Greek Market Watch: Retail sales, Banks (S&P ratings), Piraeus Financial Holdings, AKTOR Group, Thessaloniki Port, Orilina, Euroconsultants

Market Comment

ATHEX headed marginally south in line with the European stock markets.

  • In more detail, the General Index dropped by 0.09% at 1,549.32 units (FTSE Large Cap: -0.27%, FTSE Mid Cap: -0.09%, Banks Index: -0.75%) and the traded value was shaped at EUR 127.4m, up from Thursday’s EUR 107.5m.

On a weekly basis, the General Index rose by 0.34% w-o-w (FTSE Large Cap: +0.40%, FTSE Mid Cap: -0.61%, Banks index: -0.27%).

  • We expect the intensifying global trade war to weigh on ATHEX today.   

Today’s Headlines

·         Retail sales up in November (ELSTAT)

·         S&P Global upgraded the ratings of Greek banks

·         Piraeus Financial Holdings interested in Ethniki Insurance

·         SCI shares of AKTOR commence trading tomorrow

·         Thessaloniki Port Authority says that LEONIDSPORT’s public offer price is below the fair value of the company

·         Orilina sells the 12th residence in Ellinikon

·         WW Investments reduced its stake to 14.2% in Euroconsultants 

Macro Headlines 

Retail sales up in November (ELSTAT)

According to the Hellenic Statistical Authority, retail sales (excluding automotive fuel) increased by 4.0% y-o-y  in November 2024 (while also increased by 2.9% y-o-y in volume terms), while including automotive fuel, retail sales increased by 2.0% y-o-y. Per main store category, the turnover of the Food sector increased by 5.5% y-o-y, with sales volume up by (5.6% y-o-y), while Non-food sector (except automotive fuel) sales increased by 2.8% y-o-y with sales volume down by 0.2% y-o-y. Finally, the turnover of the Automotive fuel sector decreased by 7.7% y-o-y, with sales volume down by 2.7% y-o-y. 

Sector Headlines 

S&P Global upgraded the ratings of Greek banks

S & P Global upgraded on Friday the ratings of Greek banks. In specific, it upgraded the long-term ratings of National Bank and Eurobank to BBB- (Investment grade) and changed their outlooks to positive from stable. S & P also upgraded Piraeus long-term rating to BB+ with a stable outlook and affirmed the long-term rating and stable outlook of Alpha. The news is positive.  

Company Headlines 

Piraeus Financial Holdings interested in Ethniki Insurance

Piraeus announced that it is currently evaluating various potential investments in the asset management and insurance sectors, among which Ethniki General Insurance. The shareholders of Ethniki Insurance is CVC Capital Parterns (90.01%) and National Bank of Greece (9.99%).

Recall that NBG announced on 26 March 2021, the disposal of a 90.01% stake in Ethniki Insurance to CVC Capital Partners for a cash consideration of EUR 335.0m or 0.3x P/TBV21 (EUR 505.0m or 0.4x P/TBV21  for 100% – “earn-out” payment of up to EUR 120.0mn, which will be subject to meeting agreed upon performance targets for the bancassurance channel of NBG by 2026).

The transaction included a 15-year Bancassurance partnership. Ethniki Insurance is one of the leading insurance companies in Greece and has also a presence in Cyprus (Ethniki Insurance Cyprus) and Romania (Garanta Asigurari), generated a net loss of EUR 29.3m in 2023, had a tangible equity of EUR 423.2m and assets of EUR 4.2bn.  

SCI shares of AKTOR commence trading tomorrow

As of tomorrow, 43,478,478 new shares of Aktor Group which resulted from the EUR 200m SCI, will commence trading in ATHEX. 

Thessaloniki Port Authority says that LEONIDSPORT’s public offer price is below the fair value of the company

Thessaloniki Port Authority announced that the reasoned opinion of the BoD of the Company regarding the Tender Offer by LEONIDSPORT B.V. is that the Offered Price of EUR 27,00/share does not fall within the Range of Value per Share determined by the Independent Financial Advisor, that is EUR 38,88-EUR 44,08/share and specifically it is 44,00% up to 63,27% below the Range of valuation per share derived from the Report of the Independent Financial Advisor. 

Orilina sells the 12th residence in Ellinikon

Orilina properties announced the sale of the 12th Premium residence in the Elinikon Marina, for EUR 5.5m. 

WW Investments reduced its stake to 14.2% in Euroconsultants

Euroconsultants announced that WW Investments reduced its stake to 14.226% of the total share capital after selling 3.004% of its stake in recent months. 

Calendar of Events

Macros

03/02/25 | S&P Global Greece Manufacturing PMI JAN

07/02/25 | Trade Balance DEC (ELSTAT)

10/02/25 | Industrial Production Index DEC (ELSTAT)

Market

11/02/25 | MSCI Index Review announcement (Effective date: March 03, 2025)

4Q/FY24 Results Release

13/02/25 | Coca-Cola HBC (7:00 am GMT)

18/02/25 | Bank of Cyprus (Bef-mkt)

20/02/25 | METLEN (Bef-mkt)

24/02/25 | Piraeus Financial Holdings (Bef-mkt), Athens International Airport (Bef-mkt)

26/02/25 | OTE (Bef-mkt)

27/02/25 | HELLENiQ ENERGY (Aft-mkt), Eurobank Holdings, IDEAL Holdings (Bef-mkt)

28/02/25 | Alpha Services & Holdings

04/03/25 | ElvalHalcor (Aft-mkt)

10/03/25 | Attica Bank (Aft-mkt)

26/03/25 | PPC (Aft-mkt)

27/03/25 | Titan Cement International

31/03/25 | Hellenic Exchanges (Aft-mkt)

EGM / AGM

03/02/25 | IDEAL Holdings (EGM)

Ex-Capital Return

24/03/25 | ELLAKTOR (EUR 0.85/share), IDEAL Holdings (EUR 0.10/share)

Initiation of trading of new shares

04/02/25 | AKTOR Group (from SCI)

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