Greek Market Watch: 30-year GGB, T-bills, Mytilineos, Sarantis, OPAP, Ideal Holdings, Epsilon Net, Intralot, GEK TERNA, TERNA Energy, Jumbo, Quest, Andromeda, Revoil

OPTIMA

Market Comment

ATHEX headed north yesterday, for a 6th session in a row, paring however initial wider gains, and outperforming the European markets. In more detail, the General Index rose by 0.06% at 1,448.70 units, (FTSE Large Cap: +0.06%, FTSE Mid Cap: -0.57%, Banks Index: +0.58%) and the traded value was shaped at EUR 174.9m, up from Tuesday’s EUR 159.4m. We expect the market to try to digest recent gains today, with some profit taking in place.  

Today’s Headlines

·         Greece raises EUR 3bn through the issuance of a 30-year bond

·         6-month T-bill yield down

·         Mytilineos 1Q24 Results First Read | Strong quarter despite weak seasonality; results broadly in line with our estimates

·         Mytilineos officially confirms exploring potential dual listing in the LSE in the next 12-18 months

·         Sarantis 1Q24 Trading Update out

·         OPAP AGM today

·         Ideal Holdings CC highlights

·         EPSILON NET acquired software applications of Lavisoft for EUR 1.2m

·         Moody’s changed Intralot’s outlook to positive

·         GEKTERNA FY23 Results out on 29 April amc

·         TERNA ENERGY FY23 Results out on 29 April amc

·         Jumbo AGM on 22 May

·         Quest Holdings to distribute EUR 0.22 per share

·         Alpha Trust Andromeda 1Q24 results

·         Revoil AGM on 15 May

 

Macro Headlines 

Greece raises EUR 3bn through the issuance of a 30-year bond

PDMA raised yesterday EUR 3bn with the successful issuance of a new 30-year Bond maturing on 15 June 2054, at an implied final yield of 4.15% (Mid swap+165bps). Total bids exceeded EUR 33bn, implying a coverage ratio of 11x.

 

6-month T-bill yield down

The Greek State raised EUR 812.5m yesterday from the issuance of 26week T-bills. In more detail, the total amount auctioned was EUR 625m, while total bids reached EUR 919m (1.47x coverage ratio vs. 1.65x in the previous auction) for an interest rate of 3.69% (vs. 3.83% in the previous auction).

 

Company Headlines

 

Mytilineos || BUY | CP: EUR 38.30 | TP: EUR 49.00

1Q24 Results First Read | Strong quarter despite weak seasonality; results broadly in line with our estimates

Mytilineos released earlier today its 1Q24 results, with group turnover at EUR 1.143m (-16%% YoY on normalized energy prices, +3% vs. Optima), EBITDA of EUR 252m (+12% YoY, in line with Optima and consensus) and Net income of EUR 158m (+10% YoY, 5% above Optima). Regarding Leverage, Net Debt at March 2024-end stood at EUR 2.2bn, implying a Net Debt/EBITDA of 2.1x (1.6x adjusting for non-recourse debt). The company will not hold a conference call

Mytilineos 1Q24 Results Review

EUR m

1Q23

1Q24a

Y-o-Y change

Optima

Actual vs. Optima

Group Revenues

1,358

   1,143

-16%

1,108

3%

– Energy EBITDA

150

184

23%

180

2%

– Metallurgy EBITDA

74

70

-5%

66.8

5%

– Construction/Concessions

1

1

>100%

3

-67%

Group EBITDA

225

252

12%

250

+1%

Net Income

143

158

10%

150

5%

Source: Optima bank Research, Mytilineos

 

Mytilineos officially confirms exploring potential dual listing in the LSE in the next 12-18 months

Mytilineos announced that in the context of its further international growth, announced that is considering a potential listing on an international exchange, including the London Stock Exchange, within the next 12-18 months, taking into consideration its increasingly diversified geographical presence and aiming to offer enhanced liquidity to its investors. Regardless of the outcome of this strategic review, Mytilineos will also retain a listing on the Athens Exchange, where has been listed since 1995.

 

Sarantis 1Q24 Trading Update out

Sarantis announced 1Q24 revenues of EUR 141.6m, up by 29.7% y-o-y (and 11.6% excluding Stella Pack), EBITDA of EUR 18.6, +50.1% y-o-y, with the EBITDA margin at 13.1% from 11.3% in 1Q23 (and +30.7% excluding Stella Pack) and EBIT of EUR 13.6m (+54.7% y-o-y), or +38.8% on a comparable basis. The management said that Sarantis is on track to meet the FY24 guidance, as indicated during the Investor Day held last March. In other related news, during yesterday’s AGM, Sarantis approved among others the distribution of a EUR 0.224381 DPS for FY23 (ex-date 2 May, DY: 1.9%).

