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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