Greek Market Watch: Fiscal data (ELSTAT), Travel receipts (BoG), NBG, Cenergy, Titan, Ariadne interconnection, Intralot, Intrakat, Alpha Trust, Real Consulting

Market Comment

ATHEX headed north yesterday, outperforming the European stock markets. In more detail, the General Index rose by 1.99% at 1,420.40 units, (FTSE Large Cap: +2.26%, FTSE Mid Cap: +1.68%, Banks Index: +2.99%) and the traded value was shaped at EUR 103.5m, down from Friday’s EUR 127.4m. We expect the positive momentum to continue today.  

Today’s Headlines

·         Greek primary surplus at 1.9% in 2023, well above target (ELSTAT)

·         Inbound travelers and travel receipts up in February (BoG)

·         National Bank of Greece 1Q24 results out on 01 May 

·         Cenergy secures a $58m tax credit for potential investment for a cables factory in the US

·         TITAN America has been awarded an up to $ 61.7m grant by the U.S. Department of Energy, for funding its innovative technology for low-carbon cement

·         Macquarie exits the Ariadne interconnection tender process (press)

·         Intralot interested for lottery license in Brazil-Press

·         Intrakat FY23 Results & Conference call today amc

·         Alpha Trust FY23 Results out today

·         Real Consulting FY23 results out 

Macro Headlines 

Greek primary surplus at 1.9% in 2023, well above target (ELSTAT)

ELSTAT announced yesterday that the primary surplus of General Government for 2023, (ESA 2010 compliant) was shaped at EUR 4,096m (1.9% of GDP), significantly outperforming the target of 1.1% of GDP. Additionally, the final result of General Government for 2023, (including interest payments), came in at EUR -3.5bn (1.6% deficit), while the gross consolidated General Government debt at year-end 2023 is estimated at a nominal value of EUR 357bn (161.9% of Gross Domestic Product, significantly lower compared to 172.7% in 2022). 

Sector Headlines 

Inbound travelers and travel receipts up in February (BoG)

According to BoG, travel receipts in February 2024 rose by 22.2% y-o-y to EUR 291m, while in January-February 2024, travel receipts totalled EUR 570m, up by 24.5% y-o-y. The number of inbound travelers in February 2024 rose by 26.0% y-o-y to 721k, while in January-February 2024, the number of inbound travelers jumped by 20.7% y-o-y to 1,459k. Finally, the average spending per traveler in February stood at EUR 401, down by 2.9% y-o-y, while in the January-February period the average spending per traveler rose by 3.3% y-o-y to EUR 387. 

Company Headlines 

National Bank of Greece 1Q24 results out on 01 May 

National Bank of Greece is set to announce 1Q24 results on Wednesday 01 May 2024, before market opening. Management will host a conference call on the same day at 10:30 Athens/08:30 London Time. 

Cenergy secures a $58m tax credit for potential investment for a cables factory in the US

Cenergy announced that its US subsidiary intends to build a new Offshore Wind and Grid cable manufacturing facility in Baltimore, Maryland, of approx. value $ 300m, which has already received a $58m tax credit. To this end, Hellenic Cables Americas intends to acquire a 38-acre waterfront property at Wagners Point, with completion of transaction expected to be completed within the next 8 weeks. As a reminder, during FY23 results conference call, Cenergy’s management stated that the company explores investment opportunities for a cables plant in the US, and had already invested EUR 7.4m in FY23 to support the construction of a submarine cables factory in the country. 

TITAN America has been awarded an up to $ 61.7m grant by the U.S. Department of Energy, for funding its innovative technology for low-carbon cement

TITAN’s Roanoke cement plant, in Virginia, USA, has been selected for negotiations by the U.S. Department of Energy for an up to $61.7m award to support the deployment of a calcined clay production line, which will substantially reduce CO2 emissions. 

