ATHEX headed south on Friday after 5 consecutive sessions with gains, underperforming the European stock markets. In more detail, the General Index dropped by 0.31% at 1,877.03 units (FTSE Large Cap: -0.32%, FTSE Mid Cap: -0.55%, Banks Index: -0.52%) and the traded value was shaped at EUR 164.5m, down from Thursday’s EUR 229.2m. On a weekly basis, the General Index rose by 4.16% w-o-w, (FTSE Large Cap: +4.38%, FTSE Mid Cap: +3.66%, Banks index: +5.74%). Week Ahead: Titan Cement ex-date, commencement of trading of new Alpha Bank shares and launch of public offer for Aegean Airlines’ new retail Bond today, Profile ex-date tomorrow, HELLENiQ ENERGY ex-date on Wednesday, OTE ex-date on Thursday. We expect the market to consolidate at current levels today, with Alpha Bank in focus.
· Greek ESI down in June
· Total building activity further declined in March
· Eurobank to proceed with parallel listing of its shares on the Cyprus Stock Exchange
· Alpha Bank shares commence trading today
· AVAX releases strong set of 1Q25 Results
· Aegean Airlines Initiates EUR 250m Bond Offering
· Titan Trades ex-dividend
· Profile trades ex-dividend tomorrow
· Austriacard Holdings trades ex-dividend tomorrow
· ΕΥΑΤΗ trades ex-dividend tomorrow
Macro Headlines
Greece’s Economic Sentiment Indicator (ESI) slipped to 106.1 in June 2025 from 107.0 in May, remaining well above the EU average (down to 94.0 in June from 95.0 in May).
Total building activity further declined in March
According to ELSTAT, total building activity (private-public), as this is measured by the number of building permits issued, decreased by 41.3% y-o-y in March 2025. In surface and volume terms, building activity decreased by 53.7% and by 43.3% y-o-y respectively. In the April 2024- March 2025 period, Greek building activity decreased by 3.5% y-o-y in terms of permits, while also decreased by 5.1% y-o-y in terms of surface and by 4.4% y-o-y in terms of volume.
Company Headlines
Eurobank to proceed with parallel listing of its shares on the Cyprus Stock Exchange
Eurobank S.A. announced its intention to examine the parallel listing of its shares on the Main Market of the Cyprus Stock Exchange (CSE). Following the completion of the acquisition of 100% of Hellenic Bank – the largest foreign investment ever made in Cyprus – and in view of the delisting of its shares from the CSE, Eurobank is considering the parallel listing of its own shares on CSE, confirming its strategic commitment to the Cypriot economy and its support for the development and strengthening of the local capital market. The final decision is subject to the necessary corporate approvals and, is expected in the last quarter of the year.
Alpha Bank shares commence trading today
As of today, all Alpha Bank shares will commence trading after the merger by absorption of Alpha Services and Holdings by Alpha Bank.
AVAX releases strong set of 1Q25 Results
AVAX released earlier a strong set of 1Q25 Results. In more detail, Revenue shaped at EUR 177.7m, up by 23% y-o-y, EBITDA at EUR 26.2m, also up by 6.1% with the respective margin at 14.8% (vs. 17.1% a year ago) and Net Profit at EUR 11.9m, up by 47% y-o-y. Net Debt / EBITDA ratio at rose slightly at 31/3/2025 to 2.38x versus 2.25x on 31.12.2024, and by EUR 16.9m In absolute terms. Finally, Backlog in June 2025 stands at EUR 3bn from EUR 3.2bn at the end of 2024. As a reminder, AVAX has already declared EUR 0.07/share dividend for 2024 (DY: 3.4%, ex-date: 2 September).
Comment: AVAX recorded a very strong set of results, driven by the faster execution of the construction backlog and also on improved construction margins (Construction EBITDA margin at 13.0% versus 12.0% in 2024), while at the same time maintained a very high Backlog, which secures further growth in the medium term. That said, and taking also into account the strong medium-term outlook (AVAX guides for group EBITDA of EUR 150m by 2028e), we reiterate our Buy recommendation for the stock with a EUR 3.03/share Target Price.
