Kind regards,
Manos Chatzidakis
Head of research BETA SEC
****
CCHBC (9M:24 results review): CC HBC reported yesterday a better than expected performance in Q3:24 with both volumes and sales beating consensus forecasts. What is of most importance, the company updated its FY:24 guidance, now aligning on the upper end of the range initially guided. In more details:
§ Q3 organic vol growth at 4% vs consensus of 2.6% with all segments contributing. Growth was led by CCHBC strategic priority categories, with Sparkling volumes +3.9%, Energy +28.0% and Coffee +35.6%. Still volumes grew by 3.4%. Water up mid-single digit. Juices down low single digit. Sport drinks up by high teens. Tea mid-single digit growth.
§ Q3 group organic revenue growth of 13.9%, ahead of market estimate for 10.8%. Reported revenue growth of 8.9%, with strong organic growth partially offset by FX headwinds in Emerging markets. 9M organic revenue growth of 13.7%.
§ Organic revenue per case up 9.5% vs estimate of 8.6% driven by targeted revenue growth management initiatives. On a reported level increase was 4.7%. Established markets up 2% organically and 2.9% on a reported basis. Developing markets up 9.8% on an organic level and 11.2% on a reported basis. Emerging markets up 17.4 and 4.4% respectively (organic and reported).
§ Established markets organic revenue increased by 3.0%, with resilient volume growth despite mixed conditions in the area. On a reported level Q3 sales up 4.1%.
§ Developing markets organic revenue up 12.6%, led by revenue per case expansion and with a positive volume performance. Reported level increase came in at 14%.
§ Emerging area organic revenue up 24.1%, driven by revenue per case expansion as well as good volume growth, despite a challenging environment in several markets. FX tailwinds settled reported revenue growth at 10.2%.
§ Updated guidance calls for organic revenue growth of 11-13% vs 8-12% previously. Low single digit COGS increase vs low to mid-single digit increase and EBIT growth in the tune of 10-12$ vs 7-12% previously. FX should impact results by €30-e50mn negatively (unchanged), no restructuring charges will occur (in line), 25-27% tax rate (unchanged), €60-€75mn financial costs (unchanged) and Finlandia acquisition to contribute €14-€1 on EBIT vs €10-12mn guided previously.
****
Alpha trust Andromeda: Scrip dividend issue price at €6.37/share. NAV at the end of September stood at €8.46/share vs an ASE closing price of €6.58/share, discount 22.3%.
****
OTE: Regarding the company’s potential sale of its mobile arm in Romania (Telekom Romania Mobile), OTE announced the termination of the sale process to Mr. Adrian Tomsa and the signing of new MOU’s with Digi Romania and Vodafone Romania regarding the potential sale of Telekom Romania. The parties have signed a Memorandum of Understanding (MoU) and are in the process of filing for approval with the Romanian competent authorities (RCC, FDI, ANCOM). The MoU provides that certain assets of TKRM would be acquired by Digi, while remaining assets and the Company would be acquired by Vodafone Romania.
****
Bank of Cyprus: 221,348 treasury shares cease trading as of today. On November 1, 2024, the total number of the company’s listed shares amounts to 442,197,734 (CR) shares.
****
OPAP: Gross interim FY:24 dividend of €0.602852798/share adjusted for 11,337,297 treasury shares (net €0.572710159/share). Ex-date on Monday.
****
Attica bank: Expiration date of the pre-emption right’s subscription period is set on November 4, 2024.
*****
Motodynamic (9M:24 results): Management held yesterday a conference call to discuss results. Main points are: Sales from existing fleet to take place in Q4:24 in the tune of €13m. Currently the value of the fleet is at €73m with net debt €54m. Cost of debt at 5.7% vs. 6.1%, the bulk is on variable rate (Euribor+). Capacity utilization at historical levels, four new sales points for Sixt (Santorini, Irakleio, Aktio, Paros) focusing primerely in Ports, strong October indicate a satisfactory finish for the year. Buybacks to continue aiming to distribute own shares to personnel and executives. No less than 12 cents/share dividend for FY:24. Overall a good impression as the group seems to maintain its historical strong performance despite price competition.
