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

Dimand | Waiting game

Delays in project monetization weighing on the shares – Dimand’s share performance remains subdued in 2024, with the stock enjoying just a temporary respite during Aug-Sep. The shares have come under renewed pressure since early November, surrendering all the gains registered during Q2’24. Weighing on the stock, in our view, has been the timeline slippage regarding the monetization of assets (e.g. Minion), fact that has pushed back the key catalyst for re-rating. H1’24 results were in general he...

Andreas Souvleros ... (+3)
  • Andreas Souvleros
  • CFA
  • Stamatios Draziotis CFA

Premia Properties | Scaling growth, managing leverage

2024 additions boost rental income and further diversify the portfolio – PP delivered a 13% yoy revenue increase in 9M’24 to €15.7mn, with annualized rental income at c€22.7mn (EEe), reflecting a >7% gross yield (income-producing). Surging revenues powered a 36% yoy leap in adjusted EBITDA to €10.4mn. This growth was fueled mainly by CPI indexation and incremental rents by the expanded portfolio which has now reached €351mn (+21% yoy). The portfolio is now strategically weighted across key secto...

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

Real Consulting | Visibility on mid-term growth remains clear; stay th...

On track for >40% yoy EBITDA growth in 2024e – Following a very robust H1’24 (revenues +43%, EBITDA +40%), we anticipate an equally strong H2’24 performance from RC, expecting the group to continue capitalizing on its SaaS transition initiative and the securing of new installation contracts. Based on the project pipeline, we expect H2 top line to be driven by private sector contracts, in line with the H1 trend. We project H2’24 revenues at €19.6m (+19% yoy) and EBITDA at €4.1m (+46% yoy), corres...

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

Profile Software | Growth trajectory on track; two-tiered expansion ah...

Reiterating our Buy in light of expected LSS milestone payments step-up in H2’24 – We pinpoint H2’24 as a likely breakout period for Profile, underpinned by organic top line acceleration in financial (+11% vs. H2’23) and faster execution in LSS (inflows to reach €16m by year-end). Our forecasts appear well-supported given the strong YTD trend in financial (H1 sales +25% higher yoy) and the improving momentum in Greek state digitization as the project pipeline begins to mature. We see this drivin...

Natalia Svyriadi
  • Natalia Svyriadi

QUEST HOLDINGS | Exquisite M&A ‘deal-questing’ lifts valuation

Solid 9-mth execution underpins 2024 growth – Quest reported a solid set of 9-month 2024 results, with sales +12% (€926m) and EBITDA +9% yoy (€65m), driven by double digit top line growth in IT services and commercial activities and mid-single digit growth in Courier services. The bottom-line figures were slightly weighed down by elevated net financials, with net profit rising 2%. With the seasonally strong Q4 ahead, the high single digit EBITDA growth embedded in our numbers seems well underpin...

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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