Greek Market Watch: GGB reopening, Coca Cola HBC results, Eurobank Holdings, Alpha Services & Holdings (Reggeborgh fit & proper)

Market Comment

ATHEX headed north yesterday to a new 14yr high, outperforming the European stock markets. In more detail, the General Index advanced by 0.85% at 1,562.04 units (FTSE Large Cap: +1.03%, FTSE Mid Cap: +1.05%, Banks Index: +1.58%) and the traded value was shaped at EUR 153.2m, up from Tuesday’s EUR 100.9m. We expect the positive momentum to continue today, with Coca Cola HBC in focus.   

Today’s Headlines

·         Greece taps additional EUR 200m through the 2035 Bond

·         Coca Cola HBC 2024 results out today

·         Eurobank Holdings FY24 results and new BP out on 27 February

·         Reggeborgh to take the fit & proper by BoG on 19 February-Press 

Macro Headlines 

Greece taps additional EUR 200m through the 2035 Bond

PDMA successfully raised yesterday EUR 250m with the reopening of the on-the run 10-year bond with 3.625% coupon rate, at a final yield of 3.24%, with total amounts offered reaching 1,188m, at a coverage ratio of 4.75. 

Company Headlines 

Coca Cola HBC 2024 results out today

Coca Cola HBC is set to report 2024 results today 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 

Eurobank Holdings FY24 results and new BP out on 27 February

Eurobank announced that it will report FY24 results and will announce its new Business Plan 2025-2027 on Thursday 27 February 2025 post-market close. Management will host a CC on the same day at 18:00 Athens/16:00 London Time.  

Reggeborgh to take the fit & proper by BoG on 19 February-Press

Reportedly (mononews), Bank of Greece will give the fit & proper to Reggeborgh Invest on 19 February in order to increase its stake above 10.0% in Alpha Services and Holdings. According to ATHEX data, Reggeborgh Invest holds a 5.158% stake and Unicredit a 9.6159% stake. In other news, Alpha announced that the new 697,462 shares of the bank derived from a SCI following the exercise of stock options rights from 99 Beneficiaries, will commence trading tomorrow. Alpha is one of our top picks in the sector with TP of EUR 2.55/share. 

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 (Aft-mkt), 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

06/03/25 | Viohalco

10/03/25 | Attica Bank (Aft-mkt)

12/03/25 | Sarantis (Aft-mkt), Autohellas (Bef-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)

06/03/25 | EVROPI Holdings (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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