Beta Sec – Daily report 07.03.2025- Market Monitor – Market Comment – In the Spotlight- Buybacks

AthEx recorded moderate losses on Thursday following Wednesday’s 14-year-high for its benchmark. The morning gains and new highs gave way mid-session to losses for the majority of stocks in mixed a session with satisfactory volumes. Focus now shifts to Hellenic Statistics data for FY:24 GDP and the verdict of Morningstar DBRS on Friday night regarding Greece’s credit rating.

General index closed at 1,625.54 points, shedding 0.30% from Wednesday’s 1,630.35 points. The large-cap FTSE-25 index contracted 0.43%, ending at 3,997.04 points.  The banks index eased 0.13%, as Eurobank fell 1.42% and Piraeus gave up 0.55%, while Optima rose 1.39%, National grabbed 0.84% and Alpha collected 0.20%. ElvalHalcor lost 2.73% and Coca-Cola HBC dropped 2%, as Ellaktor grew 2.60%.

In total 53 stocks recorded gains, 68 sustained losses and 40 remained unchanged. Turnover amounted to €201.1m, down from Wednesday’s €373.9m.

¢     In the Spotlight 

ECB: The European Central Bank cut its key deposit rate by 25 basis points to 2.5%.

Greece/Energy Sector: The Ministry of Environment and Energy announced the amount of the emergency support for electricity bills for consumption in March. Specifically, subsidies for electricity consumption by households and for all electricity connections to both main and secondary residences, without income criteria and regardless of provider, are structured as follows: For monthly consumption of up to 500kWh, the subsidy is set at 15 euros/MWh or 1.5 cents/kWh. This category covers 90% of households in Greece. It is noted that the subsidies concern consumers with contracts with floating-rate electricity tariffs. For households included in the Social Household Tariff (KOT), the subsidy amounts to 35 euros/MWh or 3.5 cents/kWh for all consumption. The total cost of the subsidy for March amounts to 22.3 million euros. 

Greece/Energy Market: The Independent Power Transmission Operator (IPTO) has temporarily frozen payments to French cable company Nexans due to the prolonged uncertainty regarding the course of the Crete-Cyprus electricity interconnection (Great Sea Interconnector). This is the February installment, amounting to 70 million euros. The “freeze” was made after consultation with Nexans.

NBG: The bank denied press reports regarding a potential bid to acquire Bank of Cyprus.

Athens Water: FY:24 results on April 30. AGM June 10. Ex FY:24 dividend June 18. Dividend record date June 19. Dividend payment June 24. H1:25 results September 25.

Frigoglass: Due diligence regarding the acquisition of Provisiona Iberia and Serlusa Refrigerantes concluded. The acquisition will conclude by end June 2025. 

GEK/Terna Energy: New 130MWs solar park to be added in its capacity in Bulgaria at the Burgas area by end 2026. Current capacity in Bulgaria stands at 30MWs.

Ideal Holdings: As of today, and following the share capital increase and decrease of the company, the shares are traded on the ATHEX under the new par value of €2.00 per share and excluding the right to participate in the capital return of €0.10 per share – through a cash payment – to the shareholders of the company.

Europa Insurance: AGM approved SCI. AGM also approved share buyback in the next 24 months between 1.0 – 2.5 eur/share.  In FY:24, Europa recorded a 23% increase in insurance revenues (to €22 million) and a 21.3% increase in pre-tax profits (to €6.21 million). According to press reports, the first two months of this year have started with an increase in production of around 30%, without the synergies from the company’s integration into the Intracom group and in particular its subsidiary Europa Holdings having yet to take effect.

Optima Bank (FY/Q4:24 results Conf. Call): Optima Bank held yesterday its FY:24 Conference call. Main points are: By 2025, Optima aims to increase profitability to over €160 million, which represents a net profit growth of over 14% and a return on tangible equity of over 22%.

• The bank last year recorded record disbursements of around €2.8bn. The loan portfolio stood at €3.7bn vs. €2.4bn at the end of 2023, an increase of 49%. 2024 was also a satisfactory year in terms of deposit gathering efforts.

They increased by almost €1.5 billion to €4.6 billion. In the fourth quarter the bank took extra provisions for NPEs even though it does not see any deterioration. Now the coverage for NPEs reaches 200%. The bank said that it will distribute 30% of its reported net profits which translates to 0.57 eur/share (3.8% DY). 

The following table summarise reported results: 

Cenergy (FY:24 CC highlights): Payout going forward between 20-30%. WC/Sales to return to the 6-9% level from -€6mn in FY:24. Steel pipes 16% A-EBITDA margin not sustainable and will come down in 2025. Guidance for A-EBITDA in the range of €300-€330mn. Medium term guidance (2025-2027) calls for A-EBITDA range €380-€420mn with organic revenue growth p.a in excess of 12%. FY:25 PE 11.7x, FY:24 EV/EBITDA 9.3x.

Viohalco (FY:24 results): Following the release of FY:24 results from all the group subsidiaries, namely Noval, Elval Halcor and Cenergy, Viohalco reported an also good set of FY:24 performance. In more details:

§   Consolidated revenue amounted to €6.6bn vs. €6.3bn in 2023, a 5.8% y-o-y increase.

§   Consolidated adjusted (for metal price fluctuations and inventories gain/loss) operational profitability (a-EBITDA) amounted to €604mn compared to €537mn in 2023, as most segments improved their operating performance.

§   Reported EBITDA came in 44.2% higher y-o-y to €593.13mn vs €411.38mn in Fy:23 with the respective EBITDA margin gaining 238bps to settle at 8.9% vs 6.6% a year earlier.

§   Consolidated EBT to €274mn compared to €91mn in FY 2023, due to the positive comparative effect on EBITDA of the stabilization of metal prices and reduced financial expenses.

§   Net Debt down by €360mn to €1.513bn as a result of effective WC management, also supported by successful share capital increases in light of Noval Property REIC listing on the ASE and Cenergy Holdings’ US expansion plans. Net debt/EBITDA to 2.5x vs 4.2x in 2023, as a result of strong operational profitability and improved debt position.

§   FY:24 CAPEX for the group at €434mn, Aluminum €74mn, Copper €24mn, Cables €217mn, Steel pipes €41mn, Steel €34mn, Real Estate €35mn, Other €8mn.

§   WC down 23% y-o-y driven by the organic improvement in cash-to-cash cycle, especially in the aluminum, cables and steel pipes segments.

§   FY:24 dividend €0.16/share, DY 2.8% while in FY:23 dividend was €0.12/share.  AGM on May 27. Ex-dividend June 24. Dividend record date June 25. Dividend payment June 26. H1:25 results on September 18. 

CC Details: Friday March 7 3pm local GR Time

WEB: https://87399.themediaframe.eu/links/viohalcoFY24.html

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