Eurobank Holdings is scheduled to report 2Q23 results today post-market close and a conference call will follow at 18:30 Athens time (16:30 London time).
- Overall, we anticipate a solid quarter and net profit to reach EUR 292m (+23% q-o-q, -57% y-o-y) in 2Q23 and also to shape at EUR 528m (-44% y-o-y) in 1H23 from EUR 941m in 1H22, indicating that management will revise upwards its 2023 guidance.
Recall that 1H22 net profit was boosted by trading gains of EUR 606m and a one-off gain of EUR 230m from the sale of the merchant acquiring business. We remain positive on the stock.
Piraeus Financial Holdings is set to release 2Q23 results today, post-market close. Management will host a conference call at 17:30 Athens time (15:30 UK time).
- We anticipate a strong quarter, with normalized net profit at EUR 283m (+39% q-o-q, +139% y-o-y) in 2Q23 and at EUR 486m (+71% y-o-y) in 1H23, indicating that the bank will exceed the FY target of EUR >688m as well as our FY estimate of EUR 771m.
Recall that 1H22 results were bolstered by one-off gains of EUR 667m from trading income and the disposal of MAB to Euronet Worldwide Inc. We reiterate our Buy rating and TP23e of EUR 4.00/share.
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