¢ Market Comment
The decline of bank stocks due to the dividend distributed by National and Piraeus did not stop the main index at AthEx from staging a marginal rebound on Tuesday after three downwards sessions. Buyers kept the upper hand in the end, with a number of non-financials closing on a positive figure, led by construction and energy companies.
General index closed at 1,824.48 points, adding 0.14% to Monday’s 1,822 points. The large-cap FTSE-25 index expanded 0.13%, ending at 4,563.73 points, but mid-caps contracted 0.43%. The banks index parted with 0.89%, as National gave up 2.76%, Optima eased 0.72%, Alpha fell 0.36% and Piraeus conceded 0.14%, though Eurobank advanced 0.44%. Aktor jumped 4.55%, ElvalHalcor collected 2.40%, Ellaktor grabbed 2.37% and Aegean Airlines earned 2.03%. In total 67 stocks secured gains, 56 endured losses and 38 remained unchanged. Turnover amounted to 179.2 million euros, down from Monday’s €170m.
Consolidation may continue in today’s session as the market digests 15-year highs while rotation may keep interest in place.
¢ In the Spotlight
Greece/PDMA: Today, the Hellenic Republic will auction 52 Weeks T-Bills, in book entry form, with maturity June 5, 2026. The amount to be auctioned is 500 million euro. Settlement date is June 6, 2025. During the auction non – competitive bids can be submitted up to 20% of the auction amount. No additional non-competitive bids will be accepted on June 5, 2025.
Acag: On June 2, major shareholder Mr.Lykos bought 10K shares at €5.3575/share.
Aloumil: On June 2, major shareholder Mr. Mylonas sold 5% stake of the company, ie 1,620,684 shares) at €4.9/share for a total consideration of €7.941mn in order to increase the company’s free float. The amount of €7.941mn will be credited to the company by Mr. Mylonas as long term loan facility in order to reduce the latter’s outstanding debt.
Cenergy Holdings: The company through its subsidiary Corinth Pipeworks announced its participation in the Liverpool Bay Carbon Capture and Storage (CCS) project in the United Kingdom. The project is operated by Eni as part of the HyNet industrial cluster and marks a key milestone in the UK’s energy transition and decarburization roadmap. Under this contract, Corinth Pipeworks will supply and deliver approximately 41 kilometers of Longitudinal Submerged Arc Welded (LSAW) steel pipes and hot induction bends, in diameters of 20″, 24″ and 36″, complete with external anti-corrosion coating, for the onshore and offshore sections of the CO₂ pipeline system. The Liverpool Bay CCS project forms the backbone of HyNet, one of the world’s most advanced CCS clusters, which aims to capture and permanently store industrial CO₂ emissions from the North-West of England and North Wales. The infrastructure will transport captured CO₂ through new and repurposed pipelines to be safely stored in Eni’s depleted gas reservoirs beneath Liverpool Bay.
METLEN: In the context of the AGM Mr. Mytilineos reiterated mid-term target for EBITDA in the range of €1.9-2.1bn. Initiatives for LSE primary listing, with secondary listing on ATHEX according to plan. LSE listing should increase inflows from passive funds as they represent 7% of FTSE 25 market cap in Greece vs. 23% on FTSE 100 in LSE, while MSCI funds in UK’s developed market are multiple vs. those in emerging markets. METKA listing in AthEx may follow after LSE. Finally, note that AGM approved DPS of €1.50 for FY’24 (ex-dividend date 26 June and payment on July 2).
Athens Water: Reportedly two bidders remain in the tender process of Athens Water’s (EYDAP) water treatment plant in Rafina with an estimated cost of €110m (after VAT), namely the JV of METKA – Mesogeios – Mesogeios AQUA and the JV of Gkoliopoulos – ERGOTEM. On the other hand, the JVs of TERNA – Thalis – Iliochora, AKTOR – AVAX – Helector and Intrakat – ENVITEC had also submitted offers in the previous bidding round in July 2023 but were not selected to proceed. The successful bidder will be responsible for the construction and maintenance of Rafina treatment plant for 7 years.
