Announcement • Apr 09
Alpha Bank S.A. (ATSE:ALPHA) intends to launch a voluntary tender offer to acquire 30.39% stake in Alpha Trust Holdings S.A. (ATSE:ATRUST) for €19.3 million. Alpha Bank S.A. (ATSE:ALPHA) intends to launch a voluntary tender offer to acquire 30.39% stake in Alpha Trust Holdings S.A. (ATSE:ATRUST) for €19.3 million on April 7, 2026. The consideration of €20.2 in cash per share will be paid by Alpha Bank S.A. In related transaction, Alpha Bank entered into definitive share purchase agreements with certain shareholders of Alpha Trust for acquisition of 69.61% stake. Following completion of the Transaction and tender offer, Alpha Trust’s wealth management activities are expected to be integrated into Alpha Bank’s Private Banking division, further strengthening Alpha Bank’s client coverage capabilities and supporting the delivery of a comprehensive range of wealth management services to high net worth and institutional clients both within Greece and abroad.
As part of the Transaction, Alpha Trust’s senior management, including its Founder and its CEO, are expected to remain engaged with the Bank in long-term leadership roles, ensuring continuity, supporting the integration and active involvement in the development and implementation by the Group of its asset management and wealth management local and international business strategy. Following the completion of the Tender Offer and provided that the Offeror and the Persons acting in Concert hold in aggregate Shares corresponding to at least 90% of the total number of voting rights in the Company, the Offeror shall exercise its squeeze - out rights.
The transaction is subject to approval by regulatory board / committee and minimum tender. The transaction is expected to complete by end of second quarter of 2026. Axia Ventures Group Ltd. acted as financial advisor to Alpha Bank S.A. Q.A.S. Certified Auditors Accountants LTD acted as accountant to Alpha Bank S.A. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Greek stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (41% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (€62.3m market cap, or US$72.3m). Reported Earnings • Apr 05
Full year 2025 earnings released: EPS: €1.49 (vs €0.54 in FY 2024) Full year 2025 results: EPS: €1.49 (up from €0.54 in FY 2024). Revenue: €13.3m (up 44% from FY 2024). Net income: €4.65m (up 182% from FY 2024). Profit margin: 35% (up from 18% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €17.25, the stock trades at a trailing P/E ratio of 26.7x. Average trailing P/E is 16x in the Capital Markets industry in Greece. Total returns to shareholders of 289% over the past three years. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €15.10, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 15x in the Capital Markets industry in Greece. Total returns to shareholders of 254% over the past three years. Announcement • Jan 29
Alpha Trust Holdings S.A., Annual General Meeting, May 04, 2026 Alpha Trust Holdings S.A., Annual General Meeting, May 04, 2026. Upcoming Dividend • May 20
Upcoming dividend of €0.58 per share Eligible shareholders must have bought the stock before 27 May 2025. Payment date: 03 June 2025. Trailing yield: 6.8%. Within top quartile of Greek dividend payers (6.0%). Higher than average of industry peers (5.5%). Reported Earnings • Apr 16
Full year 2024 earnings released Full year 2024 results: Revenue: €9.20m (up 8.5% from FY 2023). Net income: €1.65m (up 22% from FY 2023). Profit margin: 18% (up from 16% in FY 2023). The increase in margin was driven by higher revenue. New Risk • Apr 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.3% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€26.7m market cap, or US$30.3m). Declared Dividend • Apr 14
Dividend increased to €0.58 Dividend of €0.58 is 2.7% higher than last year. Ex-date: 27th May 2025 Payment date: 3rd June 2025 Dividend yield will be 6.7%, which is higher than the industry average of 2.6%. Sustainability & Growth The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 22% to bring the payout ratio under control, which is more than the 17% EPS growth achieved over the last 5 years. Announcement • Apr 13
Alpha Trust Holdings S.A. announces Annual dividend, payable on June 03, 2025 Alpha Trust Holdings S.A. announced Annual dividend of EUR 0.5780 per share payable on June 03, 2025, ex-date on May 27, 2025 and record date on May 28, 2025. Announcement • Feb 11
Alpha Trust Holdings S.A., Annual General Meeting, May 22, 2025 Alpha Trust Holdings S.A., Annual General Meeting, May 22, 2025. Reported Earnings • Sep 29
