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Piraeus Bank (BPIRY)
OTHER OTC:BPIRY
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Piraeus Bank
(OTC:BPIRY)
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Rating:67Neutral
Price Target:
$9.50
▲(14.05% Upside)
Score is led by improved profitability and supportive valuation (low P/E with a ~3.9% yield), reinforced by an upward technical trend with positive momentum. The main constraint is financial risk from persistently negative operating/free cash flow and higher leverage in the latest TTM period.
Positive Factors
Strong Financial Performance
The bank's robust revenue growth and improved profitability indicate effective cost management and successful operational strategies, supporting long-term financial health.
Capital and Liquidity Strength
Strong capital ratios and liquidity position enhance the bank's resilience against economic fluctuations and support sustainable growth.
Loan Book Growth
The expansion of the loan book indicates increasing demand and market penetration, which can drive future revenue and profitability.
Negative Factors
Flat Mortgage Market
Stagnation in the mortgage market could limit growth opportunities in this segment, affecting overall revenue diversification and stability.
Pressure on Loan Spreads
Lower spreads on new loans could compress margins, impacting profitability and potentially straining financial performance if not managed effectively.
Revenue Growth Decline
A decline in revenue growth suggests challenges in maintaining previous growth rates, which could impact long-term financial performance and market competitiveness.
Piraeus Bank (BPIRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
N/A
Dividend Yield4.08%
Average Volume (3M)7.58K
Price to Earnings (P/E)9.0
Beta (1Y)0.67
Revenue Growth-6.48%
EPS Growth-6.05%
CountryUS
Employees7,772
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.24
Shares Outstanding1,235,953,000
10 Day Avg. Volume0
30 Day Avg. Volume7,580
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)0.58
Price to Sales (P/S)1.26
P/FCF Ratio-1.09
Enterprise Value/Market Cap10.00T>
Enterprise Value/Revenue5.90
Enterprise Value/Gross Profit9.41
Enterprise Value/Ebitda12.17
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Piraeus Bank Business Overview & Revenue Model
Company DescriptionPiraeus Bank (BPIRY) is a leading financial institution based in Greece, primarily engaged in providing a wide range of banking and financial services. The bank operates in various sectors, including retail banking, corporate banking, wealth management, and investment services. Its core products include personal loans, mortgages, savings accounts, business loans, and investment products, catering to both individual customers and businesses across Greece and internationally.
How the Company Makes MoneyPiraeus Bank generates revenue through multiple channels, primarily focusing on interest income from loans and advances to customers. This includes personal loans, business loans, and mortgages, where the bank earns interest on the funds lent out. Additionally, the bank generates fee and commission income from various services, such as account maintenance fees, transaction fees, and advisory services. The bank also earns income through its investment services, which may include asset management and brokerage services. Significant partnerships with other financial institutions and businesses enhance its offerings and contribute to its earnings. Economic conditions, regulatory changes, and the bank's ability to manage non-performing loans also play critical roles in its overall financial performance.
Piraeus Bank Earnings Call Summary
Earnings Call Date:Jul 30, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Feb 26, 2026
Earnings Call Sentiment Positive
Piraeus Financial Holdings reported strong performance in H1 2025 with significant growth in loans and client assets, a high return on average tangible book value, and strategic acquisitions. Despite some pressure on net interest income and upcoming regulatory impacts, the bank's financial health and strategic initiatives position it for continued success.Q2-2025 Updates
Positive Updates
Strong Financial Performance in H1 2025
Piraeus Financial Holdings reported a net profit of EUR 559 million and an EPS of EUR 0.43, in line to meet or exceed the 2025 guidance of EUR 0.80 EPS.
Loan Book and Client Assets Growth
Loan book expanded by 15% year-on-year to EUR 36 billion, with a growth of EUR 2.2 billion in H1 2025. Full-year guidance for loans is raised to more than EUR 36.5 billion.
Interim Share Buyback Announcement
Piraeus intends to proceed with an interim distribution of EUR 100 million in the form of a share buyback in Q4 2025, part of a total planned distribution of more than EUR 500 million.
High Return on Average Tangible Book Value
Achieved a return on average tangible book value of 15%, surpassing the 2025 target of approximately 14%.
Asset Management Growth
Assets under management increased to EUR 13.2 billion, exceeding the 2025 target, with an upgraded target of above EUR 13.5 billion by year-end.
Solid Capital and Asset Quality Metrics
Total capital ratio reached 20.4%, and NPE ratio stood at 2.6% with coverage at 68%.
Ethniki Insurance Acquisition
Piraeus acquired a 90% stake in Ethniki Insurance, expected to be earnings accretive by more than 5% and return on tangible equity by more than 1%.
Negative Updates
Net Interest Income Pressure
NII declined by about EUR 7 million between Q1 and Q2 2025, with a continued pressure due to rate cuts.
Potential Impact from Regulatory Changes
Potential reclassification of mortgages with step-up arrangements could impact NPE ratio, with an estimated EUR 45 million post model adjustment taken.
Swiss Franc Mortgage Exposure
Government regulation on Swiss franc mortgages could lead to a cost of EUR 40 million to EUR 45 million, with additional adjustments expected later in the year.
