Market Comment
ATHEX headed south yesterday, in line with the European stock markets. In more detail, the General Index slipped by 2.69% at 1,528.34 units (FTSE Large Cap: -2.78%, FTSE Mid Cap: -2.88%, Banks Index: -3.14%) and the traded value was shaped at EUR 257.8m, down from Tuesday’s EUR 302.5m. We anticipate ATHEX to move in line with the European stock markets and to rebound today, with Aegean Airlines in focus.
Today’s Headlines
· DBRS upgraded Eurobank credit rating
· DBRS upgraded National Bank of Greece credit rating
· National Bank of Greece in talks to acquire Alpha Trust-Press
· Optima bank Financial Calendar 2025
· Aegean passenger traffic up by 8.4% y-o-y in 1Q25
· Fourlis Group CC highlights
· Quest Holdings FY24 results out
· Papoutsanis 1Q25 trading update
· Sunrize Mezz plc 2024 results
· Phoenix Vega Mezz plc 2024 results
· Sarantis Vice Chairman bought shares
· Prodea Investments Financial Calendar
· Alter Ego Media Financial Calendar
· Autohellas trades ex-dividend today
Company Headlines
DBRS upgraded Eurobank credit rating
DBRS upgraded the credit rating of Eurobank to BBB from BBB (low) and also changed the trend to positive from stable. The upgrade is attributed to the greater ability to maintain its improved profitability and asset quality profile while preserving adequate capital buffers despite the acquisition of Hellenic Bank in Cyprus.
DBRS upgraded National Bank of Greece credit rating
DBRS upgraded the credit rating of NBG to BBB from BBB (low), with stable trend. The upgrade is owing to the ongoing improved profitability and strengthening of its asset quality profile.
National Bank of Greece in talks to acquire Alpha Trust-Press
According to unverified press reports (newmoney), National Bank of Greece is in talks to acquire Alpha Trust, an independent asset management company. NBG aims to increase its non-interest income and had an excess capital of EUR 1.6bn in 2024. We are Buyers on the stock with TP of EUR 10.92/share, a 31% upside potential.
Optima bank Financial Calendar 2025
The AGM of shareholders will take place on Tuesday 29 April, the stock will trade ex-dividend (EUR 0.57/share, DY: 4.1%) on Monday 23 June and payment will commence on Friday 27 June. Optima is scheduled to report 1Q25 results on 14 May, 1H25 results on Friday 01 August and 9M25 results on Tuesday 11 November.
Aegean passenger traffic up by 8.4% y-o-y in 1Q25
Aegean Airlines carried a total of 3.1m passengers in 1Q25 (+239k more passengers), up by 8.4% y-o-y, with international passengers up by 11.7% y-o-y and domestic passengers up by 3.3%. The airline offered 312k more available seats (+8.8% y-o-y), while the load factor remained high at 80.2% vs. 80.5% in 1Q24.
- The company continues to maintain its focus on the two main Greek airports of Athens and Thessaloniki, with total passenger traffic up by 8.9% and 3.3% y-o-y, respectively (mainly driven by international passenger traffic up by 12.1% y-o-y in AIA and by 6.4% y-o-y in Thessaloniki Airport).
1Q25 Passenger Traffic data
|
Key Statistics |
1Q25 |
1Q24 |
Y-o-Y |
|
Available seats |
3.859 |
3.547 |
8.8% |
|
ASKs |
4.16 |
3.747 |
11.0% |
|
Domestic passengers |
1.180 |
1.142 |
3.3% |
|
International passengers |
1.913 |
1.713 |
11.7% |
|
Total passengers |
3.093 |
2.854 |
8.4% |
|
Load Factor |
80.2% |
80.5% |
-30bps |
Source: Optima bank research, Aegean Airlines
Fourlis Group CC highlights
a) Retail businesses exceeded revenue guidance despite the cybersecurity attack in November 2024 (before Black Friday, which cost 15m in revenues), b) the new IKEA store in Heraklion (11,500 sqm) is expected to open next week, and it will be the 4th biggest IKEA in terms of revenues while also a new small IKEA is expected to open by the and of 2Q24,
- c) Foot Locker targets to expand in 8 countries, by the end of 1H25, three new stores will open in Greece and three in Romania, while by the end of the year, the total network will reach 19 stores,
d) Sportswear sales recorded double-digit sales growth in the second half of the quarter, where the impact of the cyber-attack reduced, e)Holland and Barrett announced new partnership with AB Vasilopoulos for the sale of specific products, f)Trade estates target for GAV of EUR 1bn by 2028 g) CaPex will reach EUR 28-29m in FY25 (vs. EUR 25m in FY24) with EUR 2-3m used for new Footlocker stores.