|
Motodynamics |
2023 |
2024 |
Y-o-Y |
2023 |
2024 |
Y-o-Y |
|
EUR thous. |
9M |
9M |
(%) |
Q3 |
Q3 |
(%) |
|
Sales |
126,476 |
144,500 |
14.3% |
49,690 |
58,424 |
17.6% |
|
EBITDA |
25,089 |
26,167 |
4.3% |
15,055 |
16,583 |
10.2% |
|
EBITDA Mrg |
19.8% |
18.1% |
-173 bps |
30.3% |
28.4% |
-191 bps |
|
Net Income |
10,559 |
10,670 |
1.1% |
7,598 |
8,701 |
14.5% |
|
Net Mrg |
8.3% |
7.4% |
-96 bps |
15.3% |
14.9% |
-40 bps |
Other Results:
****
PPA (9M:24 results): The group posted an impressive set with record profits despite the supply disruption that affected Pier II & III. Main points are:
§ Net profits up 6.6% at €70.2m in the nine-month period reflecting top-line trends.
§ Cruise sector, mainly influenced by the increase in the number of cruise ships using the port of Piraeus as their starting point (homeport/arrival and departure of the ship from the same port) from 455 to 488 (+7.3%), while the increase in homeport cruise passengers is about 32.4% (from 626,759 to 829,587 passengers).
§ Container Terminal – Pier I recorded an increase of + 3.5% in total cargo service, reversing the overall performance recorded in the first half of the year. This upward trend is affected both by the excellent course of domestic cargo throughout the first nine months of 2024, which is increased by + 35,4% (from 128,059 to 173,362 TEUs) following the growth path of the Greek economy, as well as the impressive increase in transshipment cargoes in Q3:24 of the year compared to the corresponding third quarter of the previous year (+30.0% from 72,166 to 93,788 TEUs), limiting the overall decrease in transshipment loads to -11.5% (from 271,787 to 240,502 TEUs).
§ Notable increases in all indicators were recorded by the Ferry sector, following the positive trend of the Greek market and Greek tourism.
§ Company’s investment activity continues based on its business plan and by the third quarter of 2024 total investments of 32.2 million were made, compared to 15.6 million in the corresponding period of the previous year (31.12.2023: 27.4 million).
§ Net cash €102.183mn
|
PPA |
2023 |
2024 |
Y-o-Y |
2023 |
2024 |
Y-o-Y |
|
EUR thous. |
9M |
9M |
(%) |
Q3 |
Q3 |
(%) |
|
Sales |
164,694 |
174,926 |
6.2% |
62,275 |
67,867 |
9.0% |
|
EBITDA |
99,877 |
103,259 |
3.4% |
39,552 |
41,948 |
6.1% |
|
EBITDA Mrg |
60.6% |
59.0% |
-161 bps |
63.5% |
61.8% |
-170 bps |
|
Net Income |
65,882 |
70,199 |
6.6% |
27,137 |
29,751 |
9.6% |
|
Net Mrg |
40.0% |
40.1% |
+13 bps |
43.6% |
43.8% |
+26 bps |
*****
Briq Properties (9M:24 results): 17 new RE assets (acquire from Intercontinental in the context6 of the 2 REIT’s upcoming merger) with total GAV at +51% to €225mn. Rental income up 67% to €11.2mn. EBITDA +90% to €9.5mn. Net income +98% to €11.7mn. Revaluation gains €7.1mn. NAV at €3.28/share vs €3.07/share in FY:23. FFO €4.7mn from €3.3mn. LTV at 47.5%, Net LTV 45.1%. Net Debt €106.3mn. Gross cash €5.3mn.
