Greek Market Watch: Banks (Interest Rates, S&P upgrade), NBG, Terna Energy, Ideal Holdings, Revoil, Sunrise Mezz, Phoenix Vega Mezz

OPTIMA

Today’s Headlines

·         Banking System Interest Rates | May 2024

·         S&P Global upgraded the ratings of systemic banks

·         National Bank of Greece AGM on 25 July

·         Terna Energy trades ex-dividend on Monday

·         Ideal Holdings to trade ex-capital return on 25 July

·         Revoil acquired 10MW photovoltaic parks

·         Sunrise Mezz AGM today

·         Phoenix Vega Mezz AGM today 

Market Comment

ATHEX extended gains yesterday, outperforming the European markets. In more detail, the General Index advanced by 0.86% at 1,435.81 units, (FTSE Large Cap: +0.97%, FTSE Mid Cap: +0.93%, Banks Index: +1.97%) and the traded value was shaped at EUR 66.4m, down from Wednesday’s EUR 85.8m. We expect ATHEX to consolidate at current levels today, with Banks in focus.

Sector Headlines 

Banking System Interest Rates | May 2024

New Production

Mar’24

Apr’24

May’24

MoM

Mortgage loans (fixed up to 1 yr)

5.01%

5.11%

4.96%

-0.15%

Consumer loans

15.18%

15.07%

14.99%

-0.08%

Business (fixed maturity floating)

6.22%

5.93%

5.39%

-0.54%

(a) Average loans

6.24%

5.98%

5.54%

-0.44%

HH deposits (Overnight )

0.03%

0.03%

0.03%

0.00%

HH term deposits (up to 1 year)

1.77%

1.83%

1.83%

0.00%

Corporate term deposits (up to 1 year)

3.22%

3.19%

3.18%

-0.01%

(b) Average deposits

0.53%

0.53%

0.55%

0.02%

Interest Rate Spread [(a) – (b)]

5.71%

5.45%

4.99%

-0.46%

Outstanding amounts (Back Book)

 

 

 

 

(a) Loans

6.32%

6.27%

6.23%

-0.04%

(b) Deposits

0.54%

0.55%

0.54%

-0.01%

Interest Rate Spread [(a) – (b)]

5.78%

5.72%

5.69%

-0.03%

source: Bank of Greece

Facts: Bank of Greece announced that the average interest rate on new production of loans squeezed by 44bps m-o-m to 5.54% in May 2024, whilst the average interest rate on new production of deposits rose slightly by 2bps to 0.55%. The drop in the average interest rate on new loan production by 44bps m-o-m is attributed to the lower interest rates on business (-54bps m-o-m) and mortgage loans (-15bps m-o-m). Thus, the interest rate spread for new production fell by 46bps m-o-m to 4.99%. On outstanding amounts, the interest rate spread narrowed slightly by 3bps m-o-m to 5.69%.

S&P Global upgraded the ratings of systemic banks

S&P Global Ratings upgraded the ratings of systemic banks with a positive outlook. In specific, it raised the long-term issuer credit rating of Alpha Bank to ‘BB’ from ‘BB-‘ and affirmed the ‘B’ short-term rating, the long-term issuer credit rating of Eurobank to ‘BB+’ from ‘BB’ and affirmed the ‘B’ short-term rating, the long-term issuer credit rating of National Bank of Greece to ‘BB+’ from ‘BB’ and affirmed the ‘B’ short-term rating and finally the long-term issuer credit rating of Piraeus Bank to ‘BB’ from ‘BB-‘ and affirmed the ‘B’ short-term rating.  

Company Headlines 

National Bank of Greece AGM on 25 July

The AGM of National Bank of Greece will be held on Thursday 25 July at 11:00 Athens/09:00 London Time. Shareholders will approve among others the distribution of a dividend of EUR 0.36 per share (DY: 4.5%, ex-dividend: Monday 29 July) as well as the increase of the cost of the share buyback program by EUR 10.0m to EUR 40.0m. Recall that the share buyback program is up to 13,720,727 shares (1.5% of shares o/s) to be acquired through to 28 July 2025. The maximum price is set at EUR 15.00/share and the minimum at EUR 1.00/share. Recall that NBG announced on 27 June that it holds 3,274,930 own shares or 0.36% of shares o/s. NBG is one of our top picks with TP of EUR 10.84/share. 

Terna Energy trades ex-dividend on Monday

Terna ENERGY WILL trade ex-dividend of EUR 0.38211/share on Monday (DY: 1.95%) 

Ideal Holdings to trade ex-capital return on 25 July

The company announced that the stock will trade ex-capital return (EUR 0.20, Yield: 3.5%) on Thursday 25 July. 

