Market Comment
ATHEX rebounded on Friday, outperforming the European stock markets. In more detail, the General Index soared by 1.34% at 1,209.34 units (FTSE Large Cap: +1.37%, FTSE Mid Cap: +1.97%, Banks Index: +0.53%) and the traded value was shaped at EUR 73.0m, down from Thursday’s EUR 77.3m. On a weekly basis, the General Index eased by 0.69% w-o-w (FTSE Large Cap: -1.34%, FTSE Mid Cap: +1.29%, Banks index: -2.97%). We expect ATHEX to try to move higher today, with the support of the international markets.
Today’s Headlines
· Finance Minister submits draft budget for 2024e
· Greek CPI eases in September (Eurostat)
· Greek ESI drops in September
· Retail sales up in July (ELSTAT)
· PPI in industry drops in August (ELSTAT)
· Optima Bank completed the Public Offering with flying colours
· Piraeus Financial Holdings concluded share buyback program
· OPAP appeals against the EUR 24.5m fine impose by the competition authority
· Motor Oil’s “TRIERES” hydrogen valley project launched
· AVAX 1H23 results out: improved profitability, increased backlog, positive outlook
· Aegean Airlines bond buyback
· Revoil 1H23 results out
· Sunrise Mezz 1H2023 results
· Phoenix Vega Mezz 1H2023 results
Macro Headlines
Finance Minister submits draft budget for 2024e
According to press reports, the finance minister is expected to submit today the draft of the state budget for 2024e, which aims at a primary surplus of 2.1%, in line with the Greek stability programme.
Greek CPI eases in September (Eurostat)
According to a flash estimate from Eurostat, Greek annual inflation is expected to shape at 2.4% in September 2023, down from 3.5% in August, below the respective EU area figure (4.3% in September 2023 vs. 5.2% in August).
Greek ESI drops in September
Greece’s Economic Sentiment Indicator (ESI) dropped to 108.0 in September 2023 from 111.2 in August, remaining however well above the EU average ESI (up to 93.2 in September from 92.8 in August).
Retail sales up in July (ELSTAT)
According to the Hellenic Statistical Authority, retail sales (including automotive fuel) rose by 3.1% y-o-y in July 2023 (while decreased by 3.4% y-o-y in volume terms), while excluding automotive fuel, retail sales increased by 7.0% y-o-y. Per the main store category, the turnover of the Food sector increased by 7.7% y-o-y, driven by higher prices, as sales volume were down by (2.9% y-o-y), while Non-food sector (except automotive fuel) sales advanced by 6.3% y-o-y with sales volume also up by 16.0% y-o-y. Finally, the turnover of the Automotive fuel sector decreased by 13.4% y-o-y, with sales volume however up by 2.8% y-o-y.
PPI in industry drops in August (ELSTAT)
According to ELSTAT, Producer Price Index in Industry (PPI) dropped by 8.3% y-o-y in August 2023, driven by the sharp price decreases in Energy goods (-16.4% y-o-y; August-22: +69.2% y-o-y), while higher producer prices were gauged in Non-Durable Consumer goods (+8.3% y-o-y; August-22: +6.4% y-o-y). In the September 2022-August 2023 period, Producer Price Index in Industry (PPI) rose by 3.1% in comparison with the corresponding index for the period from September 2021 to August 2022.
Company Headlines
Optima Bank completed the Public Offering with flying colours
Optima Bank completed on Friday the public offering with flying colours. The total valid demand expressed by investors participating in the Public Offering amounted to EUR 545.3m, oversubscribing the Public Offering by approximately 3.7x. Excluding the 7,083,612 shares, underwritten by the main shareholder Ireon Investments Ltd and the Cornerstone investors, the Public Offering were oversubscribed by 5.1x. The offering price was determined at EUR 7.20 per share and the new shares will commence trading on Wednesday 04 October on the main market of the Athens Stock Exchange.
Piraeus Financial Holdings concluded share buyback program
Piraeus Financial Holdings announced that it purchased 5,283,004 common shares (0.42% of share capital) from 22 to 29 September at an average price of EUR 2.8393 per share and a total cost of EUR 14,999,974.
OPAP appeals against the EUR 24.5m fine impose by the competition authority
OPAP announced on Friday its intention to appeal Hellenic Competition Commission decision to impose a fine of EUR 24.5m that has to do with bill payment services (TORA Wallet and TORA Direct) offered in its physical stores, as it was calculated over the total turnover of the company and not over the minor turnover of TORA Wallet and TORA Direct.
Motor Oil’s “TRIERES” hydrogen valley project launched
According to press reports, the Green hydrogen valley project named “TRIERES” was launched on Friday, a wide consortium consisted of 27 partners from six countries (Greece, Nederland, Cyprus, Austria and Egypt), with Motor Oil being the project coordinator, which aims to develop a hydrogen ecosystem in Greece with the Motor Oil’s facility in the epicenter.
