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.

Stamatios Draziotis CFA
  • Stamatios Draziotis CFA

JUMBO | Patience you must have

Another record year; on track for c10% EBIT growth in 2024 – Jumbo delivered 20% EBIT growth in FY23 thanks to 14% higher sales, resilient gross margins (-15bps yoy, albeit >3pps higher than 2019 levels) and opex savings (opex just +6% yoy). Coupled with net financial income given the debt-free balance sheet, Jumbo grew net profits by a whopping 22%, eclipsing the +20% embedded in our estimates a year ago. Mgt proposed another generous €1 DPS following the €0.6 paid in March, adding up to c6% yi...

Natalia Svyriadi
  • Natalia Svyriadi

QUEST HOLDINGS | Tech fuelling growth

Strong 2023 execution – Quest reported a solid set of 2023 results, with both sales and EBITDA up 16% yoy, driven by better-than-expected top line in commercial activities and IT services, which filtered through to the EBITDA lines. As a result, Quest saw its EBITDA margin unchanged at 7% in 2023. The bottom-line figures were slightly impacted by elevated net financials and an unfavourable base effect (extraordinary gains in 2022), leading net profit to increase by 8.2% yoy at €44.8m in 2023. ...

Stamatios Draziotis CFA
  • Stamatios Draziotis CFA

JUMBO | Patience you must have

Another record year; on track for c10% EBIT growth in 2024 – Jumbo delivered 20% EBIT growth in FY23 thanks to 14% higher sales, resilient gross margins (-15bps yoy, albeit >3pps higher than 2019 levels) and opex savings (opex just +6% yoy). Coupled with net financial income given the debt-free balance sheet, Jumbo grew net profits by a whopping 22%, eclipsing the +20% embedded in our estimates a year ago. Mgt proposed another generous €1 DPS following the €0.6 paid in March, adding up to c6% yi...

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

MOTODYNAMICS | In growth gear

Leading auto/moto company in Greece diversified across segments – Motodynamics operates as the distributor for Yamaha in Greece, Bulgaria, and Romania, and for Porsche in Greece. It also holds the franchise for SIXT rent-a-car (RaC) in Greece and engages in the sale of used cars. Motodynamics’s diverse portfolio allows for both year-round revenue streams and seasonal income, thus positioning the group advantageously to capitalize on the positive domestic macro prospects (affecting all segments),...

Nikos Athanasoulias CFA
  • Nikos Athanasoulias CFA

MYTILINEOS Energy & Metals | More than just a deal, more than 10% grow...

Stellar delivery, bulletproof growth, and more catalysts ahead… – Over the past two years Mytilineos has reported impressive results, leveraging synergies arising from the vertically integrated model. Following outstanding delivery to the ambitious FY’23 EBITDA target of €1bn (+23% yoy), we still see ample room for growth, now estimating FY’24 EBITDA of €1.14bn (+13% yoy) and a 3-year EBITDA CAGR of 10%, driven by a step-up in Renewables and solid growth Metals. Moreover, we view the value-accre...

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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