Market Comment
ATHEX headed south yesterday, underperforming the European stock markets. In more detail, the General Index dropped by 0.19% at 1,548.93 units (FTSE Large Cap: -0.15%, FTSE Mid Cap: +0.45%, Banks Index: -0.06%) and the traded value was shaped at EUR 100.9m, down from Monday’s EUR 115.1m. We expect ATHEX to move higher today.
Today’s Headlines
· Greece taps additional EUR 200m through the 2035 Bond
· Government presented new tax incentives to support the Capital Market
· MSCI standard Greece-no changes
· Eurobank increased its stake to 93.47% in Hellenic Bank, takeover bid for the rest
· Jumbo January 2025 sales update
· Coca Cola HBC 2024 results out tomorrow
· Profile establishes new R & D Hub in Patras
· The Hellenic Competition Committee approved the acquisition of Novibet
· Autohellas Financial Calendar 2025
· Europe Holdings EGM set for 6 March
Macro Headlines
Greece taps additional EUR 200m through the 2035 Bond
PDMA announced that it will tap the markets today with EUR 200m through the reopening of the existing 10-year bond with a 3.625% coupon.
Market Headlines
Government presented new tax incentives to support the Capital Market
Finance Minister Mr. Hatzidakis announced that a new tax rate will be imposed to support capital markets. The new legislation will 1) reduce the tax rate for interest on listed corporate bonds from 15% to 5%, 2) extend the incentives for the angel investors and for investments in the Alternative market (EN.A) and 3) reduce the costs for listing of small and medium-sized enterprises on ATHEX (through a 100% mark-up on eligible expenses deducted from gross income for 3 years).
MSCI standard Greece-no changes
MSCI announced the quarterly review, with no changes for the Greek standard index. As a reminder, the MSCI Greece Standard index includes nine Greek companies, namely Piraeus Bank, Eurobank, National Bank, Alpha Bank, OTE, OPAP, JUMBO METLEN and PPC.
Company Headlines
Eurobank increased its stake to 93.47% in Hellenic Bank, takeover bid for the rest
Eurobank announced that it increased its stake to 93.47% in Hellenic Bank in Cyprus and it will submit a takeover bid for the remaining 6.53% at EUR 4.843 per share and intends to exercise the squeeze-out right. The news is positive and expected. We reiterate our Buy rating and TP of EUR 3.00/share.
Jumbo January 2025 sales update
Jumbo released its sales update for January 2025. Despite the prolonged closure of the Suez Canal, there are signs of improvement in the delivery time of goods, although the increased uncertainty over tariffs, in combination with the recent increase in energy costs and the continued strengthening of the dollar, raises concerns about a possible resurgence of inflation. Group sales were up by +11.0% y-o-y, driven by parent net sales (up by 15% y-o-y), Cyprus (+3%), and followed by Bulgaria (2%) and Romania (+5%). Management stated that a significant part of the increase in January’s turnover is attributable to franchisees operating stores under the JUMBO brand and this performance should not be extrapolated for FY25e. Jumbo operates 39 franchise stores (vs. 36 stores in January 2024) in 7 countries (Albania, Kosovo, Serbia, North Macedonia, Bosnia, Montenegro, Kosovo, Serbia, Montenegro and Israel) and a network of 88 owned stores in Greece, Cyprus, Bulgaria and Romania.
Coca Cola HBC 2024 results out tomorrow
Coca Cola HBC is set to report 2024 results tomorrow at 09:00 Athens/07:00 London Time and management will host a conference call at 11:30 Athens/ 09:30 London Time. Vuma consensus estimates group volume at 2.9bn unit cases (+3% y-o-y), group revenues at EUR ca10.7bn (+5% y-o-y), comparable EBIT at EUR ca1.18bn (+9% y-o-y) and net profit at EUR 812.3m (+28% y-o-y). Finally, consensus expects the company to distribute a dividend of EUR 1.01/share.
|
KPIs |
2024E |
2023A |
% |
|
Group revenues (EUR m) |
10,698.6 |
10,184 |
5% |
|
Volume (unit cases) |
2,921.4 |
2,836 |
3% |
|
Net sales revenue per unit case (EUR) |
3.66 |
3.59 |
2% |
|
Comparable EBIT (EUR m) |
1,177.4 |
1,084 |
9% |
|
Reported net profit (EUR m) |
812.3 |
636.5 |
28% |
|
FCF (EUR m) |
663.4 |
711.8 |
-7% |
|
DPS (EUR) |
1.01 |
0.93 |
9% |
source: Company, Vuma consensus
Profile establishes new R & D Hub in Patras
The company announced the inauguration of its new Hub in Patras, which will serve as R&D center, dedicated to the development of advanced Financial and Business solutions using AI and Large Language Models (LLMs).
The Hellenic Competition Committee approved the acquisition of Novibet
The Hellenic Competition Committee has made a public announcement regarding the acquisition of exclusive control by Allwyn over Novibet and its subsidiaries.
Autohellas Financial Calendar 2025
Autohellas announced that it will report FY24 results on Wednesday 12 March 2025, the conference call is scheduled for Wednesday 25 March and the AGM will be held on Tuesday 8 April 2025, while dividend ex-date set for Thursday 10 April 2025.
Europe Holdings EGM set for 6 March
The company announced that it will hold an Extraordinary General Meeting on Thursday 6 March to discuss among others a new share buyback programme.
Calendar of Events
Macros
14/02/25 | CPI & Harmonized CPI JAN (ELSTAT) & Import Price Index in Industry DEC (ELSTAT)
19/02/25 | Evolution of Turnover of Enterprises DEC (ELSTAT)
20/02/25 | Turnover Index in Industry DEC (ELSTAT) & Current Account Balance DEC (BoG)
4Q/FY24 Results Release
13/02/25 | Coca-Cola HBC (7:00 am GMT)
18/02/25 | Bank of Cyprus (Bef-mkt)
20/02/25 | METLEN (Bef-mkt)
24/02/25 | Piraeus Financial Holdings (Bef-mkt), Athens International Airport (Bef-mkt)
26/02/25 | OTE (Bef-mkt)
27/02/25 | HELLENiQ ENERGY (Aft-mkt), Eurobank Holdings, IDEAL Holdings (Bef-mkt)
28/02/25 | Alpha Services & Holdings (08:00 GR time)
04/03/25 | ElvalHalcor (Aft-mkt)
05/03/25 | Cenergy Holdings
10/03/25 | Attica Bank (Aft-mkt)
12/03/25 | Sarantis (Aft-mkt)
19/03/25 | OPAP (Aft-mkt)
26/03/25 | PPC (Aft-mkt), LAMDA Development (Aft-mkt)
27/03/25 | Titan Cement International
31/03/25 | Hellenic Exchanges (Aft-mkt), AUSTRIACARD Holdings (Aft-mkt)
28/04/25 | Alumil
30/04/25 | Motodynamics
EGM / AGM
26/02/25 | Attica Bank (EGM)
Ex-Capital Return
07/03/25 | IDEAL Holdings (EUR 0.10/share)
24/03/25 | ELLAKTOR (EUR 0.85/share)
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