Greek Market Watch: AIA passenger traffic, Titan US listing, Titan CC highlights, Aegean partners with Saudia, Athens Water Supply capital return, Jumbo share disposal, Alpha Trust ex-div, Intralot AGM, Fourlis results

MARKET COMMENT

ATHEX headed north on Thursday for a 4th consecutive session, underperforming the European markets. In more detail, the General Index rose by 0.25% at 1,477.22 units, (FTSE Large Cap: +0.08%, FTSE Mid Cap: +0.06%, Banks Index: +0.20%) and the traded value was shaped at EUR 284.3m, up from Wednesday’s EUR 212.2m. We expect the positive momentum to continue, with some profit taking in place today.

Today’s Headlines

·      Athens Airport releases strong passenger traffic for April

·      Titan Cement to List Titan US in New York

·      Titan Cement Conference call highlights

·      Aegean Airlines offering codeshare flights with Saudia (Press)

·      Athens Water examines potential capital return distribution (press)

·      Jumbo’s major shareholder and chairman disposes 4.0m company shares (press)

·      Alpha Trust Andromeda ex-dividend on Monday

·      Intralot AGM on 30 May

·      Fourlis 1Q24 results on 21 May 

HEADLINES

Company Headlines

Athens Airport releases strong passenger traffic for April

Athens International Airport (AIA) released its passenger traffic data for April 2024, according to which total passenger traffic up by 16.3% y-o-y, driven by international traffic (up by 21.7% YoY), while domestic traffic was also up +4.1% y-o-y. For the 4M24 total passenger traffic was up by +16.5% y-o-y, reaching 7.7m passengers with international passengers up by 20.2% (4.5m passengers) y-o-y and domestic passengers up by 8.4% y-o-y.

 

Titan Cement to List Titan US in New York

Titan Cement announced its intention to list TITAN America in the US equity market, a $1.6 billion sales business in New York and will be accompanied by an IPO of a minority stake, consistent with the typical percentage of company stock sold in US IPOs, without creating any incremental tax burden.

The transaction is anticipated to be completed in early 2025. In our view the news is positive, as the valuation multiples in the US for the cement industry are considerably higher compared to the EU, and could further rerate the stock.

It is noted that the US operations account for >60% of group turnover and profitability. In other related news, during yesterday’s AGM, Titan Cement approved among others the distribution of a EUR 0.85/share dividend for FY 23 (DY: 2.7%, ex-date: 25 June). 

Titan Cement Conference call highlights

Outlook:

·         Strong performance continues in April, with solid orders

·         Positive outlook for 2024e due to solid demand, sustained prices and operational and cost efficiencies

·         Construction activity in Greece is expected to further pick up, however lower exports affects negatively profitability

·         US: robust growth in all markets, supports demand, expects stronger 2H24e, as 1Q24 was negatively affected by maintenance and unfavorable weather

·         Outlook in the east med is improving

·         SEE demand remains solid, lower costs are supporting margins

 

US listing:

·         Will file the application to the US regulatory authorities after summer, expects to complete the necessary procedure by early 2025.

·         IPO of a minority stake of 15%-25% of Titan US

·         Majority stake in Titan US will remain under Titan Group International, and will continue to consolidate US operations.

·         More details will be provided later this year, in a special investor day event

Aegean Airlines offering codeshare flights with Saudia (Press)

Aegean Airlines will offer codeshare flights with Saudia aiming to offer enhanced flight schedule to and from Athens, Jeddah and Riyadh. Aegean Airlines will expand further is activity to Saudi Arabia and will offer c. 7% more ASKs compared to 2023.

 

Athens Water examines potential capital return distribution (press)

According to Euro2day.gr, Athens Water is considering to proceed with a capital return to its shareholders, on top of the recently approved dividend distribution of EUR 0.10/share.

 

Jumbo’s major shareholder and chairman disposes 4.0m company shares (press)

According to Capital.gr, Tanocerian Maritime (owned by BELA’s Chairman Vakakis) is offering c. 4m shares (c. 3% of total) at EUR 27.20/share.