AVAX 1H23 results out: improved profitability, increased backlog, positive outlook
AVAX released its 1H23 results, with total revenues (including discontinued operations) lower by 1.1% y-o-y to EUR 192.2m, EBITDA at EUR 27.4m from only EUR 0.8m in 1H22 and net profits from continued operations (mainly excluding the EUR 39.1m profit from the sale of Volterra in 1H22) at EUR 3.4m vs. losses of EUR 20.2m in 1H22. Turning to segmental performance, construction was the main contributor of Group revenues, accounting for 93.5% of group revenue, and was also the key driver for the significant uplift of the Group profitability, with the segmental EBITDA turning to profits of EUR 12.2m compared to losses of EUR 16.8m a year ago. Income from associates (mainly concessions in which AVAX holds a minority stake) shaped at EUR 18.1m, up by 10.8% y-o-y. Turning to leverage, net debt dropped by EUR 12.2m y-t-d to EUR 208.2m. aided by the positive operating cash flows of EUR 32.2m in 1H23 (which in turn was largely supported by the favorable WC movement of EUR 25.4m in the same period) which more than offset the EUR 7.7m capex. Regarding outlook, the Group expects to benefit from the acceleration of the construction activity in 2H23e and beyond (note that signed backlog increased by EUR 840m y-t-d to EUR 2.7m as of 30/6/2023, and further up by EUR 478m so far in 2H23) on value adding projects which are expected to further improve profitability margins.
Aegean Airlines bond buyback
Aegean Airlines announced that the BoD has decided to repurchase the company’s Bond Loan, which is traded in the fixed-income securities category, provided that the purchase price is deemed to be in the best interest of the company (below par value) and that the company’s operational liquidity is not negatively affected. According to the management’s decision, the maximum amount for the repurchase of the bond could reach up to EUR 20m and the period within which the company could potentially proceed with the repurchase extends until 28 September 2024.
Revoil 1H23 results out
The company posted a weaker set of results y-o-y. In more detail, revenues came in at EUR 388.4m vs. EUR 454.5m posting a 14.5% y-o-y decrease driven mainly by lower volumes in heating oil. EBITDA came in at EUR 5.7m in 1H23 vs. EUR 7.4m in 1H22, while net profit reached EUR 0.8m in 1H23 vs. EUR 3.1m in 1H22 posting a 74% decrease y-o-y. Management stated that the second half of the year is expected to be positively affected by the resilient tourism season and the expected heating oil volume increase. The group continues to implement its investment programme by participating in RES projects under development amounting to approx. 130 MW. Already a 1 MW photovoltaic park in Evia has been electrified since July and another 13.34 MW of photovoltaic parks in Arcadia and Thebes are waiting to be connected to the grid.
Sunrise Mezz 1H2023 results
Νet profit was shaped at EUR 2.9m (+867% y-o-y) and cash at EUR 14.1m from EUR 2.1m in 2022. The company has received EUR 12.4m of coupons in relation to the notes it holds and post 30 June 2023, it has additionally received coupon payments of EUR 3.7m. Finally, the company announced that the share capital return (EUR 0.0588/share, Yield: 23.8%) will be completed in 4Q23.
Phoenix Vega Mezz 1H2023 results
Net profit came in at EUR 6.5m (+713% y-o-y) and cash at EUR 23.3m from EUR 13.2m in 2022. The company has received EUR 10.3m of coupons in relation to the notes it holds and post 30 June 2023, it has additionally received coupon payments of EUR 5.3m. Finally, the company announced that the share capital return (EUR 0.0144/share, Yield: 25.1%) will be completed in 4Q23.
Calendar of Events
Macros
02/10/23 | Unemployment Rate AUG
10/10/23 | CPI SEP & Industrial Production Index AUG
13/10/23 | Import Price Index in Industry AUG
18/10/23 | GDP 2022 (provisional data)
20/10/23 | Standard & Poor’s – Greek sovereign credit review
EGM / AGM
04/10/23 | Biokarpet (EGM)
06/10/23 | CPI (EGM)
11/10/23 | Motor Oil (EGM)
18/10/23 | Jumbo (EGM)
20/10/23 | ILYDA (EGM)
03/11/23 | Euroconsultants (EGM)
Ex-Dividend
04/10/23 | ADMIE Holding (EUR 0.0582438822)
13/10/23 | ELVE (EUR 0.40)
30/10/23 | Alpha Trust Andromeda (EUR 0.20)
02/11/23 | OPAP (interim EUR 1.00)
23/11/23 | Jumbo (extraordinary cash distribution EUR 1.47)
Initial Public Offering (IPO) – OPTIMA BANK
04/10/23 | Commencement of trading of shares on the Regulated Market of the ATHEX
Optima bank |
Research Department |

