LSE:0RTY

Stock Analysis Report

Executive Summary

Piraeus Bank S.A. provides banking products and services in Greece and internationally.


Snowflake Analysis

Very undervalued with adequate balance sheet.

Share Price & News

How has Piraeus Bank's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 0RTY's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

14.4%

0RTY

-1.4%

GB Banks

6.2%

GB Market


1 Year Return

-13.6%

0RTY

-33.5%

GB Banks

-22.7%

GB Market

Return vs Industry: 0RTY exceeded the UK Banks industry which returned -33.5% over the past year.

Return vs Market: 0RTY exceeded the UK Market which returned -22.7% over the past year.


Shareholder returns

0RTYIndustryMarket
7 Day14.4%-1.4%6.2%
30 Day-40.6%-22.0%-17.8%
90 Day-59.3%-34.6%-27.7%
1 Year-13.6%-13.6%-28.8%-33.5%-18.6%-22.7%
3 Year-64.2%-64.2%-32.0%-41.3%-13.4%-24.6%
5 Year-99.8%-99.8%-29.7%-43.8%1.3%-22.0%

Price Volatility Vs. Market

How volatile is Piraeus Bank's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Piraeus Bank undervalued compared to its fair value and its price relative to the market?

21.6%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: 0RTY (€1.18) is trading below our estimate of fair value (€1.56)

Significantly Below Fair Value: 0RTY is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: 0RTY is good value based on its PE Ratio (2.4x) compared to the Banks industry average (4.6x).

PE vs Market: 0RTY is good value based on its PE Ratio (2.4x) compared to the UK market (12.5x).


Price to Earnings Growth Ratio

PEG Ratio: 0RTY is good value based on its PEG Ratio (0.1x)


Price to Book Ratio

PB vs Industry: 0RTY is good value based on its PB Ratio (0.1x) compared to the GB Banks industry average (0.5x).


Next Steps

Future Growth

How is Piraeus Bank forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

19.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 0RTY's forecast earnings growth (19.4% per year) is above the savings rate (0.5%).

Earnings vs Market: 0RTY's earnings (19.4% per year) are forecast to grow faster than the UK market (15.4% per year).

High Growth Earnings: 0RTY's earnings are forecast to grow, but not significantly.

Revenue vs Market: 0RTY's revenue is expected to decline over the next 3 years (-2% per year).

High Growth Revenue: 0RTY's revenue is forecast to decline over the next 3 years (-2% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 0RTY's Return on Equity is forecast to be low in 3 years time (4.8%).


Next Steps

Past Performance

How has Piraeus Bank performed over the past 5 years?

71.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 0RTY has a high level of non-cash earnings.

Growing Profit Margin: 0RTY's current net profit margins (18.1%) are lower than last year (34.7%).


Past Earnings Growth Analysis

Earnings Trend: 0RTY has become profitable over the past 5 years, growing earnings by 71.2% per year.

Accelerating Growth: 0RTY's earnings growth over the past year (381%) exceeds its 5-year average (71.2% per year).

Earnings vs Industry: 0RTY earnings growth over the past year (381%) exceeded the Banks industry 29.6%.


Return on Equity

High ROE: 0RTY's Return on Equity (2.7%) is considered low.


Next Steps

Financial Health

How is Piraeus Bank's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: 0RTY has a low level of unsold assets or inventory.

Debt Coverage by Assets: 0RTY's debt is covered by short term assets (assets are 1.3x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: 0RTY is profitable, therefore cash runway is not a concern.

Forecast Cash Runway: 0RTY is profitable, therefore cash runway is not a concern.


Financial Institutions Analysis

Asset Level: 0RTY's level of assets compared to its equity is low.

Allowance for Bad Loans: 0RTY has a low allowance for bad loans.

Low Risk Liabilities: 0RTY's liabilities are made up of primarily low risk sources of funding.

Loan Level: 0RTY has an acceptable proportion of non-loan assets held.

Low Risk Deposits: 0RTY's loans are broadly funded by customer deposits.

Level of Bad Loans: 0RTY has a high level of bad loans (54.63%)


Next Steps

Dividend

What is Piraeus Bank's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate 0RTY's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate 0RTY's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if 0RTY's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if 0RTY's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: 0RTY is not paying a notable dividend for the UK market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of 0RTY's dividend in 3 years as they are not forecast to pay a notable one for the UK market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.0yrs

Average management tenure


CEO

Chris Megalou (60yo)

3s

Tenure

Mr. Christos Ioannis Megalou, also known as Chris, is currently the Founder and Managing Director of Tite Capital Limited, a private financial consultancy company based in London. Mr. Megalou is a senior i ...


