Greek Market Watch: Bank of Cyprus, METLEN, GEK TERNA, Titan Cement, Lamda Development, Biokarpet

Market Comment

ATHEX headed north yesterday for a 5^th session in a row outperforming the European stock markets. In more detail, the General Index advanced by 0.64% at 1,625.40 units (FTSE Large Cap: +0.62%, FTSE Mid Cap: -0.21%, Banks Index: +1.10%) and the traded value was shaped at EUR 146.1m, up from Monday’s EUR 98.5m. We expect the market to consolidate at current levels today.  

Today’s Headlines

·         Bank of Cyprus FY24 results slightly beat estimates, to increase payout to 70%

·         METLEN 4Q24e: Solid Performance, 2024e guidance delivered, we expect DPS at EUR 1.54/share; attractive at current levels

·         GEK TERNA Share buyback

·         Titan Cement Share buyback

·         Lamda Development Share buyback

·         Biokarpet Financial Calendar 2025 

Company Headlines 

Bank of Cyprus FY24 results slightly beat estimates, to increase payout to 70%

Bank of Cyprus reported FY24 results that beat consensus estimates by 3%. NII came in at EUR 822.0m (+3.8% y-o-y), 1% above consensus estimate of EUR 814.8m and total revenues reached EUR 1.09bn (+0.2% y-o-y), in line with consensus estimate of EUR ca1.088m. LLPs came in at EUR 30.0m (-52.2% y-o-y), well below consensus estimate of EUR 59.0m and net profit came in at EUR 508.0m (+4.3% y-o-y), 3% above consensus estimate of EUR 494.0m. RoTE was shaped at 21.4% in 2024 from 24.8% in 2023 and CET1 ratio widened to 19.2% vs. 17.4% in 2023. Management proposed the distribution of EUR 241.0m (50% payout, EUR 0.55/share, in line with consensus, Yield at 9.8%), of which EUR 211.0m in cash dividend (EUR 0.4790/share, DY: 8.6%) and EUR 30.0m in share buyback and aims to increase the payout to 50%-70% from 30%-50% previously as well as will consider the introduction of interim dividends. Finally, management targets high-teens RoTE in 2025 on NII of less than EUR 700m (in line with consensus estimate of EUR 688m), C/I at 40% and CoR at 40-50bps.  

METLEN || BUY | CP: EUR 37.00 | TP: EUR 49.00

4Q24e: Solid Performance, 2024e guidance delivered, we expect DPS at EUR 1.54/share; attractive at current levels

4Q24e Results Preview | METLEN (Mytilineos) is set to announce its 4Q/FY24e Results tomorrow before the market opening, with a conference call scheduled also for tomorrow at 17.00 local time (Tel nos: Greek participants: +211 180 2000 or +30 210 94 60 800, UK participants: +44 (0) 800 368 1063, UK & International: +44 (0) 203 059 5872, USA participants: +1 516 447 5632). In more detail, we expect group revenues at EUR 1,681m, up by 19.8% y-o-y, group EBITDA at EUR 309m, up by 6.3% y-o-y in a EUR 214/65m Metals/Energy split and Net profits of EUR 147m (down by 8.6% y-o-y). In FY24e terms, we see group revenues at EUR 5.88bn, up by 7.1% y-o-y and EBITDA at EUR 1,072m (up 5.8% y-o-y), with more than 2/3 deriving from the Energy segment and net profits of EUR 629m, (+1% y-o-y). In this context, we expect METLEN to declare a similar to last year DPS, at EUR 1.54 (DY: 4.6%). 

 GEK TERNA Share buyback

The company announced that it purchased on 17 February 4,980 own shares at an average price of EUR 19.031. The company now holds 3,250,282 shares or 3.14% of the total share capital. 

Titan Cement Share buyback

The company announced that it purchased from 10-14 February 8,930 own shares at an average price of EUR 43.584. The company now holds 4,149,686 shares or 5.30% of the total share capital. 

Lamda Development Share buyback

The company announced that it purchased on 17 February 30,000 own shares at an average price of EUR 6.953. The company now holds 3,304,726 shares or 1.87% of the total share capital. 

Biokarpet Financial Calendar 2025

Biokarpet announced that it will report FY24 results on Friday 25 April 2025, and the AGM is scheduled for Wednesday 18 June 2025. 

Calendar of Events

Macros

19/02/25 | Evolution of Turnover of Enterprises DEC (ELSTAT)

20/02/25 | Turnover Index in Industry DEC (ELSTAT) & Current Account Balance DEC (BoG)

4Q/FY24 Results Release

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 (Aft-mkt), IDEAL Holdings (Bef-mkt)

28/02/25 | NBG (Bef-mkt), Alpha Services & Holdings (08:00 GR time), Premia Properties

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

05/03/25 | Cenergy Holdings

06/03/25 | Optima bank (Bef-mkt), Viohalco

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

12/03/25 | Sarantis (Aft-mkt), Autohellas (Bef-mkt)

19/03/25 | OPAP (Aft-mkt)

26/03/25 | PPC (Aft-mkt), LAMDA Development (Aft-mkt)

27/03/25 | Titan Cement International

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

28/04/25 | Alumil

30/04/25 | Motodynamics

EGM / AGM

26/02/25 | Attica Bank (EGM)

06/03/25 | EVROPI Holdings (EGM)

14/04/25 | Athens Airport (AGM)

28/04/25 | Sarantis (AGM)

29/04/25 | Optima bank (AGM), OPAP (AGM)

30/04/25 | Eurobank (AGM)

08/05/25 | Titan Cement (AGM)

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

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

30/05/25 | NBG (AGM)

03/06/25 | METLEN (AGM)

05/06/25 | OTE (AGM), IDEAL Holdings (AGM)

06/06/25 | Premia Properties (AGM)

12/06/25 | Motodynamics (AGM)

24/06/25 | AUSTRIACARD Holdings (AGM)

25/06/25 | PPC (AGM)

25/07/25 | Alpha Services & Holdings (AGM)

Ex-Dividend

23/04/25 | Athens Airport

02/05/25 | Sarantis

07/05/25 | OPAP

12/06/25 | Premia Properties

01/07/25 | AUSTRIACARD Holdings

03/07/25 | OTE

21/07/25 | PPC

Ex-Capital Return

07/03/25 | IDEAL Holdings (EUR 0.10/share)

24/03/25 | ELLAKTOR (EUR 0.85/share)