Beta Sec – Daily report 23-05-2025 – Market Monitor – Market Comment –  In the Spotlight 

Most likely scenario for the day is consolidation at current levels. Rotation to continue as fresh news from results and corporate deals support interest. 

A pause for a breather: AthEx posted small losses on Thursday after the strong rally of previous days that saw the benchmark climbing to highs unseen since May 2010 and several stocks posting record prices. However, several non-financial large caps (Metlen, Aegean, PPC, Elvalhalcor) contracted as rotation is still active on the back of satisfactory earnings announcements and positive outlook.

• General index closed at 1,828.31 points, shedding 0.41% from Wednesday’s 1,835.51 points. The large-cap FTSE-25 index lost 0.35%, ending at 4,551.61 points.  The banks index conceded 0.94%, as Alpha fell 1.85%, National dropped 1.42%, Eurobank gave up 0.60% and Piraeus slipped 0.10%.

Metlen grew 2.70% and ElvalHalcor collected 2.03%, but Sarantis sank 4%, Ellaktor shrank 2.59% and Titan Cement parted with 2.05%. In total 38 stocks obtained gains, 66 suffered losses and 20 remained unchanged. Turnover amounted to €198.1m, down from Wednesday’s €214.4m.

Greece/Tourism: The number of inbound travellers to Greece approached 2.5 million in the first quarter of the year (January-March 2025), registering an increase of 5.4% over the same quarter in 2024, the Bank of Greece (BoG) said on Thursday.

• According to BoG data, this devleopment resulted in a 4.4% rise in travel receipts for the quarter compared to the same period in 2024, reaching 1.072 billion euros. Specifically, receipts from EU27 countries rose by 0.3% to 519.9 million euros, while receipts from residents of other countries rose by 8.5% in the quarter to reach 526.1 million euros.

In greater detail, receipts from euro area residents fell by 0.6% to 434.2 million (down 0.6%), whereas receipts from residents of non-euro area EU27 countries increased by 5.1% to 85.7 million.

• Specifically, receipts from Germany dropped by 16.3% to 113.9 million and receipts from France declined by 34.4% to 32.0 million. Receipts from Italy increased by 33.5% to 76.5 million. Turning to other countries, receipts from the United Kingdom grew by 17.8% to 72.0 million, while receipts from the United States increased by 4.5% to 143.8 million. Lastly, receipts from Russia stood at 2.0 million.

In terms of inbound traveller flows through airports, in the January-March 2025 it increased by 14.1%, whereas traveller flows through road border-crossing points decreased by 8.1%. In the first quarter of 2025, the number of travellers from within the EU27 fell by 0.7% year-on-year to 1.17 million (a 0.7% drop compared to the same quarter in 2024)

• while travellers from other countries increased by 11.7% to 1.279 million travellers. The number of travellers from within the euro area rose by 14.2%, whereas travellers from non-euro area EU27 countries decreased by 30.7%.

AthEx: FTSE Russel Q1:25 rebalancing announcement

Eurobank: Reportedly, management in an update on the bank’s performance to analysts, raised its target for new loans to 4 billion euros in 2025 from 3.5 billion euros in the original guidance. The revision of the target from the good performance shown in Q2.

Bank of Cyprus: The bank trades ex FY:24 gross dividend €0.48/share as of May 27. Dividend record date May 28. Payment June 25.

Cenergy: The group announced that Corinth Pipeworks, its steel pipes segment, was awarded several contracts by Snam in Italy for the manufacture and supply of more than 180km of pipeline for the Adriatica project, a key infrastructure development that will enhance Italy’s natural gas network.

• The Adriatica Pipeline stands as one of Italy’s most significant gas transportation projects to date and the largest undertaken in the past decade. Steel pipes manufacturing as well as internal flow efficiency liquid epoxy lining and anti-corrosion three- layer polyethylene external coating are done at Corinth Pipeworks’ facilities in Thisvi, Greece. The total cost of the project is €0.9bn and is scheduled to be commissioned by end of 2027.

AIA: Five additional airlines have started scheduled flights this summer season to Athens Airport, which is expanding its offerings for passengers. These are World2Fly, Air Haifa, Air Albania, Sky Up and Sichuan Air.

METLEN: The group announced that it signed six new contracts for the development of renewable energy projects in the UK, further strengthening its presence in the country.

• These new EPC contracts are for five solar parks and one Battery Energy Storage System (BESS), with a combined capacity of 313.4 MW. Construction is set to begin at various stages throughout 2025, with all units expected to be completed by the end of 2026. The total value of these contracts is approximately 110 million dollars.

Trade Estates: AGM on June 13. FY:24 net dividend €0.05/share.

Alpha Bank: The bank trades today ex FY:24 gross cash dividend €0.03/share, net €0.0288/share.

Piraeus Bank: The bank announced that following the completion of the spin-off of its non-core ATM business with the establishment of Kea Leitourgia kai Diacheirisi Diktyon ATM S.M.S.A. has successfully concluded the sale of 80.10% in KEA to Printec Cash Network S.A., a member of Printec Group.

• The total net assets of KEA as of March – 25 stand at €11m. Piraeus will retain the ATM fleet located within its branch network premises, as well as a large number of owned off-site ATM (circa 360), sufficient to ensure that its nationwide customer base will continue to receive uninterrupted service.

Alpha Trust – Andromeda: The company announced Q1:25 profit before tax of €1.67m. vs. € 1.75m in Q1:24, while net profit amounted to €1.63m. For the period from 01/01/2025 to 31/03/2025, the company’s portfolio return cam in at 5.21% with the net asset value (NAV) of the portfolio amounting to € 33.06 million or € 9.06 per share as of 31/3/2025.

On 21/05/2025 the NAV per share has increased to €9.13 despite the fact that a dividend of €0.3296 per share has been deducted on 19/05/2025, which will be distributed on 13/06/2025. The portfolio structure as at 31/03/2025 included investments in listed shares on the stock exchange of 94.43%, investments in bonds of 0.96% and investments in Money Market Funds of 2.52%. Andromeda trades on the Athens Exchange with a significant discount of 26.59% on 21/05/2025, with a closing price of €6.70.

Kepenos Mills: Mandatory tender offer for 7.78% free float at 1.93 eur/share.

Quest (Q1:25 results CC Highlights): Guidance for FY:25 EBITDA in excess of €100mn reiterated. FY:25 CAPEX €55mn including the €27mn paid for Benrubi. Energy will lag FY:25 in sales and will net yoy in EBT. IT services EBITDA margin to remain at healthy 9-9.5% level. Courier sale conclusion not firm yet, option relies upon the bidder.

• Company has guided for mid-single digit sales growth in FY:25, EBITDA in excess of €100mn and Net income to accelerate higher than top line (high single to low double digit in our interpretation). Remains OVERWEIGHT. FY:25 multiples: PE: 12.6x, EV/EBITDA 7.4x.

The following table summarise results vs. our Q1:25 estimates:

• Ideal Holdings (Q1:25 results): Net Debt up 113% to €165.6mn compared to €94mn in Q1:24.

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