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Piraeus Bank (BPIRY)
OTHER OTC:BPIRY
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Piraeus Bank
(OTC:BPIRY)
83Outperform
Piraeus Bank (BPIRY) vs. S&P 500 (SPY)
Market Cap
$6.53B
Dividend Yield1.11%
Average Volume (3M)80.35K
Price to Earnings (P/E)5.9
Beta (1Y)0.92
Revenue Growth40.76%
EPS Growth49.22%
CountryUS
Employees10,425
SectorFinancial
Sector Strength77
IndustryBanking
Share Statistics
EPS (TTM)0.92
Shares Outstanding1,250,367,200
10 Day Avg. Volume47,487
30 Day Avg. Volume80,353
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)N/A
Price to Sales (P/S)1.08
Price to Cash Flow (P/CF)N/A
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$6.72Price Target Upside28.49% Upside
Rating ConsensusModerate Buy
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 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 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 1.97B | 2.31B | 2.30B | 2.31B | 1.88B | 1.84B | Gross Profit |
| 1.97B | 3.46B | 2.30B | 2.31B | 1.88B | 1.84B | EBIT |
| 274.00M | 1.59B | 1.09B | -2.70B | -534.00M | 402.00M | EBITDA |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | Net Income Common Stockholders |
| 45.00M | 788.00M | 950.00M | -3.01B | -662.00M | 280.00M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 3.02B | 10.19B | 9.96B | 15.77B | 9.23B | 3.71B | Total Assets |
| 61.88B | 76.45B | 75.66B | 79.79B | 71.58B | 61.23B | Total Debt |
| 568.00M | 8.04B | 1.89B | 2.01B | 1.53B | 1.03B | Net Debt |
| -2.45B | -10.76B | -8.07B | -13.76B | -7.70B | -2.67B | Total Liabilities |
| 54.37B | 69.10B | 69.08B | 73.99B | 64.42B | 53.46B | Stockholders Equity |
| 7.39B | 7.30B | 6.55B | 5.79B | 7.05B | 7.66B |
| Cash Flow | Free Cash Flow | ||||
| 3.82B | 611.00M | -7.07B | 3.62B | 6.20B | -782.00M | Operating Cash Flow |
| 3.98B | 779.00M | -6.90B | 3.75B | 6.29B | -678.00M | Investing Cash Flow |
| 1.16B | -698.00M | 763.00M | 573.00M | -1.12B | 893.00M | Financing Cash Flow |
| 344.00M | 786.00M | -292.00M | 2.23B | 402.00M | 171.00M |
Piraeus Bank Technical Analysis
Positive
5.23
Price Trends
4.57
Positive
4.27
Positive
4.18
Positive
Market Momentum
0.15
Negative
72.23
Negative
99.89
Negative
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 5.23 is above the 20-day moving average (MA) of 4.89, above the 50-day MA of 4.57, and above the 200-day MA of 4.18, indicating a bullish trend. The MACD of 0.15 indicates Negative momentum. The RSI at 72.23 is Negative, neither overbought nor oversold. The STOCH value of 99.89 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BPIRY.
Piraeus Bank Peers Comparison
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $6.53B | 5.91 | 14.44% | 1.11% | 40.76% | 49.22% | |
80 Outperform | $9.84B | 6.15 | 17.56% | 3.23% | 24.26% | 10.29% | |
74 Outperform | $2.39B | 11.58 | 27.24% | ― | 11.72% | 23.37% | |
72 Outperform | $1.51B | 9.45 | 10.44% | ― | -3.61% | -29.58% | |
64 Neutral | $13.80B | 10.64 | 9.23% | 4.22% | 17.66% | -7.66% | |
44 Neutral | $377.23M | ― | -9.34% | 1.09% | 6.27% | 62.30% |
* Financial Sector Average
Performance Comparison
BPIRY
Piraeus Bank
5.23
0.94
21.91%
CUBI
Customers Bancorp
48.20
-4.05
-7.75%
TBBK
Bancorp
49.74
13.39
36.84%
FFWM
First Foundation
4.59
-3.39
-42.48%
EGFEY
Eurobank Ergasias SA
1.34
0.41
44.09%
Piraeus Bank Earnings Call Summary
Earnings Call Date: Feb 24, 2025 | % Change Since: 3.98% | Next Earnings Date: May 6, 2025
Earnings Call Sentiment Positive
The earnings call highlighted Piraeus Financial Holdings' strong financial performance in 2024, marked by significant earnings growth, loan book expansion, and improved asset quality. However, challenges remain with foreclosed assets and cost management. The overall outlook is positive, driven by strategic initiatives and a strong capital position.Highlights
Record Earnings and Dividend Increase
Piraeus Financial Holdings reported earnings of €1.1 billion for 2024, up 36% year-on-year, surpassing their initial budget. They announced a €0.30 cash dividend per share, an increase from €0.06 per share last year.
Loan Book Expansion
The performance loan book expanded by €3.6 billion, or 12% year-on-year, reaching €33.7 billion, surpassing the initial target for 2024.
Asset Management Growth
Assets under management increased by 23% to €11.4 billion, primarily driven by mutual funds.
Improved Asset Quality
The NPE ratio decreased to 2.6%, with a stable cost of risk at 21 basis points, excluding servicing fees.
Strong Capital Ratios
CET1 ratio increased by 135 basis points to 14.7%, with a total capital ratio of 19.9% and an MREL ratio at 29.2%.
Digital and Strategic Initiatives
Successful rebranding and digital transformation projects, including the launch of a digital bank, Snappi, expected by mid-2025.
Lowlights
Foreclosed Assets Challenges
The foreclosed assets portfolio faced provisioning challenges, with efforts to reduce the balance to €1.5 billion, but organic sales are expected to take time to reach European averages.
Cost Management Concerns
Recurring staff costs grew by 3.5%, and total recurring expenses by 3.8%, with inflation and variable compensation affecting cost efficiency.
Potential Impact of Government Measures
Government-imposed measures are expected to impact fees by approximately €30 million, with an additional €25 million one-off related to school subsidies.
Company Guidance
During the Piraeus Financial Holdings conference call, CEO Christos Megalou provided robust guidance for the full year 2024 results and the business plan for 2025 to 2028. Piraeus achieved a reported earnings per share of €0.81 and a 36% year-on-year increase in reported earnings, reaching €1.1 billion, surpassing the initial €900 million budget. The company plans to distribute a €0.30 cash dividend per share, which represents a 6% yield based on the current market cap, and a total payout of 35% of 2024 profits. Piraeus expanded its performing loan book by €3.6 billion, achieving a 12% growth year-on-year, and reported a normalized return on average tangible book of 17.5% for the year. The NPE ratio decreased to 2.6%, with a cost of risk at 21 basis points excluding servicing fees. The CET1 ratio increased by 135 basis points to 14.7%, while the total capital ratio reached 19.9%. Looking forward, Piraeus projects a reported net profit of approximately €1.1 billion per year, with loans expanding by €12 billion by 2028. The company aims to return 40% of profits to shareholders from 2025 onwards, while its NPE ratio is expected to fall below 2% by the end of 2027. Additionally, the ECB deposit facility rate is projected to stabilize at 2% from the end of 2025, supporting the bank's growth plans.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.