Greek Market Watch: Building activity, Eurobank Holdings, ELLAKTOR, AKTOR, OPAP

We expect ATHEX to consolidate at current levels on low volumes today. 

Today’s Headlines

·         Total building activity down in September

·         Eurobank Holdings to receive non-mandatory reserves from Eurobank

·         ELLAKTOR declares an EUR 0.85/share capital return

·         AKTOR’s prospectus for the up to EUR 200m SCI approved

·         Administrative Court of Appeal ratifies the EUR 24.5m fine on OPAP (press) 

Market Comment

ATHEX headed north on Friday, in line with the European stock markets. In more detail, the General Index rose by 0.59% at 1,457.38 units (FTSE Large Cap: +0.50%, FTSE Mid Cap: +0.99%, Banks Index: +0.31%) and the traded value was shaped at EUR 73.02m, down from Monday’s EUR 87.1m. On a weekly basis, the General Index was up by 0.34% w-o-w (FTSE Large Cap: +0.08%, FTSE Mid Cap: +1.38%, Banks index: -1.21%). We expect ATHEX to consolidate at current levels on low volumes today. 

Macro Headlines 

Total building activity down in September

According to ELSTAT, total building activity (private-public), as this is measured by the number of building permits issued, decreased by 0.9% y-o-y in September 2024. In surface and volume terms, building activity increased by 10.3% and by 29.6% y-o-y respectively. In the October 2023- September 2024 period, Greek building activity grew by 13.1% y-o-y in terms of permits, while also increased by 16.0% y-o-y in terms of surface and by 12.1% y-o-y in terms of volume. 

Company Headlines 

Eurobank Holdings to receive non-mandatory reserves from Eurobank

Eurobank announced that its BoD approved on 19 December the distribution of non-mandatory reserves of EUR 240.0m to Eurobank Holdings, its sole shareholder. The said distribution of reserves is part of the banks’ overall contribution to the final shareholders’ remuneration for 2024 of Eurobank Holdings. We project that Eurobank will generate a net profit of EUR 1.33bn in 2024 and will distribute EUR 667m (50%) to shareholders, corresponding to EUR 0.18/share and implying a gross dividend yield of 8.2%. Eurobank is one of our top picks in the sector with a TP of EUR 2.80/share.  

ELLAKTOR declares an EUR 0.85/share capital return

ELLAKTOR declared the distribution of EUR 0.85/share capital return (DY:39.4%), subject to the approval of the EGM which will be held on 30 January 2025. 

AKTOR’s prospectus for the up to EUR 200m SCI approved

The Hellenic Capital Markets Committee approved the prospectus for AKTOR’s up to EUR 200m Share Capital Increase. 

Administrative Court of Appeal ratifies the EUR 24.5m fine on OPAP (press)

According to Kathimerini, the administrative court of appeal ratified the decision of the competition authority to impose an EUR 24.5m fine on OPAP, for abuse of its dominant position in the gaming market. 

Calendar of Events

Macros

30/12/24 | Producer Price Index in Industry NOV (ELSTAT)

31/12/24 | Turnover Index in Retail Trade OCT (ELSTAT)

02/01/25 | S&P Global Greece Manufacturing PMI DEC (09:00 UTC)

03/01/25 | Unemployment Rate NOV

EGM / AGM

10/01/25 | Unibios (EGM)

30/01/25 | Ellaktor (EGM)

Ex-Dividend

20/01/25 | HELLENiQ ENERGY (interim dividend EUR 0.20)

23/01/25 | Thrace Plastics (interim dividend EUR 0.0685848289) 

Ακολουθήστε το στο Google News και μάθετε πρώτοι όλες τις ειδήσεις

Δείτε όλες τις τελευταίες Ειδήσεις από την Ελλάδα και τον Κόσμο, στο