ResearchGreece https://validator.w3.org/feed/docs/rss2.html OPAP: Strong Q1; Mgmt Reiterated FY Targets Contact Us Titan Cement: Cement Plant Acquisition in Turkey in Line With 2029 Forward Strategy RG Equities Blog: Top Picks, Updates and Buffers Fourlis: Q3 Cash EBITDA Growth of +21% Implies Q4 Needs +60% yoy to Meet FY 2025 Guidance OPAP: Higher Opex in Q3 (+20% yoy) Leads to Negative EBITDA Growth (-1% yoy) Despite Higher GGR (+6% yoy) PPC: Strong Q3 Points to FY 2025 Guidance Beat & Enhances our Conviction on 2026-2028 Targets; Peer 2027-2028 Valuation Yields E20/sh PT; We Upgrade our Rating to OWN IT. Titan Cement: Who Said Cement Companies Are Boring? Reiterate OWN IT OTE: EBITDA +2% Growth Rate Reiterated; FCF re-based at E530m/8% yield 2025 (Greece); E40m Extra Dividend from TRM; We Reiterate DOI Rating Bank of Cyprus: Strong(er) Q4; Higher 2025 RoTE Guidance; We Raise PT @ E10 on Higher Estimates, Lower CoE Alpha Bank: Q3 Broadly in Line; Guidance for +10% EPS CAGR 2024-27; +14% incl. Buy-Banks; Investor Day in Q2 2026; We Downgrade to DO NOT OWN IT (DOI) NBG: Q3 in Line; Loan Growth Seen Higher; E200m Interim Dividend; Final Payout TBC in Q4/FY 2025 GEK TERNA: Still the Best Infrastructure Play in Greece; We Raise our Valuation & Reiterate OWN IT ADMIE Holdings: The Big Picture Jumbo: Playing Defense PPC: Q1 Below But FY Targets Reiterated Sarantis: Sales Down, Margins Up; Earnings Guidance Reiterated Athens Airport: Solid Q3; Expect a Worse/ Communicated Q4 Piraeus Port: Good Growth Continues Piraeus Bank: Q3 in Line; 2025 Volume & RoTE Upside; Nat Insurance to be Completed in Q4 Eurobank: Q3 in Line; 2025 NII/Fee Upside; New 3YR Targets in Q4 Piraeus Port: TEU Traffic Dips in Q3 Sarantis: Q3 Was Bad; Q4 Should Be Better OPAP: A Rather Poor Pitch Kri-Kri: Higher Input Costs Weigh on H1, But Business Plan Intact Fourlis: Patience Upon Patience Titan Cement: >30% upside Greek Refineries: Q2 was good and Q3 will be even better; low visibility means we reiterate DOI PPC: Strong Q2 Reinforces Full Year Guidance OTE: No Surprises in Q2; Reiterate DOI, PT Rolled Forward to 2026 Jumbo: July & YTD Trading Point to Israel Bank of Cyprus: We Raise Our Estimates and PT to E7.7 Greek Banks: Q2 Update; Valuation Is Getting Tighter GEK Terna/Motor Oil: Win-Win Energy Deal Hellenic Exchanges: Euronext E6.9/sh Offer Values Helex @10x EV/EBITDA; 15x P/E 2025E -on our estimates Important Disclosures Team Alpha Bank Disclosure Services About Us Disclosures Bank of Cyprus: Good Start in 2025 Greek Banks Q1 Results Credia Bank: Reinstating our DOI rating Titan Cement: More Like a Hold Jumbo: FY 2024 in line Athens Airport: Perfect Hold Kri-Kri: Higher Sales/Lower Margin Mix Hellenic Exchanges: Great Start in 2025 Home