First half 2024 earnings released First half 2024 results: Revenue: €4.13m (up 23% from 1H 2023). Net income: €506.0k (up 79% from 1H 2023). Profit margin: 12% (up from 8.4% in 1H 2023). The increase in margin was driven by higher revenue. New Risk • Sep 27
New major risk - Revenue and earnings growth Earnings have declined by 0.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 127% Cash payout ratio: 171% Earnings have declined by 0.3% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€26.4m market cap, or US$29.5m). Announcement • Sep 02
Alpha Trust Holdings S.A. to Report First Half, 2024 Results on Sep 27, 2024 Alpha Trust Holdings S.A. announced that they will report first half, 2024 results on Sep 27, 2024 Upcoming Dividend • May 13
Upcoming dividend of €0.55 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 27 May 2024. Trailing yield: 6.8%. Within top quartile of Greek dividend payers (5.8%). Higher than average of industry peers (3.0%). Announcement • May 01
Alpha Trust Holdings S.A., Annual General Meeting, May 15, 2024 Alpha Trust Holdings S.A., Annual General Meeting, May 15, 2024, at 17:00 E. Europe Standard Time. Location: 21, Tatoiou str, Postal Code 145 61 Kifissia Greece Reported Earnings • Apr 28
Full year 2023 earnings released Full year 2023 results: Revenue: €8.48m (up 21% from FY 2022). Net income: €1.35m (up 162% from FY 2022). Profit margin: 16% (up from 7.3% in FY 2022). The increase in margin was driven by higher revenue. New Risk • Apr 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (10.0% net profit margin). Market cap is less than US$100m (€22.1m market cap, or US$23.5m). Announcement • Apr 01
Alpha Trust Holdings S.A. to Report Fiscal Year 2023 Results on Apr 23, 2024 Alpha Trust Holdings S.A. announced that they will report fiscal year 2023 results on Apr 23, 2024 New Risk • Oct 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 96% Paying a dividend despite having no free cash flows. High level of non-cash earnings (27% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (10.0% net profit margin). Market cap is less than US$100m (€20.8m market cap, or US$22.0m). Announcement • Sep 01
Alpha Trust Mutual Fund and Alternative Investment Fund Management S.A. to Report First Half, 2023 Results on Sep 29, 2023 Alpha Trust Mutual Fund and Alternative Investment Fund Management S.A. announced that they will report first half, 2023 results on Sep 29, 2023 New Risk • Jul 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 137% Cash payout ratio: 127% Dividend yield: 3.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 137% Cash payout ratio: 127% Minor Risks Profit margins are more than 30% lower than last year (7.3% net profit margin). Market cap is less than US$100m (€20.2m market cap, or US$22.5m). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non-Executive Director Stephanos Karaiskakis was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 03
First half 2022 earnings released: EPS: €0.02 (vs €0.11 in 1H 2021) First half 2022 results: EPS: €0.02 (down from €0.11 in 1H 2021). Revenue: €3.02m (up 3.7% from 1H 2021). Net income: €61.2k (down 81% from 1H 2021). Profit margin: 2.0% (down from 11% in 1H 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Aug 25
Alpha Trust Mutual Fund and Alternative Investment Fund Management S.A. to Report First Half, 2022 Results on Aug 31, 2022 Alpha Trust Mutual Fund and Alternative Investment Fund Management S.A. announced that they will report first half, 2022 results on Aug 31, 2022 Announcement • Jun 01
Alpha Trust Mutual Fund and Alternative Investment Fund Management S.A., Annual General Meeting, Jun 07, 2022 Alpha Trust Mutual Fund and Alternative Investment Fund Management S.A., Annual General Meeting, Jun 07, 2022, at 17:00 E. Europe Standard Time. Location: 7, Taki Kavalieratou street Kifissia Greece Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non-Executive Director Stephanos Karaiskakis was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €1.04 (up from €0.34 in FY 2020). Revenue: €9.75m (up 50% from FY 2020). Net income: €3.13m (up 210% from FY 2020). Profit margin: 32% (up from 16% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 01
Full year 2020 earnings released: EPS €0.34 (vs €0.55 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €6.51m (down 19% from FY 2019). Net income: €1.01m (down 38% from FY 2019). Profit margin: 16% (down from 20% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Dec 31
New 90-day high: €5.50 The company is up 8.0% from its price of €5.10 on 02 October 2020. The Greek market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 14% over the same period.