Market Comment
ATHEX headed north yesterday, in line with the European stock markets. In more detail, the General Index climbed by 1.89% at 1,656.48 units (FTSE Large Cap: +2.05%, FTSE Mid Cap: +0.99%, Banks Index: +3.80%) and the traded value was shaped at EUR 145.1m, down from Monday’s EUR 150.3m. We anticipate a mild profit taking today after four sessions in the green.
Today’s Headlines
· Central government budget execution January-March 2025 (preliminary)
· IOBE quarterly review on Greece
· PPC, Motor Oil to Build Eight Solar Parks with Total of 882.4MW (Bloomberg)
· Jumbo sales update March 2025
· OPAP GGR up 7.4% y-o-y in Jan-Feb 25
· Oak Hill Advisors completed first investment in IDEAL Holdings
· Fourlis Group completed the acquisition of Foot Locker in Greece and Romania
· Helikon Investments Limited reduced its stake in PPC
· OTE AGM on 23 June
· Profile awarded new contract in Malta
· AS Company FY24 results out
· KRI-KRI FY24 results out
Macro Headlines
Central government budget execution January-March 2025 (preliminary)
Facts: According to preliminary MoF data for the central government budget execution on a modified cash basis in January-March 2025, the central government budget recorded a EUR 1,605m surplus vs. a targeted deficit of EUR 2,364m (based on the 2025 Budget introductory report) and an EUR 44m deficit in the same period in 2024. On a primary basis, the budget recorded a EUR 4,493m surplus vs. a targeted surplus of EUR 616m and an EUR 2,987m surplus in the same period in 2024.
Comment: It is noted that an amount of EUR 1,423m, which refers to the time differentiation of payments from ordinary budget and an amount of EUR 696m which refers to the time differentiation of PIB payments, do not affect the outcome in fiscal terms. Excluding the aforementioned amounts, the surplus in the primary result on a modified cash basis, compared to the budget targets, is estimated at EUR 526m, close to the EUR 616m primary surplus target.
IOBE quarterly review on Greece
IOBE released its updated forecasts for the Greek Economy, expecting GDP growth at 2.2% for 2025e (a small downgrade vs. 2.4% previously, as increased uncertainty over tariffs hit private consumption), inflation at 2.8% (from 2.4% previously) and unemployment rate at 9.3% for 2025e (unchanged).
Company Headlines
PPC, Motor Oil to Build Eight Solar Parks with Total of 882.4MW (Bloomberg)
MORE, a subsidiary of the Motor Oil, and PPC Renewables, will construct six photovoltaic parks of a total capacity of 742.4 MW, one photovoltaic park with a capacity of 92 MW and one more with a capacity of 48 MW all in northern Greece, PPC says in statement. The new stations have received a final connection offer to the grid, a critical step in the licensing process.
The generated electricity will be utilized to support Greek industry through bilateral power purchase agreements (PPAs), as well as to support farmers participating in the “GAIA” program, the special agricultural tariff aimed at strengthening agricultural activity by providing cost-effective electricity rates.
Comment: Motor Oil and PPCR entered in May 2023 the share capital of the company with the legal name UNAGI, holding a direct and indirect participation of 38.5% and 51% respectively, which holds a 1.9GW solar projects portfolio at various stages located in Macedonia and Central Greece. In this context, the UNAGI portfolio is the key driver for Motor Oil’s expansion in the renewables, towards the >2GW capacity target by 2030e (from 840MW currently).
Jumbo sales Update March 2025
Jumbo released the sales update for March, with Group sales down by 2% y-o-y on tough comparable, as the carnival celebration was shifted earlier in 2025 to February. In more detail, Greek sales were down by 7%, Cyprus also recorded lower sales of 8%, while Bulgaria and Romania recorded higher by 4% and 12% sales respectively in March 2025.
In 1Q25 terms, Jumbo recorded increased by 8% group sales, driven by Greek sales (up by 10%), followed by Romania and Cyprus (also up by 6% in 1Q25), while sales in Bulgaria were up by 2% y-o-y.