 

OPAP AGM today

OPAP will hold its AGM today to approve among others the EUR 0.60/share remaining dividend and EUR 0.25/share capital return with ex-dividend day at Monday 29 April and Tuesday 25 June, accordingly. We remind that the last trading day with dividend right of EUR 0.60/share is tomorrow. 

 

Ideal Holdings CC highlights

Management stated on the conference call that the available cash of the holding company is exceeding EUR 130.0m and they will also use leverage to fund new acquisitions by looking at companies and not sectors but they’ll provide more details in 1Q24 results. Recall that the company estimates that the cash consideration to be paid upon the completion of the transaction (2H24) will range between EUR 110.0m and EUR 115.0m.

According to the terms of the listed corporate bond issued in December 2023, the company must reinvest the proceeds within 360 days. The company estimates that the accounting profit from the disposal of Astir surpasses EUR 60.0m and probably EUR 65.0m but is not clear yet.

As far as the dividend policy is concerned, management said that the capital return in 2023 will be in the same level with 2022 (EUR 0.19/share). Finally, 1Q24 performance is much better than a year ago.  We remain positive on the stock. 

EPSILON NET acquired software applications of Lavisoft for EUR 1.2m

The company announced that it completed the acquisition of ERP ERMIS and HR MaSter applications of LAVISOFT S.A for a cash consideration of EUR 400k as well as the “HR MaSter” family of payroll and human resource management applications for EUR 800k. 

 

Moody’s changed Intralot’s outlook to positive

Moody’s affirmed Intralot’s rating at Caa1 and changed the outlook to positive from stable, reflecting the improvement of profitability and FCF generation.

 

GEKTERNA FY23 Results out on 29 April amc

GEKTERNA is set to release the FY23 results on Monday, 29 April, after the market close, with a conference call scheduled for the following day at 17.15 local time. GEKTERNA will hold the AGM on 25 June to approve the distribution of a capital return

 

TERNA ENΕRGY FY23 Results out on 29 April amc

GEKTERNA is set to release the FY23 results on Monday, 29 April, after the market close, with a conference call scheduled for the following day at 16.15 local time. Additionally, TE will hold the AGM on 20 June to examine the possibility of a dividend distribution.

 

Jumbo AGM on 22 May

Jumbo will hold its AGM on Wednesday 22 May to approve among others the dividend distribution of EUR 1 per share (DY: 3.5%)

 

Quest Holdings to distribute EUR 0.22 per share

The BoD will propose to the AGM the distribution of a gross dividend of EUR 0.22 per share (+10% y-o-y), implying a gross dividend yield of 3.9%. The AGM will take place on Thursday 13 June. 

 

Alpha Trust Andromeda 1Q24 results

Net profit came in at EUR 1.7m (-11.5% y-o-y) in 1Q24 and NAV stood at EUR 31.65m (+19.0% y-o-y, +5.7%v y-t-d) or EUR 8.85/share, at a 23.2% discount to yesterday’s closing price.

 

Revoil AGM on 15 May

Revoil will hold its AGM on Wednesday 15 May to approve among others the dividend distribution of c. EUR 0.048 per share (DY: 2.9%).

 

Calendar of Events

Macros

26/04/24 | Building Activity JAN

29/04/24 | Economic Sentiment Indicator APR

30/04/24 | Turnover Index in Retail Trade FEB & Producer Price Index in Industry MAR

01/05/24 | S&P Global Greece Manufacturing PMI APR (08:00 UTC)

31/05/24 | Fitch – Greek sovereign credit review

Market

14/05/24 | MSCI Quarterly Index review announcement date (Effective date: June 03, 2024)

Results Release

25/04/24 | Mytilineos (1Q24 trading update) (Bef-mkt), EYDAP (FY23), Space Hellas (FY23)

26/04/24 | Kekrops (FY23) (Aft-mkt), Galaxy Cosmos Mezz Plc (FY23)

29/04/24 | GEK TERNA (FY23) (Aft-mkt), Terna Energy (FY23) (Aft-mkt), Athens Airport (1Q24) (bef-mkt), Elastron (FY23), AS Company (FY23), Alpha Real Estate Services (FY23)

30/04/24 | Piraeus Financial Holdings (1Q24), Coca-Cola HBC (1Q24 trading update) (7:00 am BST), Entersoft (1Q24 trading update) (Bef-mkt), Frigoglass (FY23)

01/05/24 | National Bank of Greece (1Q24) (Bef-mkt)

09/05/24 | Titan Cement International (1Q24)

14/05/24 | OTE (1Q24) (bef-mkt)

16/05/24 | Alpha Services and Holdings (1Q24), Eurobank Holdings (1Q24), HELLENiQ ENERGY (1Q24) (Aft-mkt)

