ATSE:TPEIR

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

Executive Summary

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


Snowflake Analysis

Good value 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: TPEIR's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-8.9%

TPEIR

-10.8%

GR Banks

-4.3%

GR Market


1 Year Return

-65.4%

TPEIR

-65.3%

GR Banks

-25.8%

GR Market

Return vs Industry: TPEIR matched the Greek Banks industry which returned -65.3% over the past year.

Return vs Market: TPEIR underperformed the Greek Market which returned -25.8% over the past year.


Shareholder returns

TPEIRIndustryMarket
7 Day-8.9%-10.8%-4.3%
30 Day-12.1%-13.2%-6.0%
90 Day-19.9%-19.7%-5.1%
1 Year-65.4%-65.4%-65.1%-65.3%-22.7%-25.8%
3 Year-58.5%-58.5%-62.4%-62.6%-4.2%-13.4%
5 Year-99.4%-99.4%-34.7%-47.6%-22.4%-30.9%

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

Valuation

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

4.9x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

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

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


Price To Earnings Ratio

PE vs Industry: TPEIR is good value based on its PE Ratio (4.9x) compared to the XE Banks industry average (9.5x).

PE vs Market: TPEIR is good value based on its PE Ratio (4.9x) compared to the Greek market (14.7x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: TPEIR is good value based on its PB Ratio (0.1x) compared to the GR Banks industry average (0.2x).


Next Steps

Future Growth

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

102.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TPEIR's forecast earnings growth (102.3% per year) is above the savings rate (5.7%).

Earnings vs Market: TPEIR's earnings (102.3% per year) are forecast to grow faster than the Greek market (35.9% per year).

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

Revenue vs Market: TPEIR's revenue (0.2% per year) is forecast to grow slower than the Greek market (5.5% per year).

High Growth Revenue: TPEIR's revenue (0.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: TPEIR's Return on Equity is forecast to be low in 3 years time (2.1%).


Next Steps

Past Performance

How has Piraeus Bank performed over the past 5 years?

81.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: TPEIR has a large one-off gain of €21.0M impacting its June 30 2020 financial results.

Growing Profit Margin: TPEIR's current net profit margins (7.8%) are lower than last year (21.1%).


Past Earnings Growth Analysis

Earnings Trend: TPEIR has become profitable over the past 5 years, growing earnings by 81.8% per year.

Accelerating Growth: TPEIR's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: TPEIR had negative earnings growth (-66.4%) over the past year, making it difficult to compare to the Banks industry average (-12.6%).


Return on Equity

High ROE: TPEIR's Return on Equity (1.2%) 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


Financial Institutions Analysis

Asset Level: TPEIR's Assets to Equity ratio (8.4x) is low.

Allowance for Bad Loans: TPEIR has a low allowance for bad loans (44%).

Low Risk Liabilities: 81% of TPEIR's liabilities are made up of primarily low risk sources of funding.

Loan Level: TPEIR has an appropriate level of Loans to Assets ratio (59%).

Low Risk Deposits: TPEIR's Loans to Deposits ratio (82%) is appropriate.

Level of Bad Loans: TPEIR has a high level of bad loans (49.6%).


Next Steps

Dividend

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


Dividend Yield vs Market

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

High Dividend: Unable to evaluate TPEIR'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 TPEIR's dividends per share have been stable in the past.

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


Current Payout to Shareholders

Dividend Coverage: TPEIR is not paying a notable dividend for the Greek market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of TPEIR'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?

2.8yrs

Average management tenure


CEO

Chris Megalou (61 yo)

3.58yrs

Tenure

Mr. Christos Ioannis Megalou, also known as Chris, serves MD, CEO & Executive Director as Piraeus Bank SA since March 8, 2017. He is currently the Founder and Managing Director of Tite Capital Limited, a p ...


Leadership Team

NamePositionTenureCompensationOwnership
Christos Megalou
MD, CEO & Executive Director3.58yrsno datano data
Theodore Gnardellis
GM & Group CFO1.25yrsno datano data
Dimitris Mavrogiannis
Executive GM & Group COO1.75yrsno 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 Director4.33yrsno datano data
Kotsakou Panagiota
Head of Group Risk Managementno datano datano data
Panagiotis Tsoukatos
Head of Internal Audit Division4.17yrsno datano data
George Marinopoulos
Deputy Chief Financial Officerno datano datano data
Efthymios Kyriakopoulos
Executive GM & Chief Risk Officer2.75yrsno datano data
Vassileios Koutentakis
Executive GM & Executive Director0.42yrno datano data

2.8yrs

Average Tenure

Experienced Management: TPEIR's management team is considered experienced (2.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Christos Megalou
MD, CEO & Executive Director3.58yrsno datano data
Vassileios Koutentakis
Executive GM & Executive Director0.42yrno datano data
Vasileios Koutentakis
Executive GM of Retail Banking & Distribution Networks and Executive Director0.42yrno datano data
Venetia Kontogouris
Independent Non-Executive Director3.75yrsno datano data
Enrico Tommaso Cucchiani
Independent Non-Executive Member3.92yrsno datano data
Michalis Sallas
Chairman Emeritus4.25yrsno datano data
Karel De Boeck
Independent Non-Executive Vice Chairman3.67yrsno datano data
George Handjinicolaou
Non-Executive Chairman of the Board3.92yrsno datano data
David Hexter
Independent Non-Executive Member4.75yrsno datano data
Arne Berggren
Independent Non-Executive Member4.33yrsno datano data
Alexander Blades
Non-Executive Director4.75yrsno datano data
Solomon Berahas
Independent Non-Executive Member3.92yrsno datano data

3.9yrs

Average Tenure

67yo

Average Age

Experienced Board: TPEIR's board of directors are considered experienced (3.9 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: TPEIR
  • Exchange: ATSE
  • Founded: 1916
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: €451.036m
  • Shares outstanding: 436.63m
  • 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)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)SPONSORD ADR NEWUSUSDOct 2008
BKPEDB (Deutsche Boerse AG)SPONSORD ADR NEWDEEUROct 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 off ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/18 21:14
End of Day Share Price2020/10/16 00:00
Earnings2020/06/30
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.