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.

Nikos Athanasoulias CFA
  • Nikos Athanasoulias CFA

Greek Refineries (HelleniQ Energy – Motor Oil) | Margins stronger for ...

Robust H1 builds promise for the rest of the year – Following a muted – in terms of share performance – 2024, held back by sector-wide headwinds (retreating refining margins) and company-specific challenges (fire incident and MSCI exclusion in MOH’s case), Greek refineries have rebounded ytd (Total return: MOH +23%, ELPE +14%), supported by recovering margins and strong operational resilience, with prospects also looking promising for H2’25 given easy comps. Meanwhile, both companies have built ...

Nikos Athanasoulias CFA
  • Nikos Athanasoulias CFA

Greek Refineries (HelleniQ Energy – Motor Oil) | Margins stronger for ...

Robust H1 builds promise for the rest of the year – Following a muted – in terms of share performance – 2024, held back by sector-wide headwinds (retreating refining margins) and company-specific challenges (fire incident and MSCI exclusion in MOH’s case), Greek refineries have rebounded ytd (Total return: MOH +23%, ELPE +14%), supported by recovering margins and strong operational resilience, with prospects also looking promising for H2’25 given easy comps. Meanwhile, both companies have built ...

Christiana Armpounioti ... (+2)
  • Christiana Armpounioti
  • Stamatios Draziotis CFA

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...

Andreas Souvleros ... (+2)
  • Andreas Souvleros
  • CFA

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...

Andreas Souvleros ... (+2)
  • Andreas Souvleros
  • CFA

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...

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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