Today’s Headlines
· FTSE Russell Indexes semi-annual review
· HFSF will dispose its stake in NBG in autumn-Press
· CENERGY Holdings 2Q24e Preview | Another strong quarter, on track to meet the annual EBITDA target; focus on the US expansion
· Millenium International Mgmt goes short to Motor Oil’s stock (Hellenic Capital Markets Committee)
· ELLAKTOR comments on press reports
· Coca Cola HBC EGM on 16 September
· Lamda Development 1H24 results out on Thursday 12 September
Market Comment
ATHEX headed south reversing earlier gains on Friday, underperforming the European stock markets. In more detail, the General Index eased by 0.24% at 1,432.60 units (FTSE Large Cap: -0.13%, FTSE Mid Cap: -0.01% Banks Index: +0.01%) and the traded value was shaped at EUR 72.8m, down from Thursday’s EUR 76.3m. On a weekly basis, the General Index rose marginally by 0.05% w-o-w (FTSE Large Cap: -0.01%, FTSE Mid Cap: -0.76%, Banks index: -0.37%). We expect the market to seek direction today, after the Powell comments on Friday. Ahead this week: Cenergy Holdings 1H24 results tomorrow, Motor Oil 1H24 results on Wednesday, HELLENiQ ENERGY 1H24 results on Thursday, MSCI rebalancing on Friday amc.
Market Headlines
FTSE Russell Indexes semi-annual review
FTSE Russell announced its semi-annual review of its emerging Europe indices. In more detail, Cenergy Holdings will replace Viohalco in the Large Cap Index. Intralot and Viohalco will be included in the Mid Cap Index and Cenergy Holdings will be excluded. On top of that, Intralot will be also included in the FTSE All-World Index, FTSE All-Cap and FTSE Total-Cap Index. Moreover, Interlife General Insurance will be included in the Micro-Cap Index and the FTSE Total-Cap Index. On the other side, Austriacard, AVAX, Dimand, Elastron, Lavipharm, Premia Properties and Thrace Plastics will be excluded by the FTSE Total-Cap Index. All changes are effective at the close of 20th September.
Company Headlines
HFSF will dispose its stake in NBG in autumn-Press
Reportedly (euro2day), HFSF will dispose its stake in National Bank of Greece in autumn (end September or early October). Recall that HFSF is the largest shareholder of NBG and holds a 18.39% stake or 168.216.117 common shares.
CENERGY Holdings || BUY | CP EUR 9.92 | TP EUR 12.60
2Q24e Preview: Another strong quarter, on track to meet the annual EBITDA target; focus on the US expansion
Cenergy Holdings is set to announce its 2Q/1H24e Results on 27 August amc, with a conference call scheduled for the following day, at 15.00 local time (Tel nos: Greek participants: +30 213 009 6000, UK participants: +44 (0) 800 368 1063, UK & International: +44 (0) 203 059 5872, USA participants: +1 516 447 5632). We see group sales up by 1.0% y-o-y at EUR 421m, EBITDA adj. (i.e. excluding metal impact and one-offs) at EUR 57.9m, up by 37.5% y-o-y and Net profits to shape at EUR 25.3m, up by 208% y-o-y. In 1H24e terms, we expect sales of EUR 817m, up by 2.4%, EBITDA adj. at EUR 112.3m, also up by 30.4% and Net profits at EUR 48.9m vs. EUR 23.6m a year ago.
2Q/1H24e Group Key P&L Forecasts
|
EUR m |
2Q23 |
2Q24e |
y-o-y |
1H23 |
1H24e |
Y-o-Y change |
|
Turnover |
416.7 |
421 |
1.0% |
798.0 |
817 |
2.4% |
|
EBITDA adj. |
42.1 |
57.9 |
37.5% |
86.1 |
112.3 |
30.4% |
|
mgn |
10.1% |
13.8% |
3.6% |
10.8% |
13.7% |
296 |
|
Net Profit |
8.2 |
25.3 |
208% |
23.6 |
48.9 |
107.1% |
Source: the Company, Optima bank research
Millenium International Mgmt goes short to Motor Oil’s stock (Hellenic Capital Markets Committee)
In an official filing to the Hellenic Capital Markets Committee, Millennium International Mgmt LP reported a net short position in Motor Oil Hellas Corinth Refineries SA of 644,879 shares, or 0.5811% of the company’s stock as of August 22nd.
