Greek Market Watch: Fitch Rating review, Motor Oil, PPC, HELLENiQ ENERGY, OPAP, Fourlis, Ideal Holdings2

We expect the positive momentum to continue in ATHEX today.  

Today’s Headlines

·         Fitch Rating Sovereign Credit Review on Greece out today amc

·         Motor Oil Conference call highlights

·         PPC completes the acquisition a 629MW RES portfolio in Romania

·         HELLENiQ ENERGY CFO comments for Capital.gr

·         OPAP CC highlights

·         Fourlis announced the opening of three Foot Locker stores in Bulgaria

·         Ideal Holdings 9M24 results out

 

Macro Headlines

 

Fitch Rating Sovereign Credit Review on Greece out today amc

Fitch Ratings is set to release its Sovereign Debt Review on Greece today, after the market close. As a reminder, last June, Fitch affirmed the ‘BBB-‘ Rating on Greece with stable outlook.

 

Company Headlines

 

Motor Oil Conference call highlights

During yesterday’s conference call, Motor Oil’s management said that: a) refining margins currently have rebounded after the tumble during August-September, b) repairs in the crude distillation unit is progressing, and expects to be fully restored by 3Q25e, c) the first installment from the insurance company is already approved and will be completed by 2024-end, d) the new propylene splitter facility in the refinery to be completed in 2025e, will contribute EUR 25-30m EBITDA p.a.

 

PPC completes the acquisition a 629MW RES portfolio in Romania

PPC completed the acquisition from Evryo Group, owned by funds managed by Macquarie Asset Management, of its RES portfolio in Romania, which comprises 629MW RES in operation, and about 145MW in pipeline assets. The agreement has a total enterprise value of approximately EUR 700m, and the portfolio will contribute an estimated EBITDA of EUR 100m p.a. upon completion. The development was expected, and the activities were included in PPC’s recent business plan for 2025-27e.

 

HELLENiQ ENERGY CFO comments for Capital.gr

In an interview with Capital.gr, HELLENiQ ENERGY’s CFO said that the outlook is positive for the remainder of the year, as the refining environment has improved in 4Q24. Regarding associates, the CFO stated that the Group is aiming to hold control in all its activities, adding that it is in talks for the sale of the 35% stake in DEPA to the state and also with EDISON either for the sale of the 50% stake or to gain full control. 

 

OPAP CC highlights

During the cc management highlighted: a) OPAP’s strong cash position of EUR 525m and the strong cash conversion of operating performance, coupled with the low leverage position and low Capex requirements. b) the announced buyback program concluded with 9.6m shared purchased at an average price of EUR 15.58/share with the company now holding 3.09% of total share capital. c) the launch of a special draw promo Euro Jackpot and Tzoker extra to enhance winnability, drive revenue uplift, and a new annuity scratch ticket. d) management reported over 600k more customers during Tzoker’s Jackpot e) 35% of EBITDA margin is considered sustainable f) more UEFA leagues mean more sustainable upside for the betting category.

 

Fourlis announced the opening of three Foot Locker stores in Bulgaria

Fourlis announced that three new Foot Locker stores will open in December 2024, in prime commercial locations in Bulgaria. One store will open in the Mall Sofia, one in Grand Mall Varna and one in Galleria Burgas. It is reminded that Fourlis will also acquire Foot Locker’s existing operations in Greece (3 stores) and Romania (3 store). 

 

Ideal Holdings 9M24 results out

The company posted a robust set of results, with revenues up by 208% y-o-y, to EUR 265m, setting new highs after the consolidation of Attica Department stores and the organic growth of ICT companies. On the profitability front EBITDA increased by 263% y-o-y to EUR 37.7m while Net profit increased by 661% to EUR 90.4m including one of gain of EUR 74.6m. On a comparable basis, the NAV of the group increased by 17% y-o-y to EUR 7.8/share vs. EUR 6.7/share in 9M23, while the company is now on net cash position of EUR 22.4m up by 79.7m y-o-y.

 

 

Calendar of Events

Macros

22/11/24 | Fitch – Greek sovereign credit review

28/11/24 | Building Activity AUG (ELSTAT) & Economic Sentiment Indicator NOV

29/11/24 | Turnover Index in Retail Trade SEP (ELSTAT), Producer Price Index in Industry OCT (ELSTAT) & Unemployment Rate OCT (ELSTAT)

Market

25/11/24 | MSCI Index rebalancing (Aft-mkt)

3Q/9M24 Results Release

25/11/24 | Hellenic Exchanges, Thrace Plastics (Bef-mkt)

26/11/24 | Fourlis (Aft-mkt), KRI-KRI (Aft-mkt)

12/12/24 | Attica Bank

EGM / AGM

22/11/24 | ILYDA (EGM)

09/12/24 | Alumil (EGM)

10/12/24 | Cairo Mezz Plc (EGM)

12/12/24 | Ble Kedros (EGM), Attica Holdings (EGM)

24/12/24 | MED (EGM)

Ex-Dividend

02/12/24 | CNL Capital (interim dividend EUR 0.25)

16/12/24 | Trade Estates (interim dividend EUR 0.047706)

23/12/24 | Motor Oil (interim dividend EUR 0.30)

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

Warrants – Attica Bank

08/11/24-28/11/24 | Exercise Period

04/12/24 | Commencement of trading of the warrant exercise shares

Research Department
Equity Research 

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

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