reports
- MarketLine Department
Piraeus Bank S.A. - Mergers & Acquisitions (M&A), Partnerships & Allia...
Summary Marketline's Piraeus Bank S.A. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Piraeus Bank S.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments...
- Andreas Souvleros
- CFA
GREEK BANKS | Dividends Ahoy
Resilient NII despite funding challenges and likely interest rate cuts – Following a >50% surge in NII in 2023e (58% in the 9m period), investor focus has been clearly shifting to prospects for 2024-25e, especially in view of likely rate cuts. Despite the upcoming peak in NII (in Q4’23 or Q1’24), we project resilience in 2024, supported by credit growth (c4% p.a. in 2024-25e), the gradual benefit from deposit hedges (contributing c4% of NII by 2025e) as well as the lower-than-anticipated deposit...
- Andreas Souvleros
- CFA
GREEK BANKS | Dividends Ahoy
Resilient NII despite funding challenges and likely interest rate cuts – Following a >50% surge in NII in 2023e (58% in the 9m period), investor focus has been clearly shifting to prospects for 2024-25e, especially in view of likely rate cuts. Despite the upcoming peak in NII (in Q4’23 or Q1’24), we project resilience in 2024, supported by credit growth (c4% p.a. in 2024-25e), the gradual benefit from deposit hedges (contributing c4% of NII by 2025e) as well as the lower-than-anticipated deposit...
National Bank Of Greece: 1 director
A director at National Bank Of Greece sold 5,000 shares at 6.134EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...
- Andreas Souvleros
- CFA
GREEK BANKS | Laggards No More
Profit momentum continuing unfettered in Q2’23… – Managements' concerns over rising deposit betas have proved excessive in hindsight as migration to term deposits seems to have remained limited in Q2 (2-3% q/q) with a low pass-through rate (70% ytd, partly propelled by earnings upgrades (12m fwd EPS +40% ytd) and partly by re-rating. With the sector still at 5.7x 2024e PE and 0.68x 2024e P/TBV, there is further upside in our view, especially as current prices still incorporate CoE in the mid-tee...
- Andreas Souvleros
- CFA
GREEK BANKS | Laggards No More
Profit momentum continuing unfettered in Q2’23… – Managements' concerns over rising deposit betas have proved excessive in hindsight as migration to term deposits seems to have remained limited in Q2 (2-3% q/q) with a low pass-through rate (70% ytd, partly propelled by earnings upgrades (12m fwd EPS +40% ytd) and partly by re-rating. With the sector still at 5.7x 2024e PE and 0.68x 2024e P/TBV, there is further upside in our view, especially as current prices still incorporate CoE in the mid-tee...
- MarketLine Department
Piraeus Financial Holdings SA - Strategy, SWOT and Corporate Finance R...
Summary Piraeus Financial Holdings SA - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Piraeus Financial Holdings SA (Piraeus) is a provider of banking and other related financial solutions. It offers a range of accounts and deposit products; consumer and business ...
- Andreas Souvleros
- CFA
- Stamatios Draziotis CFA
GREEK BANKS | Upside hard to ignore as fundamentals re-take center sta...
Banks’ fundamentals outlook intact – The global banking sector turmoil since early March has tested the Greek Banking sector's resilience, more in terms of sentiment than in terms of fundamentals. Still, the rise in risk-premia precipitated by the fallout of SVB/CS led to a >20% sell-off in Greek banks in March. With funding markets now calmer and confidence in the EU banking system gradually restored, we believe visibility on earnings has improved again and this has been manifested in the c8% b...
- Andreas Souvleros
- CFA
- Stamatios Draziotis CFA
GREEK BANKS | Upside hard to ignore as fundamentals re-take center sta...
Banks’ fundamentals outlook intact – The global banking sector turmoil since early March has tested the Greek Banking sector's resilience, more in terms of sentiment than in terms of fundamentals. Still, the rise in risk-premia precipitated by the fallout of SVB/CS led to a >20% sell-off in Greek banks in March. With funding markets now calmer and confidence in the EU banking system gradually restored, we believe visibility on earnings has improved again and this has been manifested in the c8% b...
- Andreas Souvleros
- CFA
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
Greek Equity Strategy – 2023 outlook | Clear and rewarding destination...
