Market Comment
After six straight days of growth, AthEx came off its highest point in 13.5 years to return to Monday’s closing level, mainly due to some profit taking on bank stocks. Still, the majority of stocks and the mid-cap index enjoyed fresh gains, and turnover returned to satisfactory levels.
General index closed at 1,530.68 points, shedding 0.57% from Tuesday’s 1,539.48 points. The large-cap FTSE-25 index contracted 1.04%, ending at 3,719.42 points, while mid-caps expanded 0.72%. The banks index dropped 2.38%, as Eurobank lost 3.39%, Alpha fell 2.80%, Piraeus conceded 2.41% and National eased 1.58%, though Optima fetched 0.46%. Athens International Airport added 3.73% and Aegean Airlines climbed 3.10%. In total 69 stocks obtained gains, 35 showed losses and 29 remained unchanged.
Turnover amounted to €134.5m, up from Tuesday’s €109.4m.
Investors may keep their selective stance as the market is still inflated from recent short term gains.
¢ In the Spotlight
Greece/PDMA: During the auction of EUR 500 mln of 26W T-Bills conducted yesterday, the total bids reached EUR 1.178 mln and the amount finally accepted was EUR 600 mln. No additional non-competitive bids will be accepted on January 23, 2025. Coverage ratio at 2.36x vs 1.68x in the previous auction (December 23) and coupon set at 2.45% vs 2.61%.
ThPA: HCMC approved prospectus regarding the voluntary tender offer of LEONIDSPORT B.V.for the 21% stake (2,116,800 shares) at €27/share in the company. LEONIDSPORT B.V. has utill now purchased 260,420 shares in ThPA (2.58% of share capital). Tender offer will run between January 23 to February 20.
Eurobank: Canadian businessman Prem Watsa commenced the placement of 2.2% of Greek systemic lender Eurobank’s shares – some 80 million shares in total – on Wednesday, with the price per share to be announced today. Reportedly, the founder and CEO of Fairfax Financial Holdings was reducing the holding company’s stake in ATHEX-listed Eurobank to meet regulatory conditions – which mandate a minority stake of no more than 33.3% – and is not part of any change in the composition of the bank’s main shareholders. The price per share for the placement is expected to be just under of the current market rate.
In other news Eurobank priced a €400m 10.25NC5.25 Tier 2 subordinated note issuance at 99.433 to yield 4.377% with a coupon of 4.25%. (Ba2 by Moody’s and BB- by Fitch). Books oversubscription 5x. Eurobank offered to exchange Hellenic Bank’s outstanding €200m Fixed Rate Callable Tier 2 dated subordinated notes due June 14, 2033.
MOH: The Competition Commission approved the acquisition of Helector by Manetial, a 100% subsidiary of Motor Oil. 94.44% stake to be acquired for €114.731mn.
Greece/RES sector: According to the Hellenic Association of Photovoltaic Companies, c. 2.5GW of new solar capacity was installed in Greece in 2024 leading the total capacity of solar parks to c. 9.6 GW. For 2025 it is estimated that an additional 2.5-3.0GW will be installed.
Alter Ego: IPO oversubscribed 11.9x with total demand reaching 169,202,486 shares (€676.81mn). Reportedly retail investors oversubscription stood at 6.5x wile institutional subscription at 25x
Thrace Plastics: The company trades today ex FY:24 gross interim dividend €0.069966/share (net €0.066/share).
Terna Energy: HCMC approved prospectus regarding Masdar’s tender offer for the company at €20/share. Currently Masdar owns 88.4% and is aiming to delist shares.
PPC/IPTO: According to press, PPC is seeking a c. 23% increase in revenues for its distribution subsidiary HEDNO for the period 2025-28 from the Regulatory Authority for Energy, Waste and Water. PPC is asking for the annual revenues of its subsidiary to increase from €0.91bn to €1.12bn for the 3-year period. The report doesn’t refer to a specific WACC, recent press had indicated that the company seeks a WACC of 8.2% vs. 7.66% in 2024. PPC is planning substantial investments for HEDNO for the period 2025-27 aiming to increase the RAB of the subsidiary from c. €3.4bn in 2024 to €4.6bn in 2027. Any changes to regulatory compensation will affect IPTO which is in talks with the regulator to agree the 2026 -2029 WACC.
VIS: HCMC approved Hellenic Quality Food’s squeeze out request.
Metlen: METLEN Energy & Metals (METLEN) has started a strategic partnership with the Hellenic Survey of Geology & Mineral Exploration (HSGME) to enhance the supply security of the historic Aluminium of Greece plant and ensure the sustainable development of investments in the aluminum and alumina sectors.
OTE: Telekom’s CEO Mr. Hottges met with PM Mr. Mitsotakis yesterday at the Maximou Mansion. Reportedly talks took place on OTE’s €3bn investment plan in fiber optics and 5G network development.
Revoil: The company will resume its share buyback program from today.
CNL Capital: New €650K bond loan fully privately covered in order to finance the company’s business expansion.
Lanakam (financial calendar): FY:24 results out on April 16. AGM on June 24. H1:25 results on September 24.
¢ 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.