|
BRIQ |
2023 |
2024 |
Y-o-Y |
2023 |
2024 |
Y-o-Y |
|
EUR thous. |
9Μ |
9Μ |
(%) |
Q3 |
Q3 |
(%) |
|
Sales |
6,700 |
11,200 |
67.2% |
2,275 |
3,929 |
72.7% |
|
EBITDA |
7,300 |
16,500 |
126.0% |
1,919 |
3,357 |
74.9% |
|
EBITDA Mrg |
109.0% |
147.3% |
+3,837 bps |
84.4% |
85.4% |
+109 bps |
|
Net Income |
5,900 |
11,700 |
98.3% |
1,220 |
1,487 |
21.9% |
|
Net Mrg |
88.1% |
104.5% |
+1,640 bps |
53.6% |
37.8% |
-1,578 bps |
*****
Mermeren (9M:24 results): Sales up 13.6%, EBITDA up 25.1% and net profits up 24%.
|
MERMEREN COMBINAT |
2023 |
2024 |
Y-o-Y |
2023 |
2024 |
Y-o-Y |
|
EUR thous. |
9Μ |
9Μ |
(%) |
Q3 |
Q3 |
(%) |
|
Sales |
20,014 |
22,660 |
13.2% |
6,909 |
7,565 |
9.5% |
|
EBITDA |
11,712 |
14,656 |
25.1% |
4,031 |
4,737 |
17.5% |
|
EBITDA Mrg |
58.5% |
64.7% |
+616 bps |
58.3% |
62.6% |
+428 bps |
|
Net Income |
9,323 |
11,556 |
24.0% |
3,133 |
3,719 |
18.7% |
|
Net Mrg |
46.6% |
51.0% |
+441 bps |
45.3% |
49.2% |
+381 bps |
****
Epilektos (FY:23/24 results): Net losses of €6.4m on the back of sharp drop in Turnover (-45.2%). Net debt up 2.3% at €59.6m and net Equity turns negative to €10m.
|
Epilektos (FY 2023/24) |
2023 |
2024 |
Y-o-Y |
|
EUR thous. |
FY |
FY |
(%) |
|
Sales |
23,010 |
12,601 |
-45.2% |
|
EBITDA |
2,456 |
853 |
-65.3% |
|
EBITDA Mrg |
10.7% |
6.8% |
-390 bps |
|
Net Income |
-3,273 |
-6,373 |
-94.7% |
|
Net Mrg |
-14.2% |
-50.6% |
-3,635 bps |
****
CPI (FY:23/24 results): Net profit of just €62k. Net debt up 16.9% at €11.1m, no dividend for FY:23/24 AGM on March 5 22024
|
CPI (FY 2023/24) |
2023 |
2024 |
Y-o-Y |
|
EUR thous. |
FY |
FY |
(%) |
|
Sales |
18,653 |
20,277 |
8.7% |
|
EBITDA |
708 |
841 |
18.8% |
|
EBITDA Mrg |
3.8% |
4.1% |
+35 bps |
|
Net Income |
-99 |
62 |
162.6% |
|
Net Mrg |
-0.5% |
0.3% |
+84 bps |
*****
Nakas (FY:23/24 results): Record profits of €1.7m, up 3%. Dividend of 0.23 eur/share with ex-date on December 9 and payment on December 16. AGM on December 4.
|
Nakas (FY 2023/24) |
2023 |
2024 |
Y-o-Y |
|
EUR thous. |
H1 |
H1 |
(%) |
|
Sales |
26,068 |
27,698 |
6.3% |
|
EBITDA |
3,813 |
3,682 |
-3.4% |
|
EBITDA Mrg |
14.6% |
13.3% |
-133 bps |
|
Net Income |
1,689 |
1,740 |
3.0% |
|
Net Mrg |
6.5% |
6.3% |
-20 bps |
****
MIG (9M:24 results): Net profit up 35.8% at €5.2m.
|
MIG |
2023 |
2024 |
Y-o-Y |
|
EUR thous. |
9Μ |
9Μ |
(%) |
|
Sales |
5,785 |
6,415 |
10.9% |
|
EBITDA |
-247 |
1,028 |
516.2% |
|
EBITDA Mrg |
-4.3% |
16.0% |
+2,029 bps |
|
Net Income |
3,816 |
5,183 |
35.8% |
|
Net Mrg |
66.0% |
80.8% |
+1,483 bps |
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