The management will possibly provide an initial estimate regarding the overall financial performance for 2025 with the announcement of the annual financial results for the fiscal year 2024, scheduled for April 28, 2025 (Optima estimate is for Group sales growth of c. 8% in FY25e).
OPAP GGR up 7.4% y-o-y in Jan-Feb 25
According to the gaming commission, GGR of OPAP agencies and Play Stores (VLTs) rose by 7.6% y-o-y to EUR 259.2m. Online market GGR also jumped by 25.7% y-o-y to EUR 191.5m and Hellenic Lottery GGR accelerated by 14.0% y-o-y to EUR 25.0m. Overall, the GGR of the gaming market climbed by 14.5% y-o-y to EUR 520.2m.
Oak Hill Advisors completed first investment in IDEAL Holdings
The company announced that Oak Hill Advisors contributed EUR 61.5m in cash in the Corporate Vehicle of Ideal Holdings, a 100% owned subsidiary, and as a result has acquired 15% of the CV as a separate class of shares. The CV holds 100% of IDEAL Holdings’ investments and more specifically: (i) Attica Department Stores, (ii) Byte, Adacom, Bluestream and (iii) Barba Stathis.
Following the completion of OHA’s first investment, OHA also has the option to acquire within six months, by further investing in the CV, up to an additional 10% of the CV in the same separate class of shares for a cash consideration of up to EUR 41.0m. Furthermore, OHA has agreed to acquire, in two tranches, up to 2,000,000 Ideal Holdings shares at EUR 6.00/share.
Subject to completion of the acquisition of the first tranche of shares, OHA will be entitled to appoint an observer at the IDEAL Holdings board. Additionally, through the CV, OHA will have the right to co-invest with IDEAL Holdings, as a minority investor, an additional EUR 200.0m over the next 2 years, to support its growth plans.
Fourlis Group completed the acquisition of Foot Locker in Greece and Romania
Fourlis announced the successful completion of the acquisition of Foot Locker operations in Greece and Romania following the successful launch of first three stores in Bulgaria in late 2024. The acquisition includes the transfer of six existing Foot Locker stores (three in Greece and three in Romania) and the e-commerce channel in Greece, which will now operate under Fourlis group management.
The acquired operations are expected to contribute positively to the Group’s consolidated revenue and EBITDA from FY25 onward. Over the next five years, the Group targets annual Foot Locker sales of €250m, supported by the growing regional demand for lifestyle and athletic footwear, and an expected EBITDA margin of 8–10%, while the long-term plan involves the roll out of more than 100 stores and 8 digital e-commerce platforms.
Helikon Investments Limited reduced its stake in PPC
PPC announced that the holding of Helikon Investments Limited in the Group’s share capital crossed downwards the 5%.
OTE AGM on 23 June
OTE announced that the AGM of shareholders will take place on 23 June 2025 and the stock will trade ex-dividend on 03 July.
Profile awarded new contract in Malta
The company announced that Valletta Credit Finance Corporation Ltd, a premium payment card issuer in Malta, has selected Finuevo Core, the core baking solution product of Profile. The news is positive.
AS Company FY24 results out
The company posted its results, with revenues up by 8.0% y-o-y to EUR 31.0m and maintain its gross margin at a high level of 48.6%, flattish y-o-y. EBITDA reached EUR 5.2m reflecting a slight year-over-year decline of 6.5%, mainly due to targeted investments in new product lines in Greece and Romania and net profit reached EUR 4.2m down by 7.1% y-o-y. While the company continued its investment programme cash and cash equivalents reached EUR 20.1m in FY24 up by 1.78m vs. FY23. Management will propose to the next AGM the dividend distribution of EUR 0.17/share. (DY: 4.9%).
KRI-KRI FY24 results out
KRI-KRI posted a good set of results with revenues at EUR 256.4m, up by 18.5% y-o-y aided by strong yogurt exports (+32.5% y-o-y) and ice cream sales (+19.4% y-o-y). EBITDA reached EUR 42.6m vs. 45.1m in FY23 and net profit came in at EUR 34.6m up by 7.1% y-o-y, due to the recognition of tax reliefs of EUR 5.3m.
