Market Comment
ATHEX headed north on Friday, outperforming the European stock markets. In more detail, the General Index rose by 1.02% at 1,804.06 units (FTSE Large Cap: +1.23%, FTSE Mid Cap: +0.65%, Banks Index: +1.08%) and the traded value was shaped at EUR 171.8m, up from Thursday’s EUR 164.1m. On a weekly basis, the General Index rose by 3.06% w-o-w, (FTSE Large Cap: +3.30%, FTSE Mid Cap: +3.42%, Banks index: +4.73%). Week Ahead: PPC 1Q25 Results and Aegean Airlines ex-dividend date on Tuesday, ElvalHalcor 1Q25 Results on Wednesday, Alpha Bank ex-dividend on Friday. We expect the market to seek direction today, with the US Sovereign Debt downgrade by Moody’s counterbalancing the Outlook Upgrade on Greece by Fitch.
Today’s Headlines
· Fitch Ratings affirms ‘BBB-‘ Rating on Greece, upgrades outlook to positive
· Bank of Cyprus AGM approved dividend
· Motor Oil 1Q25 Results Release date
· Aegean Airlines trades ex-dividend tomorrow
· Alpha Trust Andromeda trades ex-dividend
· OTE Share buyback
· PPC Share buyback
Macro Headlines
Fitch Ratings affirms ‘BBB-‘ Rating on Greece, upgrades outlook to positive
Fitch Ratings affirmed Greece´s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB-‘, while upgraded its outlook to positive from stable. Fitch expects that real GDP growth will remain above 2% in 2025 and 2026, well above our 0.4% eurozone growth forecast combined with surpluses in 2025-26 of <1% (from 1.3% in 2024) will continue to drive the public debt/GDP ratio close to 120% by 2030e from 154% at the end of 2024 (but still well above ‘BBB’ (52%) and Eurozone (90%) medians). Finally, in Fitch’s view, the outperformance reflects structural fiscal improvements, notably better tax collection due to earlier tax measures, and tight expenditure control.
Company Headlines
Bank of Cyprus AGM approved dividend
Shareholders approved on Friday among others the distribution of a dividend of EUR 0.48/share (DY: 7.7%) and a share buyback program of up to 21,909,257 ordinary shares.
Motor Oil 1Q25 Results Release date
Motor Oil will release its 1Q25 Results on Monday, 26 May, after the market close, with a conference call scheduled for the next day at 17.30.
Aegean Airlines trades ex-dividend tomorrow
Aegean Airlines will trade tomorrow ex-dividend of EUR 0.8040639 per share. The payment date is scheduled on Monday 26 May (DY: 6.17%).
Alpha Trust Andromeda trades ex-dividend
The company trades ex-dividend of EUR 0.3296/ share today.
OTE Share buyback
The company announced that it purchased on 12-16 May, 202,338 own shares at an average price of EUR 16.998. The company now holds 9,231,831 shares or 2.237% of the total share capital.
PPC Share buyback
The company announced that it purchased on 8-14 May, 109,700 own shares at an average price of EUR 13.742. The company now holds 23,437,064 shares or 6.346% of the total share capital.
