Greek Market Watch: Energy, Aluminium market, Gaming sector, Motor Vehicle Licenses, METLEN, Motor Oil, Eurobank, Coca Cola HBC, Cosmote

Market Comment

ATHEX headed north yesterday for a 2nd session in a row and in line with the European stock markets. In more detail, the General Index jumped by 0.67% at 1,503.18 units (FTSE Large Cap: +0.78%, FTSE Mid Cap: +0.07%, Banks Index: +1.21%) and the traded value was shaped at EUR 125.6m, up from Tuesday’s EUR 115.6m. We expect the positive momentum to continue today.  

Today’s Headlines

·         Natural Gas Consumption in Greece up by 30% in 2024 (DESFA)

·         European Commission to gradually limit the Aluminium Imports from Russia (press)

·         Gross Gaming Revenues increased by 11.7% in 11M24

·         Motor Vehicle Licenses December (ELSTAT)

·         New Large-Scale Mining, Metallurgical, and Industrial Investment by METLEN amounting to EUR 295.5m

·         Μotor Oil proceeds with the completion of the acquisition of Helector

·         Eurobank Holdings FY24 results out on 27 February

·         Coca Cola HBC FY24 results out on 13 February

·         Cosmote to be renamed to T-Press 

Sector Headlines 

Natural Gas Consumption in Greece up by 30% in 2024 (DESFA)

According to the national natural gas system operator DESFA, total natural Gas consumption in Greece was up by 30% in 2024, driven by thermal generation (up by 7.1%), while household consumption was up by 4.8%. 

European Commission to gradually limit the Aluminium Imports from Russia (press)

According to Bloomberg, the EC aims at gradually limiting the imports of Aluminium in Europe. It is noted that Europe is a deficit market in Aluminium, hence such a development is expected to further support Aluminium prices (positive for METLEN). 

Gross Gaming Revenues increased by 11.7% in 11M24

According to the Hellenic Gaming Commission total gaming revenues (TGR) of gambling providers increased by c. 8.9% y-o-y in the first 11M of the year. Total bets amounted to EUR 14.12bn in the period Jan-Nov 2024 vs. EUR 12.97bn in the corresponding period last year, while GGR amounted to EUR 2.6bn in 11M24 vs. EUR 2.31bn in 11M23 recording a y-o-y increase of 11.7%. In more detail, Opap stores and Vlt’s GGR increased by 5.6% y-o-y reaching EUR 1.29bn, Lotteries revenues decreased by 3.0% reaching EUR 100.2m, horse racing revenues decreased by 23.4% reaching EUR 6.2m, casino revenues increased by 9.7% reaching EUR 227.4m while online casino increased by 24.2% y-oy, reaching 955.7m.  

Motor Vehicle Licenses December (ELSTAT)

According to ELSTAT, total passenger cars registered in December 2024 recorded an increase of 5.7% y-o-y and reached 13,173 units. The number of new cars registered reached 8,699, recording a 5.7% y-o-y increase, compared to 27.2% increase in December 2023, while used cars that put into circulation also increased by 5.8% y-o-y to 4,474 units. Over the twelve-month January 2024- December 2024 period, total passenger cars that put into circulation reached 214,769 units, up by 3.5% y-o-y, while new registered cars increased by 1.9% y-o-y, to 135,984 units and used cars increased by 6.4% y-o-y to 77,785 units. 

Company Headlines 

New Large-Scale Mining, Metallurgical, and Industrial Investment by METLEN amounting to EUR 295.5m

METLEN announced its FID to proceed with the implementation of a new large-scale investment in the production of bauxite, alumina, and Gallium. The EUR 295.5m investment plan aims to achieve a total production capacity of 2 million tonnes of bauxite p.a. 1,265,000 tonnes of alumina (up from 865,000 tonnes currently), and 50 MT of Gallium for the first time. As a reminder, METLEN has submitted the investment project under Greece’s Strategic Investments Law. Furthermore, the project recently received the European Commission’s STEP SEAL (so called “Sovereignty Seal”), recognizing its significant contribution to the EU’s self-sufficiency in critical raw materials (CRM). METLEN is committed to keeping investors informed of the project’s progress. Completion of the works and production start-up is scheduled for 2026 for bauxite, with alumina and Gallium production beginning gradually from 2027 and full-scale operation by 2028. 

Μotor Oil proceeds with the completion of the acquisition of Helector

The BoD decided to grant a special permission allowing its subsidiary MANETIAL LIMITED to proceed with the acquisition of 94.44% of the share capital of HELECTOR for EUR 114m. As a reminder, Motor Oil and Ellaktor have reached an agreement for the transfer of Helector already from last July, and the transaction is subject to the approval of the competition authority which is expected by the end of the current month. In other related news, Motor Oil competed the acquisition of 24 Shopen, a retailer operating 25 stores in Greece.  

Eurobank Holdings FY24 results out on 27 February

Eurobank Holdings announced that it will report FY24 results on Thursday 27 February 2025 and the AGM will be held on Wednesday 30 April 2025. 

Coca Cola HBC FY24 results out on 13 February

Coca Cola HBC is set to report FY24 results on Thursday 13 February at 09:00 Athens/07:00 London Time. Management will host a CC on the same day at 11:30 Athens/09:30 London Time. 

Cosmote to be renamed to T-Press

Reportedly (mononews), the management of OTE has decided to rename Cosmote to T, which is the logo of Deutsche Telekom. 

Calendar of Events

Macros

16/01/25 | Evolution of Turnover of Enterprises NOV (ELSTAT)

20/01/25 | Current Account Balance NOV (BoG) & Turnover Index in Industry NOV (ELSTAT)

28/01/25 | Building Activity OCT (ELSTAT)

4Q/FY24 Results Release

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

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

24/02/25 | Piraeus Financial Holdings (Aft-mkt)

27/02/25 | HELLENiQ ENERGY (Aft-mkt), Eurobank Holdings, IDEAL Holdings (Bef-mkt)

28/02/25 | Alpha Services & Holdings

27/03/25 | Titan Cement International

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

EGM / AGM

30/01/25 | ELLAKTOR (EGM)

03/02/25 | IDEAL Holdings (EGM)

Ex-Dividend

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

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

Ex-Capital Return

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

Share Capital Increase – AKTOR Group

10/01/25-21/01/25 | Trading period of rights

10/01/25-24/01/25 | Exercise period of rights & Subscription period

04/02/25 | Commencement of trading of new shares from SCI

Initial Public Offering (IPO) – ALTER EGO MEDIA 

20/01/25-22/01/25 | Initial Public Offering (IPO) Period

27/01/25 | Commencement of trading of shares on the Regulated Market of the ATHEX

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