OTCPK:BPIR.F

Stock Analysis Report

Executive Summary

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

Rewards

PE ratio (6x) is below the US market (18.6x)

Earnings are forecast to grow 25.3% per year

Earnings grew by 381% over the past year

Risk Analysis

High level of non-cash earnings

Profit margins (18.1%) are lower than last year (34.7%)



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: BPIR.F has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

1.5%

BPIR.F

1.4%

US Banks

0.8%

US Market


1 Year Return

255.3%

BPIR.F

27.0%

US Banks

22.0%

US Market

Return vs Industry: BPIR.F exceeded the US Banks industry which returned 27% over the past year.

Return vs Market: BPIR.F exceeded the US Market which returned 22% over the past year.


Shareholder returns

BPIR.FIndustryMarket
7 Day1.5%1.4%0.8%
30 Day7.9%3.4%1.7%
90 Day-0.1%10.2%5.2%
1 Year255.3%255.3%30.7%27.0%24.7%22.0%
3 Year1431.5%1431.5%34.0%24.5%46.9%37.3%
5 Year109.9%109.9%75.6%56.0%65.5%47.3%

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?

5.96x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: BPIR.F ($3.4) is trading above our estimate of fair value ($1.19)

Significantly Below Fair Value: BPIR.F is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: BPIR.F is good value based on its PE Ratio (6x) compared to the Banks industry average (12.9x).

PE vs Market: BPIR.F is good value based on its PE Ratio (6x) compared to the US market (18.6x).


Price to Earnings Growth Ratio

PEG Ratio: BPIR.F is good value based on its PEG Ratio (0.2x)


Price to Book Ratio

PB vs Industry: BPIR.F is good value based on its PB Ratio (0.2x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

How is Piraeus Bank forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

25.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BPIR.F's forecast earnings growth (25.3% per year) is above the savings rate (1.7%).

Earnings vs Market: BPIR.F's earnings (25.3% per year) are forecast to grow faster than the US market (14.2% per year).

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

Revenue vs Market: BPIR.F's revenue (2.6% per year) is forecast to grow slower than the US market (7.4% per year).

High Growth Revenue: BPIR.F's revenue (2.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BPIR.F's Return on Equity is forecast to be low in 3 years time (4.5%).


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: BPIR.F has a high level of non-cash earnings.

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


Past Earnings Growth Analysis

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

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

Earnings vs Industry: BPIR.F earnings growth over the past year (381%) exceeded the Banks industry 27.1%.


Return on Equity

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


Return on Assets


Return on Capital Employed


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: BPIR.F has a low level of unsold assets or inventory.

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


Financial Institutions Analysis

Asset Level: BPIR.F's level of assets compared to its equity is low.

Allowance for Bad Loans: BPIR.F has a low allowance for bad loans.

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

Loan Level: BPIR.F has an acceptable proportion of non-loan assets held.

Low Risk Deposits: BPIR.F's loans are broadly funded by customer deposits.

Level of Bad Loans: BPIR.F 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

company0%marketbottom25%1.4%markettop25%3.7%industryaverage2.7%forecastin3Years0%

Current dividend yield vs market & industry

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

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

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


Current Payout to Shareholders

Dividend Coverage: BPIR.F is not paying a notable dividend for the US market.


Future Payout to Shareholders

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


Next Steps

Management

What is the CEO of Piraeus Bank's salary, the management and board of directors tenure and is there insider trading?

2.8yrs

Average management tenure


CEO

Chris Megalou (60yo)

2.8yrs

Tenure

0

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 ...


Management Age and Tenure

2.8yrs

Average Tenure

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


Board Age and Tenure

3.1yrs

Average Tenure

67yo

Average Age

Experienced Board: BPIR.F's board of directors are considered experienced (3.1 years average tenure).


Insider Trading

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.


Management Team

  • Alexandros Manos

    Chief Transformation Officer & Advisor to Management

    • Tenure: 0yrs
  • George Liakopoulos (60yo)

    General Director of Corporate Governance & Administration and Group General Counsel

    • Tenure: 0yrs
  • George Poulopoulos

    Deputy MD & Executive Director

    • Tenure: 3.5yrs
  • Chris Megalou (60yo)

    MD & Executive Director

    • Tenure: 2.8yrs
  • Dimitris Mavrogiannis

    Executive GM & Group COO

    • Tenure: 0.9yrs
  • Kotsakou Panagiota

    Head of Group Risk Management

    • Tenure: 0yrs
  • Panagiotis Tsoukatos

    Head of Internal Audit Division

    • Tenure: 3.3yrs
  • George Marinopoulos

    Deputy Chief Financial Officer

    • Tenure: 0yrs
  • Chryssanthi Berbati

    IR Director

    • Tenure: 0yrs
  • Theodore Gnardellis

    GM & Group CFO

    • Tenure: 0.4yrs

Board Members

  • Venetia Kontogouris (68yo)

    Independent Non Executive Director

    • Tenure: 2.9yrs
  • Enrico Tommaso Cucchiani (69yo)

    Independent Non-Executive Member

    • Tenure: 3.1yrs
  • Michalis Sallas (69yo)

    Chairman Emeritus

    • Tenure: 3.4yrs
  • Karel De Boeck (70yo)

    Independent Vice Chairman

    • Tenure: 2.8yrs
  • George Handjinicolaou (66yo)

    Chairman of the Board

    • Tenure: 3.1yrs
  • David Hexter (70yo)

    Independent Non-Executive Member

    • Tenure: 3.9yrs
  • Arne Berggren (61yo)

    Independent Non-Executive Member

    • Tenure: 3.5yrs
  • Chris Megalou (60yo)

    MD & Executive Director

    • Tenure: 2.8yrs
  • Alex Blades (49yo)

    Non-Executive Director

    • Tenure: 3.9yrs
  • Solomon Berahas (66yo)

    Non-Executive Director

    • Tenure: 3.1yrs

Company Information

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


Key Information

  • Name: Piraeus Bank S.A.
  • Ticker: BPIR.F
  • Exchange: OTCPK
  • Founded: 1916
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: €1.323b
  • Listing Market Cap: €1.472b
  • 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)EUR0.30GREURNo data
0RTYLSE (London Stock Exchange)EUR6.00(POST CONSOLIDATION)GBEURNo data
TPEIRATSE (The Athens Stock Exchange)EUR6.00(POST CONSOLIDATION)GREURNo 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 off ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/16 00:07
End of Day Share Price2019/12/13 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.