Market Comment
ATHEX recorded marginal gains on Friday, outperforming the European stock markets. In more detail, the General Index rose by 0.04% at 1,618.16 units (FTSE Large Cap: +0.20%, FTSE Mid Cap: -0.31%, Banks Index: +0.76%) and the traded value was shaped at EUR 152.2m, up from Thursday’s EUR 124.4m. On a weekly basis, the General Index advanced for 9th consecutive week, with gains of 0.86% w-o-w, (FTSE Large Cap: +1.10%, FTSE Mid Cap: -0.51%, Banks index: +2.17%).
Week Ahead:
Piraeus Financial Holdings-Athens International Airport FY24 results today, OTE FY24 results on Wednesday, Eurobank Holdings-HELLENiQ ENERGY FY24 results on Thursday, Alpha Services and Holdings, National Bank of Greece FY24 results-MSCI rebalancing on Friday.
We expect the positive momentum to continue today, with Piraeus Financial Holdings and AIA in focus.
Today’s Headlines
· Greece to be excluded for the Escape clause for increased state expenditures for defense-press)
· GEKTERNA enters FTSE Russel Large Cap index
· Piraeus FY24 results and BP25-28 out today
· LEONIDSPORT B.V. acquired 2.58% of TPA shares
· Trade Estates covers EUR 9m bond loan of Evitenco
Macro Headlines
Greece to be excluded for the Escape clause for increased state expenditures for defense-press)
According to Kathimerini, the European Commission is considering the escape clause for increased state defense budget only for the low-spending EU countries, i.e. for those that are currently spending 0.5%-1% of GDP towards defense and are called to meet the 2% threshold. Such a development will exclude from the escape clause provision, as it already allocates in the state budget c.3% of its GDP for its defense needs.
Market Headlines
GEKTERNA enters FTSE Russel Large Cap index
FTSE Russel announced that effective from 24 March, GEKTERNA will enter the FTSE Russel Large Cap index, and will be removed from the Mid Cap Index. Additionally, the stocks of Alumill, Austriacard, AVAX, Dimand, Evropi Holdings, Lavipharm, Noval Property, Performance and TRADE ESTATES will be added in the FTSE Russel Micro Cap Index, while Petropoulos will be deleted from the Index.
Company Headlines
Piraeus FY24 results and BP25-28 out today
Piraeus Financial Holdings is set to report 4Q/FY24 results and the new BP over 2025-2028 today before the opening of ATHEX and management will host a conference call on the same day at 14:00 Athens/12:00 London Time. We forecast that reported net profit will reach EUR 1.03bn (+31% y-o-y) in 2024e, despite one-off costs of EUR 95.0m (VSS, school contribution) and NPE clean-up costs of EUR 70.0m. We also project that reported net profit will reach EUR 149.9m (-53% q-o-q, -29% y-o-y) in 4Q24, lower than median consensus estimate of EUR 161.0m, on lower non-core revenues. Finally, we estimate that the remuneration to shareholders will accelerate to EUR 0.289/share vs. EUR 0.063/share in 2023, implying a gross yield of 6.0%. In other news, Piraeus announced that the BoD decided the commencement of the merger process between Piraeus Financial Holdings and Piraeus Bank through absorption of the company by the Bank. Piraeus is one of our top picks with TP of EUR 6.20/share.
LEONIDSPORT B.V. acquired 2.58% of TPA shares
The Thessaloniki Port Authority announced that following the expiration of the Acceptance Period, Leonidsport acquired through the tender offer for the up to 21% of company shares, a total of 260.420 shares, representing 2.58% of the paid-up share capital and voting rights of the Company.
Trade Estates covers EUR 9m bond loan of Evitenco
The company announced that it will cover a EUR 9m bond loan from Evitenco at a fixed rate of 5% per annum with a maturity date of 31.12.28. Trade Estates owns 44.69% of Evitenco and the bond loan is for the completion of a new logistics centre in Aspropyrgos.
Calendar of Events
Macros
26/02/25 | Building Activity NOV (ELSTAT)
27/02/25 | Economic Sentiment Indicator FEB
28/02/25 | Producer Price Index in Industry JAN & Turnover Index in Retail Trade DEC
Market
28/02/25 | MSCI rebalancing (Aft-mkt)
4Q/FY24 Results Release
24/02/25 | Piraeus Financial Holdings (Bef-mkt), Athens International Airport (Bef-mkt)
26/02/25 | OTE (Bef-mkt)
27/02/25 | HELLENiQ ENERGY (Aft-mkt), Eurobank Holdings (Aft-mkt), IDEAL Holdings (Bef-mkt)
28/02/25 | National Bank of Greece (Bef-mkt), Alpha Services & Holdings (08:00 GR time), Premia Properties
04/03/25 | ElvalHalcor (Aft-mkt)
05/03/25 | Cenergy Holdings
06/03/25 | Optima bank (Bef-mkt), Viohalco
10/03/25 | Attica Bank (Aft-mkt)
12/03/25 | Sarantis (Aft-mkt), Autohellas (Bef-mkt)
19/03/25 | OPAP (Aft-mkt)
26/03/25 | PPC (Aft-mkt), LAMDA Development (Aft-mkt)
27/03/25 | Titan Cement International
31/03/25 | Hellenic Exchanges (Aft-mkt), AUSTRIACARD Holdings (Aft-mkt)
25/04/25 | Biokarpet
28/04/25 | Alumil
30/04/25 | Motodynamics
EGM / AGM
26/02/25 | Attica Bank (EGM)
06/03/25 | EVROPI Holdings (EGM)
19/03/25 | Jumbo (EGM)
14/04/25 | Athens Airport (AGM)
28/04/25 | Sarantis (AGM)
29/04/25 | Optima bank (AGM), OPAP (AGM)
30/04/25 | Eurobank (AGM)
08/05/25 | Titan Cement (AGM)
16/05/25 | Bank of Cyprus (AGM)
27/05/25 | Cenergy Holdings (AGM), Viohalco (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)
12/06/25 | Motodynamics (AGM)
18/06/25 | Biokarpet (AGM)
24/06/25 | AUSTRIACARD Holdings (AGM)
25/06/25 | PPC (AGM)
25/07/25 | Alpha Services & Holdings (AGM)
Ex-Dividend
24/03/25 | Jumbo (extraordinary cash distribution EUR 0.4724)
23/04/25 | Athens Airport
02/05/25 | Sarantis
07/05/25 | OPAP
12/06/25 | Premia Properties
01/07/25 | AUSTRIACARD Holdings
03/07/25 | OTE
21/07/25 | PPC
Ex-Capital Return
07/03/25 | IDEAL Holdings (EUR 0.10/share)
24/03/25 | ELLAKTOR (EUR 0.85/share)
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Research Department Τ: 210 8173 383 F: 210 3279 287 E: [email protected] 32 Aigialeias & Paradissou str., 15125, Maroussi optimabank.gr |
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