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.

Andreas Souvleros ... (+2)
  • Andreas Souvleros
  • CFA
ALPHA ALPHA BANK AE
ETE National Bank o... ... (+5)

GREEK BANKS | Constructive but more selective

Broad earnings resilience, but no spark for upgrades… – Systemic Greek banks delivered results broadly in line with our estimates and consensus. NII momentum stabilised in 3Q (-0.2% q/q), effectively marking the trough after three consecutive quarters of deceleration, given Euribor’s plateauing. Fees posted a mild q/q decline—consistent with our forecasts—reflecting seasonal softness in payments and money transfers, while bancassurance and asset-management’s AuMs continued to expand at a strong ...

ALPHA ALPHA BANK AE
ETE NATIONAL BANK OF GREECE S.A.
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
OPTIMAr OPTIMA BANK S.A.
BOCHGR BANK OF CYPRUS
10h / 15m 10h / 15m 1 EN
Andreas Souvleros ... (+2)
  • Andreas Souvleros
  • CFA
PREMIUM
ALPHA ALPHA BANK AE
ETE National Bank o... ... (+5)

GREEK BANKS | Constructive but more selective

Broad earnings resilience, but no spark for upgrades… – Systemic Greek banks delivered results broadly in line with our estimates and consensus. NII momentum stabilised in 3Q (-0.2% q/q), effectively marking the trough after three consecutive quarters of deceleration, given Euribor’s plateauing. Fees posted a mild q/q decline—consistent with our forecasts—reflecting seasonal softness in payments and money transfers, while bancassurance and asset-management’s AuMs continued to expand at a strong ...

ALPHA ALPHA BANK AE
ETE NATIONAL BANK OF GREECE S.A.
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
OPTIMAr OPTIMA BANK S.A.
BOCHGR BANK OF CYPRUS
10h / 30m 10h / 30m 1 EN
Natalia Svyriadi
  • Natalia Svyriadi
OTOEL AUTOHELLAS S.A.

Autohellas | A demanding year, but the engine still turns

2025e: resilient but stagnant amid elevated competition – Autohellas has maintained solid top line momentum across its core activities despite an increasingly demanding backdrop, continuing to gain share in key segments. Against this environment we have modestly trimmed our 2025 forecasts to reflect the soft patch in international rentals and the intensified competition in both Greek rentals and Autotrade. At the same time, profitability remains constrained by elevated depreciation tied to a mor...

11/26/25 November 26, 2025 1 EN
Natalia Svyriadi
  • Natalia Svyriadi
PREMIUM
OTOEL AUTOHELLAS S.A.

Autohellas | A demanding year, but the engine still turns

2025e: resilient but stagnant amid elevated competition – Autohellas has maintained solid top line momentum across its core activities despite an increasingly demanding backdrop, continuing to gain share in key segments. Against this environment we have modestly trimmed our 2025 forecasts to reflect the soft patch in international rentals and the intensified competition in both Greek rentals and Autotrade. At the same time, profitability remains constrained by elevated depreciation tied to a mor...

11/26/25 November 26, 2025 1 EN
Marios Bourazanis ... (+2)
  • Marios Bourazanis
  • Stamatios Draziotis CFA
MYTIL Metlen Energy &...

METLEN | Forged for higher returns; Buy, top pick

New Metals pillars reshape the investment case… – Metlen’s mid-term roadmap marks a decisive evolution in its business model, with 3 new Metals subsegments—Circular Metals, Critical Metals and Defense—set to redefine its growth mix. Collectively, these new activities are targeted to add c€520m of incremental EBITDA, or >50% of the uplift toward mgt’s €1.9-2.1bn medium-term goal. These platforms carry exceptionally high return metrics (ROIC 30-70%) and complement the existing aluminium value cha...

MYTIL METLEN ENERGY & METALS
11/26/25 November 26, 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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