Market Comment
For now, volatility appears to be the only certainty as markets digest rapidly evolving trade policies and their potential impact on corporate profits. Therefore, we expect AthEx to follow accordingly and keep a close eye on related developments.
Ups and downs on major markets continued on Thursday, with a strong rebound more than just offsetting Wednesday’s losses at AthEx, though momentum lost steam during the session. This time it was mid-caps that outperformed in the day’s “relief rally”. Turnover was once again particularly high exceeding the €300m mark. So far April average daily turnover is up 107% y-o-y exceeding €275m fueled by increased market caps and extreme volatility.
General index closed at 1,582.40 points, adding 3.54% to Wednesday’s 1,528.34 points. The large-cap FTSE-25 index expanded 3.48%, ending at 3,886.37 points. The banks index advanced 2.92%, on Alpha jumping6.11%, Optima rising 4.29%, Piraeus grabbing 3.02%, National climbing 1.89% and Eurobank improving 1.59%. Ellaktor earned 5.90% and Aktor collected 5.80%. In total 116 stocks obtained gains, 14 sustained losses and 31 remained unchanged. Turnover amounted to 323.1 million euros, down from Wednesday’s €257.2m.
Friday brings the US Producer Price Index release, which follows Thursday’s Consumer Price Index showing easing inflation pressures.
Investors will also focus on first-quarter earnings reports from major banks including JPMorgan, Wells Fargo, and Morgan Stanley for signs of consumer health amid tariff turbulence. For now, volatility appears to be the only certainty as markets digest rapidly evolving trade policies and their potential impact on corporate profits. Therefore, we expect AthEx to follow accordingly and keep a close eye on related developments.
¢ In the Spotlight
Greece/CPI: March inflation eased slightly to 2.4%, from 2.5% in February, according to the Hellenic Statistical Authority, though several household costs soared by over 10% on an annual basis. The national consumer price index showed on Thursday a significant slowdown when compared with the rate recorded in March 2024, i.e. 3.2%.
- On a monthly basis the CPI posted a 1.4% rate when compared with the February 2025 readings. On an annual basis, a steep drop was recorded in March in the price of olive oil (-23.3%), while coffee (8.5%), fish (7.3%), sugar (6%), and bakery products (5.7%) increased significantly. At the same time, rents show an increase of 10.5%, electricity 10.4%, and the cost of accommodation in hotels 10%, ELSTAT data revealed.
Greece/Industrial Production: Hellenic Statistics announced that industrial production index in February decreased by 0.1% y-o-y, while the respective index in February 2024 had increased by 2.1% y-o-y.
KRI – KRI: Reportedly Kri Kri increased its Q1:25 sales by at least 20%, y-o-y. Regarding the FY 2024 period, it is estimated that the double-digit growth rate was maintained throughout the year, with turnover close to €250mn, compared to €216.33mn in 2023. In the period 2014-2024, Kri Kri has invested 100 million euros in the yogurt sector (production lines, material warehouses, refrigerators, etc.), while with this new investment program that has been submitted for inclusion in the Strategic Investments the aim is to further increase its production capacity.
METLEN: In an interview, Chairman and CEO Evangelos Mytilineos said that the company is actively looking at other possible defense cooperation agreements. Asked about the €2bn EBITDA target by 2028 (from €1.1bn in 2024) mentioned during the conference call for FY’24 results, the CEO said that in the Capital Market Day on April 28 the company will provide a breakdown of the contribution of each activity, clarifying that the €2bn excludes potential M&A. Mytilineos also disclosed that Metlen has “very big plans” for two existing businesses where large capex “hasn’t yet started to flow,” adding that there will be specific announcements on these businesses in London with “two pleasant surprises for our shareholders.”
AS Company: FY:24 results out on April 15. A conference call to discuss results will follow on April 16.
Andromeda: Q1:25 NAV at 9.06 eur/share up 5.41% since end 2024. Discount vs NAV at end Mar. 2025 26.1%.
Loulis Mills: FY:24 results on April 28. AGM May 21. Ex-dividend date May 26. Dividend record date May 27. Dividend payment May 30.
Orilina REIC (FY:24 results): Orilina Properties announced that in 2024 it registered an all-time high adjusted net profit and that the Group’s adjusted annual return on Enterprise Value amounted to 12%. In particular, the performance for the Fiscal Year 2024, versus the Fiscal Year 2023, is as follows:
§ Adjusted Valuation Gain: €16,058k vs €13,958k (+15.0%); Adjusted Operating Profit: €19,569k vs €18,047k (+8.4%); Adjusted Earnings After Tax: €19,273k vs €17,271k (+11.6%).
§ Building Area: 69,803sqm with Gross Yield on Income Properties: 7%
§ Adjusted NAV per Share: €1.167 trading at 27% discount.
§ Adjusted Net Earnings per Share: €0.13
§ WALT (Years): 3.5; Net LTV Ratio: -10%
§ Remains net cash €17m vs. net cash €19.4m at end 2023. Dividend to be announced. AGM on June 17.
|
ORILINA |
2023 |
2024 |
Y-o-Y |
|
EUR thous. |
FY |
FY |
(%) |
|
Sales |
6,107 |
5,928 |
-2.9% |
|
EBITDA |
4,288 |
4,309 |
0.5% |
|
EBITDA Mrg |
70.2% |
72.7% |
+247 bps |
|
Net Income |
10,031 |
6,744 |
-32.8% |
|
Net Mrg |
164.3% |
113.8% |
-5,049 bps |
Quest Holdings: Quest held yesterday its FY:25 CC with analysts. Main points are:
§ FY:25 guidance for EBITDA of €100m.
§ Investment plan is no less than €57m for 2025, with the lion’s share of the investments relating to the acquisition of Benroubi and the strengthening of ACS. Specifically, €27m will finance part of the 70% acquisition of Benroubi, while €20m will be directed to ACS, specifically the courier company’s network of lockers.The plan is to expand lockers to 1.500 from 800 today.
§ In 2025 the IT sector, which has a backlog of €550 million, will continue to grow (in 2024 the sector reported revenues of €241.4 million, up 13%, half of which came from abroad, while EBITDA expanded by 15% to €21.9 million).
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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