Market Comment
ATHEX rebounded yesterday, in line with the European stock markets. In more detail, the General Index jumped by 3.54% at 1,582.40 units (FTSE Large Cap: +3.48%, FTSE Mid Cap: +3.76%, Banks Index: +2.92%) and the traded value was shaped at EUR 324.0m, up from Wednesday’s EUR 257.8m. We anticipate ATHEX to move in line with the European stock markets today.
Today’s Headlines
· Greek CPI up by 2.4% y-o-y in March (ELSTAT)
· Industrial production marginally drop in February (ELSTAT)
· Natural Gas consumption up by 28.6% in 1Q25
· New tax bill for the capital markets approved yesterday (press)
· Metlen eyes more Europe Defense deals after recent push (Bloomberg)
· Piraeus Financial Holdings AGM on Monday
· Ethniki Insurance net profit at EUR 15.2m in 2024
· Alpha Services and Holdings Share Buyback
· Alter Ego Media results out
· Loulis Food Financial Calendar
Macro Headlines
Greek CPI up by 2.4% y-o-y in March (ELSTAT)
According to ELSTAT, CPI (national index) increased by +2.4% y-o-y (vs. 2.5% in February) and increased by 1.4% m-o-m in March 2025, while the annual average rate of CPI increased by +2.6% over the trailing 12 months. The sectors with the most notable y-o-y movements were Hotels-Cafés-Restaurants (+6.0%) and housing (+5.9%). Additionally, the harmonized CPI in March 2025 rose by 3.1% y-o-y (vs. 3.0% in January), in line with 3.1% flash estimate released earlier this month and increased by 1.9% m-o-m.
Industrial production marginally drop in February (ELSTAT)
According to ELSTAT, the Industrial Production Index (IPI) decreased by 0.1% y-o-y in February 2025, due to the decrease by 5.2% y-o-y in Electricity supply index, while an increase of 4.5% y-o-y observed in Mining and Quarrying index and a 2.2% increase observed in Water Supply index.
Sector Headlines
Natural Gas consumption up by 28.6% in 1Q25
According to the domestic Natural Gas System Operator (DESFA), total natural gas consumption was up by 28.6% y-o-y in 1Q25, driven by thermal generation demand (up by 48.1% y-o-y), which accounted for 64% of total demand.
Market Headlines
New tax bill for the capital markets approved yesterday (press)
According to press reports, a new tax bill which aims to further support the credibility of the stock market and also regulate the crypto assets market, was approved yesterday by the Greek Parliament.
Company Headlines
Metlen Eyes More Europe Defense Deals After Recent Push (Bloomberg)
According to Bloomberg, Metlen is pursuing more alliances with European defense contractors after sealing French and Italian deals in the past two weeks. Metlen “is actively looking at other possible defense cooperation agreements” within and outside of Greece, Chairman and CEO Evangelos Mytilineos said in an interview. The company can “absolutely” play an increased role, he said, amid a broader push to shore up Europe’s military capabilities. Metlen has “very big plans” for two existing businesses where large capital expenditure “hasn’t yet started to flow,” Mytilineos said, adding that there will be specific announcements on these businesses in London on 28 April with “two pleasant surprises for our shareholders.” The preparations for the listing of Metlen’s shares on the London Stock Exchange in 3Q25 are “going well,” Mytilineos said (London listing will be its primary one). As part of the process, Metlen plans to adjust its reporting format with operational trading updates, to include more metrics such as volumes, market share and investments, the CEO said. This will align the company more closely with common practice in the UK.
Piraeus Financial Holdings AGM on Monday
The AGM will take place on Monday 14 April at 18:00 Athens/16:00 London Time. Shareholders will approve the distribution of a capital return of EUR 0.2980/share (Yield: 6.6%). The stock will trade ex-capital return on Monday 26 May and payment will commence on Friday 30 May. Moreover, shareholders will approve a share buyback program of up to 8,333,333 common shares, at a price range between EUR 3.00 to EUR 8.00/share, for a period of 24 months from the date of the General Meeting’s decision. The total cost for the buyback of own shares shall not exceed EUR 25.0m.
