Beta Sec – Daily report 24.03.2025- Market Monitor – Market Comment – In the Spotlight- Buybacks

The intention of traders to cash in recent stock gains and the departure of investor Mr. Paulson from Alpha Bank, bringing his stake down to zero, dominated last week’s final session at the ASE. The result was a small decline for the main index that dropped below 1,700 points and a major rise in turnover that approached half a billion euros assisted by FTSE Russel rebalalancing at the end of Frida’s session.

•  The Athens Exchange (ATHEX) general index closed at 1,697.11 points, shedding 0.34% from Thursday’s 1,702.82 points. On a weekly basis it advanced 0.21%, rising for a third week in a row. The large-cap FTSE-25 index contracted 0.35%, ending at 4,190.07 points, and the banks index underperformed, dropping 1.46%:
• National fell 2.41%, Eurobank gave up 2.26%, Alpha parted with 0.78% and Piraeus shied 0.61%, while Optima jumped 4.40%. Sarantis conceded 3.28%, just as OPAP rose 3.64%. FTSE Mid Cap underperformed ending 0.98% lower to 2,552.56. 

In total 45 stocks collected gains, 73 suffered losses and 43 remained unchanged. Turnover amounted to €469.04mn, up from Thursday’s €205.2 million. 

• Ahead of tomorrow’s national holiday and in anticipation of another set of domestic entities corporate results week (PPC, Lamda, Papoutsanis, Hellenic Exchanges, Titan) we expect today the GI to try to regain the 1,700 threshold amid diminishing international fears over effect of Trump’s commercial tariffs. 

Greece/PDMA: On Wednesday March 26 2025, the Hellenic Republic will auction 26 Weeks T-Bills, in book entry form, with maturity September 26, 2025. The amount to be auctioned is 500 million euro. Settlement date is March 28, 2025. During the auction non – competitive bids can be submitted up to 20% of the auction amount. No additional non-competitive bids will be accepted on March 27, 2025.

Ellaktor: As of today, and following the equal share capital increase and decrease of the company, the shares are traded on the ATHEX under the final par value of €0.04 per share, and excluding the right to participate in the capital return of €0.851945 per share – through a cash payment – to the shareholders of the company.

Evropi Holdings: As of today, according to the FTSE Russell | Industry Classification Benchmark (ICB), the shares of the company will be traded under the OASIS super sector «3510 – Real Estate» and under the OASIS sector «35101010 – Real Estate Holding and Development».

Jumbo: As of today, the shares of the company are traded without the amount €0,4725599412 per share. The above dividend amount is subject to the tax imposed on dividends pursuant to the current legislation (net amount: €0.4489319442 per share).

Piraeus Bank: 24,682 shares out of the bank’s treasury stock were granted to executives free in the context of the bank’s stock option plan. Remaining treasury amounts to 2,298,137 shares or 0.18% of the bank’s share capital.

Fais Group: IPO price set at €4.7/share with oversubscription rate at 1.42x. Trading will commence on Wednesday March 26. Total demand reached 16,150,703 shares with shares offering amounting to 11,375,625 out of which 9.1mn shares are new issued shares and 2,275,125 shares existing ones offered by major shareholders.

Alpha Trust Andromeda: AGM on April 14 to approve FY:24 gross dividend distribution €0.32/share.

Briq Properties: AGM on April 29. Ex-dividend date May 23. Dividend record date May 26. Dividend payment May 29. H1:25 results August 7.

Bank of Cyprus: Carval stake in the bank further decreased to below the 3% threshold (2.99%) from 3.07% previously (March 18).

Gek Terna: €120mn listed bond to be fully repaid on April 4 as it expires and ceases trading.

Papoutsanis (FY:24 results preview): FY:24 results out on March 26 before market opening. AGM on April 24. Ex-dividend date April 28. Dividend r (ecord date April 29. Dividend payment May 5. H1:25 results on August 4. Recall that the company has already announced FY:24 top line which came in at €66.21mn, up 6.32% on a yearly basis. Regarding other P7L items we look for FY:24 EBITDA of €10.21mn, +10.7% and net income of €5.14mn, up 28.4%.

• FY:24 gross dividend expected at €0.10/share, of which the company has already distributed as interim Fy:24 div €0.03/share. So remaining dividend is expected to stand at €0.07/share. Remains with OUTPERFORM rating and TP €3.75/share trading at FY:25 PE11.5x and EV/EBITDA 7.8x.

The following table summarizes our estimates for the company’s Q4/FY:24 financial performance: 

Lamda Development: FY:24 results on Wednesday March 26 after market close. CC details on March 27 6pm local GR Time

·        GR: +30 213 009 6000 / +30 210 94 60 800

·        UK: +44 (0) 203 059 5872

·        USA: +1 516 447 5632

·        WEB: https://87399.themediaframe.eu/links/lamdadevelopmentFY24.html

Autohellas: AGM on April 8 to approve FY:24 gross dividend €0.85/share. CC regarding FY:24 financial performance on March 26 at 4pm local GR Time. CC details:

·        GR: + 30 213 009 6000 or +30 210 94 60 800

·        UK: + 44 (0) 800 368 1063

·        USA: + 1 516 447 5632

·        INTL: + 44 (0) 203 059 5872