Greek Market Watch: Alpha Services and Holdings, Motor Oil/Terna Energy, METLEN, Athens Airport, AKTOR Group, Jumbo

Market Comment

ATHEX headed south yesterday, in line with the European stock markets. In more detail, the General Index narrowed by 0.28% at 1,539.88 units (FTSE Large Cap: -0.20%, FTSE Mid Cap: -0.32%, Banks Index: +0.08%) and the traded value was shaped at EUR 113.2m, down from Friday’s EUR 123.8m. We expect ATHEX to consolidate at current levels today.  

Today’s Headlines

·         Alpha Services and Holdings completed Share Buyback

·         MOH-TERNA ENERGY JV proceed with the offshore wind project

·         METLEN secures bank financing for a 71.5MW solar park in Italy

·         AIA financial calendar

·         AKTOR Group SCI successfully oversubscribed

·         Jumbo Share buyback 

Company Headlines 

Alpha Services and Holdings completed Share Buyback

Alpha announced that it purchased between 20.1.2025 and 24.1.2025, 1,363,423 own shares at an average price of EUR 1.7620/share and a total cost of EUR 2,402,300.93. The bank announced that it completed the purchase of own shares which refers to the decision of the ordinary Shareholders General Meeting of 24.7.2024 regarding the acquisition and subsequent cancellation of own shares, as part of the decision to distribute profits to the shareholders, corresponding to the amount of EUR 61.1m. Following the above purchases, the company holds a total of 40,716,181 own shares, representing 1.73% of its total shares, of which 38,550,720 own shares were purchased with a total value of EUR 61.1m or EUR 1.586/share. We estimate that the cancellation of the own shares will increase our EPS estimates by 1.6%. We reiterate our Buy rating on the stock.   

MOH-TERNA ENERGY JV proceed with the offshore wind project

Motor Oil and Terna Energy announced that they are proceeding with the joint development of the first offshore wind farm in Greece with a capacity of 400 MW in the sea area south of Alexandroupolis and north of Samothrace with a completion horizon by the end of the current decade and it will be the first of its kind in Greece. 

METLEN secures bank financing for a 71.5MW solar park in Italy

METLEN announced that it secured EUR 67.9m in financing for the construction of 71.5 MW through five large-scale solar parks in Italy. 

AIA financial calendar

AIA is set to release its FY24 flash results on 24 February, before the market opening. With a conference call scheduled for the next day. Additionally, the company will hold the annual AGM on 14th April and the dividend ex-date is set for 23rd April. 

AKTOR Group SCI successfully oversubscribed

AKTOR Group announced that its EUR 200m SCI was successfully oversubscribed, with total offers reaching EUR 225m. 

Jumbo Share buyback

The company announced that it purchased on 24 January, 46,744 own shares at an average price of EUR 25.734. The company now holds 1,485,161 shares or 1.09% of the total share capital.  

Calendar of Events

Macros

28/01/25 | Building Activity OCT (ELSTAT)

30/01/25 | Unemployment Rate DEC (ELSTAT), Producer Price Index in Industry DEC (ELSTAT) & Economic Sentiment Indicator JAN

31/01/25 | Turnover Index in Retail Trade NOV (ELSTAT)

4Q/FY24 Results Release

13/02/25 | Coca-Cola HBC (7:00 am GMT)

18/02/25 | Bank of Cyprus (Bef-mkt)

20/02/25 | METLEN (Bef-mkt)

24/02/25 | Piraeus Financial Holdings (Bef-mkt), Athens International Airport (Bef-mkt)

26/02/25 | OTE (Bef-mkt)

27/02/25 | HELLENiQ ENERGY (Aft-mkt), Eurobank Holdings, IDEAL Holdings (Bef-mkt)

28/02/25 | Alpha Services & Holdings

10/03/25 | Attica Bank (Aft-mkt)

26/03/25 | PPC (Aft-mkt)

27/03/25 | Titan Cement International

31/03/25 | Hellenic Exchanges (Aft-mkt)

EGM / AGM

30/01/25 | ELLAKTOR (EGM)

03/02/25 | IDEAL Holdings (EGM)

Ex-Capital Return

24/03/25 | ELLAKTOR (EUR 0.85/share), IDEAL Holdings (EUR 0.10/share)

Initiation of trading of new shares

04/02/25 | AKTOR Group (from SCI)

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