Alpha Bank: The Bank invites its shareholders to an Extraordinary General Meeting on Monday, June 23. The agenda includes the approval of the merger of Alpha Services and Holdings S.A. with Alpha Bank S.A. as well as the authorization of actions related to the merger.
GEKTERNA (Q1:25 Results review): GEK TERNA announced a solid set of Q1:25 results in line with market estimates. Underlying profitability was driven by strong perfromance of Construction and Concession segment as Attiki Odos was consolidated for a full three-month period time in Q1 numbers. Other notable points is the particularly high €6.7bn backlog with private projects constitute 52% of the mix that allow GEK to sustain record margins vs. competition (13.5% EBITDA margin, increased by c. 230bps y-o-y). In more details:
§ Group revenues increased by 49% amounting to €989.4m, while operating profitability (adj. EBITDA) increased by 55.1%, reaching €135.5m. Profits before taxes amounted to €29.0m and remained at the same level comparing to the respective last year’s period, as a result of increased depreciation and financial expenses. Net profits attributable to shareholders excluding non-operating results amounted to € 26.0m, on a reported level Q1:25 net income was down 10% at €20.9m.
§ Recourse Net Debt (Adjusted Net Debt of the parent company1) amounted to € 169m (compared to €153m in 2024), while free cash and equivalent for the entire Group amounts to € 1.48bn, of which €0.8bn pertains to the parent company.
As per segment:
§ Construction revenues amounted to €346.2m vs. €296.6m in Q1:24 (+16.7% y-o-y), while adj. EBITDA rose by 41.3% y-o-y to €46.9m and respected margin of 13.5%, supported by acceleration of project implementation.
§ Concessions recorded, as expected, a significant increase in revenue and operating profitability, setting a new “base” for the segment’s performance. Revenues soared (+94.0% y-o-y) from €61.1m to €118.6m, primarily as a result of the first time inclusion for Q1 of Attiki Odos. Note that Attiki Odos concession project, which contributed € 41.5m of adj. EBITDA in Q1:25, c30% of Group’s adj. EBITDA. Vehicle traffic in Q1:25 increased by 5.1% on Attiki Odos (in ADT terms), by 9.0% on Nea and Kentriki Odos (affected also by the delivery of new section in Kentriki Odos), and by 4.1% on Olympia Odos. The Group expects cash distributions of approximately € 60m from Attiki Odos within 2025, following the strong operating profitability and cash flow of the project, which at this stage performs higher than forecasts.
§ Thermal energy generation & supply in Greece and abroad, the demand for electricity in Greece increased by 2.4%, while the average price in the wholesale market recorded an increase of 69% compared to the first quarter of 2024, due to the increase in natural gas prices. HERON. Thermal energy EBITDA rose just 10% y-o-y despite a 41% revenue increase, driven by a 69% y-o-y rise in DAM prices (€132/MWh vs €78/MWh), as intense competition in retail weighed on supply margins (€3/MWh vs. €13/MWh a year prior). Generation EBITDA surged to €17.1m (80% of total energy EBITDA) on stronger demand and exports more than offsetting weaker supply EBITDA (-76% y-o-y).
§ Depreciation charges more than doubled (€50m vs. €22.7m in Q1:24) as a result of the consolidation of Attiki Odos, while net financial expenses also increased (€36.4m vs. €18.7m in Q1:24) courtesy of the acquisition and funding of Attiki Odos.
Overall a strong start for the year, the group is expecting the conclusion of Egnatia Odos at the end of the year while construction projects continue at full speed with strong margins despite disruptions related to shortages in labor force. Concession value of c2bn not reflected at current levels while firm execution of projects (Kasteli, VOAK, IRC etc) will increase the value of assets significantly in the upcoming years.
The following table summarise results vs. consensus estimates:
¢ Buybacks
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