reports
National Bank Of Greece: 7 directors
Fourteen Directors at National Bank Of Greece sold/bought 107,950 shares at between 7.350EUR and 10.231EUR. The significance rating of the trade was 69/100. 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...
Piraeus Financial Holdings S.A.: 3 directors
Four Directors at Piraeus Financial Holdings S.A. bought/sold 47,396 shares at between 5.292EUR and 5.460EUR. The significance rating of the trade was 63/100. 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...
- Andreas Souvleros
- CFA
GREEK BANKS | Rallying with Room to Run
Strong finish to the year, with robust loan growth and earnings resilience – Greek banks delivered another solid quarter in Q4, exceeding both our and consensus estimates, supported by stronger-than-expected fee income (+4% vs cons) and lower impairments (-5% vs cons). Despite ongoing NII headwinds, NIM proved resilient at 2.65%, contracting just 15bps qoq—on faster loan repricing relative to deposits, a low deposit beta (20% on total deposits), stable lending spreads (-18bps ytd), incremental b...
- Andreas Souvleros
- CFA
GREEK BANKS | Rallying with Room to Run
Strong finish to the year, with robust loan growth and earnings resilience – Greek banks delivered another solid quarter in Q4, exceeding both our and consensus estimates, supported by stronger-than-expected fee income (+4% vs cons) and lower impairments (-5% vs cons). Despite ongoing NII headwinds, NIM proved resilient at 2.65%, contracting just 15bps qoq—on faster loan repricing relative to deposits, a low deposit beta (20% on total deposits), stable lending spreads (-18bps ytd), incremental b...
Moody's Ratings upgrades National Bank of Greece S.A.'s long-term depo...
Moody's Ratings (Moody's) has today upgraded the long-term deposit and senior unsecured ratings of National Bank of Greece S.A. (NBG) to Baa1 from Baa2, as well as the standalone Baseline Credit Assessment (BCA) and Adjusted BCA of the bank to baa3 from ba1. The bank's long-term Counterparty Risk Ra...
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
Greek Equity Strategy – 2025 outlook | Almost same story, different ye...
Repeat of 2024, with different headwinds – Following a year in which Greek equities performed broadly in line with EU periphery stocks (but better than broad EU indices), 2025 looks somewhat trickier given international headwinds (e.g. tariffs, geopolitics). Easing monetary policy is certainly a positive, in the sense that it could justify higher valuations, but the overriding driver of re-rating would be a resolution of the war in Ukraine, as is the case for the EU as a whole. On the positive s...
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
Greek Equity Strategy – 2025 outlook | Almost same story, different ye...
Repeat of 2024, with different headwinds – Following a year in which Greek equities performed broadly in line with EU periphery stocks (but better than broad EU indices), 2025 looks somewhat trickier given international headwinds (e.g. tariffs, geopolitics). Easing monetary policy is certainly a positive, in the sense that it could justify higher valuations, but the overriding driver of re-rating would be a resolution of the war in Ukraine, as is the case for the EU as a whole. On the positive s...
- 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 | DTC headwinds fade, dividends rise, and value beckons
Strong Q3 Results Reinforce Optimism on Lending Growth and NII Resilience - Greek banks delivered another strong quarter in Q3, surpassing our and consensus estimates, driven by higher-than-expected NII (+3% vs cons) and significantly lower impairments (-25% vs cons). Despite NII headwinds, the NIM held firm at 2.74%, driven by low deposit betas (17% of the overall deposit base), resilient lending spreads (-12 bps ytd), incremental yields from reinvested bond portfolios, and strong credit growth...
- Andreas Souvleros
- CFA
GREEK BANKS | DTC headwinds fade, dividends rise, and value beckons
Strong Q3 Results Reinforce Optimism on Lending Growth and NII Resilience - Greek banks delivered another strong quarter in Q3, surpassing our and consensus estimates, driven by higher-than-expected NII (+3% vs cons) and significantly lower impairments (-25% vs cons). Despite NII headwinds, the NIM held firm at 2.74%, driven by low deposit betas (17% of the overall deposit base), resilient lending spreads (-12 bps ytd), incremental yields from reinvested bond portfolios, and strong credit growth...
- Andreas Souvleros
- CFA
GREEK BANKS | Technical factors mask dividend growth and earnings resi...
Solid fundamentals, but technical pressures have been weighing on performance – Despite consistently exceeding profit estimates in recent quarters, Greek banks have underperformed peripheral banks and the SX7E index by c20% and c5% ytd, respectively. While NII headwinds persist, the impact has been less severe than expected, with only a 1% qoq decline in Q2. Banks' resilience is further supported by improvements in asset quality, stronger fee generation driven by lending activity and a 13% ytd i...
- Andreas Souvleros
- CFA
GREEK BANKS | Technical factors mask dividend growth and earnings resi...
Solid fundamentals, but technical pressures have been weighing on performance – Despite consistently exceeding profit estimates in recent quarters, Greek banks have underperformed peripheral banks and the SX7E index by c20% and c5% ytd, respectively. While NII headwinds persist, the impact has been less severe than expected, with only a 1% qoq decline in Q2. Banks' resilience is further supported by improvements in asset quality, stronger fee generation driven by lending activity and a 13% ytd i...
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
GREEK MARKET PULSE | Autumn Chill
The ATHEX has shed c3% since the start of August, significantly underperforming vs both broader Europe (Stoxx 600 +0.7%) and periphery markets (MIB +2.8%). Performance has been weighed down primarily by banks, which have fallen c7% over the period, compared to a c4% return registered by their EU peers. Non-financials have also stalled, with just a handful of companies in the green since August (mostly from the mid-cap space). Of note is that this move is out of sync with fundamentals, as most co...
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
GREEK MARKET PULSE | Autumn Chill
The ATHEX has shed c3% since the start of August, significantly underperforming vs both broader Europe (Stoxx 600 +0.7%) and periphery markets (MIB +2.8%). Performance has been weighed down primarily by banks, which have fallen c7% over the period, compared to a c4% return registered by their EU peers. Non-financials have also stalled, with just a handful of companies in the green since August (mostly from the mid-cap space). Of note is that this move is out of sync with fundamentals, as most co...
Moody's Ratings changes National Bank of Greece S.A.'s outlook on the ...
Moody's Ratings (Moody's) has today changed National Bank of Greece S.A.'s (NBG) outlook for its Baa2 senior unsecured debt and long-term deposit ratings to positive from stable, following the outlook change to positive from stable in the Government of Greece's Ba1 issuer rating. Concurrently, we ha...
Moody's Ratings upgrades National Bank of Greece S.A.'s long- and shor...
Moody's Ratings (Moody's) has today upgraded the long- and short-term deposit ratings of National Bank of Greece S.A. (NBG) to Baa2/P-2 from Baa3/P-3, its long-term senior unsecured ratings by two notches to Baa2 from Ba1, as well as the standalone Baseline Credit Assessment (BCA) and Adjusted BCA o...
- Andreas Souvleros
- CFA
GREEK BANKS | Banking on dividends again
ECB approval and EPS upgrades likely to catalyze a re-rating – The ECB has approved Greek banks' requests to pay the proposed dividends out of 2023 profits, signaling a return to normality after 16 years. The announced payouts correspond to shareholder remuneration of €0.063 for Piraeus (1.7% DY), €0.052 for Alpha Bank, equally split between a cash dividend of €0.026 (1.6% DY) and a buyback (3.2% total yield), €0.0933 for Eurobank (4.6% DY), and €0.36 for NBG (4.6% DY). Following a period of >15...
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