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.

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

Optima Bank | Optimal Growth: Gaining Market Share with Superior RoTE

A clean balance sheet with best-in-class returns – Optima bank is one of the non-systemic Greek banks established in 2019 following the acquisition of Investment Bank of Greece (IBG) by a subsidiary of Motor Oil. It is a unique case among Greek banks given that it has a clean balance sheet (NPE ratio 100%) and a lean and flexible business model (with cost/income c22% in 9M’24, set to remain flattish throughout 2025-27e). Key to the investment thesis is the bank’s very high return on equity, with...

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

Optima Bank | Optimal Growth: Gaining Market Share with Superior RoTE

A clean balance sheet with best-in-class returns – Optima bank is one of the non-systemic Greek banks established in 2019 following the acquisition of Investment Bank of Greece (IBG) by a subsidiary of Motor Oil. It is a unique case among Greek banks given that it has a clean balance sheet (NPE ratio 100%) and a lean and flexible business model (with cost/income c22% in 9M’24, set to remain flattish throughout 2025-27e). Key to the investment thesis is the bank’s very high return on equity, with...

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

BriQ Properties | High yield, low risk; initiating with a Buy

High yield, diversified RE portfolio – BriQ Properties is one of the largest real estate investment companies in Greece featuring a €283m portfolio and annualized rental income of c€21m (following the completion of the transformational merger with ICI), translating to a c7.6% yield on income-generating assets. The portfolio is quite diversified across the logistics, offices, retail and other sectors, boasting top-notch tenants and almost full occupancy, with embedded inflation-indexed rents and ...

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

Trade Estates | Too low, too long; 2-digit total return, initiate with...

c13% average annual total annual return, c35% discount to NAV; Buy – Trade Estates (TE) is one of the largest real estate investment companies (REIC) in Greece with a portfolio of assets of c€0.5bn gross asset value (GAV). Having been created in 2021 after the demerger of Fourlis’s property assets, it got listed on the ATHEX in November 2023. Since then, the stock has been weighed down by a confluence of factors including the tightening policy rates cycle (peak rates in Q1’24) and the tepid appe...

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

Trade Estates | Too low, too long; 2-digit total return, initiate with...

c13% average annual total annual return, c35% discount to NAV; Buy – Trade Estates (TE) is one of the largest real estate investment companies (REIC) in Greece with a portfolio of assets of c€0.5bn gross asset value (GAV). Having been created in 2021 after the demerger of Fourlis’s property assets, it got listed on the ATHEX in November 2023. Since then, the stock has been weighed down by a confluence of factors including the tightening policy rates cycle (peak rates in Q1’24) and the tepid appe...

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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