Macquarie exits the Ariadne interconnection tender process (press)

According to Energypress.gr, Macquarie exited the tender process for the acquisition of 20% in the Ariadne interconnection, and was replaced by the French Meridiam Europe. As a reminder, last October, four qualified investors (namely GEKTERNA, TERNA SpA, Macquarie and Phaethon Holdings JV and State Grid International) were invited by IPTO to submit their binding offers for the acquisition of a 20% stake of Ariadne interconnection. 

Intralot interested for lottery license in Brazil-Press

Press reports (newmoney) indicate that the Brazilian government announced that it will proceed with tenders to grant licenses for four lotteries in the country and that Intralot has expressed its interest. The licenses have a ten-year duration with the option of renewal for another ten years. The same reports suggest that the results of the tenders will be announced in May. Recall that Intralot had a presence in the country in the region of Minas Gerais. 

Intrakat FY23 Results & Conference call today amc

Intrakat is set to release the FY23 Results today after the market close, with a conference call scheduled also for tomorrow at 18.00 local time (Tel nos: Greek participants: +30 213 009 6000 or +30 210 94 60 800, UK participants: +44 (0) 800 368 1063, UK & International: +44 (0) 203 059 5872, USA participants: +1 516 447 5632). In other related news, according to Energypress.gr, Intrakat, in the context of its strategic partnership with PPC in which INKAT participates with 45%, is set to commence the construction of a 171MW solar portfolio for PPC, for EUR 43m, with completion expected in 14 months. 

Alpha Trust FY23 Results out today

Alpha Trust is set to release the FY23 Results today, after the market close. 

Real Consulting FY23 results out

Real consulting posted its results yesterday with revenues coming in at EUR 30.2m vs. EUR 24.4m in FY22 recording a 24% y-o-y increase, driven by increased performance in all segments. EBITDA reached EUR 5.0m vs. EUR 3.6m in FY22 or up by 39%, while profit before tax increased by 40% at EUR 3.97m vs. EUR 2.83m last year.

  • During the year, the company implemented several projects in the private sector for large enterprises, while expanding its activities in the wider public sector, undertaking projects to modernize the processes of the Greek State.

Management guided for double digit growth for the next year, because of the digital transformation of the public sector and the business transformation of private sector companies while stated that the transfer of Real Consulting to the main market of the Stock Exchange is a priority for the company.  

Calendar of Events

Macros

26/04/24 | Building Activity JAN

29/04/24 | Economic Sentiment Indicator APR

30/04/24 | Turnover Index in Retail Trade FEB & Producer Price Index in Industry MAR

31/05/24 | Fitch – Greek sovereign credit review

Results Release

23/04/24 | Intrakat (FY23), Alpha Trust Holding (FY23)

24/04/24 | Sarantis (1Q24 trading update), Alpha Trust Andromeda (1Q24), Loulis Food  (FY23) (Aft-mkt)

25/04/24 | Mytilineos (1Q24 trading update) (Bef-mkt), EYDAP (FY23), Space Hellas (FY23)

29/04/24 | Athens Airport (1Q24) (bef-mkt), Elastron (FY23), AS Company (FY23)

30/04/24 | Piraeus Financial Holdings (1Q24), Coca-Cola HBC (1Q24 trading update) (7:00 am BST), Entersoft (1Q24 trading update) (Bef-mkt)

01/05/24 | National Bank of Greece (1Q24)

09/05/24 | Titan Cement International (1Q24)

14/05/24 | OTE (1Q24) (bef-mkt)

16/05/24 | Alpha Services and Holdings (1Q24), Eurobank Holdings (1Q24), HELLENiQ ENERGY (1Q24) (Aft-mkt)

21/05/24 | Optima bank (1Q24), Fourlis (1Q24) (Aft-mkt)

22/05/24 | ElvalHalcor (1Q24 trading update) (Aft-mkt), QUEST Holdings (1Q24) (Aft-mkt)

23/05/24 | PPC (1Q24) (Aft-mkt), Ideal Holdings (1Q24 trading update) (Bef-mkt)

27/05/24 | Hellenic Exchanges (1Q24)

28/05/24 | Cenergy Holdings (1Q24)

29/05/24 | OPAP (1Q24) (Aft-mkt)

