Market Comment
AthEx left Monday’s decline behind it and rebounded on Tuesday to register yet another 13.5-year high, led by a number of large caps that continue to attract investors interest. Increasing turnover supports the momentum providing good synch to rotation.
General index closed at 1,545.62 points, adding 0.37% to Monday’s 1,539.99 points. The large-cap FTSE-25 index expanded 0.56%, ending at 3,776.25 points, though mid-caps contracted 0.05%.
The banks index obtained 0.16%, as Eurobank earned 0.83% and Piraeus grabbed 0.27%, while National gave up 0.31% and Alpha shrank 0.11%. OTE collected 2.34%, Public Power Corporation augmented 2.34% and Viohalco grew 1.90%, but Titan Cement fell 3.33%.
In total 44 stocks secured gains, 51 endured losses and 29 remained unchanged. Turnover amounted to €132.4m, up from Monday’s €112.9m.
A number of critical US companies (Meta, Tesla, Microsoft) are set to announce today their Q4:24 results.
Given their relatively high valuations, market participants will likely look beyond the typical top and bottom-line beats, with attention to be focused on their growth trajectory ahead as well. On top of this FED will announce its verdict for USD interest rates and mid-term outlook.
Most likely markets (and AthEx as well) will keep a close eye to corporate figures and correlate accordingly.
¢ In the Spotlight
Greece/PDMA: Today, the Hellenic Republic will auction 13 Weeks T-Bills, in book entry form, with maturity May 2, 2025. The amount to be auctioned is 500 million euro. Settlement date is January 31, 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 January 30, 2025.
Titan: Titan reported its FY:24 trading update yesterday unexpectedly. Sales for the Full Year 2024 are expected to exceed €2,640 million, EBITDA to rise above €585 million [like-for-like] and reported EBITDA above €570 million, compared to €540 million in 2023. Net Profit is expected in the region of €300 million [like-for-like] and reported NPAT in the region of €285 million.
Earnings per share (EPS) are subsequently expected to grow above €3.8/share. The Group’s net debt at the end of 2024 is expected to close below €630 million, compared to €660 million in December 2023 and the Net Debt to EBITDA leverage ratio is expected to drop to ca. 1.1x. Titan Cement Group will report its audited financial figures for the Full Year 2024 on March 27th, 2025.
Results are record levels in the history of the group and better than consensus estimates. Titan’s dividend point to 1.05 eur/share. We note also that Titan trades at 6.7x its expected FY:25 EV/EBITDA.
The group also said that its Belgian subsidiary, Titan America parent of its US operations, has launched a roadshow for an initial public offering of 24,000,000 common shares. The IPO consists of 9,000,000 new common shares to be issued and sold by Titan America (primary offering) and 15,000,000 existing common shares to be sold by Titan Cement International SA. (secondary offering).
Titan Cement International SA expects to grant the underwriters a 30-day option to purchase an additional 3,600,000 common shares to cover over-allotments, if any. The IPO is currently expected to price between $15.00 and $18.00/share.
Titan America has applied to list its common shares on the New York Stock Exchange under the ticker symbol “TTAM.” After the completion of the IPO, Titan Cement International SA is expected to own 160,362,465 common shares of Titan America, representing 87% of the total outstanding common shares (or 85% if the underwriters exercise in full their over-allotment option).
In the case the book closes at the high end of the range this would imply a valuation of $3.3bn for Titan America on €4.1bn Group EV. This leaves room for further appreciation since 65% of EBITDA is generated from US subsidiary. We note however that more importantly the market will focus to the usage of funds which may trigger a new strategic partnership or further upgrade to group’s capacity.
Elval Halcor: FY:24 results on March 4. AGM May 22. Ex-dividend date June 26. Dividend record date June 27, Dividend payment July 2. Q1:25 results May 21, H1:25 results September 10. 9M:25 results November 19.
MOH: The company concluded the acquisition of a 94.44% stake in Hlektor from Ellaktor for €114mn.
Alpha Bank: The bank proceeded to the signing of a binding agreement for the acquisition of a 100% stake in FlexFin Ltd, 100% parent company of FlexFin S.M.S.A. Flexfin is the first fintech company active in the provision of factoring services in Greece and Cyprus, specializing in liquidity solutions tailored to small and medium-sized businesses.
Through its innovative platform, which offers convenience, speed, flexibility and transparency, Flexfin has established itself as a benchmark for SME financing.
The strategic merger of ABC Factors and of Flexfin, with its technology platform and flexible service model, is leading customers into a new era. The significant synergies being created demonstrate ABC Factors’ commitment to providing customers with modern, innovative and streamlined financing solutions that meet market needs.
Greece/Construction Activity: According to data released by the Hellenic Statistical Authority (ELSTAT) the volume of private construction activity recorded a 46.7% increase, nationwide in October of 2024. In October 2024, a significant rise was seen in the issuance of private construction permits across Greece.
A total of 2,602 building permits were granted, reflecting an increase of 5.2% in the number of permits, a 31.2% rise in surface area, and a substantial 46.7% surge in volume compared to the same month in 2023. This corresponds to a total area of 729,371 square meters and a volume of 3,595,816 cubic meters. In the same month, public construction activity saw the issuance of 38 permits, covering a total area of 19,415 square meters and a volume of 87,560 cubic meters.
Public construction accounted for just 2.4% of the overall building volume in October 2024. Over the twelve-month period from November 2023 to October 2024, total construction activity (private and public) across the country, as measured by building permits issued, reached 30,436 permits. Compared to the same period from November 2022 to October 2023, there was a 12.8% increase in the number of permits, a 16.2% rise in surface area, and a 13.3% growth in volume.
During this period, private construction activity alone experienced a 12.8% increase in the number of permits issued, a 16.1% rise in surface area, and a 12.5% growth in volume compared to the previous year. Public construction activity accounted for 3.1% of the total building volume over this period.
Focusing on the first ten months of 2024 (January–October), total construction activity across the country saw a 15.8% rise in the number of permits, a 20.2% increase in surface area, and a 15.5% growth in volume compared to the corresponding period in 2023. Similarly, private construction during this ten-month span registered a 15.8% increase in permits, a 20.2% rise in surface area, and a 14.7% growth in volume year-on-year.