Quest Holdings FY24 results out
The company posted a strong set of results with revenues up by 10.8% y-o-y, to EUR 1.32b, EBITDA of EUR 91.7m (+10.1% y-o-y), and net profits of EUR 49.9m, up by 9.9% y-o-y. As of 31/12/24, the group stands at net cash position of EUR 82.1m vs. Net debt of EUR 17.0m in FY23, down by 582% y-o-y. Management will propose in the next AGM the approval of a gross dividend of EUR 0.30/share. (DY: 5.3%). For FY25, management guided revenue growth in all segments and group EBITDA to surpass EUR 100m.
Papoutsanis 1Q25 trading update
The company announced strong revenues of EUR 17.2m in 1Q24, up by 21% y-o-y, with exports accounting for 61% of total turnover. Management guided for double-digit sales growth in FY25, aided by the strong existing and new partnerships, as well as through further strengthening of sales of branded products, both locally and internationally (expansion of products portfolio).
- In 1Q25, branded products category sales are up by 26% as a result of the dynamic expansion of the product portfolio and the entry into new home care categories. Hotel products category sales were up by 37% y-o-y, driven by both exports and domestic sales, which grew by 48% and 32% in 1Q25, respectively. Finally, third-party contract manufacturing sales increased by 21% y-o-y, and soap sales recorded an increase of 5% y-o-y.
Sunrize Mezz plc 2024 results
Net profit reached EUR 8.2m (+110% y-o-y), bolstered by net gains from financial assets of EUR 7.5m (+257% y-o-y) from EUR 2.1m in 23, whilst interest income came in at EUR 900k (-57% y-o-y). Cash stood at EUR 4.2m and assets at EUR 17.0m respectively.
Phoenix Vega Mezz plc 2024 results
Net profit came in at EUR 59.6m (+432% y-o-y), bolstered by net gains from financial assets of EUR 51.8m vs. EUR 3.2m in 23, whilst interest income was shaped at EUR 9.3m (-6% y-o-y). Cash reached EUR 8.2m and assets EUR 91.4m respectively.
Sarantis Vice Chairman bought shares
The company announced that the Vice Chairman of BoD, Mr. Grigoris Sarantis, purchased on 7 April, 10,000 shares at an average price of EUR 11.90 and for a total value of EUR 119,000.
Prodea Investments Financial Calendar
The company announced that will publish its FY24 results tomorrow, while the AGM is scheduled for Wednesday, 11 June and the ex-dividend date is set for Monday 16 June.
Alter Ego Media Financial Calendar
The company announced that will publish its FY24 results today before the opening of the market, while the AGM is scheduled for Tuesday, 17 June.
Autohellas trades ex-dividend today
Autohellas trades today ex-dividend of EUR 0.85/share (DY: 7.1%)
Calendar of Events
Macros
10/04/25 | CPI & Harmonized CPI MAR (ELSTAT), Industrial Production Index FEB (ELSTAT)
11/04/25 | Import Price Index in Industry FEB (ELSTAT) & Evolution of Turnover of Enterprises FEB (ELSTAT)
18/04/25 | Standard & Poor’s – Greek sovereign rating review
4Q/FY24 Results Release
10/04/25 | Orilina Properties (Aft-mkt), Alter Ego Media (Bef-mkt)
11/04/25 | Alpha Trust Holdings (Bef-mkt), Prodea Investments (Aft-mkt)
15/04/25 | KRI-KRI (Aft-mkt), AS Company (Aft-mkt), Thessaloniki Port Authority (Aft-mkt)
25/04/25 | Biokarpet, Interlife (Aft-mkt)
28/04/25 | Alumil (Aft-mkt)
29/04/25 | Alpha Real Estate (Aft-mkt), Thessaloniki Water Supply (Aft-mkt), Mevaco (Aft-mkt)
30/04/25 | EYDAP (Bef-mkt), Ble Kedros (Aft-mkt), Motodynamics, Galaxy Cosmos Mezz Plc
1Q:25 Results Release
24/04/25 | METLEN (trading update) (Bef-mkt)
30/04/25 | Coca Cola HBC (trading update)
