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.

Christiana Armpounioti ... (+2)
  • Christiana Armpounioti
  • Stamatios Draziotis CFA

Kri-Kri | Spoon by spoon into the world

Yogurt momentum in UK and Italy increase our confidence in the growth profile; Buy – Kri-Kri’s strategic focus on international markets continues to deliver, with robust demand for authentic Greek yogurt, particularly in the UK and Italy. Category growth remains particularly strong, with volumes up >40% in the UK and c20% in Italy in 2024, supported by consumer demand for natural products aligned with health and wellness trends, a momentum we expect to persist in 2025. With the ability to scale ...

Natalia Svyriadi
  • Natalia Svyriadi

Coca-Cola Hellenic | Momentum intact but re-rating room narrowing

Sweet 2025 outlook – CCH entered 2025 with strong momentum, backed by strong execution and encouraging signals from Russia/Ukraine negotiations. Mgt is guiding for +7–11% organic EBIT growth in 2025e, underpinned by +6–8% organic sales growth, driven by disciplined pricing and tight cost control. CCH is c60% hedged on 2025 raw material needs, with COGS/case inflation expected in the low-to-mid single digits. … building on a strong 2024 – 2024 delivered another strong performance, with organic...

Natalia Svyriadi
  • Natalia Svyriadi

Coca-Cola Hellenic | Momentum intact but re-rating room narrowing

Sweet 2025 outlook – CCH entered 2025 with strong momentum, backed by strong execution and encouraging signals from Russia/Ukraine negotiations. Mgt is guiding for +7–11% organic EBIT growth in 2025e, underpinned by +6–8% organic sales growth, driven by disciplined pricing and tight cost control. CCH is c60% hedged on 2025 raw material needs, with COGS/case inflation expected in the low-to-mid single digits. … building on a strong 2024 – 2024 delivered another strong performance, with organic...

Nikos Athanasoulias CFA
  • Nikos Athanasoulias CFA

TITAN CEMENT | Leader of the Pack

Outperformer on all ends… – Titan has emerged as an all-around outperformer in recent years, leading its global peer group in EBITDA growth (28% 3Y CAGR), and ranking among the top performers in terms of share price (>150% 2Y return). Its strategic presence in regions with strong underlying fundamentals has positioned Titan among the few players to achieve volume growth since 2022, while disciplined cost control and high-return capex have driven a sector-leading 7pps margin expansion. Despite i...

Nikos Athanasoulias CFA
  • Nikos Athanasoulias CFA

TITAN CEMENT | Leader of the Pack

Outperformer on all ends… – Titan has emerged as an all-around outperformer in recent years, leading its global peer group in EBITDA growth (28% 3Y CAGR), and ranking among the top performers in terms of share price (>150% 2Y return). Its strategic presence in regions with strong underlying fundamentals has positioned Titan among the few players to achieve volume growth since 2022, while disciplined cost control and high-return capex have driven a sector-leading 7pps margin expansion. Despite i...

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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