Greek Market Watch: BoG report, T-bills, Eurobank, NBG, OPAP, Metlen, PPC, Piraeus Financial Holdings, HELLENiQ ENERGY, GEKTERNA, OTE

Today’s Headlines

·         BoG releases its Monetary Policy report; solid growth, but elevated domestic and international risks

·         6-month T-bill yield down

·         Eurobank Financial Holdings acceptance period for Hellenic ends on 30 July

·         National Bank of Greece call option exercise on Tier 2 notes

·         OPAP signed a 15-year concession agreement with the Republic of Cyprus

·         METLEN (Mytilineos) interested in investing in green energy in Italy (Bloomberg)

·         PPC Group proceeds Merger of companies in Romania

·         PPC AGM today

·         Piraeus Financial Holdings AGM tomorrow 

·         HELLENiQ ENERGY AGM today

·         GEKTERNA’s AGM approves capital return

·         OTE AGM tomorrow 

Market Comment

ATHEX headed south yesterday, underperforming the European markets. In more detail, the General Index narrowed by 0.97% at 1,406.24 units, (FTSE Large Cap: -1.08%, FTSE Mid Cap: -1.12%, Banks Index: -1.71%) and the traded value was shaped at EUR 166.4m, up from Tuesday’s EUR 155.7m. We expect ATHEX to follow the international markets today. 

Macro Headlines 

BoG releases its Monetary Policy report; solid growth, but elevated domestic and international risks

Facts: The Bank of Greece released its Monetary Policy report for 2023-24, trimming its GDP growth estimate to 2.2% for 2024e (from 2.3% previously), while expects it to pick up to 2.5% in 2025 before it settles to 2.3% in 2026e, while expects HICP inflation to drop to 3% in 2024 (from 4.3% in 2023) and converge towards, but remain slightly above, the ECB’s target of 2% over the medium term.

Risks mainly tilted to the downside: The report sees elevated domestic and international risks, namely a) a worsening of the geopolitical crisis in Ukraine and the Middle East and the resulting impact on the international economic environment, b) a lower-than-expected rate of absorption and disbursement of RRF funds, c) possible natural disasters linked to the effects of the climate crisis, d) a tightening labour market and e) delays in the implementation of reforms, which would slow down the process of enhancing the productivity of the economy and the competitiveness of enterprises. On the upside, the Greek economy will be positively affected if tourism revenues again exceed expectations. 

6-month T-bill yield down

The Greek State raised EUR 600m yesterday from the issuance of 26-week T-bills. In more detail, the total amount auctioned was EUR 500m, while total bids reached EUR 984m (1.97x coverage ratio vs. 2.31x in the previous auction) for an interest rate of 3.44% (vs. 3.55% in the previous auction). 

Company Headlines 

Eurobank Financial Holdings acceptance period for Hellenic ends on 30 July

Eurobank announced that the acceptance period of the takeover bid for the shareholders of Hellenic Bank (EUR 2.56/share) commences on 01 July and ends on 30 July. Recall that Eurobank currently holds a majority stake of 55.48% (229,029,857 shares) in Hellenic Bank. 

National Bank of Greece call option exercise on Tier 2 notes

NBG has commenced the call option exercise process with respect to all outstanding EUR 400.0m Tier 2 Notes due 2029 issued on 18 July 2019. The notes will be redeemed at par and accrued but unpaid interest will be payable. The current outstanding principal amount of the Notes is EUR 79,925,000. 

OPAP signed a 15-year concession agreement with the Republic of Cyprus

OPAP Cyprus signed a new concession agreement providing exclusivity for the next 15 years with the Republic of Cyprus for the already existing games. The main difference is that the GGR tax will be set at 22.5%, whereas previously it was calculated according to a formula and is expected to be slightly higher overall.

At group level, the impact on profitability is not expected to exceed 0.5% or 3-4m in EBITDA terms. The consideration for the new license will be paid in 15 annual installments based on the annual performance of the games and the annual instalments will be approx.  EUR 4.2m – 4.4m on an annualized basis with the first installment of EUR 4.2m paid yesterday. It is noted that the minimum annual proceeds for the Republic of Cyprus are set at EUR 20m. 

