Greek Market Watch: ECB rates cut, Regional airports traffic data, HELLENiQ ENERGY, Attica Bank (9M24 results, securitization), Aegean Airlines

We expect the market to consolidate at current levels today, lacking any catalysts.  

Today’s Headlines

·         ECB lowered key rates by 25bps for a fourth time in a row

·         International passenger traffic up in November (Fraport Greece)

·         HELLENiQ ENERGY’s CEO comments on ELPEDISON acquisition (press)

·         Attica Bank 9M24 results

·         Attica Bank completed synthetic securitization of EUR 220m performing loans

·         Aegean’s new Green Hangar included in Strategic Investment programme

Market Comment

ATHEX headed north yesterday, in line with the European stock markets. In more detail, the General Index rose by 0.44% at 1,464.03 units (FTSE Large Cap: +0.51%, FTSE Mid Cap: -0.05%, Banks Index: +0.15%) and the traded value was shaped at EUR 136.5m, down from Wednesday’s EUR 139.3m.

Sector Headlines 

ECB lowered key rates by 25bps for a fourth time in a row

The Governing Council of the European Central Bank decided yesterday to lower the three key interest rates by 25 bps. Accordingly, the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will be decreased to 3.00%, 3.15% and 3.40% respectively, with effect from 18 December 2024. Recall that the ECB has lowered its key interest rates by 100bps in 2024. 

International passenger traffic up in November (Fraport Greece)

According to Fraport Greece (operator of the 14 regional Greek airports), international passenger traffic in Greek airports in November 2024 rose by 23.2% y-o-y, while in 11M24, international passenger traffic increased by 6.4% y-o-y to 26,242k travelers. 

Company Headlines 

HELLENiQ ENERGY’s CEO comments on ELPEDISON acquisition (press)

According to Euro2day.gr, the CEO of HELLENiQ ENERGY, Mr. Siamishis said that following the acquisition of ELPEDISON, HELLENiQ ENERGY now targets to extend its market share in the electricity supply business to 10% (from c. 6% currently), while no final investment decision has been taken yet regarding the construction of a new CCGT and a FSRU in Thessaloniki.

Additionally, according to Euro2day.gr, the sale of HE’s 35% stake in DEPA commercial is a matter of days, and half of the EUR 200m proceeds will be returned to the shareholders (c. EUR 0.30/share). 

Attica Bank 9M24 results

The new Attica Bank Group (including Pancreta Bank) posted a net loss of EUR 343.3m in 9M24 from EUR 15.2m in 9M23, due to skyrocketed LLPs of EUR 404.7m that included NPE clean up costs.

NII came in at EUR 64.6m (+25% y-o-y) with NIM at 2.2%, fee income at EUR 12.0m (+102% y-o-y) and revenues at EUR 91.8m (+24% y-o-y). Opex reached EUR 70.6m (+17% y-o-y) and hence PPI was shaped at EUR 21.2m (+52% y-o-y).

The NPE ratio before the NPE clean-up was shaped at 54.1% and is expected to fall below 3.0% in 2024, post NPE transactions.

Net credit expansion reached EUR 795m y-t-d, with net loans at EUR 3.04bn (+34% y-o-y), deposits at EUR 5.73bn (+82% y-o-y), assets at EUR 6.35bn, pro-forma tangible equity at EUR 621.1m (EUR 0.38/share) and CET1 ratio at 13.1%.

Management aims performing loans to exceed EUR 7.0bn, deposits to reach EUR 11.0bn, pre-provision profit to surpass EUR 280m and RoaTBV in excess of 20% by 2027.   

Attica Bank completed synthetic securitization of EUR 220m performing loans

Attica Bank announced that it has completed a synthetic securitization of EUR ca220.0m performing SME and Large corporate portfolio, through the direct issuance of the Credit Linked Notes and the sale of the mezzanine tranche to an entity advised by Davidson Kempner Capital Management. The transaction is expected to reduce RWAs by EUR ca150.0m, and to enhance the capital position by 50bps. 

Aegean’s new Green Hangar included in Strategic Investment programme

The international committee for strategic investments approved a budget of EUR 74.75m out of a total amount of EUR 140m as part the Aegean Airlines’ investment in the Green Hangar (aircraft service and maintenance center as well as flight simulator and crew training center at Athens International Airport). 

Calendar of Events

Macros

13/12/24 | Import Price Index in Industry OCT (ELSTAT)

20/12/24 | Current Account Balance OCT (BoG) & Turnover Index in Industry OCT (ELSTAT)

27/12/24 | Building Activity SEP (ELSTAT)

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

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

Market

20/12/24 | ATHEX Semi-Annual Index Review (changes effective after market close)

9M24 Results Release

16/12/24 | ADMIE Holding (Bef-mkt)

EGM / AGM

13/12/24 | Real Consulting (EGM)

16/12/24 | AS Company (EGM)

19/12/24 | Technical Olympic (EGM)

24/12/24 | MED (EGM)

Ex-Dividend

16/12/24 | Trade Estates (interim dividend EUR 0.047706)

19/12/24 | AS Company

23/12/24 | Motor Oil (interim dividend EUR 0.30)

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

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