06/05/25 | Piraeus Financial Holdings (Bef-mkt), Sarantis (trading update) (Bef-mkt)
08/05/25 | National Bank of Greece, Eurobank Holdings, Titan Cement
09/05/25 | Alpha Services & Holdings (Bef-mkt)
12/05/25 | Optima bank, Bank of Cyprus (Bef-mkt), Athens Airport (Aft-mkt)
14/05/25 | OTE (Bef-mkt)
15/05/25 | PPC (Aft-mkt), HELLENiQ ENERGY (Aft-mkt)
19/05/25 | Austriacard (Aft-mkt)
20/05/25 | Trade Estates (trading update) (Bef-mkt)
21/05/25 | ElvalHalcor (Aft-mkt)
22/05/25 | Alpha Trust Andromeda (Aft-mkt), IDEAL Holdings (trading update) (Bef-mkt)
23/05/25 | Premia Properties (trading update)
26/05/25 | Hellenic Exchanges (Aft-mkt)
27/05/25 | Cenergy Holdings
28/05/25 | OPAP (Aft-mkt)
05/06/25 | Attica Bank (Aft-mkt)
EGM / AGM
14/04/25 | Piraeus Financial Holdings (AGM), Athens Airport (AGM), Alpha Trust Andromeda (AGM), Biokarpet (EGM)
16/04/25 | PPC (EGM)
24/04/25 | Papoutsanis (AGM), Revoil (AGM)
28/04/25 | Sarantis (AGM)
29/04/25 | Optima bank (AGM), OPAP (AGM), Aegean Airlines (AGM), BriQ Properties (AGM)
30/04/25 | Eurobank Holdings (AGM)
05/05/25 | Titan Cement (EGM)
08/05/25 | Titan Cement (AGM)
14/05/25 | Thessaloniki Port Authority (AGM)
16/05/25 | Bank of Cyprus (AGM)
21/05/25 | Alpha Services & Holdings (AGM)
22/05/25 | ElvalHalcor (AGM), Thessaloniki Water Supply (AGM), Alpha Trust Holdings (AGM)
23/05/25 | Coca-Cola HBC (AGM)
27/05/25 | Cenergy Holdings (AGM), Noval Property (AGM), Viohalco (AGM)
29/05/25 | Intralot (AGM), Profile Systems (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)
10/06/25 | EYDAP (AGM)
12/06/25 | Hellenic Exchanges (AGM), Motodynamics (AGM)
13/06/25 | Trade Estates (AGM)
16/06/25 | Galaxy Cosmos Mezz Plc (AGM)
18/06/25 | Motor Oil (AGM), Biokarpet (AGM)
19/06/25 | HELLENiQ ENERGY (AGM), Quest Holdings (AGM)
20/06/25 | Phoenix Vega Mezz Plc (AGM), Sunrise Mezz Plc (AGM)
24/06/25 | AUSTRIACARD Holdings (AGM)
25/06/25 | PPC (AGM)
07/07/25 | Alumil (AGM)
22/07/25 | Piraeus Port Authority (AGM)
08/09/25 | Orilina Properties (AGM)
Ex-Capital Return
26/05/25 | Piraeus Financial Holdings (EUR 0.298/share)
Ex-FY24 Dividend
10/04/25 | Autohellas (EUR 0.85)
23/04/25 | Bank of Greece (EUR 0.672), Athens Airport (EUR 0.78)
28/04/25 | Papoutsanis (remaining EUR 0.03)
02/05/25 | Sarantis (EUR 0.299174)
05/05/25 | Eurobank Holdings (EUR 0.105)
07/05/25 | OPAP (remaining EUR 0.80)
16/05/25 | Thessaloniki Port Authority
19/05/25 | Alpha Trust Andromeda (EUR 0.32)
20/05/25 | Aegean Airlines (EUR 0.80)
23/05/25 | Alpha Services & Holdings (EUR 0.03), BriQ Properties (EUR 0.135)
27/05/25 | Alpha Trust Holdings
03/06/25 | National Bank of Greece, Noval Property (EUR 0.043)
12/06/25 | Premia Properties
18/06/25 | EYDAP
19/06/25 | Trade Estates (remaining EUR 0.052)
23/06/25 | Optima bank (EUR 0.57), Hellenic Exchanges (EUR 0.29), Quest Holdings (EUR 0.30)
24/06/25 | Cenergy Holdings (EUR 0.14), Viohalco (EUR 0.16)
25/06/25 | Motor Oil (remaining EUR 1.10)
26/06/25 | ElvalHalcor (EUR 0.09)
30/06/25 | Titan Cement (EUR 3.00)
01/07/25 | Profile Systems (EUR 0.064657), Thessaloniki Water Supply, AUSTRIACARD Holdings (EUR 0.11)
02/07/25 | HELLENiQ ENERGY (remaining EUR 0.55)
03/07/25 | OTE (EUR 0.7216)
21/07/25 | PPC (EUR 0.40)
04/08/25 | Piraeus Port Authority (EUR 1.92)
11/09/25 | Orilina Properties
ATHEX Companies Presentations (Hellenic Fund & Asset Management Association)
11/04/25 | Motor Oil (09:30 GR time)
Research Department
Equity Research
Τ: 210 8173 383 F: 210 3279 287 E: [email protected]
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