Company Guidance
In the first half of 2025, Piraeus Financial Holdings demonstrated strong financial performance, leading to an upgrade in the full-year guidance for loans and client assets. The bank achieved a net profit of EUR 559 million, translating to an earnings per share of EUR 0.43, aligning with the target of EUR 0.80 for the year. The interim dividend is planned for Q4, amounting to EUR 100 million via a share buyback, part of a broader EUR 500 million distribution strategy. Loan growth was robust, expanding by 15% year-on-year to EUR 36 billion, prompting an increase in the loan growth target to over EUR 36.5 billion. The bank's return on average tangible book value was 15%, exceeding the target of 14%. Net revenue grew by 6% in Q2, with net fee income reaching EUR 325 million, supporting a fees over revenue ratio of 24%. The cost-to-core income ratio stood at 34%, while asset quality metrics showed an NPE ratio of 2.6% and coverage of 68%. Assets under management surged 27% year-on-year to EUR 13.2 billion, with a revised target of over EUR 13.5 billion. Deposits increased to EUR 63 billion, contributing to a total capital ratio of 20.4%. The bank also highlighted its strategic acquisition of a 90% stake in Ethniki Insurance for EUR 600 million, expected to enhance earnings per share and return on tangible equity by over 5% and 1%, respectively.Piraeus Bank Financial Statement Overview
Summary
Income statement is solid with a clear profitability turnaround and strong recent net margins (~28%–30%) plus low-teens ROE (~12%). Offsetting this, leverage increased sharply (debt-to-equity ~1.12 TTM vs ~0.56 in 2024) and cash generation is a major weakness with negative operating and free cash flow in both 2024 and TTM.Income Statement
Profitability has strengthened materially versus the 2020–2021 loss period, with the company now producing solid profits (TTM (Trailing-Twelve-Months) net income of ~1.05B). Reported margins are strong in 2024–TTM (net profit margin ~28%–30%), and revenue has grown meaningfully versus 2022–2023 levels. Offsetting this, revenue dipped from 2024 to TTM (3.78B to 3.51B) and some earlier-year margin/operating profit figures appear volatile, suggesting earnings quality and comparability can swing.72
Positive
Balance Sheet
The balance sheet shows a sizeable equity base (TTM equity ~9.46B) and a healthy return on equity around low-teens (TTM ~12%), consistent with a bank in a stronger earnings phase. However, leverage has increased: debt-to-equity rose sharply from ~0.56 (2024) to ~1.12 (TTM), and total debt is materially higher in TTM versus prior years, which reduces balance-sheet flexibility if credit conditions or funding costs deteriorate.61
Positive
Cash Flow
Cash generation is the weakest area: operating cash flow is negative in both 2024 and TTM (TTM about -2.25B; 2024 about -4.05B) and free cash flow is also negative in both periods (TTM about -2.55B; 2024 about -4.37B). This follows a more mixed history (positive in 2023 and 2020–2021 but deeply negative in 2022), pointing to significant volatility and weaker near-term cash conversion versus reported earnings.28
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.36B | 3.78B | 3.38B | 2.30B | 2.69B | 2.22B |
| Gross Profit | 2.11B | 2.76B | 2.58B | 2.30B | 2.31B | 1.88B |
| EBITDA | 1.63B | 1.55B | 1.18B | 0.00 | -2.58B | -416.00M |
| Net Income | 1.00B | 1.07B | 788.00M | 950.00M | -3.01B | -664.00M |
Balance Sheet | ||||||
| Total Assets | 83.33B | 80.04B | 76.45B | 74.64B | 79.79B | 71.56B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 8.86B | 10.76B | 9.96B | 15.77B | 9.23B |
| Total Debt | 9.07B | 4.62B | 2.92B | 1.89B | 2.01B | 1.53B |
| Total Liabilities | 75.17B | 71.77B | 69.10B | 68.06B | 73.99B | 64.36B |
| Stockholders Equity | 8.07B | 8.22B | 7.30B | 6.55B | 5.79B | 7.09B |
Cash Flow | ||||||
| Free Cash Flow | -2.63B | -4.37B | 611.00M | -7.07B | 3.87B | 6.20B |
| Operating Cash Flow | -2.33B | -4.05B | 779.00M | -6.90B | 4.00B | 6.29B |
| Investing Cash Flow | -1.97B | 479.00M | -698.00M | 763.00M | 319.00M | -1.12B |
| Financing Cash Flow | 1.78B | 1.28B | 786.00M | -292.00M | 2.23B | 402.00M |
Piraeus Bank Technical Analysis
Positive
8.33
Price Trends
8.54
Positive
8.40
Positive
7.64
Positive
Market Momentum
0.39
Negative
75.73
Negative
79.20
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BPIRY, the sentiment is Positive. The current price of 8.33 is below the 20-day moving average (MA) of 8.99, below the 50-day MA of 8.54, and above the 200-day MA of 7.64, indicating a bullish trend. The MACD of 0.39 indicates Negative momentum. The RSI at 75.73 is Negative, neither overbought nor oversold. The STOCH value of 79.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BPIRY.
Piraeus Bank Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $9.73B | 12.74 | 12.11% | 1.40% | 3.58% | 13.93% | |
77 Outperform | $9.33B | 13.34 | 22.83% | 2.43% | 20.72% | 3.63% | |
73 Outperform | $7.84B | 13.03 | 15.83% | 1.97% | 12.63% | 14.25% | |
73 Outperform | $8.64B | 13.63 | 14.68% | 3.05% | 2.85% | 20.57% | |
69 Neutral | $9.76B | 10.16 | 13.50% | 1.80% | 6.30% | 25.28% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | ― | 8.96 | 12.52% | 4.08% | -6.48% | -6.05% |
* Financial Sector Average
BPIRY
Piraeus Bank
9.72
5.26
117.99%
CBSH
Commerce Bancshares
52.87
-9.59
-15.35%
CFR
Cullen/Frost Bankers
138.77
2.46
1.80%
ONB
Old National Bancorp Capital
24.40
1.21
5.22%
WTFC
Wintrust Financial
147.90
18.12
13.96%
WAL
Western Alliance
90.21
2.49
2.84%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.