ELLAKTOR comments on press reports
ELLAKTOR, in response to press reports indicating the entrance of a new shareholder in the company’s share capital at EUR 2.40/share, said on Friday that it hasn’t any knowledge of such intentions.
Coca Cola HBC EGM on 16 September
The company has called for an EGM on 16 September, wherein shareholders will approve the replacement of Anna Diamanopoulou, independent non-executive member of the BoD by Elizabeth Baston.
Lamda Development 1H24 results out on Thursday 12 September
The company is set to release 1H24 results on Thursday 12 September amc and management will host a CC on Friday 13 September.
Calendar of Events
Macros
28/08/24 | Building Activity MAY
29/08/24 | Unemployment Rate JUL & Economic Sentiment Indicator AUG
30/08/24 | Producer Price Index in Industry JUL & Turnover Index in Retail Trade JUN
02/09/24 | S&P Global Greece Manufacturing PMI AUG
06/09/24 | GDP 2Q:24 (provisional data)
06/09/24 | DBRS – Greek sovereign credit review
13/09/24 | Moody’s – Greek sovereign credit review
Market
30/08/24 | MSCI rebalancing effective date (Aft-mkt)
2Q/1H24 Results Release
27/08/24 | Cenergy Holdings (Aft-Mkt)
28/08/24 | Motor Oil (Aft-Mkt)
29/08/24 | HELLENiQ ENERGY (Aft-mkt), Austriacard Holdings
02/09/24 | Sarantis (Aft-Mkt)
03/09/24 | OPAP (Aft-mkt), Trade Estates (Aft-mkt)
04/09/24 | QUEST Holdings (Aft-mkt)
10/09/24 | Fourlis (Aft-mkt), Athens Airport (Aft-mkt)
11/09/24 | ElvalHalcor (Aft-mkt)
12/09/24 | LAMDA Development (Aft-mkt), Alpha Trust Andromeda
17/09/24 | Noval Property
19/09/24 | Viohalco, Attica Bank, Alpha Real Estate, Lavipharm
20/09/24 | Premia Properties, Logismos
25/09/24 | ADMIE Holding (Bef-mkt), AS Company (Aft-mkt)
26/09/24 | EYDAP, INTERTECH
27/09/24 | Piraeus Port Authority, Alpha Trust Holdings, Alumil (Aft-mkt), Biokarpet, Ble Kedros, Sunrise Mezz Plc, Thessaloniki Water Supply (Aft-mkt), Orilina Properties, Phoenix Vega Mezz PLC, Trastor REIC
30/09/24 | Epsilon Net (Bef-mkt), Galaxy Cosmos Mezz Plc, Space Hellas, Technical Olympic (Aft-mkt), Athens Medical Center, Interlife, Medicon, Pairis
EGM / AGM
03/09/24 | Attica Bank (EGM)
04/09/24 | ELVE (AGM), Moda Bagno (AGM), Revoil (EGM)
06/09/24 | Orilina Properties (AGM), Domiki Kritis (AGM)
10/09/24 | Epsilon Net (AGM), MED (AGM)
13/09/24 | Bank of Cyprus (EGM)
16/09/24 | Coca-Cola HBC AG (EGM)
17/09/24 | MED (EGM)
Ex-Dividend
26/08/24 | Mediterra (EUR 0.0498630137)
27/08/24 | Thessaloniki Water & Sewage (EUR 0.0276)
29/08/24 | Real Consulting (EUR 0.04)
09/09/24 | ADMIE Holding (EUR 0.058)
12/09/24 | Evrofarma (EUR 0.05)
17/09/24 | Epsilon Net
Ex-Capital Return
26/08/24 | Biokarpet (EUR 0.02)
28/08/24 | GEK TERNA (EUR 0.25)
12/09/24 | Unibios (EUR 0.02)
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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