2022: The comeback – Greek equities staged an impressive comeback in 2022, outpacing most international markets with a 7% total return vs a 2-digit drop suffered by other European indices (and the S&P in EUR terms). Underpinning the ASE was certainly the better macroeconomic backdrop, with the Greek economy expanding by >5% in 2022 compared with c3% for the EU. Light positioning, healthy corporate profitability and more attractive yield gaps than in other regions were additional supporting facto...
EXAE HELLENIC EXCHANGES SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
ELPE HELLENIC PETROLEUM SA
TITK TITAN CEMENT CO. SA
LAMDA LAMDA DEVELOPMENT S.A.
FOYRK FOURLIS HOLDINGS S.A.
MYTIL MYTILINEOS S.A.
MOH MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.
SAR GR. SARANTIS S.A.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
ALPHA ALPHA BANK AE
ETE NATIONAL BANK OF GREECE S.A.
PPC PUBLIC POWER CORPORATION S.A.
CCH COCA-COLA HBC AG
BELA JUMBO S.A.
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
ADMIE IPTO HOLDING S.A.
QUEST QUESTBACK GROUP AS
- Andreas Souvleros
- CFA
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
Greek Equity Strategy – 2023 outlook | Clear and rewarding destination...
2022: The comeback – Greek equities staged an impressive comeback in 2022, outpacing most international markets with a 7% total return vs a 2-digit drop suffered by other European indices (and the S&P in EUR terms). Underpinning the ASE was certainly the better macroeconomic backdrop, with the Greek economy expanding by >5% in 2022 compared with c3% for the EU. Light positioning, healthy corporate profitability and more attractive yield gaps than in other regions were additional supporting facto...
EXAE HELLENIC EXCHANGES SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
ELPE HELLENIC PETROLEUM SA
TITK TITAN CEMENT CO. SA
LAMDA LAMDA DEVELOPMENT S.A.
FOYRK FOURLIS HOLDINGS S.A.
MYTIL MYTILINEOS S.A.
MOH MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.
SAR GR. SARANTIS S.A.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
ALPHA ALPHA BANK AE
ETE NATIONAL BANK OF GREECE S.A.
PPC PUBLIC POWER CORPORATION S.A.
CCH COCA-COLA HBC AG
BELA JUMBO S.A.
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
ADMIE IPTO HOLDING S.A.
QUEST QUESTBACK GROUP AS
- Andreas Souvleros
- CFA
- Stamatios Draziotis CFA
GREEK BANKS | Solidified fundamentals but re-rating may take a pause f...
Strong fundamentals despite macro uncertainties – We remain constructive on Greek Banks’ 2023 outlook, despite the uncertainty around the impact of higher rates on economic growth and asset quality, the still precarious external environment and the trickier political backdrop. Notwithstanding the challenges, the fundamental dynamics for the sector are quite solid, with the overriding driver being the benefit from asset re-pricing in the light of rate hikes and the volume growth. Q3 results were ...
- Andreas Souvleros
- CFA
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
Greek Equity Strategy – Pre-Christmas thoughts | The Grinch vs Santa r...
Grinch in the house? With Greece’s macroeconomic prospects looking much healthier than Europe in 2023 (1-2% GDP growth), Greek public debt costs being largely fixed (thus not affected by rate increases) with long average maturity and without significant debt redemptions, and RRF funds set to underpin economic activity in the coming years, the Greek investment story certainly looks attractive in the medium term. However, in the short-run the international backdrop seems quite tricky heading into ...
Moody's assigns (P)B1 junior senior unsecured rating to National Bank ...
Moody's Investors Service (Moody's) has today assigned local and foreign currency long-term junior senior unsecured (also commonly referred to as "senior non-preferred") provisional ratings of (P)B1 to National Bank of Greece S.A.'s (NBG) €5 billion Global Medium Term Note (MTN) programme. The junio...
- Andreas Souvleros
- CFA
- Stamatios Draziotis CFA
GREEK BANKS | Overlooked and undervalued but bumpy road to re-rating
Fundamentals vs sentiment; Structurally positive, tactically cautious – We believe that Greek banks are on a strong fundamental footing, with rising rates set to provide a significant tailwind for earnings in 2022-23, barring a domestic recession outcome next year. That said, share prices have moved out of sync with fundamentals, with Greek banks up just by 3% ytd (albeit outperforming a c13% decline for EU banks) and still trading at a hefty c25% discount vs EU periphery peers. With sentiment b...
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