¢ In the Spotlight
Greece/PDMA: During the auction of €500mn of 26W T-Bills conducted last Monday, total bids reached €841mn and the amount finally accepted was €600mn. No additional non-competitive bids will be accepted. Settlement date is December 27, 2024. Coverage ratio at 1.68x vs 1.89x in the previous auction on November 29. Yield at 2.61% vs 2.46% previously (November 29).
Greece/PDMA: On December 31, 2024 the Hellenic Republic will auction 13 Weeks T-Bills, in book entry form, with maturity April 4, 2025. The amount to be auctioned is €500mn. Settlement date is January 3, 2025 (T+2). 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 January 2, 2025.
Greece/PDMA 2025 funding strategy: Greece will tap the markets for up to 8 billion euros next year, much less than its borrowing needs, thanks to the funds that will continue to flow into the economy and the targeted use of high cash reserves to reduce debt. Between 70% and 80% of the issue activity will be covered through two new syndicated issues – with a new 10-year note being certain and expected, most likely, at the beginning of the year – and the rest through planned reissues of existing securities, amounting to some €2 billion. According to the strategy published by the Public Debt Management Agency (PDMA), Greece’s borrowing needs for 2025 are set at €15.283 billion, of which €5.54 billion concerns amortizations, €4.75 billion interest payments, €5.29 billion in early repayments the state will make – such as further early installment payments of bilateral GLF loans – and €5.496 billion concern other liabilities, while the primary surplus will be €5.973 billion. The gap of €7.283 billion (beyond the €8 billion from the markets) will be covered by part of the inflows from the Recovery Fund, as well as by other EU capital inflows, estimated at €3.027 billion, by proceeds from equity and investment participations of €564 million and by the use of €3.692 billion from cash reserves, while debt is expected to increase by approximately €197 million. Therefore, cash reserves at the end of 2025 will move close to €28 billion or even lower, from about €33 billion at the end of 2024, which comfortably covers the gross financing needs of the next three years and will continue to provide a significant safety cushion against potential refinancing and interest rate risks in the medium term.
Profile: As of today, the 159,488 new (CR) shares of the company start trading on the ATHEX following the recent share capital increase due to the Stock Option Plan, exercised by 14 executives of the company, at an issue price of €0.85 per share. On December 27, 2024, the total number of the company’s listed shares amounts to 24,745,934 (CR) shares.
Intercontinental: As of today, the trading of the shares of the company ceases due to the merger by acquisition from the company “BRIQ PROPERTIES REIC”, following the decisions of the companies’ General Meetings. On December 23, 2024, the relevant decision of the Ministry of Development and Investments, regarding the aforementioned merger, was registered at the General Commercial Registry (G.E.MI.).
Greece/Airport Traffic Stats: Passenger traffic levels soared at airports throughout the first 11 months of 2024, setting a new record before the end of the year, according to figures released on Tuesday by the Civil Aviation Authority. These showed a 9.3% increase in passenger traffic relative to January-November 2023, or 76,249,626 passengers in 2024, up from 69,774,369 in 2023. These also indicate a new annual record, as the number of passengers for the whole of 2023 had already been surpassed at the end of October. In terms of flight arrivals and departures, there was a 7.5% increase at the 39 airports in the country in the first 11 months of 2024 compared to the previous year, with 577,118 flights, up from 536,679 flights in 2023. For the 24 airports managed by the CAA, passenger traffic increased 8.1% compared with 2023, while the biggest jump in passenger traffic at regional airports was recorded at the Nikos Kazantzakis Airport in Iraklio, Crete.
Metlen: FY:24 results on February 20.
NBG: 249,121 treasury shares awarded to 125 beneficiaries in the context of the bank’s stock 2nd phase of awards program including in total the distribution of an aggregate 698,176 shares. Remaining treasury now stands at 0.2999% of share capital (2,743,107 shares).
Alpha Bank/Alpha Real Estate/Premia/Dimand: Consortium of Demand/Premia/EBRD concluded the acquisition of a 65% stake in project Skyline with Alpha Bank maintain the remaining 35% stake. Total 460 RE assets transferred and included in the portfolio are worth €298mn vs initial projections of €438mn.