Revoil acquired 10MW photovoltaic parks

The company announced the acquisition of new 10MW photovoltaic parks for a total cost of EUR 1.74m. The Group will repay the existing bank loan of EUR 6.5m over a period of 15 years. The group currently operates a total of 14.34MW which is estimated to contribute up to EUR 1.2m in EBITDA on an annual basis. Finally, within the next five years the company plans to operate renewable energy projects with a total capacity of 200 MW. 

Sunrise Mezz AGM today

The AGM is taking place today at 15:00 CY/13:00 UK Time. Shareholders will approve among others the distribution of a capital return of EUR 0,0504/share (Yield: 15.8%). 

Phoenix Vega Mezz AGM today

The AGM is taking place today at 11:00 CY/09:00 UK Time. Shareholders will approve among others the distribution of a capital return of EUR 0.0128/share (Yield: 15.9%). 

Calendar of Events

Macros

09/07/24 | CPI & Harmonized CPI JUN

10/07/24 | Industrial Production Index MAY

12/07/24 | Import Price Index in Industry MAY

12/07/24 | Scope Ratings – Greek sovereign credit review

16/07/24 | Evolution of Turnover of Enterprises MAY

19/07/24 | Turnover Index in Industry MAY

2Q/1H24 Results Release

25/07/24 | Metlen (Flash Note) (Bef-mkt)

29/07/24 | Hellenic Exchanges

30/07/24 | Entersoft (trading update) (Aft-mkt)

31/07/24 | Piraeus Financial Holdings (Bef-mkt), Eurobank Holdings, Titan Cement

01/08/24 | Optima bank, National Bank of Greece

02/08/24 | Alpha Services and Holdings

06/08/24 | PPC (Aft-mkt)

EGM / AGM

05/07/24 | Sunrise Mezz PLC (AGM), Phoenix Vega Mezz PLC (AGM), ILYDA (AGM), Medicon (AGM)

08/07/24 | ELLAKTOR (EGM), Real Consulting (AGM)

09/07/24 | Austriacard Holdings (AGM), Lavipharm (AGM), Centric (AGM)

10/07/24 | Intrakat (AGM), Papoutsanis (EGM)

11/07/24 | EYDAP (AGM), Alpha Real Estate (AGM)

12/07/24 | Attica Group (AGM)

16/07/24 | Attica Bank (AGM)

17/07/24 | Motor Oil (EGM)

19/07/24 | Quality & Reliability (AGM)

23/07/24 | Eurobank Holdings (AGM)

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

25/07/24 | National Bank of Greece (AGM)

26/07/24 | Evrofarma (AGM), Unibios (AGM)

20/08/24 | Thessaloniki Water & Sewage Co. (AGM)

30/08/24 | Ble Kedros (AGM)

04/09/24 | ELVE (AGM)

06/09/24 | Domiki Kritis (AGM)

10/09/24 | Epsilon Net (AGM)

Ex-Dividend

05/07/24 | Trastor REIC (EUR 0.02), Mevaco (EUR 0.15)

08/07/24 | Terna Energy (EUR 0.3821128409), EKTER (EUR 0.12)

10/07/24 | Piraeus Financial Holdings (EUR 0.063), HELLENiQ ENERGY (rem. EUR 0.60), Jumbo (EUR 1.00), AS Company (EUR 0.13762556)

15/07/24 | Vogiatzoglou Systems (EUR 0.145), Medicon

16/07/24 | Austriacard Holdings, Alpha Real Estate

18/07/24 | ILYDA (EUR 0.02)

19/07/24 | Attica Group (EUR 0.07)

22/07/24 | PPC (EUR 0.25), EYDAP (EUR 0.10), Space Hellas (EUR 0.16), Athens Medical (EUR 0.02)

25/07/24 | Eurobank Holdings (EUR 0.0933)

26/07/24 | Alpha Services and Holdings (EUR 0.026)

29/07/24 | National Bank of Greece (EUR 0.36), Piraeus Port (EUR 1.34), AVAX (EUR 0.03)

01/08/24 | Creta Plastics (EUR 0.5001157168)

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

27/08/24 | Thessaloniki Water & Sewage Co.

11/09/24 | Ble Kedros

12/09/24 | Evrofarma

17/09/24 | Epsilon Net

Ex-Capital Return

22/07/24 | ELLAKTOR (EUR 0.50)

25/07/24 | Ideal Holdings (EUR 0.20)

26/08/24 | Biokarpet (EUR 0.02)

28/08/24 | GEK TERNA (EUR 0.25)

12/09/24 | Unibios 

Research Department
Equity Research 

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

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

Ακολουθήστε το στο Google News και μάθετε πρώτοι όλες τις ειδήσεις
Δείτε όλες τις τελευταίες Ειδήσεις από την Ελλάδα και τον Κόσμο, στο