Leadership Team

NamePositionTenureCompensationOwnership
Christos Megalou
MD & Executive Director3yrsno datano data
Theodore Gnardellis
GM & Group CFO0.67yrno datano data
Dimitris Mavrogiannis
Executive GM & Group COO1.17yrsno datano data
Georgios Liakopoulos
General Director of Corporate Governance & Administration and Group General Counselno datano datano data
Chryssanthi Berbati
IR Directorno datano datano data
Alexandros Manos
Chief Transformation Officer & Advisor to Managementno datano datano data
George Poulopoulos
Deputy MD & Executive Director3.75yrsno datano data
Kotsakou Panagiota
Head of Group Risk Managementno datano datano data
Panagiotis Tsoukatos
Head of Internal Audit Division3.58yrsno datano data
George Marinopoulos
Deputy Chief Financial Officerno datano datano data

3.0yrs

Average Tenure

Experienced Management: 0RTY's management team is considered experienced (3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Christos Megalou
MD & Executive Director3yrsno datano data
Venetia Kontogouris
Independent Non Executive Director3.17yrsno datano data
Enrico Tommaso Cucchiani
Independent Non-Executive Member3.33yrsno datano data
Michalis Sallas
Chairman Emeritus3.67yrsno datano data
Karel De Boeck
Independent Vice Chairman3yrsno datano data
George Handjinicolaou
Chairman of the Board3.33yrsno datano data
David Hexter
Independent Non-Executive Member4.17yrsno datano data
Arne Berggren
Independent Non-Executive Member3.75yrsno datano data
Alexander Blades
Non-Executive Director4.17yrsno datano data
Solomon Berahas
Non-Executive Director3.33yrsno datano data

3.3yrs

Average Tenure

67yo

Average Age

Experienced Board: 0RTY's board of directors are considered experienced (3.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Piraeus Bank S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Piraeus Bank S.A.
  • Ticker: 0RTY
  • Exchange: LSE
  • Founded: 1916
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: €539.199m
  • Shares outstanding: 436.60m
  • Website: https://www.piraeusbank.gr

Number of Employees


Location

  • Piraeus Bank S.A.
  • 4, Amerikis Street
  • Athens
  • 105 64
  • Greece

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TPEIRATSE (The Athens Stock Exchange)EUR6.00(POST CONSOLIDATION)GREURNo data
0RTYLSE (London Stock Exchange)EUR6.00(POST CONSOLIDATION)GBEURNo data
TPEIRATSE (The Athens Stock Exchange)EUR0.30GREURNo data
TPEIRATSE (The Athens Stock Exchange)YesOrdinary Registered SharesGREURJul 1993
BPIR.FOTCPK (Pink Sheets LLC)YesOrdinary Registered SharesUSUSDJul 1993
0RTYLSE (London Stock Exchange)YesOrdinary Registered SharesGBEURJul 1993
BKP6DB (Deutsche Boerse AG)YesOrdinary Registered SharesDEEURJul 1993
BPIR.YOTCPK (Pink Sheets LLC)SPON ADR EACH REP 2 ORD SHS (POST SPLT)USUSDOct 2008
BKPEDB (Deutsche Boerse AG)SPON ADR EACH REP 2 ORD SHS (POST SPLT)DEEUROct 2008

Biography

Piraeus Bank S.A. provides banking products and services in Greece and internationally. The company operates through Retail Banking, Corporate Banking, Piraeus Financial Markets, and Other segments. It offers time, structured, saving, current, and business accounts; mortgage, consumer, personal, home improvement, farming, restructuring, working capital, project, and real estate loans; overdrafts; and credit, debit, and prepaid cards. The company also provides mutual funds, treasury bonds, equities, exchange traded funds, 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, business premise, civil liability, photovoltaic park, trade credit, and corporate insurance products. In addition, it offers financial planning, payment/remittance, bills of exchange collection, cash management, import-export settlement, payroll, foreign exchange, risk management, issue of letters of guarantee, factoring, leasing, and Web banking services. Further, the company manages industrial and city link areas; collects commercial debts; offers venture capital fund and yachting management services. Additionally, it provides shopping center’s management, hotel training and seminars consulting, vehicle trading, insurance brokerage, financial and consulting, and payroll and labor affairs counseling services, as well as generates renewable energy. The company operates food and entertainment halls; and provides stock exchange, property development/holding and management, logistic, real estate sale and purchase, debt securities issuance, telecommunication and IT, travel rental, wind energy park exploitation, real estate development and investment consultancy, and investment advice services. The company operates 553 branches. It has strategic agreement with Intrum. Piraeus Bank S.A. was founded in 1916 and is headquartered in Athens, Greece. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/30 21:55
End of Day Share Price2020/03/30 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.