Fwd: Greek Market Watch: S&P review, Current Account Balance, AIA ex-div, Piraeus distribution of shares, NBG distribution of shares, BoG ex-div

MARKET COMMENT

ATHEX headed south on Thursday, underperforming the European stock markets. In more detail, the General Index dropped by 0.79% at 1,642.17 units (FTSE Large Cap: -0.97%, FTSE Mid Cap: -0.68%, Banks Index: -2.00%) and the traded value was shaped at EUR 101.9m, down from Wednesday’s EUR 119.0m. On a weekly basis, the General Index rose by 3.76% w-o-w, (FTSE Large Cap: +4.15%, FTSE Mid Cap: +1.87%, Banks index: +4.98%). Week Ahead: Greek National Fiscal data today, Athens Airport and Bank of Greece cut-off dates tomorrow, METLEN 1Q25e Trading Update on Thursday. We expect S&P announcement to provide some support in ATHEX today, following yesterday’s sell-off in the US markets.   

 

Today’s Headlines

·      S&P Upgrades Greece to ‘BBB/A-2’ On Unwavering Fiscal Discipline; Outlook Stable; S&P sees limited impact from the US tariffs on growth

·      Current account deficit narrows in February (BoG)

·      Athens International Airport ex-dividend tomorrow

·      Piraeus Financial Holdings free distribution of own shares to employees

·      National Bank of Greece free distribution of own shares to employees

·      Bank of Greece trades ex-dividend tomorrow

 

HEADLINES

Macro Headlines

S&P Upgrades Greece to ‘BBB/A-2’ On Unwavering Fiscal Discipline; Outlook Stable; S&P sees limited impact from the US tariffs on growth

S&P raised its sovereign credit ratings on Greece to ‘BBB/A-2’ from ‘BBB-/A-3’, with stable outlook, on solid growth, prudent fiscal policy, and further drop of DEBT/GDP ratio by 6% on average over the next four years.  In more detail, S&P notes that Greece’s economy is set to continue outperforming euro area peers, with real GDP growth averaging 2.3% over 2025-2028. Given limited direct linkages, the impact on Greece of U.S. tariff changes is likely to be modest. Additionally, the agency estimates the government achieved a primary surplus of about 3.5% of GDP in 2024, (well above the 2.1% target) equivalent to an outright surplus of 0.5% of GDP, forecasting that the government will sustain primary surpluses averaging 2.7% of GDP over 2025-2028. Driven by sustained primary surpluses, combined with resilient growth, S&P projects that the net government debt-to-GDP ratio shows a clear and continuing improvement to 114% in 2028.

Upside scenario: reduction in the economy’s import reliance, material reduction in external debt

Downside scenario: Greece’s budgetary performance were to materially deteriorate.

 

Current account deficit narrows in February (BoG)

According to BoG provisional data, Greece’s current account balance in February 2025 recorded a deficit of 2,490m, vs. a deficit of 3,063m in the same period a year ago, due to the improvement of the services and the goods balance, mainly driven by the lower by EUR 533m y-o-y imports. Additionally, in Jan-Feb 2025, the current account deficit widened by EUR 211m and stood at EUR 1,473m. Finally, travel receipts in February 2025 stood at EUR 297m, up by 0.5% y-o-y (despite the 0.8% lower y-o-y non-residents arrivals), while in the Jan-February 2025 period, travel receipts rose by 3.9% y-o-y to EUR 599m.

 

Company Headlines

Athens International Airport ex-dividend tomorrow

The stock is scheduled to trade tomorrow ex-dividend (DPS: EUR 0.7862, DY: 8.4%), and the payment will commence on 16 May. It is noted that each shareholder may reinvest the dividend in New Shares, in whole or in part, up to the amount of €0.3333333333/share. The offering price of the new shares will be equal to the VWAP of the first 5 trading days of the reinvestment right exercise period (i.e. from 25.04.2025 to 02.05.2025), reduced by 3% (discount rate).

 

Piraeus Financial Holdings free distribution of own shares to employees

Piraeus announced that 985,051 own, common shares of the company were distributed on 17.04.2025 free of charge to executives and employees, under the applicable variable remuneration schemes. The total value of the above shares amounted to EUR 4,629,740. After the aforementioned distribution, Piraeus owns 1,313,086 own shares, or 0.105% of its total shares. 

