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European markets are expected to bounce today while placement of Alpha Bank –albeit small discount- may effect negatively domestic market. We see volatility to persist in the short run as uncertainties in geopolitical front remain. Results on the other hand provide a safety net in downside as most domestic corporates deliver satisfactory sets and outlook. Market Comment The first session of March was a two-sided and highly volatile one on AthEx, with sellers taking the lead after mid-session due to the sell-off taking place in international markets. However, Athens managed to stand its ground compared to the intensity of liquidation abroad. Banks contained the drop of the benchmark, keeping it above the 1,600-point mark for another day, while turnover remained at a high level. General index closed at 1,602.15 points, shedding 0.35% from Friday’s 1,607.78 points. The large-cap FTSE-25 index contracted 0.29%, ending at 3,930.98 points. The banks index expanded 0.48% to climb to a new nine-year high. Alpha augmented 1.72% and National fetched 1.05%, while Optima lost 0.84%, Piraeus gave up 0.29% and Eurobank parted with 0.28%. Sarantis slumped 3.63%, PPC shrank 2.72%, Motor Oil fell 2.58% and Jumbo declined 2.26%. In total 39 stocks secured gains, 83 endured losses and 39 remained unchanged. Turnover amounted to €302.6μ, down from last Friday’s €385.1 m. ¢ In the Spotlight Greece/PDMA: Today, the Hellenic Republic will auction 52 Weeks T-Bills, in book entry form, with maturity March 6, 2026. The amount to be auctioned is 500 million euro. Settlement date is March 7, 2025 (T+2). 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 March 6, 2025.
Greece/PMI: PMI index at 52.6 in February 2025 vs 52.8 in January.
Greece/Economic Climate Index: Deterioration in February 2025 for IOBE’s economic climate index which came down to 106.9 vs 108.6 in January 2025.
Greece/ Unemployment: Unemployment at 8.7% in January 2025 vs 11.7% in January 2024 and 9.3% in December 2024. Total unemployed at 408,181.
Bank of Greece (FY:24 results: Bank of Greece announced FY:24 net profit of €82.9m vs. €98.7m a year ago. Dividend proposal at 0.672 eur/share. Main points are: § Net interest income from financial operations, revaluation losses and the redistribution of the Eurosystem’s monetary income amounted to €191.4m, from €359.4m in the previous year, having decreased by 46.7%. § Net income from fees and commissions stood at €148.3m, from €138.7m in the previous year, up by 6.9%. § Income from equity instruments and participating interests significantly increased to €75.3m, from €4.0m in the previous year. § Finally, other income amounted to €21.0m, compared with €41.8m in the previous year. § Total expenses before provisions, i.e. staff costs and pension benefit expenses, other administrative expenses and depreciation costs, reached €404.1m, from €367.8m in 2023, having increased by 9.9%. § The Bank’s assets as at 31 December 2024 stood at €219.3 billion, down by €7.2 billion compared to the previous year. The amount of accumulated provisions stood at €4.6 billion, compared with €4.5 billion in the previous year § AGM on April 8; Ex-date April 24, payment April 30.
Fourlis: The company will announce FY:24 results on April 8 after market close. AGM on June 20. Ex FY:24 dividend date June 27. Dividend record date June 30. Dividend payment July 3. Q1:25 results on May 27. H1:25 results on September 9. 9M:25 results on November 25.
Alpha Bank: Paulson sold 2.4% stake in the bank (57mn shares) at €1.915/share (total €109.1mn transaction), half of his total participation in the bank.
Cenergy: FY:24 results out today after market close. CC March 6 at 3pm GR time at https://zoom.us/webinar/register/WN_RZLyb_unRdOCNIU40Iu5CA
Elval Halcor (FY:24 results): FY:24 results impacted by higher sales volumes, higher metal prices both for copper and aluminum and reduced energy prices. § Avg price of aluminum was EUR 2,236/tn in 2024, compared to EUR 2,081/tn in 2023, i.e. an increase of 7.4%. The average price of copper was EUR 8,454/tn versus EUR 7,842/tn in the respective prior period, an increase of 7.8%, while the average price of zinc was EUR 2,569/tn in 2024 versus EUR 2,449 /tn in 2023, an increase of 4.9%. § Sales volume of aluminium products increased by 7.3% or +7.9% adjusted for ETEM de-consolidation. The sales volume of the copper segment showed a decrease of 2.4%, affected by the low demand for its products. § Consolidated turnover amounted to EUR 3,438.5 million in 2024, increased by 4.4%, versus EUR 3,293.4 million in 2023, positively impacted by increased sales volume and high metal prices. On the contrary, it was negatively affected by the product mix of sales between the two segments. § A-EBITDA marginally declined by 0.8%, reaching EUR 237.5 million in 2024 versus EUR 239.3 million in the respective prior year period. § Reported EBITDA advanced 37.2% to €242.675mn from €176.93mn, positively impacted by metal stock inventory price appreciation. § Consolidated profit after tax and non-controlling interest amounted to EUR 103.2 million in 2024 (or EUR 0.27522 per share), compared to EUR 28.5 million in the respective period of the prior year (or EUR 0.07595 per share). § DPS (gross) at €0.09/share vs €0.04/share in 2023, DY 4.2% on yesterday’s close (€2.15). § Net Debt down 15% to €691.47mn from €813.35mn due to lower WC requirements (-€81.7mn), lower CAPEX (mainly in the aluminum segment having completed in prior years or necessary investments). 