Market Comment
Positive vibes from abroad may keep investors active while data from Q4:24 sectors activity point to a satisfactory finish of the year (Tourism, Gaming, Retail sales, Energy, Car Sales) increasing interest also in mid and small caps.
Upbeat momentum accelerated on Wednesday, taking the benchmark back over the 1,500-point critical level. Investors targeted specific stocks this time, with the rest of the market seeing little action on the day. Banks lead market to end at day’s high.
General index closed at 1,503.18 points, adding 0.67% to Tuesday’s 1,493.11 points. The large-cap FTSE-25 index expanded 0.78%, ending at 3,656.32 points. The banks index outperformed, growing 1.21%, as Piraeus fetched 2.14%, Alpha earned 1.73%, National grabbed 1.35% and Eurobank edged up 0.30%, though Optima conceded 0.78%. ElvalHalcor rose 3.75%, Public Power Corporation augmented 2.03% and Athens International Airport collected 1.46%. In total 68 stocks obtained gains, 53 took losses and 40 remained unchanged. Turnover amounted to €125.5m up from Tuesday’s €115.5m.
In the Spotlight
Greece/Car Registrations: A total of 14,815 road motor cars (both new and used from abroad) were put into circulation for the first time in December 2024, recording a decrease 4.9%, compared with the corresponding month of 2023 when the number of road motor cars was 15,581, according to Hellenic Statistical Authority ELSTAT. During the period January – December 2024, 243,796 road motor cars (both new and used from abroad) were put into circulation for the first time, representing an increase of 2.4% compared to the corresponding period of 2023
OPAP/Gaming: Hellenic Gaming Commission announced the key figures for the Greek Gaming market for the 11M:24 period (January-November). In detail:
§ 11M:24 GGRs in the Greek Gaming market stood at €2.58bn, up 11.7%, y-o-y (vs. 12.45% in the 9M:24 period); In November 2024, GGR stood at €244.7m, up 5%, y/y
§ GGRs for OPAP’s agencies and PLAY Stores (VLTs) during the 11M:24 period stood at €1.23bn, up 5.6%, y-o-y, benefited by major sports events this summer and favorable Joker jackpot rollovers (+6.2% in the 10M:24 period); In November 2024, GGR for OPAP’s agencies and VLTs came in at €124.7m, flat y-o-y
§ GGRs for Hellenic Lotteries during the 11M:24 period stood at €103.3m, down 3%, y-o-y (down 4% in the 10M:24 period; GGR for November 2024 stood at €10.9m, up 8%, y-o-y
§ During the 11M:24 period, Horseracing reported GGR of €6.2m, down 24.3%. y/y (-23.7% in the 10M:24 period); GGR for November stood at €0.76m, down 27%, y/y
§ Online Gaming market continued to advance reporting 11M’24 GGR of €955.7mn, up 24.3%, y-o-y vs. +26.7% y-o-y in the 10M:24 period; GGR for November advanced by 10%, y-o-y shaping at €90.4m – we remind that OPAP through Stoiximan and OPAP Online has c. 50% market share in online gaming activities
§ Finally, Casinos reported 11M:24 GGR of €227.4m, up 10%, y-o-y.
Eurobank: FY’24 results out on February 27. AGM on April 30.
CCHBC: FY’24 results to be announced on February 13 prior to market opening.
Alpha Trust: NAV as of end 2024 stood at €8.41/share vs a closing ASE price of €6.48/share implying a discount of 24.73%. Core holdings are: Titan (6.9%), Metlen (6.19%), Quest (5.78%), OTE (4.03%) and Petropoulos (3.68%).
ThPA: Belterra on Janaury 13 and January 14 bought in aggregate 8.7K shares in the company at €27.15/share, thus increasing its stake to 72.51% (7,309,143 shares), of which 555,543 shares directly (5.51% stake) and 6,753,600 shares (67% stake) through South Europe Gateway Thessaloniki.
Helleniq Energy: Hellenic competition committee approved the acquisition of the remaining 50% stake in Elpe Edison.
Med: The company will be renamed to Onyx Touristic Sa. As of January 17.
METLEN: The company announced today that is moving with a new major investment for the production of bauxite, alumina and gallium. The initial budget is €295.5 million and aims to achieve a total production capacity (on an annual basis) of 2 million. tons of bauxite, 1,265,000 tons of alumina (up from 865,000 tons today) and 50 MT of gallium (for the first time). All three of these materials are included in the European Union’s list of Critical Raw materials. The completion of the projects and the start of production is scheduled for bauxite in 2026, and for alumina and gallium, gradually from 2027, with full operation in 2028.
Alter Ego: 14,249,000 new shares to be issue in view of the upcoming IPO for listing on the ASE at a max price of €4/share. Turnover for fiscal year 2024 is estimated at 119.6 million euros, increased by 10% y-o-y. EBITDA are estimated at €44.3m, and operating profits (EBIT) at €15.8m, increased by 30.2% and 92.6% compared to the corresponding figures for fiscal year 2023. In the upper level of price range (i.e 4 eur/share) EV/EBITDA for FY:24 is 3.9x. In a presentation held yesterday the group said that will distribute dividend for FY:24. IPO to run between January 20 to January 22. New shares to start trading on January 27. Net IPO proceeds at €50.8mn.
MOH: Core Innovations, a subsidiary of the Motor Oil Group, has acquired the small retail chain TWENTY 4 SHOPEN, strengthening its presence in the retail market of Convenience Stores, with the aim of continuously improving the customer experience and meeting their new needs. TWENTY 4 SHOPEN, founded in 2010, operates more than 25 stores, offering grocery products, coffee, baked goods and kiosk items. This acquisition is a key step in Motor Oil’s strategy to create a comprehensive convenience retail ecosystem, in a particularly demanding and evolving environment – under the umbrella of the Smartshop Brand. More than 80 points already carry the Smartshop brand, with the majority being hosted at Shell-branded gas stations, which also belong to the Motor Oil Group. Core Innovations’ integrated ecosystem combines grocery products, coffee, daily necessities and e-commerce, aiming to fully meet the needs of the modern consumer. At the same time, it manages the online store allSmart.gr, which has more than 55,000 products.