National Bank of Greece free distribution of own shares to employees

National Bank of Greece announced that 318,343 own, common shares of the company were distributed on 16.04.2025 free of charge to executives and employees, under the applicable variable remuneration schemes. The total value of the above shares amounted to EUR 2,919,205. After the aforementioned distribution, NBG owns 2,424,764 own shares, or 0.2651% of its total shares. 

Bank of Greece trades ex-dividend tomorrow

Bank of Greece will trade ex-dividend tomorrow (DPS 0.672, DY: 4.7%). 

CALENDAR OF EVENTS

Macros

22/04/25 | 2021-2024 Fiscal Data (1st notification) (ELSTAT)

28/04/25 | Building Activity JAN (ELSTAT)

29/04/25 | Economic Sentiment Indicator APR

30/04/25 | Turnover Index in Retail Trade FEB (ELSTAT), Producer Price Index in Industry MAR (ELSTAT), Unemployment Rate MAR (ELSTAT)

4Q/FY24 Results Release

24/04/25 | Euroconsultants (Aft-mkt)

25/04/25 | Biokarpet, Interlife (Aft-mkt), Elton (Aft-mkt)

28/04/25 | Jumbo, Alumil (Aft-mkt), Loulis Food (Aft-mkt), Space Hellas (Aft-mkt), Intertech (Aft-mkt)

29/04/25 | ADMIE Holding (Aft-mkt), Alpha Real Estate (Aft-mkt), Thessaloniki Water Supply (Aft-mkt), Mevaco (Aft-mkt), Elinoil (Aft-mkt)

30/04/25 | EYDAP (Bef-mkt), Ble Kedros (Aft-mkt), Motodynamics, Galaxy Cosmos Mezz Plc

1Q:25 Results Release

24/04/25 | METLEN (trading update) (Bef-mkt)

30/04/25 | Coca Cola HBC (trading update)

06/05/25 | Piraeus Financial Holdings (Bef-mkt), Sarantis (trading update) (Bef-mkt)

08/05/25 | National Bank of Greece, Eurobank Holdings, Titan Cement

09/05/25 | Alpha Services & Holdings (Bef-mkt)

12/05/25 | Bank of Cyprus (Bef-mkt), Athens Airport (Aft-mkt)

14/05/25 | Optima bank, OTE (Bef-mkt)

15/05/25 | PPC (Aft-mkt), HELLENiQ ENERGY (Aft-mkt)

19/05/25 | Austriacard (Aft-mkt)

20/05/25 | Trade Estates (trading update) (Bef-mkt)

21/05/25 | ElvalHalcor (Aft-mkt), Quest Holding (Aft-mkt)

22/05/25 | Alpha Trust Andromeda (Aft-mkt), IDEAL Holdings (trading update) (Bef-mkt), AS Company (trading update) (Aft-mkt)

23/05/25 | Premia Properties (trading update)

26/05/25 | Hellenic Exchanges (Aft-mkt)

27/05/25 | Cenergy Holdings, Fourlis Holdings (Aft-mkt)

28/05/25 | OPAP (Aft-mkt)

05/06/25 | Attica Bank (Aft-mkt)

EGM / AGM

24/04/25 | Papoutsanis (AGM), Revoil (AGM)

28/04/25 | Sarantis (AGM)

29/04/25 | Optima bank (AGM), OPAP (AGM), Aegean Airlines (AGM), BriQ Properties (AGM)

30/04/25 | Eurobank Holdings (AGM), Frigoglass (EGM)

05/05/25 | Titan Cement (EGM), Real Consulting (EGM)

08/05/25 | Titan Cement (AGM), Premia Properties (AGM)

14/05/25 | Thessaloniki Port Authority (AGM)

15/05/25 | Performance Technologies (AGM)

16/05/25 | Bank of Cyprus (AGM)

21/05/25 | Alpha Services & Holdings (AGM)

22/05/25 | ElvalHalcor (AGM), Thessaloniki Water Supply (AGM), Alpha Trust Holdings (AGM)

23/05/25 | Coca-Cola HBC (AGM)

27/05/25 | Cenergy Holdings (AGM), Noval Property (AGM), Viohalco (AGM)

29/05/25 | Intralot (AGM), Profile Systems (AGM)