66% of debt at fixed rate cost. § The Aluminium Segment increased its sales volume despite the unfavorable economic environment. Increased demand for the Segment’s flexible packaging products, particularly after the sluggish Q1:24, combined with the increased production capacity of the Aluminum Rolling Division, contributed to the increase in sales volume by 7.3% (or by 7.9% excluding the result of the de-consolidation of ETEM). Products aimed at rigid and flexible packaging marked an increase of 12.9%, while products aimed at the construction market marked a rise of 6.4%. A-EBITDA of the segment decreased by 3.3% to EUR 138.8 million for 2024 compared to EUR 143.5 million in 2023 due to low conversion prices and sales mix, partially offset by lower production costs. EBT stood at EUR 93.4 million in 2024 versus EUR 45.8 million in 2023, mainly affected by the accounting metal results, amounted to losses of EUR 5.2 million in 2024 compared to losses of EUR 36.0 million in 2023. Reduced investments of EUR 51.4 million for 2024 (from EUR 69.2 million in 2023), the significant improvement of working capital by EUR 79.0 million from the year-end, and strong operating profitability, led to free cash flows of EUR 167.4 million. § In the copper segment, revenues reached EUR 1,707.5 million versus EUR 1,668.9 million in 2023, increased by 2.3%, affected by higher LME prices. Sales volume decreased by 2.4%, which was affected by reduced construction and industrial applications market demand. Sales volume for copper tubes decreased by 4.5%, while extruded copper alloys increased by 6.8%. Flat-rolled products of the subsidiary Sofia Med decreased by 2.4%, mainly due to its product mix with thinner, higher value-added products, while sales volume for extruded products remained flat. A-EBITDA of the Segment increased, amounting to EUR 98.7 million against EUR 95.8 million in 2023, driven mainly by the improved product mix, improved results from the use of scrap in production, reduced energy costs and cost reduction through the implementation of actions to optimize the production process. EBT amounted to EUR 83.2 million, compared to EUR 57.2mn in 2023. The accounting metal results for the year amounted to profits of EUR 11.4 million against losses of EUR 11.4 million in 2023, positively affecting earnings before interest and taxes. Segment’s EBT was negatively affected by impairments amounting to EUR 3.1 million in the participation of the associate NedZink B.V. following the revised estimates for the Company’s results because of the unfavorable economic conditions prevailing worldwide in the construction market. Investments for 2024 amounted to EUR 24.4 million, of which EUR 18.4 million were related to investments in the subsidiary Sofia Med, to optimize and increase the production capacity for high-demand and value-added final products. § No specific guidance provided for 2025 apart the notice of the remaining in place challenging operating economic environment.
CC details: March 5th, 2025, at 15:00 GR-Time. § GR +30 210 94 60 800 or +30 213 009 6000 § UK +44 (0) 800 368 1063 § UK & Intl +44 (0) 203 059 5872 § USA +1 516 447 5632 § WEB: https://zoom.us/webinar/register/WN_wj-AVEOXQ-uRj9C67TCvng#/registration
Ideal Holdings (FY:24 results Conf. Call): FY:24 conference call today at 17:00 to discuss results. Recall that ideal Holdings posted revenue of €374.2m, up 106% y-o-y, EBITDA of €50m, up 50% y-o-y and net income of €92.2m, up 446% y-o-y (profit of € 83.8m from discontinued operations is included in FY:24 compared to €12m in 2023, as the company transferred the industrial segment to Guala Closures on August 6, 2024 for €115.5m in cash, with a gain on disposal of €74.6m). The overall performance is attributed to organic growth of ICT companies and the addition of Attica Department Stores’ results in 2024, compared to 023 that it is consolidated since the acquisition date (September 1, 2023). 2024 results also reflect the acquisition of 75% of Bluestream Solutions for €12.2m, entirely financed by the unutilized funds of the common bond loan issued on December 15, 2023. Bluestream has been consolidated since the acquisition was completed on September 19, 2024. Net cash in FY:24 at €28.8mn (or €41.8mn adjusted for credit card receivables) vs a net debt position of €73.3mn in FY:23 (or €57.3mn adjusted for credit card receivables) due to the collection of €115.5mn from the sale of Vitogiannis to Guala recording a capital gain (in reported figures) of €74.6mn. Bluestream 1st time consolidation since September 2024 (acquisition price €12.2mn) enhanced IT segment’s performance. IT sales up 55% to €148.5mn, EBITDA up 31% to €16.3mn and EBT +45% to €13.4mn. IT segment restructuring with retail activity (Ideal Technology and Metrosoft curved out of the IT segment, going forward operating under the BYTE brand name and be absorbed by mother company Ideal. ADS sales up 9% to €213.9mn, EBITDA +15% to €27.4mn and EBT +19% to €19.9mn.
CC details: March 5th, 2025, at 17:00 GR-Time. § GR +30 210 94 60 800 or +30 213 009 6000 § UK +44 (0) 800 368 1063 § UK & Intl +44 (0) 203 059 5872 § USA +1 516 447 5632 § WEB https://event.choruscall.com/mediaframe/webcast.html?webcastid=e1nRl0Mu ¢ Buybacks
Web Sources: Bloomberg, Reuters, Euro2day, Capital, Liberal, Newmoney, Kathimerini, Energypress, Naftermporiki, Athens Macedonian News Agency , Oikonomikos Tahidromos, Mononews, Business Daily, Morning View, Economistas, Power Game, Insider, Bankingnews, Economico, Worldenergynews, AthEx. |
Kind regards,
Manos Chatzidakis
Head of research
29 Alexandras Avenue
11473 Athens,Greece
Tel: +30 210 6478988/754
Email: [email protected]
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