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.

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

ATHENS INTERNATIONAL AIRPORT (AIA) | Fresh impetus to the thesis but r...

Higher 2024 return, accelerated expansion plan… – AIA’s FY’24 results eclipsed estimates mainly driven by the faster depletion of the carry-forward balance (which is non-recurring in nature) and better-than envisaged unit commercial revenues. The key development though was the announcement for the acceleration of the expansion plan (merger of the 33-40MAP capex phases with an accelerated pax target timeline) partly funded by a scrip dividend (€240m over 4 years). The latter will have 3 key conse...

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

ATHENS INTERNATIONAL AIRPORT (AIA) | Fresh impetus to the thesis but r...

Higher 2024 return, accelerated expansion plan… – AIA’s FY’24 results eclipsed estimates mainly driven by the faster depletion of the carry-forward balance (which is non-recurring in nature) and better-than envisaged unit commercial revenues. The key development though was the announcement for the acceleration of the expansion plan (merger of the 33-40MAP capex phases with an accelerated pax target timeline) partly funded by a scrip dividend (€240m over 4 years). The latter will have 3 key conse...

Stamatios Draziotis CFA
  • Stamatios Draziotis CFA

OPAP | Cashing in, moving to Hold

Strong play, but limited new aces up its sleeve, for now – OPAP shares have had a robust start to 2025 returning c11% ytd, fueled by a strong H2’24 operational performance driven by both recurring (strong online/sports betting trends) and non-recurring (e.g. jackpot rollovers) factors. Although the better execution is set to lead FY24 EBITDA c2% above our previous projection and >4% above the upper end of mgt expectations (€750-770m guided range), it also sets a high bar for 2025. The year does ...

Stamatios Draziotis CFA
  • Stamatios Draziotis CFA

OPAP | Cashing in, moving to Hold

Strong play, but limited new aces up its sleeve, for now – OPAP shares have had a robust start to 2025 returning c11% ytd, fueled by a strong H2’24 operational performance driven by both recurring (strong online/sports betting trends) and non-recurring (e.g. jackpot rollovers) factors. Although the better execution is set to lead FY24 EBITDA c2% above our previous projection and >4% above the upper end of mgt expectations (€750-770m guided range), it also sets a high bar for 2025. The year does ...

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...

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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