Calendar of Events
Macros
20/05/25 | Turnover Index in Industry MAR (ELSTAT), Evolution of Turnover of Enterprises 1Q25 & MAR (ELSTAT)
21/05/25 | Current Account Balance MAR (BoG)
30/05/25 | Scope Ratings – Greek sovereign credit review
1Q:25 Results Release
19/05/25 | Austriacard (Aft-mkt)
20/05/25 | PPC (Aft-mkt), Trade Estates (trading update) (Bef-mkt)
21/05/25 | ElvalHalcor (Aft-mkt), Quest Holding (Aft-mkt)
22/05/25 | Alpha Trust Andromeda (Aft-mkt), IDEAL Holdings (trading update) (Bef-mkt), AS Company (trading update) (Aft-mkt)
23/05/25 | Premia Properties (trading update)
26/05/25 | Hellenic Exchanges (Aft-mkt)
27/05/25 | Cenergy Holdings, Fourlis Holdings (Aft-mkt)
28/05/25 | OPAP (Aft-mkt), LAMDA Development (Aft-mkt)
EGM / AGM
21/05/25 | Alpha Services & Holdings (AGM), Loulis Food (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), Fais Group (AGM)
28/05/25 | Thrace Plastics (AGM)
29/05/25 | Profile Systems (AGM)
30/05/25 | National Bank of Greece (AGM)
03/06/25 | METLEN (AGM)
05/06/25 | IDEAL Holdings (AGM)
11/06/25 | Jumbo (AGM), Prodea Investments (AGM)
12/06/25 | Hellenic Exchanges (AGM), Motodynamics (AGM)
13/06/25 | Trade Estates (AGM), Interlife (AGM)
16/06/25 | Ble Kedros (AGM)
17/06/25 | Alter Ego Media (AGM)
18/06/25 | Motor Oil (AGM), Biokarpet (AGM)
19/06/25 | HELLENiQ ENERGY (AGM), Quest Holdings (AGM), AS Company (AGM), Mevaco (AGM), Petropoulos (AGM), Alpha Real Estate Services (AGM)
20/06/25 | Fourlis Holdings (AGM), Phoenix Vega Mezz Plc (AGM), Sunrise Mezz Plc (AGM)
23/06/25 | OTE (AGM)
24/06/25 | AUSTRIACARD Holdings (AGM), Galaxy Cosmos Mezz Plc (AGM)
25/06/25 | PPC (AGM)
26/06/25 | LAMDA Development (AGM)
01/07/25 | ΚΡΙ–ΚΡΙ (AGM)
02/07/25 | ADMIE Holding (AGM)
03/07/25 | Elinoil (AGM)
07/07/25 | Alumil (AGM)
15/07/25 | AVAX (AGM)
16/07/25 | EYDAP (AGM)
22/07/25 | Piraeus Port Authority (AGM)
28/08/25 | Intralot (AGM)
08/09/25 | Orilina Properties (AGM)
Ex-Capital Return
03/06/25 | Piraeus Financial Holdings (EUR 0.298/share)
Ex-FY24 Dividend
15/05/25 | Premia Properties (EUR 0.03)
16/05/25 | Thessaloniki Port Authority (EUR 2.00)
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)
26/05/25 | Bank of Cyprus (EUR 0.479), Loulis Food (EUR 0.30)
27/05/25 | Alpha Trust Holdings (EUR 0.578)
03/06/25 | National Bank of Greece (EUR 0.44), Noval Property (EUR 0.043), Performance Technologies
10/06/25 | Thrace Plastics (remaining EUR 0.17)
16/06/25 | Prodea Investments
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), Ble Kedros
24/06/25 | Cenergy Holdings (EUR 0.14), Viohalco (EUR 0.16), Alpha Real Estate Services (EUR 0.50)
25/06/25 | Motor Oil (remaining EUR 1.10), GEK TERNA (EUR 0.40)
26/06/25 | METLEN (EUR 1.50), ElvalHalcor (EUR 0.09)
27/06/25 | Fourlis Holdings (EUR 0.15)
30/06/25 | Titan Cement (EUR 3.00), Euroconsultants (EUR 0.04)
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), Interlife (EUR 0.20)
03/07/25 | OTE (EUR 0.7216)
04/07/25 | Mevaco
10/07/25 | AS Company (EUR 0.17)
21/07/25 | PPC (EUR 0.40), Space Hellas (EUR 0.15)
22/07/25 | EYDAP (EUR 0.07)
04/08/25 | Piraeus Port Authority (EUR 1.92)
21/08/25 | KRI-KRI (EUR 0.40)
25/08/25 | ADMIE Holding
02/09/25 | AVAX (EUR 0.07)
11/09/25 | Orilina Properties
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