Apart from rebalancing we expect consolidation to continue as the market digesting fresh 15-year highs and investors restructuring their portfolios taking into account Q1:25 performance and updated outlook.
- Despite the drop May is up 9.5% m-o-m, the best monthly performance since February 2023 while average daily turnover in May is shaping at €193m. May is the 7th consecutive month of positive performance for AthEx, a record seen only three times since 1999.
General index closed at 1,859.13 points, shedding 0.92% from Wednesday’s 1,876.42 points. The large-cap FTSE-25 index contracted 1.11%, ending at 4,661.13 points.
The banks index declined 0.72%, as Eurobank dropped 1.79%, Optima fell 1.60%, Alpha gave up 1.01%, Piraeus slipped 0.13% and National stayed put. OPAP shrank 3.38%, Titan Cement parted with 3.11%, Coca-Cola HBC lost 2.67% and Metlen fell 2.38%, while ElvalHalcor advanced 2.60%.
In total 56 stocks reported gains, 64 sustained losses and 41 remained unchanged. Turnover amounted to €199.5m, down from Wednesday’s €445.9m.
May ends with a special event: MSCI Q1:25 rebalancing to take place at the closing auctions pointing to a heavy volume session. On its latest index review Piraeus Port Authority will be added the MSCI Small Cap Index.
There were no changes to the MSCI Greece Standard Index, which continues to include the following nine constituents: OTE, OPAP, Jumbo, PPC, Eurobank, Alpha Bank, National Bank of Greece, Piraeus Bank, and Metlen.
¢ In the Spotlight
Greece/Budget Execution: The primary surplus, on a modified cash basis, stood at 5.148 billion euros in January-April 2025 against a target for a primary surplus of 1.973 billion euros and a primary surplus of 3.282 billion euros for the same period in 2024. At the same time, tax revenues appear to have increased by 1.361 billion euros or 6.6% compared to the target, mainly due to the better performance in the collection of taxes this year (VAT, corporate income tax, etc.).
Specifically, according to the state budget execution data, on a modified cash basis, a surplus of 1,850 million euros was recorded in January-April 2025, against a target for a deficit of 1,357 million euros, which has been included in the 2025 Budget presentation report, as well as a deficit of 250 million euros in the corresponding period of 2024.
The primary result on a modified cash basis was a surplus of 5.148 billion euros, compared to a target for a primary surplus of 1.973 billion euros and a primary surplus of 3.282 billion euros for the same period in 2024.
CNL Capital: AGM decided FY:24 dividend distribution (net) €0.40/share. Following an interim distribution of €0.25/share remaining net dividend stands at €0.15/share. Ex-dividend date June 3. Dividend record date June 4. Payment June 10.
Performance Technologies: FY:24 net dividend €0.10361589/share ex-date June 3. Dividend record date June 4. Payment June 10.
Profile: The company sold 350K treasury shares at €5.80/share. AGM approved FY:24 gross dividend distribution €0.064657/share (net €0.0614/share). Ex-dividend date July 1. Dividend record date July 2. Payment July 8.
Eurobank: The bank tapped bond markets yesterday through the issue of a new green bond of €500mn at 6.625% coupon with total bids amounting to €4.077bn. Perpetual bond callable after 6 years and rated Ba3 by Moody’s.
Karelias: The company trades ex FY:24 gross dividend €14/share, net €13.30/share as today. Payment on June 6.
Gek Terna: Q1:25 results on June 3. In other news Parliament ratified the concession agreement for the 157 km Chania-Heraklion section of the Northern Road Axis of Crete (VOAK). The agreement secures funding from three sources, specifically, €219.3m from the concessionaire (GEK TERNA), €693m from the state, and up to EUR 1.08bn in bank loans. The project includes an optional 30 km extension (Kissamos-Chania) and is set to span 35 years.
Evrofarma: AGM on August 5. Ex-dividend date August 19. Dividend record date August 20. Payment August 26. H1:25 results September 26.
Flexopack: AGM on June 20. FY:24 dividend €0.165/share (gross).
Aloumil (Q1:25 trading update): Sales in Q1:25 augmented by more than 15% exceeding €112mn. Major shareholders Mr. G. Mylonas and Mrs. E. Mylona to sell a 5% stake (1.62mn shares) in order to reduce the group’s Net Debt position which stood at €136.60mn in FY:24.
Petropoulos (Q1:25 results): Net Debt reduced to €16.2mn compared to €19.1mn ibn FY:24.
|
Petropoulos |
2024 |
2025 |
Y-o-Y |
|
EUR thous. |
Q1 |
Q1 |
(%) |
|
Sales |
50,074 |
50,776 |
1.4% |
|
EBITDA |
3,481 |
4,557 |
30.9% |
|
EBITDA Mrg |
7.0% |
9.0% |
+202 bps |
|
Net Income |
1,518 |
2,414 |
59.0% |
|
Net Mrg |
3.0% |
4.8% |
+172 bps |
Intralot: Q1:25 results out today before market opening. CC to follow today at 6pm local GR Time.
CC Details: Friday May 30 at 6pm local GR (Athens) time
· GR: + 30 211 180 2000 or + 30 213 009 6000
· UK: + 44 (0) 203 059 5872 or + 44 (0) 800 368 1063
· USA: + 1 516 447 5632
· Web: https://87399.choruscall.eu/links/intralot1Q25.html
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