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Piraeus Bank Sa (BPIRY)
:BPIRY
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Piraeus Bank
(OTC:BPIRY)
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Rating:74Outperform
Price Target:
$9.50
â–²(14.05% Upside)
Piraeus Bank's stock score is driven by strong valuation metrics, including a low P/E ratio and a solid dividend yield, which suggest the stock is undervalued. Technical indicators show positive momentum, although the high Stochastic value indicates potential overbought conditions. Financial performance is stable, but cash flow management needs improvement.
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
$10.60B
Dividend Yield3.94%
Average Volume (3M)7.58K
Price to Earnings (P/E)9.5
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 Outstanding1,250,367,200
10 Day Avg. Volume3,634
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 Cap1.28
Enterprise Value/Revenue3.91
Enterprise Value/Gross Profit4.80
Enterprise Value/Ebitda7.72
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.01
Revenue Forecast (FY)$3.07B
Piraeus Bank Business Overview & Revenue Model
Company DescriptionPiraeus Financial Holdings S.A. provides banking products and services in Greece and internationally. It operates through Retail Banking, Corporate Banking, Piraeus Financial Markets, and Other segments. The company offers time, structured, deposit, saving, current, and business accounts; mortgage, consumer, personal, home improvement, farming, restructuring, and working capital loans; overdrafts; credit, debit, contract farming, and prepaid cards; mutual funds, treasury bonds, equities, dual currency deposits, treasury interest-bearing notes, asset management solutions, and gold sovereigns and gold bars; and car, home, civil liability, health, endowment, accident/life, lifestyle, agricultural, photovoltaic park, trade credit, business premises, and corporate insurances. It also provides financial planning, payment/remittance, bills of exchange collection, cash management, import-export settlement, payroll, foreign exchange, risk management, letters of guarantee, factoring, leasing, and Web banking services. The company offers infrastructure advisory, project and real estate finance, remote banking service, group life and health and electronic and cyber risks insurance programs, debt collection, and contract farming. It operates 414 branches in Greece and another 16 branches in 2 countries. Piraeus Financial Holdings S.A. was formerly known as Piraeus Bank S.A. The company was founded in 1916 and is based in Athens, Greece.
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:Mar 17, 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
Piraeus Bank demonstrates strong profitability and revenue growth, supported by efficient operations and a balanced leverage strategy. However, cash flow management presents challenges, with negative operating cash flows and declining free cash flow growth. The bank's financial health is stable, but attention to cash flow improvements is necessary.Income Statement
Piraeus Bank shows a solid revenue growth rate of 6.82% in the latest year, with strong gross and net profit margins at 73% and 40% respectively. The EBIT and EBITDA margins are also healthy, indicating efficient operations. However, the historical volatility in EBIT margins suggests some operational challenges in prior years.75
Positive
Balance Sheet
The bank maintains a moderate debt-to-equity ratio of 0.56, reflecting a balanced approach to leverage. Return on equity is strong at 12.97%, indicating effective use of equity capital. However, the equity ratio is not explicitly provided, which limits a full assessment of asset financing.70
Positive
Cash Flow
Cash flow analysis reveals a negative operating cash flow, which is a concern, but the free cash flow to net income ratio is positive at 1.08, suggesting that the bank is generating sufficient free cash flow relative to net income. The negative free cash flow growth rate indicates potential cash flow management issues.60
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.46B | 3.78B | 3.38B | 2.30B | 2.69B | 2.22B |
| Gross Profit | 2.81B | 2.76B | 2.58B | 2.30B | 2.31B | 1.88B |
| EBITDA | 1.75B | 1.55B | 1.18B | 0.00 | -2.58B | -416.00M |
| Net Income | 1.06B | 1.07B | 788.00M | 950.00M | -3.01B | -664.00M |
Balance Sheet | ||||||
| Total Assets | 81.25B | 80.04B | 76.45B | 74.64B | 79.79B | 71.56B |
| Cash, Cash Equivalents and Short-Term Investments | 8.74B | 8.86B | 10.76B | 9.96B | 15.77B | 9.23B |
| Total Debt | 9.84B | 4.62B | 2.92B | 1.89B | 2.01B | 1.53B |
| Total Liabilities | 72.38B | 71.77B | 69.10B | 68.06B | 73.99B | 64.36B |
| Stockholders Equity | 8.79B | 8.22B | 7.30B | 6.55B | 5.79B | 7.09B |
Cash Flow | ||||||
| Free Cash Flow | -2.78B | -4.37B | 611.00M | -7.07B | 3.87B | 6.20B |
| Operating Cash Flow | -2.46B | -4.05B | 779.00M | -6.90B | 4.00B | 6.29B |
| Investing Cash Flow | -956.00M | 479.00M | -698.00M | 763.00M | 319.00M | -1.12B |
| Financing Cash Flow | 1.09B | 1.28B | 786.00M | -292.00M | 2.23B | 402.00M |
Piraeus Bank Technical Analysis
Positive
8.33
Price Trends
8.22
Positive
8.21
Positive
7.10
Positive
Market Momentum
0.10
Negative
58.00
Neutral
79.29
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 above the 20-day moving average (MA) of 8.23, above the 50-day MA of 8.22, and above the 200-day MA of 7.10, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 58.00 is Neutral, neither overbought nor oversold. The STOCH value of 79.29 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $8.97B | 13.49 | 8.26% | 2.44% | 20.72% | 3.63% | |
78 Outperform | $9.44B | 12.94 | 11.69% | 1.42% | 3.58% | 13.93% | |
77 Outperform | $8.26B | 13.30 | 14.68% | 3.06% | 2.85% | 20.57% | |
74 Outperform | $10.60B | 9.49 | 12.52% | 3.94% | -6.48% | -6.05% | |
73 Outperform | $7.47B | 13.48 | 15.45% | 1.95% | 12.63% | 14.25% | |
71 Outperform | $9.64B | 10.83 | 12.79% | 1.78% | 6.30% | 25.28% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
BPIRY
Piraeus Bank
8.48
4.56
116.33%
CBSH
Commerce Bancshares
53.74
-9.66
-15.24%
CFR
Cullen/Frost Bankers
129.21
-6.17
-4.56%
ONB
Old National Bancorp Capital
22.95
0.87
3.94%
WTFC
Wintrust Financial
140.89
11.35
8.76%
WAL
Western Alliance
87.59
-1.80
-2.01%
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.