Piraeus Bank S.A. (TPEIR.AT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-102.5%

-€0.24

vs €9.52 price

Levered DCF

-€4.37

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.58

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.28×	4.48×	5.59×	1.89×	-0.37×	-40.47×	4.92×	-8,662.5×
P/B	1.09×	0.58×	0.56×	0.27×	0.19×	0.08×	0.17×	0.05×
P/S	3.62×	1.27×	1.22×	0.68×	0.41×	0.26×	0.58×	0.16×
EV / EBITDA	7.9×	1.18×	-3.14×	-5.48×	4.91×	17.15×	-2.64×	-11.41×
Gross margin	94.3%	73.0%	76.4%	87.2%	86.0%	84.7%	81.4%	80.3%
Operating margin	56.7%	38.0%	31.9%	39.3%	-100.2%	-24.1%	17.3%	3.4%
Net margin	43.7%	28.2%	23.3%	36.0%	-112.2%	-30.0%	12.4%	-6.7%
Current ratio	2.29×	0.13×	0.19×	0.19×	0.31×	0.21×	0.11×	0.11×
Debt / equity	1.37×	0.56×	0.4×	0.29×	0.35×	0.22×	0.14×	0.08×
Interest coverage	1.8×	1.41×	1.35×	3.06×	-7.18×	-1.58×	0.93×	0.17×
Dividend yield	4.2%	1.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	35.1%	7.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.1%	13.0%	10.8%	14.5%	-52.1%	-9.4%	3.7%	-2.1%
Return on invested capital	1.2%	6.5%	4.8%	5.7%	-11.2%	-2.5%	2.0%	0.5%
Return on assets	1.2%	1.3%	1.0%	1.3%	-3.8%	-0.9%	0.5%	-0.3%
Free cash flow yield	21.2%	-91.0%	14.8%	-393.0%	349.4%	1093.4%	-61.1%	-241.1%
Earnings yield	12.1%	22.2%	19.1%	52.8%	-271.7%	-117.0%	21.5%	-43.1%
Enterprise value	€12.4B	€1.8B	-€3.7B	-€6.3B	-€12.6B	-€7.1B	-€1.4B	-€2.1B
Net debt / EBITDA	2.3×	-1.9×	-6.62×	-7.05×	5.34×	18.51×	-5.15×	-13.41×
Cash conversion cycle (days)	-295	19	44	46	98	122	162	185