21/05/24 | Optima bank (1Q24), Fourlis (1Q24) (Aft-mkt)

22/05/24 | ElvalHalcor (1Q24 trading update) (Aft-mkt), QUEST Holdings (1Q24) (Aft-mkt)

23/05/24 | PPC (1Q24) (Aft-mkt), Ideal Holdings (1Q24 trading update) (Bef-mkt)

27/05/24 | Hellenic Exchanges (1Q24)

28/05/24 | Cenergy Holdings (1Q24), Epsilon Net (1Q24 trading update) (Bef-mkt)

29/05/24 | OPAP (1Q24) (Aft-mkt)

31/05/24 | Austriacard Holdings (1Q24), Attica Bank (1Q24)

EGM / AGM

25/04/24 | OPAP (AGM), AΙA (AGM), MIG (AGM)

30/04/24 | Aegean Airlines (AGM), PPC (EGM), BriQ Properties (AGM)

09/05/24 | Titan Cement (AGM)

10/05/24 | Thessaloniki Port Authority (AGM)

15/05/24 | Alpha Trust Holding (AGM), Revoil (AGM)

17/05/24 | Trastor REIC (AGM), Entersoft (AGM)

21/05/24 | Coca-Cola HBC (AGM)

22/05/24 | Jumbo (AGM)

23/05/24 | Optima bank (AGM), ElvalHalcor (AGM), Motodynamics (AGM)

28/05/24 | Viohalco (AGM), Cenergy (AGM)

29/05/24 | Attica Group (AGM)

30/05/24 | Intralot (AGM)

31/05/24 | Ellaktor (AGM)

04/06/24 | Mytilineos (AGM)

06/06/24 | Ideal Holdings (AGM)

10/06/24 | Galaxy Cosmos Mezz Plc (AGM)

13/06/24 | Hellenic Exchanges (AGM)

14/06/24 | Trade Estates (AGM)

17/06/24 | Loulis Food (AGM)

19/06/24 | Motor Oil (AGM), Viokarpet (AGM)

20/06/24 | AS Company (AGM), Space Hellas (AGM)

21/06/24 | Fourlis (AGM)

27/06/24 | HELLENiQ ENERGY (AGM), PPC (AGM), LAMDA Development (AGM), Elastron (AGM)

28/06/24 | Piraeus Financial Holdings (AGM), OTE (AGM), Epsilon Net (AGM)

02/07/24 | Intrakat (AGM)

03/07/24 | ADMIE Holding (AGM)

04/07/24 | Alumil (AGM)

09/07/24 | Austriacard Holdings (AGM), KRI-KRI (AGM)

10/07/24 | Piraeus Port (AGM), Attica Bank (AGM)

11/07/24 | EYDAP (AGM)

23/07/24 | Eurobank Holdings (AGM)

25/07/24 | Alpha Services and Holdings (AGM)

Ex-Dividend

29/04/24 | OPAP (remaining EUR 0.60)

02/05/24 | Sarantis (EUR 0.224381)

08/05/24 | BriQ Properties

13/05/24 | Alpha Trust Andromeda (EUR 0.30)

14/05/24 | Thessaloniki Port Authority (EUR 1.30)

20/05/24 | Aegean Airlines (EUR 0.75), Alpha Trust Holding (EUR 0.55), Revoil (EUR 0.048)

21/05/24 | Athens Airport (EUR 0.33)

05/06/24 | Attica Group (EUR 0.07)

19/06/24 | Trade Estates

25/06/24 | Titan Cement (EUR 0.85), Hellenic Exchanges (EUR 0.24), ElvalHalcor (EUR 0.04), Viohalco (EUR 0.12), Cenergy (EUR 0.08)

26/06/24 | Motor Oil (rem. EUR 1.40), Mytilineos (EUR 1.50), Fourlis (EUR 0.12)

01/07/24 | Loulis Food

04/07/24 | OTE (EUR 0.71)

05/07/24 | Trastor REIC

10/07/24 | HELLENiQ ENERGY (rem. EUR 0.60), Jumbo (EUR 1.00), AS Company

16/07/24 | Austriacard Holdings, Epsilon Net

22/07/24 | PPC, EYDAP, Space Hellas

29/07/24 | Piraeus Port (EUR 1.34)

22/08/24 | KRI-KRI (EUR 0.35)

02/09/24 | ADMIE Holding

Ex-Capital Return

25/06/24 | OPAP (EUR 0.25)

25/07/24 | Ideal Holdings

ATHEX Companies Presentations (Hellenic Fund & Asset Management Association)

26/04/24 | Thrace Plastics (11:00 Athens time, videoconference)

30/04/24 | Profile Software (09:30) 

Research Department
Equity Research 

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

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

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