13.5.2024- XA: Sector & Company Headlines

Sector Headlines 

SSM Directive for LLPs from State guaranteed loans-Press

Press reports (euro2day) suggest that according to the directive of SSM, loan loss provisions from State guaranteed loans will be deducted automatically from CET1 from 31 December 2024. The same reports indicate that according to the Law 5104, the Greek State must repay the guarantees to Greek banks. Recall both National Bank of Greece and Piraeus Financial Holdings moved in line with the aforementioned directive in 1Q24 and deducted EUR 100m and EUR 70m respectively from CET1.    

Optima Bank Financial Calendar 

Optima Bank announced that will report 1Q24 results on Tuesday 21 May, the AGM will take place on Thursday 23 May and the stock will trade ex-dividend (DPS: EUR 0.44, DY: 3.9%) on Tuesday 25 June. 

Jumbo sales up by 11% y-o-y in April; Maintain guidance for 8-10% in 2024e

Jumbo released on Friday, April sales up by c. 11% y-o-y aided by Easter sales and maintained guidance for FY24e sales growth of 8-10% (in line with our 2024e estimate of EUR 1.18bn). Greece and Cyprus sales were up by c. 9% and c. 1% y-o-y respectively while the hyperstore in Karditsa restarted its operations.

  • Romania and Bulgaria maintained their positive momentum exhibiting strong growth with sales up c. +10% y-o-y and c. +7% respectively. Additionally, in 4M24, Group’s sales were up by 8%, with Greek sales up by 5% y-o-y, Cyprus sales up by 3% y-o-y, Romanian sales up by +12% y-o-y and Bulgarian sales also up by +9% y-o-y.

Management highlighted that due to the continued military operations in the Middle East, management decided to review its estimates for 2024 post 1H24 results. Also, a new store added in Oradea, Romania increasing the total number of Jumbo stores in Romania to 18. Note that in the next AGM on Wednesday 22 May management will propose the dividend distribution of EUR 1 per share. 

OTE 1Q24 results out tomorrow  

OTE will report 1Q24 results tomorrow, before the opening of ATHEX and management will host a CC at 13:00 Athens/11:00 London Time. We expect a solid quarter with revenues at EUR 837.8m (+4.1% y-o-y), adj. EBITDA AL at EUR 328.1m (+1.4% y-o-y) and net profit at EUR 137.0m (+0.1% y-o-y).


Motor Oil gained an additional extension for the FID regarding the Dioryga Gas FSRU (press)

According to Capital.gr, the energy regulator offered Motor Oil an additional 6-month extension to reach a FID regarding the construction of the Dioryga Gas FSRU in Agioi Theodoroi, offshore of the refinery. As a reminder, Dioryga Gas, the FSRU is planned to be anchored offshore the refinery with Regasification capacity of 132 GWh/d) and annual total demand at 2.5bnm³, at a total cost of EUR 340m. 

ELLAKTOR AGM on 31st May to approve the EUR 0.50/share capital return

ELLAKTOR will hold its AGM on 31st May to approve among others the distribution of a EUR 0.50/share capital return (Yield: 18.6%) 

Viohalco to proceed with the IPO of Noval Property around 20 May (press)

According to Powergame.gr, Viohalco will proceed with the IPO of its REIC subsidiary, Noval Property around 20 May, aiming to raise EUR 100m. 

Mr. Apostolos Vakakis total holdings in Jumbo reduced to 16.4%

Jumbo announced that Mr. Apostolos Vakakis, CEO of the group reduced its total holdings in the Company’s voting rights from 19.36% to 16.42%. 

Profile AGM on 31 May 

The company announced that the AGM of shareholders will be held on Friday 31 May at 14:00 Athens/12:00 London Time instead of 20 May.   

Orilina presales a residential building under construction in the Ellinikon Marina

Orilina properties announced that it signed a deed for the sale of a residential asset which will be developed in the Ellinikon Marina, for a total consideration of EUR 6.8m. 

Alpha Trust Andromeda ex-dividend today

The stock is trading ex-dividend today (DPS: EUR ca0,316, DY: 4.6%) and payment will commence on 06 June.


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