ATSE:ALPHA

Stock Analysis Report

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Executive Summary

Alpha Bank A.E., together with its subsidiaries, provides various banking and financial products and services to individuals, professionals, and companies in Greece and internationally. More Details


Snowflake Analysis

Adequate balance sheet and fair value.


Similar Companies

Share Price & News

How has Alpha Bank A.E's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ALPHA is more volatile than 90% of Greek stocks over the past 3 months, typically moving +/- 11% a week.

Volatility Over Time: ALPHA's weekly volatility (11%) has been stable over the past year, but is still higher than 75% of Greek stocks.


Market Performance


7 Day Return

7.5%

ALPHA

5.5%

GR Banks

3.6%

GR Market


1 Year Return

-62.8%

ALPHA

-56.1%

GR Banks

-18.8%

GR Market

Return vs Industry: ALPHA underperformed the Greek Banks industry which returned -56.1% over the past year.

Return vs Market: ALPHA underperformed the Greek Market which returned -18.8% over the past year.


Shareholder returns

ALPHAIndustryMarket
7 Day7.5%5.5%3.6%
30 Day52.9%56.1%17.1%
90 Day27.6%17.8%10.2%
1 Year-62.8%-62.8%-55.8%-56.1%-15.6%-18.8%
3 Year-57.7%-57.7%-45.0%-45.3%10.8%-0.1%
5 Year-63.2%-63.2%-78.0%-78.1%-2.4%-12.2%

Long-Term Price Volatility Vs. Market

How volatile is Alpha Bank A.E's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Alpha Bank A.E undervalued compared to its fair value and its price relative to the market?

8.08x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate ALPHA's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate ALPHA's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: ALPHA is good value based on its PE Ratio (8.1x) compared to the XE Banks industry average (11x).

PE vs Market: ALPHA is good value based on its PE Ratio (8.1x) compared to the Greek market (15.5x).


Price to Earnings Growth Ratio

PEG Ratio: ALPHA is good value based on its PEG Ratio (0.2x)


Price to Book Ratio

PB vs Industry: ALPHA's PB Ratio (0.1x) is in line with the GR Banks industry average.


Next Steps

Future Growth

How is Alpha Bank A.E forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

44.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ALPHA's forecast earnings growth (44.2% per year) is above the savings rate (5.7%).

Earnings vs Market: ALPHA's earnings (44.2% per year) are forecast to grow faster than the Greek market (33.9% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: ALPHA's revenue (1.4% per year) is forecast to grow slower than the Greek market (5.2% per year).

High Growth Revenue: ALPHA's revenue (1.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ALPHA's Return on Equity is forecast to be low in 3 years time (3.1%).


Next Steps

Past Performance

How has Alpha Bank A.E performed over the past 5 years?

78.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ALPHA has a large one-off loss of €43.7M impacting its September 30 2020 financial results.

Growing Profit Margin: ALPHA's current net profit margins (10.3%) are lower than last year (10.7%).


Past Earnings Growth Analysis

Earnings Trend: ALPHA has become profitable over the past 5 years, growing earnings by 78.4% per year.

Accelerating Growth: ALPHA's earnings growth over the past year (49.5%) is below its 5-year average (78.4% per year).

Earnings vs Industry: ALPHA earnings growth over the past year (49.5%) exceeded the Banks industry -16.1%.


Return on Equity

High ROE: ALPHA's Return on Equity (1.6%) is considered low.


Next Steps

Financial Health

How is Alpha Bank A.E'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


Financial Institutions Analysis

Asset Level: ALPHA's Assets to Equity ratio (8.2x) is low.

Allowance for Bad Loans: ALPHA has a low allowance for bad loans (55%).

Low Risk Liabilities: 88% of ALPHA's liabilities are made up of primarily low risk sources of funding.

Loan Level: ALPHA has an appropriate level of Loans to Assets ratio (58%).

Low Risk Deposits: ALPHA's Loans to Deposits ratio (75%) is appropriate.

