Greek Market Watch: Budget execution, GGB reopening, RRF funds, ECB, S&P on PPC, Eurobank Holdings, Piraeus Bank, Biokarpet, Alumil, Intracom/Intralot

Today’s Headlines

·         Central government budget execution January-September 2024 (preliminary)

·         Greece taps additional EUR 250m through the 2029 Bond

·         EU disburses EUR 1bn RRF funds for Greece

·         ECB meeting today  

·         S&P affirms ‘BB-‘ Ratings on PPC

·         Eurobank Holdings 3Q24 results out on 07 November 

·         Piraeus Bank VES ends tomorrow

·         Biokarpet EGM on 8 November

·         Alumil approved the spin-off of the foundry division

·         Intracom Holdings bought Intralot shares

Market Comment

ATHEX headed north yesterday for a 2nd consecutive session, outperforming the European stock markets. In more detail, the General Index rose by 0.45% at 1,430.09 units (FTSE Large Cap: +0.64%, FTSE Mid Cap: +0.12%, Banks Index: +0.74%) and the traded value was shaped at EUR 94.9m, down from Tuesday’s EUR 105.6m. We expect the ECB to set the tone today and ATHEX to move in line with the European stock markets. 

Macro Headlines 

Central government budget execution January-September 2024 (preliminary)

Facts: According to preliminary MoF data for the central government budget execution on a modified cash basis in January-September 2024, the central government budget recorded a EUR 1,575m surplus vs. a targeted deficit of EUR 1,443m (based on the 2024 Budget introductory report) and a EUR 397 deficit in the same period in 2023. On a primary basis, the budget recorded a EUR 8,743m surplus vs. a targeted surplus of EUR 5,927m and a EUR 5,987m surplus in the same period in 2023.

Comment: It is noted that part of the difference in tax revenues of EUR 647m is accounted for in the fiscal result of 2023, while EUR 2,582m concerning the time differentiation of the transfers to SSFs and the military procurement expenditure do not affect the outcome in fiscal terms. With the exception of the above amounts, the overperformance in the State Budget Primary Balance for the period of January–September is EUR 216m. 

Greece taps additional EUR 250m through the 2029 Bond

PDMA successfully raised yesterday EUR 250m with the reopening of the on-the run 5-year bond with 3.875% coupon rate, at a final yield of 2.38%, with total amounts offered reaching 939m, at a coverage ratio of 3.76. 

EU disburses EUR 1bn RRF funds for Greece

According to Kathimerini, the EU disbursed the 4th tranche of RRF grants for Greece, amounting to EUR 1bn. Following this development, Greece has already received RRF grants of EUR 18.2bn, >50% of total grants, ranking 5th among the EU countries for RRF funds absorption. 

Sector Headlines 

ECB meeting today  

The Governing Council of the European Central Bank is scheduled to meet today and to announce its monetary decisions. 

Company Headlines 

S&P affirms ‘BB-‘ Ratings on PPC

S&P assigned a ‘3’ recovery rating to PPC’s senior unsecured notes, after the revision of its jurisdiction assessment on Greece to ‘B’ from ‘C’ previously. Additionally, S&P affirmed its ‘BB-‘ issuer credit and issue ratings on PPC and its EUR 1,275m senior unsecured notes. The stable outlook on the issuer credit rating indicates that it expects that PPC will continue to deliver on its strategic plan, with solid liquidity, improved profitability margins, and high investments. The agency expects PPC’s solid adjusted EBITDA growth to reach EUR 2.1bn in 2026 from EUR 1.7b expected in 2024 and support a sufficient buffer under the current issuer credit rating level, despite acceleration in capex which will average EUR 2.7bn in 2024-2026, and material acquisitions fueling the group’s development of renewables. 

Eurobank Holdings 3Q24 results out on 07 November 

Eurobank Holdings is set to report 3Q24 results on Thursday 07 November, post market close and management will host a CC on the same day at 18:00 Athens/16:00 London Time. 

Piraeus Bank VES ends tomorrow

Press reports (powergame) indicate that the VES of the bank ends tomorrow, and 170 employees have participated hitherto, lower than the target of 200. 

Biokarpet EGM on 8 November

The company will hold an EGM on Friday 8 November to approve the provision of a guarantee in favor of its subsidiary company EXALCO. 

Alumil approved the spin-off of the foundry division

The company announced that the EGM approved the demerger with the spin-off of the foundry division and the establishment of a new company. The new company will be 100% subsidiary of Alumil.  

Intracom Holdings bought Intralot shares

Intralot announced that Intracom Holdings purchased on 16 October, 100,000 common shares of Intralot at an average price of EUR 1.0941 and for a total value of EUR 109,406.89.  

Calendar of Events

Macros

17/10/24 | 2023 GDP (provisional data) (ELSTAT)

18/10/24 | Turnover Index in Industry AUG (ELSTAT)

18/10/24 | S&P Global Ratings – Greek sovereign credit review

21/10/24 | Current Account Balance AUG (BoG) & 2020-2023 Fiscal Data (2nd notification) (ELSTAT)

3Q/9M24 Results Release

23/10/24 | Sarantis (Bef-mkt)

24/10/24 | Metlen (Bef-mkt)

30/10/24 | Athens Airport (Aft-mkt)

31/10/24 | Coca-Cola HBC (7:00am GMT)

01/11/24 | Piraeus Financial Holdings

05/11/24 | National Bank of Greece, Premia Properties

07/11/24 | Eurobank Holdings (Aft-mkt), Titan Cement, PPC (Aft-mkt), Alpha Trust Andromeda

08/11/24 | Alpha Services and Holdings (08:00 GR Time)

11/11/24 | Optima bank (Bef-mkt)

14/11/24 | HELLENiQ ENERGY (Aft-mkt), OTE (Bef-mkt), Austriacard Holdings, Lavipharm

20/11/24 | OPAP (Aft-mkt), ElvalHalcor (Aft-mkt), QUEST Holdings (Aft-mkt)

21/11/24 | Ideal Holdings (Bef-mkt)

25/11/24 | Hellenic Exchanges

26/11/24 | Fourlis (Aft-mkt)

19/12/24 | Attica Bank

EGM / AGM

23/10/24 | GEK TERNA (EGM)

30/10/24 | Kloukinas-Lappas (EGM)

04/11/24 | PPC (EGM)

06/11/24 | TERNA Energy (EGM)

08/11/24 | Biokarpet (EGM)

Ex-Dividend

21/10/24 | Alpha Trust Andromeda (EUR 0.17), Moda Bagno (EUR 0.38)

23/10/24 | ELVE (EUR 0.40)

04/11/24 | OPAP (interim dividend EUR 0.60)

02/12/24 | CNL Capital (interim dividend EUR 0.25)

Share Capital Increase – Attica Bank

21/10/24-30/10/24 | Trading period of rights

21/10/24-04/11/24 | Exercise period of rights

13/11/24 | Commencement of trading of new shares SCI

Reverse split – Attica Bank

21/10/24 | Commencement of trading of new shares post reverse split

Warrants – Attica Bank

21/10/24-04/11/24 | Offer Period

08/11/24-28/11/24 | Exercise Period

04/12/24 | Commencement of trading of the warrant exercise shares

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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