Market Comment
ATHEX headed south yesterday, in line with the European stock markets. In more detail, the General Index fell by 0.25% at 1,298.56 units (FTSE Large Cap: -0.50%, FTSE Mid Cap: -0.10%, Banks Index: -0.96%) and the traded value was shaped at EUR 56.6m, down from Wednesday’s EUR 79.0m. We expect a quiet session on low volumes today, ahead of the Christmas holidays.
Today’s Headlines
· Current account deficit narrows in October
· Competition Committee imposed fine of EUR 41.7m to five banks
· New on-line gaming provider (press)
· Eurobank BoD approved distribution of non-mandatory reserves
· Alpha Services & Holdings Share Buyback
· ELPEDISON plans to upgrade its CCGT in Thisvi (press)
· AVAX lowest bidder for a EUR 310m motorway contract (press)
· Reggenborgh’s Holterman meets with Latsis exploring potential partnership in Ellinikon (press)
Macro Headlines
Current account deficit narrows in October
Current account surplus slightly increased in October according to BoG provisional data, Greece’s current account balance in October 2023 recorded a deficit of 1,449.5m, almost half compared to a deficit of 2,711.2m in the same period a year ago, with the decrease owing to the improvement in the balance of goods and services, which more than offset the deterioration in the primary and secondary income accounts. Additionally, in the January – October 2023 period, the current account deficit narrowed by 5.91bn y-o-y and stood at 8.7bn. Finally, travel receipts in October 2023 stood at EUR 1,693m, up by 10.2% y-o-y, (12.8% up vs October 2019), while in the Jan-Oct 2023 period, travel receipts rose by 14.7% y-o-y to EUR 19,612m (11.6% higher compared to the respective period in 2019).
Sector Headlines
Competition Committee imposed fine of EUR 41.7m to five banks
The Competition Committee announced that it imposed a fine of EUR 41.7m to five banks.
New on-line gaming provider (press)
According to Capital.gr, EXOPLAY Limited was granted with a new on-line gaming license by the gaming committee.
Company Headlines
Eurobank BoD approved distribution of non-mandatory reserves
The BoD of Eurobank approved on 15/12/2023 the distribution of non-mandatory reserves to its sole shareholder, Eurobank Holdings, for a total amount of EUR 410.0m or EUR 0.11/share. The said distribution of reserves is carried out in order to enable the distribution of dividend from the profits of the financial year 2023 from Eurobank Holdings to its shareholders. It is noted that the dividend distribution by Eurobank Holdings, is subject to the receipt of the necessary decisions and approvals in accordance with the applicable legal and regulatory framework, including the approval by the European Central Bank. We forecast a gross DPS of EUR 0.068 in 2023, assuming a dividend payout of 25%, in line with guidance. We reiterate our Buy rating and TP of EUR 2.38/share.
Alpha Services & Holdings Share Buyback
Alpha Services & Holdings announced that during the period between 13.12.2023 and 20.12.2023, it purchased 4,118,794 own shares at a volume weighted average price of EUR 1.5467 per share and a total cost of EUR ca6.4m. Alpha owns 4,118,794 own shares that represent 0.1751% of its issued share capital.
ELPEDISON plans to upgrade its CCGT in Thisvi (press)
According to Euro2day.gr, ELPEDISON (a 50%/50% JV between HELLENiQ ENERGY and EDISON) took a FID to upgrade its existing 420MW Natural Gas plant in Thisvi. As per the same press report, ELPEDISON’s management temporarily freezes the potential investment for a new Nat Gas plant in Thessaloniki, considering alternative investments, as the combination of a Hydrogen ready CCGT with CSS unit.
AVAX lowest bidder for a EUR 310m motorway contract (press)
According to Kathimerini, AVAX was declared the lowest bidder for the tender process for the construction of the Ioannina-Kakavia Motorway, which is budgeted at EUR 310m, offering the larger discount (17.5%) against GEKTERNA’s offer of 16.5%.
Reggenborgh’s Holterman meets with Latsis exploring potential partnership in Ellinikon (press)
According to Newmoney.gr, Reggenborgh’s owner Mr. Hendricjus Holterman will meet with the major shareholder of Lamda Development, Mr Latsis, to discuss potential Partnership in the Ellinikon Project.
Calendar of Events
Macros
28/12/23 | Building Activity SEP
29/12/23 | Producer Price Index in Industry NOV & Turnover Index in Retail Trade OCT
EGM / AGM
28/12/23 | HELLENiQ ENERGY (EGM)
11/01/24 | Ellaktor (ΕGM)
19/01/24 | Alpha Astika Akinita (ΕGM)
Ex-Dividend
10/01/24 | HELLENiQ ENERGY (interim EUR 0.30)
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