Aegean Airlines Initiates EUR 250m Bond Offering
Aegean Airlines has launched the public offering of a 7-year common bond loan, targeting proceeds of up to EUR 250m. The subscription period opens today, Monday, 30 June, and will conclude on Wednesday, 2 July. The bonds are scheduled to commence trading on the Athens Exchange (ATHEX) Fixed Income Securities market on 7 July. The yield range has been set between 3.70% and 4.05%, reflecting current market conditions and investor sentiment toward corporate credit. The issuance is expected to enhance Aegean’s liquidity position and support ongoing strategic initiatives, including fleet renewal and network expansion.
As of today, Titan trades ex-dividend of EUR 3/share (DY: 7.4%).
Profile trades ex-dividend tomorrow
We remind that Profile trades ex-dividend tomorrow, and the payment date is set for Tuesday 8 July. Today is the last day with the right to the dividend of EUR 0.0647/share (DY: 0.9%).
Austriacard Holdings trades ex-dividend tomorrow
The company trades ex-dividend tomorrow, and the payment date is set for Friday 4 July. Today is the last day with the right to the dividend of EUR 0.11 /share (DY: 2.0%).
ΕΥΑΤΗ trades ex-dividend tomorrow
The company trades ex-dividend tomorrow, and the payment date is set for Tuesday 8 July. Today is the last day with the right to the dividend of EUR 0.055/share (DY: 1.65%).
30/06/25 | Producer Price Index in Industry MAY (ELSTAT), Turnover Index in Retail Trade APR (ELSTAT)
01/07/25 | S&P Global Greece Manufacturing PMI JUN
02/07/25 | Unemployment Rate ΜΑΥ (ELSTAT)
EGM / AGM
01/07/25 | KRI-KRI (AGM), Technical Olympic (AGM), Galaxy Cosmos Mezz Plc (rep. AGM)
02/07/25 | ADMIE Holding (AGM)
03/07/25 | Elinoil (AGM), Lavipharm (AGM)
07/07/25 | Alumil (AGM)
08/07/25 | Piraeus Port Authority (AGM)
09/07/25 | Jumbo (AGM), AKTOR Group (AGM)
10/07/25 | Ellaktor (AGM), Attica Bank (AGM), Mathios (AGM)
11/07/25 | Quality & Reliability (AGM)
15/07/25 | AVAX (AGM)
16/07/25 | EYDAP (AGM), Creta Plastics (AGM), Centric (AGM)
18/07/25 | ILYDA (AGM)
22/07/25 | Piraeus Port Authority (AGM)
27/08/25 | Evropi Holdings (AGM), Attica Publication (AGM)
28/08/25 | Intralot (AGM)
29/08/25 | Intracom Holdings (AGM)
08/09/25 | Orilina Properties (AGM)
09/09/25 | Frigoglass (AGM), Ble Kedros (AGM)
Ex-FY24 Dividend
30/06/25 | Titan Cement (EUR 3.00)
01/07/25 | Profile Systems (EUR 0.064728), Thessaloniki Water Supply (EUR 0.055), AUSTRIACARD Holdings (EUR 0.11), Flexopack (EUR 0.165)
02/07/25 | HELLENiQ ENERGY (remaining EUR 0.55), Interlife (EUR 0.20)
03/07/25 | OTE (EUR 0.7216)
07/07/25 | Euroconsultants (EUR 0.04), Medicon (EUR 0.13)
10/07/25 | AS Company (EUR 0.1713121688)
11/07/25 | Petropoulos (EUR 0.30)
14/07/25 | EKTER
21/07/25 | PPC (EUR 0.40), Jumbo (EUR 0.5063), Space Hellas (EUR 0.15)
22/07/25 | EYDAP (EUR 0.07)
28/07/25 | Vogiatzoglou (EUR 0.07)
04/08/25 | Piraeus Port Authority (EUR 1.92)
19/08/25 | Evrofarma (EUR 0.05)
21/08/25 | KRI-KRI (EUR 0.40)
25/08/25 | ADMIE Holding, Creta Plastics
02/09/25 | AVAX (EUR 0.07)
11/09/25 | Orilina Properties
20/10/25 | Moda Bagno
03/11/25 | Ble Kedros
Initiation of trading of new shares
30/06/25 | Alpha Bank (merger by absorption of Alpha Services and Holdings)
Ex-Capital Return
25/08/25 | Biokarpet (EUR 0.02/share)
Corporate Bond Issuance
30/06/25-02/07/25 | Aegean Airlines – Public Offering period
07/07/25 | Aegean Airlines – Start of trading of new bonds
METLEN – Voluntary Share Exchange Tender Offer
27/06/25-25/07/25 | Acceptance Period of the Tender Offer
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