Level of Bad Loans: ALPHA has a high level of bad loans (32.8%).


Next Steps

Dividend

What is Alpha Bank A.E current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

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

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


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

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


Next Steps

Management

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

1.8yrs

Average management tenure


CEO

Vassilios Psaltis (52 yo)

1.83yrs

Tenure

Mr. Vassilios E. Psaltis has been Chief Executive Officer of Alpha Bank AE since January 2, 2019. Mr. Psaltis was General Manager and Chief Financial Officer of Alpha Bank AE since 2012 until January 2, 20...


Leadership Team

NamePositionTenureCompensationOwnership
Vassilios Psaltis
CEO & Executive Director1.83yrsno datano data
Lazaros Papagaryfallou
GM & CFO1.75yrsno datano data
Spyros Filaretos
GM, COO & Director15.83yrsno datano data
Marianna Antoniou
Manager of Accounting & Taxno datano datano data
Sryridon Tzamtzis
Executive GM of IT & Chief Information Officer0.083yrno datano data
Dimitrios Kostopoulos
Manager of Investor Relations Divisionno datano datano data
Nikolaos Salakas
GM and Chief Legal & Governance Officer1.67yrsno datano data
Kyriaki Inempolidi
Manager of Marketing and Public Relations Division2.83yrsno datano data
Fragiski Melissa
Executive GM & Chief Human Resources Officer0.67yrno datano data
Artemios Theodoridis
GM of Non-Performing Loan & Treasury Management and Director15.75yrsno datano data
Spyridon Andronikakis
GM & Chief Risk Officer8.67yrsno datano data
Panagiotis Kapopoulos
Chief Economistno datano datano data

1.8yrs

Average Tenure

54yo

Average Age

Experienced Management: ALPHA's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Vassilios Psaltis
CEO & Executive Director1.83yrsno datano data
Spyros Filaretos
GM, COO & Director15.83yrsno datano data
Artemios Theodoridis
GM of Non-Performing Loan & Treasury Management and Director15.75yrsno datano data
Vasileios Rapanos
Non-Executive Chairman of the Board6.5yrsno datano data
Yannis Costopoulos
Honorary Chairman6.42yrsno datano data
Jan Oscar A. Vanhevel
Non-Executive Independent Director4.58yrsno datano data
Efthimios Vidalis
Non-Executive Director6.5yrsno datano data
Shahzad Shahbaz
Non-Executive Independent Director6.5yrsno datano data
Richard Paul Gildea
Non-Executive Independent Director4.33yrsno datano data
Carolyn Adele Dittmeier
Non-Executive Independent Director3.83yrsno datano data
Johannes Herman Frederik Umbgrove
Non Executive Director2.58yrsno datano data
Jean Cheval
Non-Executive Independent Director2.42yrsno datano data

5.5yrs

Average Tenure

65yo

Average Age

Experienced Board: ALPHA's board of directors are considered experienced (5.5 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

Alpha Bank A.E.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Alpha Bank A.E.
  • Ticker: ALPHA
  • Exchange: ATSE
  • Founded: 1879
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: €1.088b
  • Shares outstanding: 1.54b
  • Website: https://www.alpha.gr

Number of Employees


Location

  • Alpha Bank A.E.
  • 40 Stadiou Street
  • Athens
  • Greece

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ALPHAATSE (The Athens Stock Exchange)YesOrdinary SharesGREURJan 1992
ACBBDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
0RCSLSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1992
ALBK.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
ALBK.YOTCPK (Pink Sheets LLC)SPONSORED ADRUSUSDJul 1996
ACBCDB (Deutsche Boerse AG)SPONSORED ADRDEEURJul 1996

Biography

Alpha Bank A.E., together with its subsidiaries, provides various banking and financial products and services to individuals, professionals, and companies in Greece and internationally. The company operate...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/11/27 17:22
End of Day Share Price2020/11/27 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


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.