Greek Market Watch: Bank Interest Rates, MOH/GEKTERNA, HELLENiQ ENERGY, Trade Estates, Alpha Services & Holdings, Sarantis, Ethniki Insurance, Sunrise Mezz, Phoenix Vega Mezz, Jumbo

Market Comment

ATHEX headed north yesterday, outperforming the European stock markets. In more detail, the General Index rose by 0.88% at 1,520.82 units (FTSE Large Cap: +0.92%, FTSE Mid Cap: +0.95%, Banks Index: +1.00%) and the traded value was shaped at EUR 170.8m, down from Monday’s EUR 182.8m. We expect ATHEX to consolidate at current levels today. 

 

Today’s Headlines

·        Banking System Interest Rates | December 2024

·        Motor Oil and GEKTERNA in talks for the acquisition of HERON (press)

·        HELLENiQ ENERGY’s CEO expects tests drilling in 2025 (press)

·        Trade Estates changes in voting rights

·        Reggeborgh to take the fit & proper by 15 February-Press

·        Sarantis Financial Calendar 2025

·        Generali Hellas is also interested in Ethniki Insurance-Press

·        Sunrise Mezz 2024 results out on 09 April 2025

·        Phoenix Vega Mezz 2024 results out on 09 April 2025

·        Jumbo Share buyback

 

Sector Headlines

 

Banking System Interest Rates | December 2024

New Production

Oct’24

Nov’24

Dec’24

MoM

Mortgage loans (fixed up to 1 yr)

4.00%

3.88%

3.59%

-0.29%

Consumer loans

14.95%

15.02%

15.04%

0.02%

Business (fixed maturity floating)

4.98%

4.81%

4.68%

-0.13%

(a) Average loans

5.43%

5.27%

5.21%

-0.06%

HH deposits (Overnight )

0.03%

0.03%

0.03%

0.00%

HH term deposits (up to 1 year)

1.84%

1.74%

1.65%

-0.09%

Corporate term deposits (up to 1 year)

2.77%

2.56%

2.56%

0.00%

(b) Average deposits

0.53%

0.48%

0.45%

-0.03%

Interest Rate Spread [(a) – (b)]

4.90%

4.79%

4.76%

-0.03%

Outstanding amounts (Back Book)

(a) Loans

5.83%

5.75%

5.50%

-0.25%

(b) Deposits

0.51%

0.50%

0.49%

-0.01%

Interest Rate Spread [(a) – (b)]

5.32%

5.25%

5.01%

-0.24%

source: Bank of Greece

Facts: Bank of Greece announced that the average interest rate on new production of loans squeezed by 6bps m-o-m to 5.21% in December 2024 and the average interest rate on new production of deposits narrowed by 3bps m-o-m to 0.45%. The drop in the average interest rate on new loan production by 6bps m-o-m is attributed to lower interest rates on housing (-29bps m-o-m) and on business loans (-13bps m-o-m). Thus, the interest rate spread for new production squeezed by 3bp m-o-m to 4.76%. On outstanding amounts, the interest rate spread squeezed by 24bps m-o-m to 5.01%.

 

Company Headlines

 

Motor Oil and GEKTERNA in talks for the acquisition of HERON (press)

According to Newmoney.gr citing unconfirmed market rumors, Motor Oil is in talks with GEKTERNA for the acquisition of HERON, the electricity supply and thermal generation of the latter. HERON owns and operates two natural gas thermal plants and holds c.11% market share in the domestic electricity supply business.

 

HELLENiQ ENERGY’s CEO expects tests drilling in 2025 (press)

According to Euro2day.gr, the CEO of HELLENiQ ENERGY reiterated yesterday that he expects that the FID for the test drilling for carbohydrates in the offshore area west of Crete (where HE holds 30% of the exploration rights, while Exxon Mobil the remaining 70%), will be taken in 2025.

 

Trade Estates changes in voting rights

Trade Estates announced that on 4 February House Market Bulgaria EAD, H.M. Housemarket Cyprus and Trade Logistics transferred 19,279,935 shares corresponding to 16.0% of the total share capital. In more details Housemarket Bulgaria sold all of its position, the total share of Housemarket Cyprus fell to 4.89%, the total share of Housemarket S.A. fell below the limit of 1/3 to 25.47% and the total percentage held by Fourlis Holdings fell below the 50% limit to 47.32%. Following the announcement, Autohellas purchased 3,013,220 shares for EUR 4,519,830 or EUR 1.5/sh and CFO of the group Mr. Dimitrios Papoulis  purchased 667,000 shares for a total consideration of EUR 1,000,500 or EUR 1.5/sh.

 

Reggeborgh to take the fit & proper by 15 February-Press

Reportedly (mononews), Bank of Greece will give the fit & proper to Reggeborgh Invest by 15 February to increase its stake above 10.0% in Alpha Services and Holdings. According to ATHEX data, Reggeborgh Invest holds a 5.158% stake and Unicredit a 9.6159% stake. Alpha is one of our top picks in the sector with TP of EUR 2.55/share.

 

Sarantis Financial Calendar 2025

Sarantis announced that it will report FY24 results on Wednesday 12 March 2025, the conference call is scheduled for the next day and the AGM will be held on Monday 28 April 2025.

 

Generali Hellas is also interested in Ethniki Insurance-Press

Press reports (mononews) indicate that Generali Hellas is interested in acquiring Ethniki Insurance. Recall that Piraeus Financial Services has expressed officially its interest in the company.

 

Sunrise Mezz 2024 results out on 09 April 2025

The company announced that it will report FY2024 results on 09 April 2025 and the AGM will take place on Friday 20 June.

 

Phoenix Vega Mezz 2024 results out on 09 April 2025

The company announced that it will report FY2024 results on 09 April 2025 and the AGM will take place on Friday 20 June. 

 

Jumbo Share buyback

The company announced that it purchased on 3 February 53,439 own shares at an average price of EUR 25.635. The company now holds 1,608,919 shares or 1.18% of the total share capital.

 

 

Calendar of Events

Macros

07/02/25 | Trade Balance DEC (ELSTAT)

10/02/25 | Industrial Production Index DEC (ELSTAT)

Market

11/02/25 | MSCI Index Review announcement (Effective date: March 03, 2025)

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 (08:00 GR time)

04/03/25 | ElvalHalcor (Aft-mkt)

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

12/03/25 | Sarantis (Aft-mkt)

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

27/03/25 | Titan Cement International

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

30/04/25 | Motodynamics

Ex-Capital Return

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

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