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.

Natalia Svyriadi
  • Natalia Svyriadi

Coca-Cola HBC | Africa calling: The next growth frontier

Transformative $2.6bn deal with CCBA – Coca-Cola HBC announced an agreement to acquire a 75% stake in Coca-Cola Beverages Africa (CCBA) from The Coca-Cola Co. and Gutsche Family Investments for a total consideration of $2.6bn, implying a full equity value of c$3.5bn and an EV of $4.5bn including c$1bn net debt. The transaction, expected to be completed by end-2026, pending regulatory and shareholder approvals, will be funded through a mix of $1.6bn cash and c21mn new shares (5.5% of share capita...

Natalia Svyriadi
  • Natalia Svyriadi

Coca-Cola HBC | Africa calling: The next growth frontier

Transformative $2.6bn deal with CCBA – Coca-Cola HBC announced an agreement to acquire a 75% stake in Coca-Cola Beverages Africa (CCBA) from The Coca-Cola Co. and Gutsche Family Investments for a total consideration of $2.6bn, implying a full equity value of c$3.5bn and an EV of $4.5bn including c$1bn net debt. The transaction, expected to be completed by end-2026, pending regulatory and shareholder approvals, will be funded through a mix of $1.6bn cash and c21mn new shares (5.5% of share capita...

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

Bank of Cyprus | Tide of Dividends

From Turnaround to Top-Tier Returns – Over the past decade, Bank of Cyprus (BoC) has executed one of Europe’s most far-reaching restructurings. From NPEs peaking at 63% in 2015, the ratio has collapsed to just 1.7% in H1’25, among the cleanest in Europe, with coverage at 124%. This derisking, coupled with high-rate sensitivity during the 2022–23 tightening cycle, propelled profitability to the top of the sector: RoTE reached 21.4% in 2024 (18.4% in H1’25), well above the 14–15% Greek/periphery a...

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

Bank of Cyprus | Tide of Dividends

From Turnaround to Top-Tier Returns – Over the past decade, Bank of Cyprus (BoC) has executed one of Europe’s most far-reaching restructurings. From NPEs peaking at 63% in 2015, the ratio has collapsed to just 1.7% in H1’25, among the cleanest in Europe, with coverage at 124%. This derisking, coupled with high-rate sensitivity during the 2022–23 tightening cycle, propelled profitability to the top of the sector: RoTE reached 21.4% in 2024 (18.4% in H1’25), well above the 14–15% Greek/periphery a...

Natalia Svyriadi
  • Natalia Svyriadi

Lamda Development | Ellinikon in full progress; time to believe…?

Ellinikon remains a self-financed development… – Phase 1 of the Ellinikon is progressing, albeit with some delays pushing completion into 2027e-28e. The scope of Phase 1 spans c400K sqm of residential space, retail, sports, education and business facilities, as well as the refurbished marina. With €1.3bn cash proceeds by H1’25, well above the €744m capex to date, and several projects advancing through strategic partnerships, we continue to view the Ellinikon as self-funded. …with important mile...

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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