reports
- 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
- 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...
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the green in...
EME Equity Market – May 2025 EME indices mostly in the green in May, apart from Türkiye. The MSCI EM Europe Index added 3.6% mom in EUR and USD terms. The Greek ASE index (+7.8% mom) was the best performer, followed by the Czech PX (+6.6% mom) and Romanian BET indices (+5.0% mom), the Hungarian BUX (+4.0% mom) and the Polish WIG20 (+2.0% mom; all in EUR terms). The Turkish ISE30 Index was, again, the worst performer, with a more modest decline (-1.4% mom in EUR terms) this time.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCOLA COCA-COLA ICECEK A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV CTP NV
VRC VERCOM SA
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
GIG GAMING INNOVATION GROUP
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: MTELEKOM HB; IGN1L LH; GSPARK HB; AQ RO; INPST NA; OPTIMA ...
HEADLINES: • Magyar Telekom: 1Q25 results review – EBITDA +24% yoy, 4% above the consensus; solid 2025E guidance reiterated POSITIVE • Ignitis Group: 1Q25 adjusted EBITDA 20% above our expectations, driven by strong Green Capacities POSITIVE • Graphisoft Park: 1Q25 – recurring income higher yoy, and a small revaluation loss • Aquila Part Prod Com S.A.: strong 1Q25 gross profit margin sustainable in FY25E POSITIVE • InPost: 1Q25 in line with expectations; FY25E EBITDA guidance maintained; soft do...
- Research Team
WOOD Daily: OPTIMA GA; PKO PW; SOKM TI; RICHT HB; ARABIAND AB; TPE PW;...
HEADLINES: • Optima Bank: a touch of Midas, none of Icarus (BUY - initiation of coverage) • PKO BP: solid 1Q25 results, in line with expectations NEUTRAL • Sok Marketler Ticaret: 1Q25 results – significant miss NEGATIVE • Richter: 1Q25 results in line NEUTRAL • Arabian Drilling: 1Q25 results NEUTRAL • Tauron: 1Q25 preliminary EBITDA 16% above our expectations POSITIVE • Kaspi.kz: 1Q25 highlights; 2025E guidance revised down NEGATIVE • Bank of Cyprus: 1Q25 results highlights • Zabka (NOT RATED): ...
- Can Demir
- Miguel Dias
Optima Bank: a touch of Midas, none of Icarus (BUY - initiation of cov...
We initiate coverage of Optima Bank (Optima) with a BUY and a 12M price target (PT) of EUR 18.5 (16.4% upside). Optima Bank is a small, emerging bank, financing corporates, almost exclusively, with a focus on SMEs. We believe that, despite the RRF loans and growing competition in the segment, Greek SMEs still lack adequate access to financing and, therefore, the demand for SME financing through traditional channels is likely to remain strong in the years to come. In this case, the opportunity fo...
- 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...
- 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...
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