Beta Sec – Daily report 24-01-2025- Market Monitor – Market Comment – In the Spotlight- Buybacks

  1. A moderate bounce expected in today’s session on the back of positive sentiment from foreign markets.

Market Comment 

Thursday’s mixed session on AthEx was dominated by the placement of Fairfax’s shares in Eurobank – a 2.2% stake – that sent turnover soaring. Corporate news-flow involving other large caps also generated interest and shared some of that with mid-caps as well. In general, the trend remains positive and profit-taking seems contained at this stage, as the market continues its rotation pattern.

General index closed at 1,529.57 points, shedding 0.07% from Wednesday’s 1,530.68 points. The large-cap FTSE-25 index contracted 0.02%, ending at 3,718.53 points, but mid-caps expanded 0.40%. The banks index collected 0.25%, with Piraeus growing 1.27% and National fetching 0.12%, while Alpha parted with 0.12% and Eurobank eased 0.08%. Sarantis added 4.20% and Aegean Air lost 2.64%. In total 45 stocks reported gains, 53 sustained losses and 24 remained unchanged. Turnover amounted to €326.6m, up from Wednesday’s €134.5m.

A moderate bounce expected in today’s session on the back of positive sentiment from foreign markets. 

¢     In the Spotlight 

Real Estate: According to press, in 2024, transactions in real estate and specifically income producing assets amounted to €1.97bn, slightly lower than 2023 by 2.5% (€2.02bn in 2023), while the bulk of transactions came from local investors and buyers. More than half of the investments were directed (c. €1.1bn) to the hospitality sector and the acquisition of hotel units, indicating the strong dynamic of the sector in 2024. The office segment absorbed transactions of €320m, while acquisitions in the retail segment amounted to €230m. 

Ideal Holding: Ideal agreed to acquire from Vivartia (CVC) its subsidiary Uncle Stathis for a total consideration of €130mn (Equity Value) with an implied EV of €167.6mn. Uncle Stathis had LTM sales €120.7mn and Adjusted EBITDA €14.1mn with a net debt position of €37.6mn (Gross Debt €43.4mn, gross cash €5.8mn). Implied Transaction Multiple EV/EBITDA at €11.9x. 

OTE: FY:24 results will be announced on February 26 before market opening.

Jumbo: Capital stake at 5.03% (6,842,083 shares) from below 5% previously. 

ThPA: Beltera acquired on January 22 1K shares at €28.0644/share. Its stake stands at 72.69% (7,327,643 shares).

Lavipharm: The company signed a new cooperation agreement with iNova Pharmaceuticals, owner of Betadine brand, regarding the distribution of iNova’s new OTC medicine (antiseptic) in 60 countries.  Lavipharm will produce the drug at its facilities in Paiania for the majority of international markets, while at the same time it will proceed with its marketing in Greece.

Eurobank: Fairfax sold through an accelerated book building 80mn shares in the bank (2.25) stake at €2.33/share for a total transaction value of €186mn. Its stake now stands below the 33% threshold. There is a lock up period of 6 months for the 2.2% stake sold.

Aktor / Prodea Investments: The Hellenic Competition Commission approved the sale of c. €600m of Prodea assets to Aktor. These assets generate annual revenues of c. €41.5m. The portfolio that consists of 56 assets of which 20 assets account for 90% of GAV is mainly skewed towards office (c. 57% of total) and Greece (c. 65% of total). Aktor has guided that its real estate division (including the Prodea assets acquisition) could generate an EBITDA of €40m in 2025 aiming to gradually increase to €55m by 2030.

 

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