AthEx had a mixed session on Monday ultimately added to the decline of the benchmark for a third day in a row, on the back of the tariffs tensions escalation. The decline was in line with most European peers and excused on a follow up in profit taking after considerable five-month gains.
- General index closed at 1,822 points, shedding 0.50% from Friday’s 1,831.17 points. The large-cap FTSE-25 index contracted 0.43%, ending at 4,558.03 points. The banks index declined 0.30%, as Optima dropped 1.93%, Alpha fell 1.06%, Piraeus conceded 0.89% and National slipped 0.10%, while Eurobank advanced 0.92%.
Cenergy Holdings eased 2.56% and Viohalco parted with 2.44%, just as OTE telecom improved 2%. In total 39 stocks boasted gains, 82 posted losses and 40 remained unchanged. Turnover amounted to 170 million euros, down from last Friday’s €616.9m.
¢ In the Spotlight
Ideal Holdings: Ideal is proceeding with a share capital increase without subscription right to existing shareholders so that the shares can be allocated to new investors through AthEx electronic book. Up to 8 million shares will be issued, which will be distributed in a price range between 5.8 and 6.1 euros each targeting to total funds of €48m. Existing shareholders will be given priority in the allocation for part of the book (up to 2.4 million shares).
The new shares will be entitled to the capital repayment of €0,30 per share. The NAV as of 31/12/2024 was €372.3m (EUR 7.8 per share). Ideal will utilize the funds for new acquisitions and at the same time will expand the effective free float in order to improve marketability.
Note that Lambros Papaconstantinou, chairman of the board of Ideal, held 3.99%, the David family (Thrush Investments) 11.11% and Stylianos Vytogiannis 17.89% as of 12/31/24. They are followed by the Byzantios family (Spyridogeorgis and Nikolitsa) with 5.37% and Strix Holdings with 5.17%. The former shareholders of Attica Stores hold a stake of more than 10%. The offering will run between 11 and 13 of June.
NBG: Ex-date today for gross cash dividend distribution €0.4442/share, net €0.4220/share. Dividend record date June 4. Payment June 10.
Piraeus Bank: Capital return of €0.2986/share ex-date today. Record date June 4. Payment June 10.
GEKTERNA (Q1:25 Results preview): GEKTERNA will release its 1Q25 results today, before the opening. Consensus estimates point to a solid set of results on the back of the first-time operation of Attiki Odos as well as the increased construction activity.
- Consensus forecast revenues to reach €967m, up c. 45.6% y-o-y adj. EBITDA at €129m up c. 48% y-o-y, and net income to reach €25m, flattish y-o-y on the back of increased depreciation and net financial expenses related to Attiki Odos funding. Note that first quarter results are adjusted for one offs and exclude Terna Energy contribution.
|
GEKTERNA |
2024 |
2025 |
Y-o-Y |
|
EUR thous. |
Q1 |
Q1 Est. |
(%) |
|
Group Revenues |
664,000 |
967,000 |
45.6% |
|
EBITDA Adj. |
87,000 |
129,000 |
48.3% |
|
EBITDA Mrg |
13.1% |
13.3% |
+24 bps |
|
Net Income Adj. |
27,000 |
25,000 |
-7.4% |
|
Net Mrg |
4.1% |
2.6% |
-148 bps |
Alpha Bank: EGM on June 23 to decide merger of Alpha Bank with Alpha Holdings through the absorption of the latter by Alpha Bank.
Performance Technologies: The company goes today ex Fy:24 gross dividend €0.109/share, net €0.1036/share.
Austriacard: Major shareholder Mr. Lykos bought on May 30 10K shares at €5.4/share.
PPC: PPC (Public Power Corporation) has achieved a notable improvement in its ESG performance, according to the evaluation by the internationally recognized organization ISS. PPC’s overall performance score increased to 47.04 from 41.29 in 2024, leading to an upgrade in its rating from “C” to “C+”, thereby strengthening PPC’s position in the international ISS ESG index.
CNL Capital: the company goes today ex FY:24 remaining net dividend €0.15/share.
Noval: The REIT goes today ex FY:24 net dividend €0.043/share.
MOH: Share buyback program completed with total purchases summing up to 1,401,716 shares at an avg price of €22.10/share. Total treasury at 2,448,898 shares (2.21% of share capital) with avg acquisition price of €19.387/share.
Aegean Air: The company bought 25 bonds of its outstanding bond issue at 100 for a total consideration of €25.21K. Total treasury bonds (that will be cancelled) 396.
OTE: AGM on June 23 to clear FY:24 gross dividend distribution €0.72216/share.
Autohellas (Q1:25 results): The company reported a weak start for 2025 with flat sales, mid single digit EBITDA retreat and a weaker bottom line (net income) on an unfavorable yoy comparison as Q1:24 was positively affected by one offs positives.
Domestic leasing advanced 9.6% yoy to €58.7mn aided by increased operating leasing activity. International activities recorded minor drop to €31.7mn vs €32.6mn in Q1:24 as increased competition capacity halted prices. Commercial activities were down by 3.7% to €126.1mn on intensifying domestic competition.
Net Debt in Q1:25 at €745.28 compared to €691.648mn in Q1:24. Overall a weak kick in for the year but we expect trend to reverse in the upcoming strong quarters of the company, mainly Q2 and Q3, due to increased tourist arrivals. Remains top pick for 2025 with Overweight recommendation and TP 17.8. The company trades at projected FY:25 PE 7.3x and EV/EBITDA 4.3x.
|
AUTOHELLAS |
2024 |
2025 |
Y-o-Y |
|
EUR thous. |
Q1 |
Q1 |
(%) |
|
Sales |
217,127 |
216,620 |
-0.2% |
|
EBITDA |
51,484 |
48,829 |
-5.2% |
|
EBITDA Mrg |
23.7% |
22.5% |
-117 bps |
|
Net Income |
6,668 |
236 |
-96.5% |
|
Net Mrg |
3.1% |
0.1% |
-296 bps |
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