 

Alpha Trust Andromeda ex-dividend on Monday

The stock will trade ex-dividend on Monday 13 May (DPS: EUR ca 0,316, DY: 4.6%) and payment will commence on 06 June.

 

Intralot AGM on 30 May

The company announced that the AGM of shareholders will take place on Thursday 30 May at 12:00 Athens/10:00 London Time.

 

Fourlis 1Q24 results on 21 May

Fourlis group is scheduled to report 1Q24 results on Tuesday 21 May amc while the conference call of the company is set for the following day at 17:00 (Athens time).

 

CALENDAR OF EVENTS

Macros

10/05/24 | Industrial Production Index MAR

14/05/24 | CPI APR, Import Price Index in Industry MAR & Evolution of Turnover of Enterprises MAR

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

Market

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

Results Release

10/05/24 | Premia Properties (1Q24 trading update)

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

16/05/24 | Alpha Services and Holdings (1Q24) (08:00 GR Time), Eurobank Holdings (1Q24) (Aft-mkt), HELLENiQ ENERGY (1Q24) (Aft-mkt)

20/05/24 | PPC (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 | Ideal Holdings (1Q24 trading update) (Bef-mkt), Lavipharm (1Q24 trading update)

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

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

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

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

EGM / AGM

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

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

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

20/05/24 | Profile (AGM)

21/05/24 | Coca-Cola HBC (AGM), Quality & Reliability (EGM)

22/05/24 | Jumbo (AGM), REDS (EGM)

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

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

29/05/24 | Intracom (AGM), Attica Group (AGM), Thrace Plastics (AGM), Karelias (AGM)

30/05/24 | Intralot (AGM)

31/05/24 | Ellaktor (AGM)

04/06/24 | Mytilineos (AGM)

05/06/24 | Intercontinental International REIC (AGM)

06/06/24 | Ideal Holdings (AGM)

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

11/06/24 | Prodea Investments (AGM)

12/06/24 | AVAX (AGM)

13/06/24 | Hellenic Exchanges (AGM), Quest Holdings (AGM)

14/06/24 | Trade Estates (AGM)

17/06/24 | Loulis Food (AGM)

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

20/06/24 | Terna Energy (AGM), AS Company (AGM)

21/06/24 | Fourlis (AGM), Elton (AGM)

25/06/24 | GEK TERNA (AGM)

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

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

02/07/24 | Intrakat (AGM)

03/07/24 | ADMIE Holding (AGM)

04/07/24 | Piraeus Port (AGM), Alumil (AGM), Elinoil (AGM)

05/07/24 | ILYDA (AGM)

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

10/07/24 | Attica Bank (AGM)

11/07/24 | EYDAP (AGM)

23/07/24 | Eurobank Holdings (AGM)

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

Ex-Dividend

13/05/24 | Alpha Trust Andromeda (EUR 0.31597)

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)

03/06/24 | Thrace Plastics (rem. EUR 0.17), Karelias

04/06/24 | Profile

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

14/06/24 | Prodea Investments

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), Quest Holdings (EUR 0.22), Intracom (EUR 0.12), Intercontinental International

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 (EUR 0.02)

08/07/24 | EKTER

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

16/07/24 | Austriacard Holdings, Epsilon Net

18/07/24 | ILYDA (EUR 0.02)

22/07/24 | PPC, EYDAP (EUR 0.10), Space Hellas

29/07/24 | Piraeus Port (EUR 1.34), AVAX (EUR 0.03)

22/08/24 | KRI-KRI (EUR 0.35)

02/09/24 | ADMIE Holding

Ex-Capital Return

25/06/24 | OPAP (EUR 0.25)

02/07/24 | Intracom Holdings

25/07/24 | Ideal Holdings

28/08/24 | GEK TERNA 

Research Department Equity Research Τ: 210 8173 383 F: 210 3279 287 E: [email protected] 32 Aigialeias & Paradissou str., 15125, Maroussi optimabank.gr