Eurobank Equities

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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
NOVAL NOVAL PROPERTY

Noval Property | Smart Land, Light Debt, Long Runway, 2-digit total re...

High yield, diversified portfolio with green flavor – Noval Property (NP) is Greece's 3rd largest REIC with a current GAV of €648m, comprising 61 assets (of which 31 income-producing). Annualized rental income stands at c€34m, translating to c7.3% yield (on income-generating assets). Noval has a well-balanced sector exposure across office buildings (c28% of rental income), retail (c50%), hospitality (c10%), industrial/logistics (c8%), while its properties boast top-notch tenants and high occupan...

06/25/25 June 25, 2025 1 EN
Andreas Souvleros ... (+2)
  • Andreas Souvleros
  • CFA
ALPHA ALPHA BANK AE
ETE National Bank o... ... (+4)

GREEK BANKS | Recharged by results, lifted by M&A

Q1 results spark 6% outperformance in Greek banks, led by Alpha – Q1 results triggered an 6% outperformance of Greek banks vs their EU periphery peers (and 8% vs SX7E), led by Alpha Bank (+27% since 28 Apr), followed by Optima (+22%), NBG (+14%), Piraeus (+13%), and Eurobank (+10%). The rally was earnings-driven—Alpha (+24% vs cons) and NBG (+17%) delivered standout beats—while Alpha’s momentum was further fuelled by the Astrobank and AXIA bolt-ons and, primarily, by the UniCredit stake increase...

ALPHA ALPHA BANK AE
ETE NATIONAL BANK OF GREECE S.A.
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
OPTIMAr OPTIMA BANK S.A.
06/17/25 June 17, 2025 1 EN
Andreas Souvleros ... (+2)
  • Andreas Souvleros
  • CFA
PREMIUM
ALPHA ALPHA BANK AE
ETE National Bank o... ... (+4)

GREEK BANKS | Recharged by results, lifted by M&A

Q1 results spark 6% outperformance in Greek banks, led by Alpha – Q1 results triggered an 6% outperformance of Greek banks vs their EU periphery peers (and 8% vs SX7E), led by Alpha Bank (+27% since 28 Apr), followed by Optima (+22%), NBG (+14%), Piraeus (+13%), and Eurobank (+10%). The rally was earnings-driven—Alpha (+24% vs cons) and NBG (+17%) delivered standout beats—while Alpha’s momentum was further fuelled by the Astrobank and AXIA bolt-ons and, primarily, by the UniCredit stake increase...

ALPHA ALPHA BANK AE
ETE NATIONAL BANK OF GREECE S.A.
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
OPTIMAr OPTIMA BANK S.A.
06/17/25 June 17, 2025 1 EN
Christiana Armpounioti ... (+2)
  • Christiana Armpounioti
  • Stamatios Draziotis CFA
MOTO MOTODYNAMIKI

Motodynamics | From Acceleration to Cruise Control

Normalized top-line growth, margin pressure but on solid ground – Motodynamics acts as the exclusive distributor for Yamaha in Greece, Romania, and Bulgaria, as well as Porsche in Greece, while also operating the SIXT rent-a-car (RaC) franchise. Supported by strong domestic macro trends and continued growth in Greek tourism, the group delivered 15.7% revenue CAGR over 2019-24. That said, the pace is now set to moderate as post-COVID supply chains normalise and market volumes begin to settle. Aga...

06/13/25 June 13, 2025 1 EN
Marios Bourazanis ... (+3)
  • Marios Bourazanis
  • Natalia Svyriadi
  • Stamatios Draziotis CFA
INTEK Ideal Group S.A...

IDEAL HOLDINGS | Fuel for the next leg

Barba Stathis deal sealed at €166m EV; enhancing exposure to defensive sectors – IDEAL Holdings completed the acquisition of 100% of Barba Stathis (BBS) on March 31st, in a transaction valued at €166m EV (with the equity component at €130m). The deal was funded through a mix of internal cash and c€38m in debt and marks a strategic step toward reinforcing IDH’s exposure to non-cyclical, cash-generative sectors. In our view, BBS fits squarely within the group’s investment framework — a market lead...

INTEK IDEAL GROUP S.A.
06/10/25 June 10, 2025 1 EN
Natalia Svyriadi ... (+2)
  • Natalia Svyriadi
  • Stamatios Draziotis CFA
QUEST Quest Holdings ...

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 ...

QUEST QUEST HOLDINGS SA
12/14/21 December 14, 2021 10 EN
PREMIUM
ALPHA ALPHA BANK AE
ETE National Bank o... ... (+3)

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...

ALPHA ALPHA BANK AE
ETE NATIONAL BANK OF GREECE S.A.
TPEIR PIRAEUS FINANCIAL HLDGS SA
12/03/21 December 3, 2021 30 EN
Stamatios Draziotis CFA
  • Stamatios Draziotis CFA
PREMIUM
OPAP Greek Organisat...

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 >...

OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
09/10/20 September 10, 2020 4 EN

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