Beta Sec – Daily report 06.05.2025- Market Monitor – Market Comment – In the Spotlight

AthEx closed with minor gains for the benchmark on Monday, even if banks did not have a good day, before the publication of their first-quarter results this week. Non-financials, on the other hand, extended their gains, with Piraeus Port and Sarantis climbing to all-time highs. Low turnover is considered as a “wait and see” stance ahead of major results announcements.

General index closed at 1,731.36 points, its highest point since March 28, adding 0.30% to Friday’s 1,726.13 points. The large-cap FTSE-25 index expanded 0.06%, ending at 4,284.82 points. The banks index declined 0.34%, as the distribution of a dividend by Eurobank reduced its price by 3.11%. National, on the other hand, grew 1.34%. Sarantis earned 4.06% and Aegean Airlines climbed 2.99%. In total 74 stocks boasted gains, 46 posted losses and 41 remained unchanged. Turnover amounted to 98.7 million euros, down from last Friday’s €190.7 m.

All eyes on Bank of Piraeus results (before the opening) trends in major revenues lines and outlook will shape the day and weight on other banks as well. Therefore, we expect selective interest in today’s session.

Cenergy (Presentation to Analysts): In the context of its annual presentation Cenergy management said that cable production plant in Maryland, USA construction work begins in June. The earthworks have already been carried out, the contractor and the project management company have been selected and in the summer of 2027 the plant will be ready according to the company’s design. On the potential impact of the tariffs, management noted that depending on what will be in place at the end of 2026 when the machinery for the plant has to be purchased, there may be some impact on costs. With regards to cables, market demand sustains profit margins at high levels pointing that some de-escalation should be expected by end of the year.

Aktor (Presentation to Analysts): During yesterday’s conference call management re-affirmed guidance for EBITDA of €180m for FY:25. Management said that the corporate transformation of Aktor Group will finalize by end of September having already conclude 2/3 of the process. With regards to Aktor concessions, competition committee is expected to green light the acquisition by July. Finally, the group is looking to participate in concession tenders in Romania.

NBG: Q1:25 results out on May 8 after market.

Kri Kri: Q1:25 results out on May 13 after market close.

AIA: Scrip dividend price set at €8.88/share up to €0.333/share.

Qualco: IPO to take place between May 6 to May 9. IPO price range €5.04-€5.46. IPO price to be set on May 9. Trading to commence on May 15. Total issue proceeds €98.3mn with a green show of 15% available. IPO proceeds at €57.3mn through the issue of new shares and €41mn through the sale of existing shares totaling €98mn.

Space Hellas: FY:24 gross dividend €0.15/share.

Karelias : AGM on May 27. 2024 gross dividend €14/share.

Performance: AGM on May 15. 2024 dividend €0.12/share.

Alpha Real Estate Services: AGM on June 19. Ex-dividend date June 24. Dividend record date June 25. Dividend payment July 1. FY:24 dividend €0.5/share.

Sarantis (Q1:25 trading update): Sarantis reported early this morning an expected set of Q1: 25 perfromance characterized by stagnant top line ie flat yoy sales and further margin improvement both on the EBITDA and the EBIT lines s a results of rising exports and favorable product mix.

•              Sales remained unchanged yoy to €141.9mn compared to €141.6mn in Q1:24 as the company focused on profitable and with higher margins SKUs, downsized PL exposure (marginal profits). Sales were also impacted by Easdter switch to Q2 rather than Q1 last year.

•              EBITDA advanced 4.8% to €19.4mn vs €18.6mn in Q1:24 with EBITDA margin forming at 13.7% compared to 13.1% in Q1:24, a 60bps yoy improvement.

EBIT was up 8.7% to €14.8mn vs €13.6mn in the respective period of 2024 with EBIT margin up 80bps to 10.4% vs 9.6%.

•              Net cash (excluding leases) shaped at €5.7mn.

•              Company reiterated its FY:25 guidance provided with 2024 results.

•              We liked Sarantis resilience if not improvement in margins, its focus to more profitable operations, cost control and effective WC management (leaving net debt unchanged). Recall that the company already cashed in €20.6mn in January as 2nd instalment payment from the sale of EL JV.

Piraeus Bank (Q1:25 preview): Results out today before the opening. Management will host a conference call on the same day at 14:00 GR-Time. Piraeus expected to post a strong quarter on the back of resilient top line (new lending supports NII and increased Fee income from AuM) while deposit repricing partially offsetting pressures from the falling rates. Net profit should reach €280m up 53% q-o-q on the back of lower costs and LLPs with guidance for the year at €1.1bn. Note also that calendar effect is also a negative factor for the quarter.  Focus in the conference call on major trends on revenues and costs for the remainder of the year and any new info about Ethniki Asfalistiki acquisition. Piraeus trades 0.81x its TBV, top pick for 2025 with TP €5.95.

The following table summarise our Q1:25 estimates:

CC Details:

§  GR: +30 210 94 60 800

§  UK: +44 (0) 203 059 5873

§  USA: +1 516 447 5632

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