31/05/24 | Austriacard Holdings (1Q24), Attica Bank (1Q24)

EGM / AGM

23/04/24 | Sarantis (AGM)

25/04/24 | OPAP (AGM), AΙA (AGM), MIG (AGM)

30/04/24 | Aegean Airlines (AGM), PPC (EGM), BriQ Properties (AGM)

09/05/24 | Titan Cement (AGM)

10/05/24 | Thessaloniki Port Authority (AGM)

15/05/24 | Alpha Trust Holding (AGM), Revoil (AGM)

17/05/24 | Trastor REIC (AGM), Entersoft (AGM)

21/05/24 | Coca-Cola HBC (AGM)

22/05/24 | Jumbo (AGM)

23/05/24 | Optima bank (AGM), ElvalHalcor (AGM), Motodynamics (AGM)

28/05/24 | Viohalco (AGM), Cenergy (AGM)

29/05/24 | Attica Group (AGM)

30/05/24 | Intralot (AGM)

31/05/24 | Ellaktor (AGM)

04/06/24 | Mytilineos (AGM)

06/06/24 | Ideal Holdings (AGM)

13/06/24 | Hellenic Exchanges (AGM)

14/06/24 | Trade Estates (AGM)

17/06/24 | Loulis Food (AGM)

19/06/24 | Motor Oil (AGM), Viokarpet (AGM)

20/06/24 | AS Company (AGM), Space Hellas (AGM)

21/06/24 | Fourlis (AGM)

27/06/24 | HELLENiQ ENERGY (AGM), PPC (AGM), LAMDA Development (AGM), Elastron (AGM)

28/06/24 | Piraeus Financial Holdings (AGM), OTE (AGM)

03/07/24 | ADMIE Holding (AGM)

04/07/24 | Alumil (AGM)

09/07/24 | Austriacard Holdings (AGM), KRI-KRI (AGM)

10/07/24 | Piraeus Port (AGM), Attica Bank (AGM)

11/07/24 | EYDAP (AGM)

23/07/24 | Eurobank Holdings (AGM)

25/07/24 | Alpha Services and Holdings (AGM)

Ex-Dividend

29/04/24 | OPAP (remaining EUR 0.60)

02/05/24 | Sarantis (EUR 0.224381)

08/05/24 | BriQ Properties

13/05/24 | Alpha Trust Andromeda (EUR 0.30)

14/05/24 | Thessaloniki Port Authority

20/05/24 | Aegean Airlines (EUR 0.75), Alpha Trust Holding, Revoil (EUR 0.048)

21/05/24 | Athens Airport (EUR 0.33)

05/06/24 | Attica Group (EUR 0.07)

19/06/24 | Trade Estates

25/06/24 | Titan Cement (EUR 0.85), Hellenic Exchanges (EUR 0.24), ElvalHalcor (EUR 0.04), Viohalco (EUR 0.12), Cenergy (EUR 0.08)

26/06/24 | Motor Oil (rem. EUR 1.40), Mytilineos (EUR 1.50), Fourlis (EUR 0.12)

01/07/24 | Loulis Food

04/07/24 | OTE (EUR 0.71)

05/07/24 | Trastor REIC

10/07/24 | HELLENiQ ENERGY (rem. EUR 0.60), Jumbo (EUR 1.00), AS Company

16/07/24 | Austriacard Holdings

22/07/24 | PPC, EYDAP, Space Hellas

29/07/24 | Piraeus Port (EUR 1.34)

22/08/24 | KRI-KRI (EUR 0.35)

02/09/24 | ADMIE Holding

Ex-Capital Return

25/06/24 | OPAP (EUR 0.25)

25/07/24 | Ideal Holdings

ATHEX Companies Presentations (Hellenic Fund & Asset Management Association)

24/04/24 | Lavipharm (09:30 Athens time) 

Research Department
Equity Research

Τ: 210 8173 383 F: 210 3279 287 E: [email protected]

32 Aigialeias & Paradissou str., 15125, Maroussi optimabank.gr

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