Beta Sec – Daily report 25-11-2024- Market Comment- In the Spotlight

Athens Stock Exchange experienced a relatively stable session posting marginal gains on Friday. The trading volume remained moderate, and activity was driven primarily by select large-cap stocks, with financial and energy sectors showing mixed performances. However, that was not enough to reverse the overall negative result of the week. The majority of stocks ended in the red, always affected by the international concern on European geopolitics.

General index closed at 1,401.58 points, adding 0.28% to Thursday’s 1,397.63 points. On a weekly basis it declined 0.16%. The large-cap FTSE-25 index expanded 0.96%, ending at 3,403.19 points, though the banks index contracted 1.15% as Alpha dropped 2.05%, National fell 1.59%, Piraeus parted with 1.13% and Eurobank slipped 0.20%. OPAP gaming company jumped 3.27%, followed by Cenergy Holdings, which climbed 1.94%, while Helleniq Energy gave up 1.84%. In total 51 stocks produced gains, 63 suffered losses and 47 remained unchanged. Turnover amounted to 95.7 million euros, up from Thursday’s €85.2m.

We expect non-financials to continue driving the market taking positive cues from abroad. 

Greece/PDMA: On November 27, 2024 the Hellenic Republic will auction 26 Weeks T-Bills, in book entry form, with maturity May 30, 2025. The amount to be auctioned is 500 million euro. Settlement date is November 29, 2024. 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 November 28, 2024. 

Greece/Economy: Fitch Ratings affirmed Greece’s long-term foreign-currency issuer default rating at ‘BBB-‘ with a stable outlook last Friday. The US-based international ratings agency had previously upgraded Greece’s credit-worthiness to investment grade and a stable outlook in late 2023. Similar assessments have been published by Scope, S&P and DBRS, namely, giving Greece an investment grade – albeit at the lowest level of the coveted grade – and with a positive outlook. Scope Ratings will be the last international agency to release a credit rating for Greece by the end of the year, namely, on Dec. 6. Moody’s will follow in early 2025, with its rating report widely anticipated, as it remains the only international credit ratings that hasn’t upgraded Greece to investment grade.

Greece/Retail Sales: Retail sales in Greece recorded a 0.8% increase in the third quarter of 2024 compared to the same period in 2023, with total turnover in the retail sector reaching €18.84 billion, up from €18.68 billion in Q3 2023, according to the Hellenic Statistical Authority (ELSTAT). Retail businesses in the food and fuel sectors posted a turnover of €6.82 billion in Q3 2024, a 1.2% increase compared to €6.73 billion in Q3 2023 and a 3.8% rise from €6.57 billion in Q2 2024. 

Greece/Airports Traffic Stats: Passenger traffic at Greek airports has jumped 8.9% in the first 10 months of 2024, in comparison with the same period the previous year, according to figures released on Friday by the Civil Aviation Authority. The data concern the 39 civilian airports, including the 24 operated by the CAA, 14 operated by Fraport Greece, and Athens International Airport. There were 72,805,622 passengers in total in January-October, up from 66,845,641 in the same period in 2023. Flight arrivals and departures grew 6.9% in January-October year-on-year to 546,858 flights from 511,723 flights in the same time in 2023.

Thrace Plastics: Results out today before the opening. FY24 gross interim dividend €0.068/share.

Dimand: On November 20, CEO Mr. Andriopoulos bought 2.5K shares for €20.952K.

Costamare: As of today, following the decision of the company to exercise the right to the call option, to early repay the total nominal value of the bonds issued, the bonds of the company are removed from the trading systems of ATHEX.

Kloukinas: As of today, the name of the company on ATHEX changes to “EVROPI HOLDINGS SOCIETE ANONYME”, with new distinctive title “EVROPI HOLDINGS S.A.”.

Ekter: Repeated EGM to approve merger with Energy hub today. 

PPC: Its renewable energy subsidiary PPC renewables announced the construction phase of three new wind parks in Greece, with a total capacity of approximately 100MW, moving forward with the organic growth of PPC Group’s RES portfolio. The wind parks will be constructed in Rhodope, Phocis, and Argolida and will be equipped with 19 type N149/5.X wind turbines from Nordex. Upon completion of the projects in the first half of 2026, the expected annual generation of the three parks will exceed 280 GWh, thus leading to the avoidance of more than 142,000 tonnes of CO2 emitted. PPC Group has a pipeline of RES projects under construction or ready to build of approximately 3.8 GW. Currently it has an installed capacity of approximately 5.5GW.

AS Company (9M:24 results): Romania sales up 20.6%. Gross cash at €16.1mn vs €14.32mn in FY:23. FY:24 gross interim dividend (from past years’ profits) €0.05/share. EGM to decide on interim dividend December 16. Interim dividend ex-date December 19. Interim dividend record date December 20. Interim dividend payment December 30.

Hellenic Exchanges (9M:24 results preview): HELEX will report Q3/9M:24 results today after market close. As derivatives contracts as an absolute figure lie below last year’s level and ADTV dropped at €104.7mn for the  quarter, higher than last year’s €99.7mn but significantly lower than Q1 and Q2 €147.58mn and €139.8mn respectively, Q3 is expected to come in weak as only market cap of listed entities is higher at €100.1bn vs €95.31bn and €99.963bn in Q1 and Q2 and vs Q3:23 (€86.743bn), is not enough to make up for HELEX’s high inelastic cost base, due to high dependence on personnel costs. Thus increased OPEX will burden EBITDA and Net income in the quarter leading to lower yoy figures. Of much more importance in our view is the outlook and prospects of the domestic market to be placed under developed market status no sooner than end 2025 in our view. The company trades at a projected FY:24 PE 13.2x and EV/EBITDA 7.1x. DY at 7.6%. Maintain Outperform with TP €8.6/share.

The following table summarizes our estimates for HELEX Q3/9M:24 financial performance:

CC Details: Tuesday November 26, 4pm local GR (Athens) time,

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