30/05/25 | National Bank of Greece (AGM)

03/06/25 | METLEN (AGM)

05/06/25 | IDEAL Holdings (AGM)

10/06/25 | EYDAP (AGM)

11/06/25 | Prodea Investments (AGM)

12/06/25 | Hellenic Exchanges (AGM), Motodynamics (AGM)

13/06/25 | Trade Estates (AGM), Interlife (AGM)

16/06/25 | Ble Kedros (AGM)

17/06/25 | Alter Ego Media (AGM)

18/06/25 | Motor Oil (AGM), Biokarpet (AGM)

19/06/25 | HELLENiQ ENERGY (AGM), Quest Holdings (AGM), AS Company (AGM), Mevaco (AGM), Petropoulos (AGM)

20/06/25 | Fourlis Holdings (AGM), Phoenix Vega Mezz Plc (AGM), Sunrise Mezz Plc (AGM)

23/06/25 | OTE (AGM)

24/06/25 | AUSTRIACARD Holdings (AGM), Galaxy Cosmos Mezz Plc (AGM)

25/06/25 | PPC (AGM)

26/06/25 | LAMDA Development (AGM)

01/07/25 | ΚΡΙ–ΚΡΙ (AGM)

02/07/25 | ADMIE Holding (AGM)

03/07/25 | Elinoil (AGM)

07/07/25 | Alumil (AGM)

18/07/25 | Alpha Real Estate Services (AGM)

22/07/25 | Piraeus Port Authority (AGM)

08/09/25 | Orilina Properties (AGM)

Ex-Capital Return

26/05/25 | Piraeus Financial Holdings (EUR 0.298/share)

Ex-Dividend

23/04/25 | Bank of Greece (EUR 0.672), Athens Airport (EUR 0.7862)

28/04/25 | Papoutsanis (remaining EUR 0.03)

29/04/25 | Revoil

02/05/25 | Sarantis (EUR 0.299174)

05/05/25 | Eurobank Holdings (EUR 0.105)

07/05/25 | OPAP (remaining EUR 0.80)

15/05/25 | Premia Properties

16/05/25 | Thessaloniki Port Authority (EUR 2.00)

19/05/25 | Alpha Trust Andromeda (EUR 0.32)

20/05/25 | Aegean Airlines (EUR 0.80)

23/05/25 | Alpha Services & Holdings (EUR 0.03), BriQ Properties (EUR 0.135)

26/05/25 | Bank of Cyprus (EUR 0.479)

27/05/25 | Alpha Trust Holdings (EUR 0.578)

03/06/25 | National Bank of Greece, Noval Property (EUR 0.043), Performance Technologies

16/06/25 | Prodea Investments

18/06/25 | EYDAP

19/06/25 | Trade Estates (remaining EUR 0.052)

23/06/25 | Optima bank (EUR 0.57), Hellenic Exchanges (EUR 0.29), Quest Holdings (EUR 0.30), Ble Kedros

24/06/25 | Cenergy Holdings (EUR 0.14), Viohalco (EUR 0.16)

25/06/25 | Motor Oil (remaining EUR 1.10)

26/06/25 | ElvalHalcor (EUR 0.09)

27/06/25 | Fourlis Holdings (EUR 0.15)

30/06/25 | Titan Cement (EUR 3.00)

01/07/25 | Profile Systems (EUR 0.064657), Thessaloniki Water Supply, AUSTRIACARD Holdings (EUR 0.11)

02/07/25 | HELLENiQ ENERGY (remaining EUR 0.55), Interlife

03/07/25 | OTE (EUR 0.7216)

04/07/25 | Mevaco

10/07/25 | AS Company (EUR 0.17)

21/07/25 | PPC (EUR 0.40)

04/08/25 | Piraeus Port Authority (EUR 1.92)

21/08/25 | KRI-KRI (EUR 0.40)

25/08/25 | ADMIE Holding

11/09/25 | Orilina Properties

ATHEX Companies Presentations (Hellenic Fund & Asset Management Association)

23/04/25 | ALTER EGO MEDIA (09:30 GR time)

24/04/25 | Lavipharm (09:30 GR time)

Research Department
Equity Research 

Τ: 210 8173 383 F: 210 3279 287 E: [email protected]

32 Aigialeias & Paradissou str., 15125, Maroussi optimabank.gr