High Occupancy Rates for Cyprus Restaurants in October; Winter Decline Anticipated

by THEFUTURE.TEAM

November 1, 2024

Restaurants, cafes, and bars in Cyprus experienced a strong October, with occupancy levels reaching 80 to 90 per cent, according to Neophytos Thrasyvoulou, president of the Federation of Leisure Centre Owners (Osika). He described October as a “very successful month” for the food service industry.

However, with winter approaching, Thrasyvoulou acknowledged potential challenges, especially with the impact of regional instability. “Visitor numbers have seen a slight drop in recent days,” he noted, though he hopes that occupancy levels will remain steady until mid-November. By early November, Thrasyvoulou expects visitor occupancy to hover around 50 to 60 per cent, after which the responsibility will lie with businesses to keep operating, with support from the Labour Ministry’s programme to extend the tourism season.

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Reflecting on the earlier summer months of June and July, Thrasyvoulou highlighted that visitor numbers were initially lower than expected, largely due to Middle East tensions. The trend eventually improved, leading to a stronger second half of the season.

Despite rising costs, Thrasyvoulou urged business owners to maintain affordable pricing, aiming to keep dining accessible for both locals and tourists amid economic pressures.

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Citigroup Raises Eurobank Target Price Following Strong Q1 Results

by THEFUTURE.TEAM

May 20, 2026

Revised Target Price Reflects Strengthened Outlook

Citigroup raised its target price for Eurobank to €5.00 from €4.70 while maintaining a buy recommendation following the bank’s first-quarter results and upgraded medium-term profitability outlook. Based on Eurobank’s reference share price of €3.72 on May 15, 2026, Citigroup’s revised target implies upside potential of 34.4%, rising to 38.5% when the estimated dividend yield of 4.1% is included.

Enhanced Earnings And Comprehensive Forecasts

The upgraded analysis from Citigroup, as reported by Newmoney, points to bolstered momentum in net interest income and fee generation. The investment bank has revised its normalized earnings per share forecasts upward: 4% for 2026, 9% for 2027, and 14% for 2028, primarily driven by higher expected net interest income and increased commissions.

Scenario Analysis Offers Range Of Outcomes

Citigroup’s bullish scenario values Eurobank shares at €6.10, implying potential upside of 64%. Its downside scenario projects a share price of €3.55, approximately 4.6% below the May 15 reference level. The optimistic case assumes a return on tangible equity one percentage point higher, alongside a 100 basis point reduction in the cost of equity. Meanwhile, the negative scenario assumes a 1.5 percentage point lower return combined with a 200 basis point increase in the cost of equity.

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Solid Q1 Results Support Growth Targets

Eurobank reported normalized net profits of €351 million during the first quarter, broadly in line with market expectations. Reported net profit reached €331 million after a €35 million expense linked to a voluntary exit programme involving around 200 employees. The programme is expected to generate annual savings of approximately €14 million. Net interest income increased 3% quarter-on-quarter, exceeding consensus forecasts by 2% and supporting expectations that the bank could surpass its €2.6 billion target for 2026.

Looking Ahead: Ambitious Growth And Profitable Outlook

Organic loan growth reached €1.1 billion during the quarter, supporting management’s target for €3.8 billion in annual organic credit expansion. Fee income also rose 20% year-on-year, outperforming forecasts by 4%. Citigroup projects Eurobank’s net profit will reach €1.45 billion in 2026, with earnings per share of €0.40 and a dividend of €0.20 per share.

By 2028, the bank forecasts net profit of €1.76 billion alongside further improvement in profitability metrics and dividend yield. The revised projections reinforce expectations that Eurobank will continue benefiting from stronger lending activity, resilient fee income and improving operational efficiency.

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