Beta Sec – Daily report 03-07-2025 Market Comment & In the Spotlight – Buybacks

3 Ιουλίου, 2025

Market Comment

Boosted by the formal proposal of Europe’s biggest stock market company Euronext to the owner of the Greek stock market, Hellenic Exchanges, as well as other corporate news, local stocks continued their ascent on Wednesday. The main index at the ASE is now at its highest point since April 2010 and even closer to the 2,000-point milestone.

The Athens Exchange (ATHEX) general index closed at 1,893.97 points, adding 0.47% to Tuesday’s 1,885.04 points. The large-cap FTSE-25 index expanded 0.44%, ending at 4,747.91 points. FTSe Mid cap was up by 0.62% to end at 2,789.81 level. The banks index inched 0.21% higher, with National rising 0.86% and Eurobank fetching 0.68%, while Piraeus declined 0.84% and Optima eased 0.49%. Among the other blue chips, Viohalco soared 6.26%, ElvalHalcor earned 3.63% and Motor Oil grew 2.60%, just as Helleniq Energy slumped 5.80%.

In total 69 stocks obtained gains, 50 reported losses and 42 remained unchanged. Turnover amounted to €304.47, up from Tuesday’s €251.8 million.

M&A activity coupled with positive macros is expected to keep investment interest afloat and bring GI to new fresh highs. Market on positive momentum to test the 1,900 GI level threshold today.

¢ In the Spotlight

Greece/PDMA: During the auction of €500mn of 13W T-Bills conducted yesterday, total bids reached EUR 1,266 mln and the amount finally accepted was €600mn. No additional non-competitive bids will be accepted on July 3, 2025. Settlement date is July 4, 2025. Coverage ratio at 2.53x vs 1.78x in the previous auction on April 29. Coupon at 1.75 from 1.85% previously.

Greece/Unemployment: In May 2025, Greece’s unemployment rate fell to 7.9%, according to data released by the Hellenic Statistical Authority (ELSTAT). This marks a significant decrease from the revised 10.5% recorded in May 2024 and a drop from 8.3% in April 2025. ELSTAT reported that employment rose to 4,346,499 individuals, reflecting an increase of 86,787 people (2.0%) compared to May 2024 and a 0.7% rise, or 30,268 more employed, compared to the previous month. The number of unemployed dropped sharply to 370,369, down by 128,709 people (-25.8%) year-on-year, and decreased by 19,260 (-4.9%) compared to April 2025. Those classified as “inactive” — individuals under 75 years old who are neither employed nor actively seeking work — numbered 3,036,385. This group grew by 14,438 people (0.5%) from May 2024 but slightly declined by 13,363 (-0.4%) from April 2025. At the European level, Eurostat announced that the seasonally adjusted unemployment rate in the eurozone was 6.3% in May 2025, up slightly from 6.2% in April but down from 6.4% in May 2024. Across the entire European Union, the unemployment rate remained stable at 5.9% compared to April 2025, showing a slight decrease from 6.0% the previous year.

Aegean Air: IPO for the company’s new 7-year listed retail bond of €250mn with an initial coupon range rate between 3.7% to 4.05% concluded yesterday. IPO was oversubscribed 3.75x with total bids reaching €938.7mn. Coupon set at the lower end of the range provided (3.7% to 4.05%) at 3.7%. 78% of the issue allocated to private investors (195K bonds) and 22% (55K bonds) to special investors.

Lamda Development: The real estate developer decide to call back its 2022 retail bond listed on the ASE. Last trading date will be Wednesday July 9. Lamda will pay accrued interest, principal plus 1% premium to call back the bond.

Intralot: Following the acquisition of an additional 6.48% stake (39,136,435 shares) in the company by PE Sub Holdings LLLC, a company controlled by major shareholder Mr. Soohyung Kim that brought its stake in the company to 33.34% (201,405,481 shares), PE Sub submitted a mandatory tender offer for the remaining shares that it does not control (402,690,140 shares or 66.66% stake) at €1.07/share. Pending approval of the relevant prospectus by HCMC the tender offer is expected to last approximately 1 month. PE Sub does not intend to delist Intralot from ASE.

IPTO Holdings: AGM approved the distribution of a remaining FY:24 gross dividend €0.062/share following the distribution of an interim FY:24 gross dividend €0.058/share.

Papoutsanis: Major shareholder and CEO Mr. Tasopoulos through his affiliated company Sapon bought on July 1 3K shares at €2.74/share bringing his total stake in the company to 23.15%.

Lazarides: Lazarides family acquired on July 1,2025 another 335,886 shares of the company (1.86% stake) at €2.18/share rising its stake at 95.57% or 17,218,616 shares in total. Pending tender offer upon approval of prospectus by HCMC at €2.18 share will result in the delisting alongside with the squeeze out right of the company from the ASE.

Elton: Repeated AGM decided on new share buy back of up to 105 of share capital at a price range €0.52-€5/share.

OTE: The operator goes today ex FY:24 gross dividend €0.7415/share, net €0.704425/share. The company will report Q2/H1:25 results on August 6 before market opening.

Fais Holding: 177.5K new shares will be distributed for free to 48 beneficiaries resulting from undistributed profits capitalization in the context of the company’s share reward scheme.

Helleniq Energy: Its renewables subsidiary, Helleniq Renewables, concluded on June 30 the acquisition of ABO ENERGY GmbH & Co. KGaA and 6 affiliated to it companies which hold a portfolio of 22 RES project clusters under development in Greece, with a total capacity of 1.5 GW, in addition to a RES project development and construction platform. The portfolio comprises projects across all RES technologies, including battery storage (BESS) projects. The acquisition increases HELLENiQ RENEWABLES’ portfolio of RES projects under development to more than 6 GW, accelerating the implementation of the HELLENiQ ENERGY Group’s strategic objective to achieve at least 2 GW of installed capacity from RES by 2030.