25 ΝΟΕ 2021 – Quick briefing by Optima Equity Research

Eurobank is set to release its 3Q/9M21 results today, post market close.

  • A conference call will follow at 18:00 Athens time. We expect the bank to report satisfactory results, and see net profits at EUR 109m or EUR 39m inclusive of the Mexico securitisation losses, while most major core lines are seen improving both on a quarterly and yearly basis.
  • Given the agreement over the Mexico securitisation, Eurobank will be the first bank among its Greek peers, to report a single digit NPE ratio, which is seen at 7.3% in 3Q21. 

In the conference call for 3Q21 results, MOH’s management guided for a satisfactory dividend yield implied at current market levels (including the interim dividend of EUR 0.20 paid recently). 

In the conference call for 3Q21 results, OPAP‘s management re-affirmed its commitment to pay a minimum DPS of EUR 1.00, while the measures against Covid-19 spread will negatively affect GGR performance (a 10% impact was evident after the imposition of the negative Covid test for non-vaccinated players that become effective on November 8). 

In the conference call for 3Q21 results, Fourlis’ management appeared optimistic that the externalities stemming from the pandemic will fade away in 2Q 2022, adding that next year’s revenues and profitability will settle above 2021 levels. The company revealed that the IPO of Trade Estate will take place within 2022, adding that less than 50% of the rental income will be contributed by IKEA operations in the next 2-3 years.


In the semi-annual FTSE Indices review, the FTSE/ATHEX Indices Advisory Committee decided the addition of Quest in the FTSE/ATHEX Large Cap Index, replacing EXAE which will be included in the FTSE Mid Cap index. In addition, Entersoft and Epsilon Net will be added to the FTSE/Mid Cap index replacing ELTON, OLTH and Quest. All changes will become effective after the close of the market on Friday, 17 December.


Research Department
Equity Research