Greek Market Watch: Fiscal policy, Industrial production, Construction, Aegean Airlines, Piraeus Financial Holdings, MOH, Thessaloniki Port, Quest Holdings, Sarantis

Market Comment

ATHEX headed south on Friday, in line with the European stock markets. In more detail, the General Index slipped by 0.48% at 1,503.73 units (FTSE Large Cap: -0.50%, FTSE Mid Cap: -1.14%, Banks Index: -0.22%) and the traded value was shaped at EUR 126.4m, down from Thursday’s EUR 145.7m. On a weekly basis, the General Index rose by 1.14% w-o-w (FTSE Large Cap: +1.19%, FTSE Mid Cap: +1.13%, Banks index: +3.44%). We expect some profit taking in place today, after the recent rally.  

Today’s Headlines

·         Increased tax revenues in 2025 drive lower tax rates from 2026 onwards (press)

·         Industrial production up in November (ELSTAT)

·         Construction projects of EUR 5.5bnto be tendered in 2025 (press)

·         Aegean Airline utilizes JOLCO deal for the supply of a new A321 neo

·         Piraeus Financial Holdings FY2024 results out on 24 February 2025

·         Motor Oil disposed 34k treasury shares

·         LEONIDSPORT B.V. submits a tender offer for 21% of TPA

·         Quest Holdings financial calendar 

·         SARANTIS denies potential placement of its treasury shares

Macro Headlines 

Increased tax revenues in 2025 drive lower tax rates from 2026 onwards (press)

According to Kathimerini, the government targets to further curb the tax evasion in 2025 expecting to collect EUR 1.2bn, which in turn could trier lower tax rates from 2026 onwards, or EUR 1.4bn tax revenues. 

Industrial production up in November (ELSTAT)

According to ELSTAT, the Industrial Production Index (IPI) increased by 4.9% y-o-y in November 2024, due to the increase by 26.1% YoY in Electricity supply index and by 5.5% in Water supply index. In January-November 2024, Greek industrial production rose by 2.8% y-o-y. 

Sector Headlines 

Construction projects of EUR 5.5bnto be tendered in 2025 (press)

According to Capital.gr, new construction projects of EUR 5.5bn will be tendered in 2025, which will fully replenish and possibly expand the existing backlog of EUR 17bn of the construction sector. 

Company Headlines 

Aegean Airline utilizes JOLCO deal for the supply of a new A321 neo

According to Kathimerini, Aegean Air utilizes the Japanese operating lease with call option, a facility which offers attractive lease terms to finance its lease needs at more attractive terms. Through the agreement the airline has secured the supply of a new A321 neo one of the 50 aircraft ordered. We recall that Aegean Air has received 33 aircraft since the end of 2019 while the total fleet order is 50 aircraft while in FY24 the company received 5 new aircraft.

 Piraeus Financial Holdings FY2024 results out on 24 February 2025

Piraeus announced that it will report FY2024 results on Monday 24 February 2025.  

Motor Oil disposed 34k treasury shares

Motor Oil announced the disposal of 34,000 own shares at EUR 21.16/share on 9 January. As a reminder, Motor Oil has already announced its intention to proceed with the sale of 250k treasury shares (acquired at an average price of EUR 13.52/share) at a minimum sale price of EUR 20.00/share between January 8th-31st. 

LEONIDSPORT B.V. submits a tender offer for 21% of TPA

LEONIDSPORT B.V. submitted on Friday a voluntary tender off to the shareholders of Thessaloniki Port Authority for the acquisition of up to 2.116.800 company shares (21% of total) at EUR 27/share, a 13% premium to Friday’s closing price.  

Quest Holdings financial calendar 

The company announced that it will report FY24 results on Wednesday 9 April 2025 and the AGM will take place on Thursday 10 April 2025. 

SARANTIS denies potential placement of its treasury shares

In response to press reports, SARANTIS said that the Company is not contemplating any placement process regarding the Company’s treasury shares. 

Calendar of Events

Macros

13/01/25 | CPI & Harmonized CPI DEC (ELSTAT)

14/01/25 | Import Price Index in Industry NOV (ELSTAT)

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

4Q/FY24 Results Release

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

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

27/02/25 | HELLENiQ ENERGY (Aft-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)

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)

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

Initiation of trading of new shares

14/01/25 | ILYDA (bonus shares)

04/02/25 | AKTOR Group (shares from SCI) 

Research Department Equity Research  Τ: 210 8173 383 F: 210 3279 287 E: [email protected] 32 Aigialeias & Paradissou str., 15125, Maroussi optimabank.gr