.052 for Alpha Bank, equally split between a cash dividend of €0.026 (1.6% DY) and a buyback (3.2% total yield), €0.0933 for Eurobank (4.6% DY), and €0.36 for NBG (4.6% DY). Following a period of >15...

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

AUSTRIACARD HOLDINGS | Growth story still on course; valuation gap rem...

Healthy Q1’24 on tough comps, 2024e guidance underpins 2-digit growth story – Austriacard reported healthy Q1’24 results, growing adj. revenues 1.4% yoy (to €89.7m) and adj. EBITDA +2.2% yoy (to €13.7m) on tough comps. Although Q1 growth may look tepid, management provided a confident 2-digit growth outlook for the full year (revenues +10%, adj. EBITDA 10-12%) indicating back-loaded growth fueled by the phasing of recently signed contracts. The 2024 guidance effectively validates the 2-digit gro...

Natalia Svyriadi ... (+2)
  • Natalia Svyriadi
  • Stamatios Draziotis CFA

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 ...

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...

Stamatios Draziotis CFA
  • Stamatios Draziotis CFA

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 >...

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