Ethniki Insurance net profit at EUR 15.2m in 2024
According to the Solvency & Financial Condition report for 2024, the company generated a net profit of EUR ca15.2m against a net loss of EUR ca60.6m in 2023. Gross written premiums reached EUR 850.3m (+16% y-o-y) and the company grasped a 14.6% market share. Equity came in at EUR 692.0m (-5% y-o-y), investments at EUR ca3.37bn and assets at EUR 4.07bn. Recall that Piraeus announced on 12 March, the acquisition of a 90.01% stake in the parent company of Ethniki Insurance for EUR 600m on a 100% basis or 0.87x BV24. Following the transaction, management upgraded its net profit guidance to EUR 1,125m in 26e from EUR 1,000m previously, EUR 1,250m in 27e from EUR 1,125m previously and EUR 1,500m in 28e from EUR 1,375m previously. Piraeus is one of our top picks in the sector, with TP of EUR 6.50/share.
Alpha Services and Holdings Share Buyback
Alpha announced that during the period between 3.4.2025 and 8.4.2025, it purchased 700,000 own shares at a volume weighted average price of EUR 2.0438/share and a total cost of EUR 1,430,677.80. Following the above purchases, Alpha holds 41,416,181 own shares or 1.76% of shares outstanding.
Alter Ego Media results out
The company announced a good set of results with revenues up by 14.8% y-o-y to EUR 124.4m. In terms of profitability, EBITDA increased by 37.4% y-o-y, to EUR 46.7m, while net profits rose to EUR 10.9m, up by 180% y-o-y. The company has a net cash position of EUR 5.4m and the management will propose to the upcoming AGM the dividend distribution of EUR 0.10 per share and the introduction of a three-year SCRIP dividend program for up to EUR 30m.
Loulis Food Financial Calendar
Loulis Foods announced that it will report FY24 results on Monday 28 April 2025, the AGM will be held on Wednesday 21 May 2025, while dividend ex-date set for Monday 26 May 2025.
Calendar of Events
Macros
11/04/25 | Import Price Index in Industry FEB (ELSTAT) & Evolution of Turnover of Enterprises FEB (ELSTAT)
17/04/25 | Current Account Balance FEB (BoG), Turnover Index in Industry FEB (ELSTAT)
18/04/25 | Standard & Poor’s – Greek sovereign rating review
4Q/FY24 Results Release
11/04/25 | Alpha Trust Holdings (Bef-mkt), Prodea Investments (Aft-mkt)
15/04/25 | KRI-KRI (Aft-mkt), AS Company (Aft-mkt), Thessaloniki Port Authority (Aft-mkt)
25/04/25 | Biokarpet, Interlife (Aft-mkt)
28/04/25 | Alumil (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
28/05/25 | OPAP (Aft-mkt)
05/06/25 | Attica Bank (Aft-mkt)
EGM / AGM
14/04/25 | Piraeus Financial Holdings (AGM), Athens Airport (AGM), Alpha Trust Andromeda (AGM), Biokarpet (EGM)
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)
08/05/25 | Titan Cement (AGM)
14/05/25 | Thessaloniki Port Authority (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 | OTE (AGM), 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)
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)
20/06/25 | Phoenix Vega Mezz Plc (AGM), Sunrise Mezz Plc (AGM)
24/06/25 | AUSTRIACARD Holdings (AGM), Galaxy Cosmos Mezz Plc (AGM)
25/06/25 | PPC (AGM)
07/07/25 | Alumil (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 0.78)
28/04/25 | Papoutsanis (remaining EUR 0.03)
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
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)
27/05/25 | Alpha Trust Holdings
03/06/25 | National Bank of Greece, Noval Property (EUR 0.043)
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)
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)
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)
03/07/25 | OTE (EUR 0.7216)
10/07/25 | AS Company
21/07/25 | PPC (EUR 0.40)
04/08/25 | Piraeus Port Authority (EUR 1.92)
11/09/25 | Orilina Properties
ATHEX Companies Presentations (Hellenic Fund & Asset Management Association)
11/04/25 | Motor Oil (09:30 GR time)
Research Department
Equity Research
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