The BoD will propose to the AGM the distribution of a gross dividend of EUR 0.40 per share (+14.3% y-o-y), implying a gross dividend yield of 2.6%. Management expects sales to grow by c. 17% y-o-y in 2025 to EUR 300m with exports being the main driver, EBIT margin to remain c. 14-15% and CapEX to stand between EUR 21.0m and EUR 25.0m.
Calendar of Events
Macros
17/04/25 | Current Account Balance FEB (BoG), Turnover Index in Industry FEB (ELSTAT)
18/04/25 | Standard & Poor’s – Greek sovereign rating review
28/04/25 | Building Activity JAN (ELSTAT)
4Q/FY24 Results Release
24/04/25 | Euroconsultants (Aft-mkt)
25/04/25 | Biokarpet, Interlife (Aft-mkt), Elton (Aft-mkt)
28/04/25 | Alumil (Aft-mkt), Loulis Food (Aft-mkt), Space Hellas (Aft-mkt)
29/04/25 | Alpha Real Estate (Aft-mkt), Thessaloniki Water Supply (Aft-mkt), Mevaco (Aft-mkt)
30/04/25 | EYDAP (Bef-mkt), Ble Kedros (Aft-mkt), Motodynamics, Galaxy Cosmos Mezz Plc
1Q:25 Results Release
24/04/25 | METLEN (trading update) (Bef-mkt)
30/04/25 | Coca Cola HBC (trading update)
06/05/25 | Piraeus Financial Holdings (Bef-mkt), Sarantis (trading update) (Bef-mkt)
08/05/25 | National Bank of Greece, Eurobank Holdings, Titan Cement
09/05/25 | Alpha Services & Holdings (Bef-mkt)
12/05/25 | Bank of Cyprus (Bef-mkt), Athens Airport (Aft-mkt)
14/05/25 | Optima bank, OTE (Bef-mkt)
15/05/25 | PPC (Aft-mkt), HELLENiQ ENERGY (Aft-mkt)
19/05/25 | Austriacard (Aft-mkt)
20/05/25 | Trade Estates (trading update) (Bef-mkt)
21/05/25 | ElvalHalcor (Aft-mkt), Quest Holding (Aft-mkt)
22/05/25 | Alpha Trust Andromeda (Aft-mkt), IDEAL Holdings (trading update) (Bef-mkt), AS Company (trading update) (Aft-mkt)
23/05/25 | Premia Properties (trading update)
26/05/25 | Hellenic Exchanges (Aft-mkt)
27/05/25 | Cenergy Holdings, Fourlis Holdings (Aft-mkt)
28/05/25 | OPAP (Aft-mkt)
05/06/25 | Attica Bank (Aft-mkt)
EGM / AGM
16/04/25 | PPC (EGM)
24/04/25 | Papoutsanis (AGM), Revoil (AGM)
28/04/25 | Sarantis (AGM)
29/04/25 | Optima bank (AGM), OPAP (AGM), Aegean Airlines (AGM), BriQ Properties (AGM)
30/04/25 | Eurobank Holdings (AGM), Frigoglass (EGM)
05/05/25 | Titan Cement (EGM), Real Consulting (EGM)
08/05/25 | Titan Cement (AGM)
14/05/25 | Thessaloniki Port Authority (AGM)
15/05/25 | Performance Technologies (AGM)
16/05/25 | Bank of Cyprus (AGM)
21/05/25 | Alpha Services & Holdings (AGM)
22/05/25 | ElvalHalcor (AGM), Thessaloniki Water Supply (AGM), Alpha Trust Holdings (AGM)
23/05/25 | Coca-Cola HBC (AGM)
27/05/25 | Cenergy Holdings (AGM), Noval Property (AGM), Viohalco (AGM)
29/05/25 | Intralot (AGM), Profile Systems (AGM)