METLEN (Mytilineos) interested in investing in green energy in Italy (Bloomberg)

According to Bloomberg, The Greek group Mytilineos is among several funds interested in investing in a new green energy hub controlled by Italy’s infrastructure fund F2i SGR SpA, Corriere della Sera reports. The hub has been created following a tie-up between Sorgenia SpA and EF Solare, and the fund could get up to 40%.

F2i SGR is Italy’s largest independent infrastructure fund manager, with assets under management, between equity and debt, of approximately EUR 8.2 billion, investing in key sectors of the national economy: transport and logistics, energy for transition, distribution networks, telecommunications networks, health and social care facilities and circular economy.

As a reminder, Last May, the Chief Executive Director of Mytilineos, Mr Kalafatas, said that the company plans to invest a total of EUR 3.3bn in Italy in the next 4-year period, with the development of a 3.7GW RES portfolio in the country and also in potential acquisitions in the electricity supply business. 

PPC Group proceeds Merger of companies in Romania

PPC announced the merger of the two electricity supply companies into one under the name PPC Energie and the merger of the three distribution companies into one under the name Rețele Electrice Romania, aiming at improved monitoring and more efficient cooperation of companies in the country. 

PPC AGM today

PPC will hold its AGM today, to approve among others the distribution of a EUR 0.25/share dividend for FY23 (ex-date: 22/7, DY: 2.3%) 

Piraeus Financial Holdings AGM tomorrow 

The AGM of Piraeus will be held tomorrow at 17:30 Athens/15:30 London Time. Shareholders will approve among others the distribution of a dividend of EUR 0.063 per share (DY: 1.9%, ex-dividend: 10 July). 

HELLENiQ ENERGY AGM today

HELLENiQ ENERGY will hold its AGM today, to approve among others the distribution of a EUR 0.60/share dividend for FY23 (ex-date: 10/7, DY: 7.6%) 

GEKTERNA’s AGM approves capital return

During yesterday’s AGM, GEKTERNA approved among others the distribution of a capital return of EUR 0.25/share (ex-date: 28 August, DY: 1.5%). During yesterday’s AGM, the management reportedly said that GEKTERNA is set to increase its profitability in double digit to EUR 700m in EBITDA terms by 2028. 

OTE AGM tomorrow 

The AGM of the company will be held tomorrow at 11:00 Athens/09:00 London Time. Shareholders will approve among others the distribution of a dividend of EUR 0.71 per share (DY: 5.2%, ex-dividend: 04 July) and the cancellation of 5,308,440 own shares.  

Calendar of Events

Macros

27/06/24 | Economic Sentiment Indicator JUN & Building Activity MAR

28/06/24 | Producer Price Index in Industry MAY & Turnover Index in Retail Trade APR

01/07/24 | Unemployment Rate MAY & S&P Global Greece Manufacturing PMI JUN

09/07/24 | CPI & Harmonized CPI JUN

10/07/24 | Industrial Production Index MAY

1Q24 Results Release

28/06/24 | Attica Bank

EGM / AGM

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

28/06/24 | Piraeus Financial Holdings (AGM), OTE (AGM), EKTER (AGM), Frigoglass (AGM), Creta Plastics (AGM), Alumil (AGM), AVE (AGM), Pairis (AGM), Bitros (AGM)

02/07/24 | KRI-KRI (AGM)

03/07/24 | ADMIE Holding (AGM), Quality & Reliability (rep. EGM)

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

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), Unibios (AGM)

10/09/24 | Epsilon Net (AGM)

Ex-Dividend

28/06/24 | Performance Technologies (EUR 0.05263)

01/07/24 | Loulis Food (EUR 0.12)

02/07/24 | Flexopack (EUR 0.15)

03/07/24 | Interlife (EUR 0.16)

04/07/24 | OTE (EUR 0.71)

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

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

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)

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

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

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

02/09/24 | ADMIE Holding

11/09/24 | Ble Kedros

12/09/24 | Evrofarma

17/09/24 | Epsilon Net

Ex-Capital Return

02/07/24 | Intracom Holdings (EUR 0.07)

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)

10/10/24 | Unibios

ATHEX Companies Presentations (Hellenic Fund & Asset Management Association)

02/07/24 | AS Company (09:30 Athens time) 

Research Department
Equity Research

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

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

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