Greek Market Watch: Electricity market, Piraeus Financial Holdings, MOH/GEKTERNA, Athens Airport, OPAP, Attica Bank, Alumil

Market Comment

ATHEX headed south yesterday, underperforming the European stock markets. In more detail, the General Index dropped by 0.23% at 1,517.35 units (FTSE Large Cap: -0.42%, FTSE Mid Cap: +0.37%, Banks Index: -0.27%) and the traded value was shaped at EUR 100.3m, down from Tuesday’s EUR 170.8m. We expect ATHEX to try to move higher today, with stock picking in place.  

Today’s Headlines

·         Energy Sector || Greek retail electricity market (EnexGroup) – January 2025

·         Piraeus to announce today the acquisition of Ethniki Insurance? -Press

·         GEKTERNA confirms talks with Motor Oil for the sale of HERON

·         Athens Airport releases exceptionally strong passenger traffic for January

·         OPAP Financial Calendar 2025

·         Attica Bank EGM on 26 February

·         Alumil Financial Calendar 2025

 

Sector Headlines 

Energy Sector || Greek retail electricity market (EnexGroup) – January 2025

Greek retail electricity market: IPPs market share remained at 48.1% in January 2025 (according to data from Greek Energy Exchange – EnEx). Other key statistics: a) monthly average clearing Price at EUR 135.13/MWh, up by EUR 5.3/MWh m-o-m and by EUR 42.1/MWh y-o-y, b) total Electricity demand at 5,485/GWh, up by 5.5% y-o-y. In more detail, Mytilineos’ Protergia ranks first with 16.87% (18.11% combined with the recently acquired Volterra), GEKTERNA’s Heron follows with 11.01%, ELPE’s Elpedison with 5.95% and MOH’s NRG with 4.58%. As a result, PPC’s retail market share in January 2025 was unchanged m-o-m at 51.9%, above the EU-mandated 50% mark. Regarding the Generation mix traded in the Day-Ahead Market, Natural Gas ranks first with 46% of total (vs. 43% in December), RES follows with 35% (vs. 38% in the previous month), Hydro Plants 3% (3%), Lignite and Oil-Powered Plants contributed 5% (4%) and 2% (2%) respectively and finally, Imports 10% (10%). 

Company Headlines 

Piraeus to announce today the acquisition of Ethniki Insurance? -Press

According to unconfirmed press reports (Kathimerini), Piraeus might announce the acquisition of Ethniki Insurance from CVC.  

GEKTERNA confirms talks with Motor Oil for the sale of HERON

In response to a relevant inquiry from the Hellenic Capital Market Commission, GEK TERNA announced that with regard to its electricity supply and generation arm, HERON, a number of options are constantly being examined and discussed with various Groups, including the Motor Oil Group. 

Athens Airport releases exceptionally strong passenger traffic for January

Athens International Airport (AIA) released its passenger traffic data for January 2025, according to which total passenger traffic up by 14.5% y-o-y, driven by international traffic (up by 18.7% YoY), while domestic traffic was also up +5.1% y-o-y. 

OPAP Financial Calendar 2025

OPAP announced that it will report FY24 results on Wednesday 19 March 2025, the conference call is scheduled for the next day and the AGM will be held on Tuesday 29 April 2025, while dividend ex-date set for Wednesday 7 May 2025. 

Attica Bank EGM on 26 February

Attica has called for an EGM on Wednesday 26 February 2025 at 10:00 Athens/08:00 London Time. Shareholders will approve the election of the new BoD and the appointment of independent non-executive members. 

Alumil Financial Calendar 2025

Alumil announced that it will report FY24 results on Monday 28 April 2025 and the AGM will be held on Monday 7 July 2025. 

Calendar of Events

Macros

07/02/25 | Trade Balance DEC (ELSTAT)

10/02/25 | Industrial Production Index DEC (ELSTAT)

Market

11/02/25 | MSCI Index Review announcement (Effective date: March 03, 2025)

4Q/FY24 Results Release

13/02/25 | Coca-Cola HBC (7:00 am GMT)

18/02/25 | Bank of Cyprus (Bef-mkt)

20/02/25 | METLEN (Bef-mkt)

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, IDEAL Holdings (Bef-mkt)

28/02/25 | Alpha Services & Holdings (08:00 GR time)

04/03/25 | ElvalHalcor (Aft-mkt)

10/03/25 | Attica Bank (Aft-mkt)

12/03/25 | Sarantis (Aft-mkt)

19/03/25 | OPAP (Aft-mkt)

26/03/25 | PPC (Aft-mkt)

27/03/25 | Titan Cement International

31/03/25 | Hellenic Exchanges (Aft-mkt)

28/04/25 | Alumil

30/04/25 | Motodynamics

EGM / AGM

26/02/25 | Attica Bank (EGM)

Ex-Capital Return

24/03/25 | ELLAKTOR (EUR 0.85/share), IDEAL Holdings (EUR 0.10/share)