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Piraeus Bank Sa (BPIRY)
:BPIRY
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Piraeus Bank
(OTC:BPIRY)
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Rating:83Outperform
Price Target:―
Piraeus Bank's overall stock score is driven by its strong financial performance, attractive valuation, and positive earnings call insights. The bank has demonstrated significant revenue and profit growth, alongside a strong balance sheet. Despite technical indicators suggesting an overbought condition, the bank's robust fundamentals and favorable valuation support its stock's potential for continued growth.
Piraeus Bank (BPIRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.29B
Dividend Yield4.06%
Average Volume (3M)2.23K
Price to Earnings (P/E)8.9
Beta (1Y)0.76
Revenue Growth-2.23%
EPS Growth2.01%
CountryUS
Employees7,772
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.24
Shares Outstanding1,250,367,200
10 Day Avg. Volume3,103
30 Day Avg. Volume2,234
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)0.58
Price to Sales (P/S)1.79
P/FCF Ratio-1.09
Enterprise Value/Market Cap1.10
Enterprise Value/Revenue3.51
Enterprise Value/Gross Profit4.08
Enterprise Value/Ebitda8.76
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
Piraeus Bank Business Overview & Revenue Model
Company DescriptionPiraeus Bank (BPIRY) is a prominent financial institution in Greece, offering a wide array of banking services and financial solutions. Established in 1916, the bank operates primarily in the retail and commercial banking sectors, providing services such as savings and checking accounts, loans, credit cards, and investment products. With a strong presence in the Greek market, Piraeus Bank caters to individuals, small businesses, and corporate clients, striving to deliver comprehensive and innovative banking solutions.
How the Company Makes MoneyPiraeus Bank generates revenue primarily through interest income, which is earned from lending activities including personal loans, mortgages, and business loans. The bank also earns non-interest income from fees and commissions related to banking services, asset management, and transactional fees. Additionally, investment income contributes to its earnings, derived from the management of its investment portfolio. Piraeus Bank leverages its extensive branch network and digital platforms to enhance customer engagement and streamline operations, which are significant factors in maintaining its revenue streams.
Piraeus Bank Earnings Call Summary
Earnings Call Date:Jul 30, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Oct 31, 2025
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 a solid financial performance with strong revenue growth and improved profitability in the income statement. The balance sheet shows financial stability with low leverage, while the cash flow statement highlights efficient cash management and strong operational cash flow.Income Statement
Piraeus Bank has demonstrated strong financial performance with a significant increase in total revenue from 2023 to TTM (Trailing-Twelve-Months). The gross profit margin and net profit margin have notably improved, indicating efficient cost management and profitability. The bank has also shown impressive revenue growth, contributing to a robust EBIT margin. These positive trends highlight the bank's successful operational strategies and sound financial management.85
Very Positive
Balance Sheet
The balance sheet of Piraeus Bank reflects a solid equity base and a strong liquidity position, with a substantial amount of cash and cash equivalents. The debt-to-equity ratio is favorable, indicating prudent leverage management. Additionally, the return on equity has improved, showcasing the bank's ability to generate profits from its equity base. Overall, the bank's financial stability and low leverage present a strong balance sheet position.80
Positive
Cash Flow
Piraeus Bank has shown significant improvement in cash flow generation, with strong operating cash flow supporting its financial activities. The bank's free cash flow has grown impressively, indicating efficient capital management and operational success. The operating cash flow to net income ratio is healthy, reflecting effective cash conversion. These factors demonstrate the bank's ability to sustain and manage cash flows effectively.78
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.21B | 2.65B | 2.31B | 2.30B | 2.31B | 1.88B |
| Gross Profit | 2.76B | 2.76B | 2.58B | 2.30B | 2.31B | 1.88B |
| EBITDA | 1.29B | 1.55B | 0.00 | 0.00 | 0.00 | 0.00 |
| 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 | 10.19B | 10.01B | 15.82B | 9.25B |
| Total Debt | 4.92B | 4.62B | 8.04B | 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 | 7.05B |
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 | 573.00M | -1.12B |
| Financing Cash Flow | 1.09B | 1.28B | 786.00M | -292.00M | 2.23B | 402.00M |
Piraeus Bank Technical Analysis
Neutral
8.06
Price Trends
8.31
Negative
7.82
Positive
6.47
Positive
Market Momentum
-0.03
Positive
45.34
Neutral
42.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BPIRY, the sentiment is Neutral. The current price of 8.06 is below the 20-day moving average (MA) of 8.48, below the 50-day MA of 8.31, and above the 200-day MA of 6.47, indicating a neutral trend. The MACD of -0.03 indicates Positive momentum. The RSI at 45.34 is Neutral, neither overbought nor oversold. The STOCH value of 42.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | $10.29B | 8.86 | 13.79% | 4.06% | -2.23% | 2.01% | |
77 Outperform | $8.44B | 11.58 | 11.69% | 1.51% | 3.61% | 13.93% | |
72 Outperform | $8.03B | 13.44 | 15.34% | 3.12% | 4.04% | 13.30% | |
71 Outperform | $8.25B | 12.37 | 20.76% | 2.66% | 20.72% | 3.63% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $7.10B | 12.70 | 15.48% | 2.03% | 13.07% | 14.27% | |
63 Neutral | $8.75B | 9.80 | 12.79% | 1.92% | 4.92% | 25.28% |
* Financial Sector Average
BPIRY
Piraeus Bank
8.23
4.54
123.04%
CBSH
Commerce Bancshares
53.19
-5.12
-8.78%
CFR
Cullen/Frost Bankers
124.86
-3.69
-2.87%
ONB
Old National Bancorp Capital
21.05
2.22
11.79%
WTFC
Wintrust Financial
129.04
14.79
12.95%
WAL
Western Alliance
79.30
-3.97
-4.77%
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.