30/05/25 | National Bank of Greece (AGM)
03/06/25 | METLEN (AGM)
05/06/25 | IDEAL Holdings (AGM)
06/06/25 | Premia Properties (AGM)
10/06/25 | EYDAP (AGM)
11/06/25 | Prodea Investments (AGM)
12/06/25 | Hellenic Exchanges (AGM), Motodynamics (AGM)
13/06/25 | Trade Estates (AGM), Interlife (AGM)
16/06/25 | Ble Kedros (AGM)
17/06/25 | Alter Ego Media (AGM)
18/06/25 | Motor Oil (AGM), Biokarpet (AGM)
19/06/25 | HELLENiQ ENERGY (AGM), Quest Holdings (AGM), AS Company (AGM), Mevaco (AGM), Petropoulos (AGM)
20/06/25 | Fourlis Holdings (AGM), Phoenix Vega Mezz Plc (AGM), Sunrise Mezz Plc (AGM)
23/06/25 | OTE (AGM)
24/06/25 | AUSTRIACARD Holdings (AGM), Galaxy Cosmos Mezz Plc (AGM)
25/06/25 | PPC (AGM)
26/06/25 | LAMDA Development (AGM)
01/07/25 | ΚΡΙ–ΚΡΙ (AGM)
07/07/25 | Alumil (AGM)
18/07/25 | Alpha Real Estate Services (AGM)
22/07/25 | Piraeus Port Authority (AGM)
08/09/25 | Orilina Properties (AGM)
Ex-Capital Return
26/05/25 | Piraeus Financial Holdings (EUR 0.298/share)
Ex-FY24 Dividend
23/04/25 | Bank of Greece (EUR 0.672), Athens Airport (EUR 0.7862)
28/04/25 | Papoutsanis (remaining EUR 0.03)
29/04/25 | Revoil
02/05/25 | Sarantis (EUR 0.299174)
05/05/25 | Eurobank Holdings (EUR 0.105)
07/05/25 | OPAP (remaining EUR 0.80)
16/05/25 | Thessaloniki Port Authority (EUR 2.00)
19/05/25 | Alpha Trust Andromeda (EUR 0.32)
20/05/25 | Aegean Airlines (EUR 0.80)
23/05/25 | Alpha Services & Holdings (EUR 0.03), BriQ Properties (EUR 0.135)
26/05/25 | Bank of Cyprus (EUR 0.479)
27/05/25 | Alpha Trust Holdings (EUR 0.578)
03/06/25 | National Bank of Greece, Noval Property (EUR 0.043), Performance Technologies
12/06/25 | Premia Properties
16/06/25 | Prodea Investments
18/06/25 | EYDAP
19/06/25 | Trade Estates (remaining EUR 0.052)
23/06/25 | Optima bank (EUR 0.57), Hellenic Exchanges (EUR 0.29), Quest Holdings (EUR 0.30), Ble Kedros
24/06/25 | Cenergy Holdings (EUR 0.14), Viohalco (EUR 0.16)
25/06/25 | Motor Oil (remaining EUR 1.10)
26/06/25 | ElvalHalcor (EUR 0.09)
27/06/25 | Fourlis Holdings (EUR 0.15)
30/06/25 | Titan Cement (EUR 3.00)
01/07/25 | Profile Systems (EUR 0.064657), Thessaloniki Water Supply, AUSTRIACARD Holdings (EUR 0.11)
02/07/25 | HELLENiQ ENERGY (remaining EUR 0.55), Interlife
03/07/25 | OTE (EUR 0.7216)
04/07/25 | Mevaco
10/07/25 | AS Company (EUR 0.17)
21/07/25 | PPC (EUR 0.40)
04/08/25 | Piraeus Port Authority (EUR 1.92)
21/08/25 | KRI-KRI (EUR 0.40)
11/09/25 | Orilina Properties
ATHEX Companies Presentations (Hellenic Fund & Asset Management Association)
23/04/25 | ALTER EGO MEDIA (09:30 GR time)
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