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

Premia Properties | 2024 Delivers, 2025 Reloads

Upward revisions on 2024 delivery and ECB rates easing – Premia reported an 18% yoy increase in FY’24 revenue to €22.4m, driven by CPI-linked rental uplifts and incremental income from newly added assets. Annualized rental income now stands at c€30m, reflecting a gross yield >7% on income-producing assets. The company’s GAV reached c€498m, up 62% from c€307m in 2023, underscoring the successful execution of PP’s expansion strategy. Looking ahead, we have revised our estimates to reflect the comb...

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

Real Consulting | Upward momentum carries on; headed for the Main Mark...

Robust FY’24 showcases execution capabilities, operational strength – RC’s FY’24 results in April confirmed our expectations for a strong end to the year, with the group successfully delivering €40.4m revenue (+34% yoy) and €7.3m adj. EBITDA (+45% yoy), on par with guidance. The results validated our view of strong execution throughout 2024, as mgt reported that all milestones across ongoing contracts were met within the allotted timeframe. Importantly, the performance highlighted resilient oper...

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

GREEK BANKS | Strong Q1 Delivery, Valuation Still Stuck in Catch-Up Mo...

Q1 Results Beat Estimates – Greek banks kicked off 2025 with a strong set of Q1, reporting net profits of €1.26bn, down just 4% qoq but coming in 5% above our expectations and 8% ahead of consensus, with Alpha Bank and NBG leading the beat (24% and 17% vs cons, respectively). Results were supported by resilient NII (in line), tight cost control (OpEx slightly below), and a solid trading line beat. Credit quality remained stable, with average CoR broadly in line at c50bps. Sector-wide NII fell 5%...

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

GREEK BANKS | Strong Q1 Delivery, Valuation Still Stuck in Catch-Up Mo...

Q1 Results Beat Estimates – Greek banks kicked off 2025 with a strong set of Q1, reporting net profits of €1.26bn, down just 4% qoq but coming in 5% above our expectations and 8% ahead of consensus, with Alpha Bank and NBG leading the beat (24% and 17% vs cons, respectively). Results were supported by resilient NII (in line), tight cost control (OpEx slightly below), and a solid trading line beat. Credit quality remained stable, with average CoR broadly in line at c50bps. Sector-wide NII fell 5%...

Natalia Svyriadi
  • Natalia Svyriadi

QUEST HOLDINGS | Multi-segment growth, single-digit multiple

Raising forecasts, high single digit EBIT CAGR… – We have revised our forecasts to reflect the integration of Benrubi into Quest’s Commercial Products division, along with modest upgrades to IT and Courier Services EBITDA. Benrubi is expected to contribute c€5m in EBITDA (11-mth impact), adding c40bps to the commercial segment margins. As a result, we lift our 2025e group EBITDA by 5% to €102.9m (+12% YoY), on revenues of €1,438m (+8% YoY). Looking forward, we increase group EBITDA by 6-9% over ...

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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