Briq Properties: As of today, the shares of the company “are traded on the Athens Stock Exchange without the right to participate in the share capital increase due to the merger by acquisition of the listed company “INTERCONTINENTAL INTERNATIONAL REIC”. The shares΄ exchange ratio is the following: (i) each shareholder of the company “INTERCONTINENTAL INTERNATIONAL REIC” exchanges each 1 old (CR) share held with 1.19444444444444 new (CR) share of the company “BRIQ PROPERTIES REIC” and (ii) The shareholders of the company “BRIQ PROPERTIES REIC” retain the number of shares held. It is clarified, according to article 2.6.3. of the ATHEX Rulebook and to decisions No 22 & 26 of the ATHEX BoD, as in effect, that the fluctuation price limits of the share price only for the trading session on December 27, 2024, are set as follows: +30% at the closing share price of the ATHEX last trading session (23/12/2024): €2.1700 and -30% at the adjusted start share price: €2.1600.
PPC: The energy producer announced the commissioning of two new gas turbine units in Santorini. The commercial operation of two new gas turbine units has commenced at the PPC Group’s power plant in Santorini, in the Monolithos area. With a total nominal capacity of 30MW and an efficiency rate of 33%, the new units will contribute to ensuring the island’s energy adequacy in view of the summer peak season. The two new, state-of-the-art gas turbine units, in combination with the two existing ones, will meet up to 50% of Santorini’s energy needs during the summer months, when peak demand is recorded. At the same time, the new gas turbine units are equipped with all modern systems for the reduction of air pollutants and particles emissions. The noise level, which does not exceed 65 db at the boundaries of the power plant, will be lower than that of the existing units, considerably reducing the environmental impact. Four additional projects on Greek islands are underway by PPC for the next 12 months, with a total capacity of more than 300MW, aiming to modernize the power plants and ensure the energy sufficiency of the islands. Specifically, in Heraklion (Crete), Soroni (Rhodes), Chios, and Lesvos, existing units will be replaced with modern, gas turbine units, which shall fully comply with the requirements of both Greek and EU environmental legislation. The new gas turbine units are expected to increase the generation capacity of power plants on the islands, thus fostering the energy independence of the regions, while their use will contribute to the reduction of the cost for Public Service Obligations (PSO). Moreover, due to the replacement of heavy fuel oil (HFO) by light fuel oil (LFO), and the lower noise level during their operation, the new gas turbine units will contribute to minimizing environmental impact. As flexible, fast-responding power plants, the new gas turbine units will operate to support RES, which are characterized by stochasticity. In practice, they will provide security to the power generation system, reducing the risk of power outages. Recall that according to PPC’s Strategic Plan for the three-year period 2025-2027, PPC Group plans to invest in flexible generation projects – including gas turbine units, pump hydro units, etc. – aiming to add 1.8GW of installed capacity by 2027.
Terna Energy: Masdar acquired on December 20 16.984mn Terna Energy’s shares and on December 23 473K shares through the ASE at €20/share, thus rising its take to 84.78% from 70.43% previously (28/11/24).
IPTO holdings: EGM approved CEOs Mr. Manousakis new tenancy in IPTO SA till December 2028.
Flexopack: New €8mn bond loan by Eurobank to refinance existing debt obligation (€892.9K) with the remaining amount (€7.1mn) for WC requirements.
Ekter: New 4.378mkn shares stemming from the recent SCI in order to absorb Energy Hub commence trading on December 31. Each Energy Hub shareholder will exchange 1 old Energy Hub share with 8.6415 new Ekter shares. Total Ekter shares will increase to 26,878,682.
Ble Kedros: 700K treasury shares cancelled as of December 31.
Market Comment
The Greek stock market closed for Christmas with banks dragging the benchmark lower, although the mid-cap index and the majority of stocks ended up with gains last Monday. Trading volume predictably declined, but remained significantly higher than on such a day in previous years.
The Athens Exchange (ATHEX) general index closed at 1,448.86 points, shedding 0.25% from Friday’s 1,452.50 points. The large-cap FTSE-25 index contracted 0.42%, ending at 3,521.90 points, though mid-caps expanded 0.38% to 2,315.2 points. The banks index dropped 1.51%, as National parted with 3.16%, Eurobank conceded 1.16%, Piraeus shied 0.95% an Alpha slid 0.22%. Public Power Corporation augmented 2.33%, Cenergy Holdings grabbed 2.09%, whereas Motor Oil gave up 1.95%.
In total 61 stocks boasted gains, 58 posted losses and 42 remained unchanged. Turnover was the lowest of the last four weeks, amounting to €86.78mn, down from last Friday’s €514.8mn which was impacted by TE shares purchase transaction by Masdar.
ASE bourse will reopen today with 3 sessions remaining to farewell 2024. Limited investor’s presence will keep trading volumes low and concolidate the index round the 1,450 threshold point.
Kind Regards,
John Kalogeropoulos
Equity Analyst
29 Alexandras Avenue
11473 Athens,Greece
Tel: +30 210 6478989
Email: [email protected]
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