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.

Eurobank Equities S.A. offers a comprehensive suite of investment products—including equities, derivatives, bonds, and mutual funds—serving over 15,000 private, corporate, and institutional clients in Greece and internationally. 

The firm maintains a dominant position in the Greek capital markets, consistently ranking among the top brokers in terms of market share and is repeatedly recognised in major institutional investor surveys as one of the leading brokers and top Equity Research Providers for Greece. 

Its multi-awarded Research Division delivers timely insights and fundamental coverage on almost 40 listed companies—representing over 90% of the ATHEX’s market capitalisation and traded value.

Stamatios Draziotis CFA
  • Stamatios Draziotis CFA

ATHENS INTERNATIONAL AIRPORT (AIA) | Bond proxy with a twist

FY25: the cap in action… – FY25 results neatly illustrated the core mechanics of the model. Passenger traffic rose by a robust 7%, yet total revenues increased by just 2%. The reason is structural, since aviation returns are capped at the 15% regulatory ROE, with only a limited carry-forward balance left to utilize during 2025 (c€20m). As volumes strengthened, aeronautical unit revenues adjusted downward for AIA to remain within the cap, diluting operating leverage. At the same time, non-air uni...

Stamatios Draziotis CFA
  • Stamatios Draziotis CFA

ATHENS INTERNATIONAL AIRPORT (AIA) | Bond proxy with a twist

FY25: the cap in action… – FY25 results neatly illustrated the core mechanics of the model. Passenger traffic rose by a robust 7%, yet total revenues increased by just 2%. The reason is structural, since aviation returns are capped at the 15% regulatory ROE, with only a limited carry-forward balance left to utilize during 2025 (c€20m). As volumes strengthened, aeronautical unit revenues adjusted downward for AIA to remain within the cap, diluting operating leverage. At the same time, non-air uni...

Natalia Svyriadi
  • Natalia Svyriadi

Sarantis | Premium shift; value unfolding

Margin expansion remains key driver… – Sarantis’ medium-term guidance anchors the investment case, with management targeting EBITDA of €120m by 2028, implying sustained profitability growth from current levels (+10.5% CAGR). Underpinning this is a structurally improving product mix across both categories and geographies, with exports and premiumized product lines gaining traction. In our view, the combination of mix enhancement and operating leverage provides strong visibility on further margin ...

Natalia Svyriadi
  • Natalia Svyriadi

Sarantis | Premium shift; value unfolding

Margin expansion remains key driver… – Sarantis’ medium-term guidance anchors the investment case, with management targeting EBITDA of €120m by 2028, implying sustained profitability growth from current levels (+10.5% CAGR). Underpinning this is a structurally improving product mix across both categories and geographies, with exports and premiumized product lines gaining traction. In our view, the combination of mix enhancement and operating leverage provides strong visibility on further margin ...

Andreas Souvleros ... (+6)
  • Andreas Souvleros
  • CFA
  • Christiana Armpounioti
  • Marios Bourazanis
  • Natalia Svyriadi
  • Stamatios Draziotis CFA

Greek Equity Strategy | Energy Shock Playbook

Energy shock scenario – The prolonged Middle East conflict has tightened the oil market, while elevating shipping and insurance risk premia. Brent has moved decisively above $100/bbl amid conflict-related disruption to production and tanker movements. The risk is acute because the Strait of Hormuz is a structural bottleneck for global energy flows, with oil flows through the strait accounting for c20% of global petroleum liquids consumption. Against this backdrop, we frame the potential implicat...

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 >...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch