Market Comment
ATHEX headed north yesterday, well outperforming the European stock markets. In more detail, the General Index jumped by 1.22% to 1,442.53 units (FTSE Large Cap: +1.55%, FTSE Mid Cap: +0.15%, Banks Index: +2.43%) and the traded value was shaped at EUR 129.0m, down from Friday’s EUR 209.3m. We expect the positive momentum to continue today, with banks and NBG in focus.
Today’s Headlines
· Eurostat adjusts upwards Greek government debt assessment (press)
· National Bank of Greece disposal of shares to commence on 30 September-Press
· PPC close to tap the bond markets (press)
· Profile 1H24 results
· Alpha Services and Holdings share buyback
· OPAP Share buyback
· Intracom Holdings increased its stake in Intralot
Macro Headlines
Eurostat adjusts upwards Greek government debt assessment (press)
According to Euro2day.gr, Eurostat communicated to the Greek authorities the new assessment of the Greek government debt. Under the new regulation, deferred interest payments amounting EUR 12.4bn (c.5% of GDP) will be incorporated in the Greek Government Debt, which will be partially offset by the simultaneous upwards adjustment of the Nominal GDP and also the EUR 3.3bn proceeds from the new concession period of Attiki Odos (as per the same press report, the new concession period of Attiki Odos will commence on six October, instead of January 2025 initially expected).
Company Headlines
National Bank of Greece disposal of shares to commence on 30 September-Press
Press reports (euro2day) indicate that National Bank of Greece will submit today the prospectus to HCMC about the disposal of a 10.0% stake (91.471.515 common shares) that HFSF holds in National Bank of Greece and the process will commence on 30 September and will expire on Wednesday 02 October. According to mononews, the price range is set between EUR 7.20-7.60 per share. We are Buyers on National Bank of Greece with TP of EUR 10.84/share.
PPC close to tap the bond markets (press)
According to OT.gr, PPC is close to tap the international bond markets to fund its investment programme.
Profile 1H24 results
The company reported 1H24 results. Group revenues came in at EUR 15.5m (+24% y-o-y), EBITDA at EUR 4.0m (+29% y-o-y) with EBITDA margin at 25.8% and net profit at EUR 2.5m (+71% y-o-y). The company generated FC outflow of 200k on higher Capex (EUR 2.1m, +17% y-o-y) and despite the higher OpCF (EUR 1.9m, +123% y-o-y). Net cash decreased by 738k y-t-d to EUR 4.4m.
|
Group KPIs (EURm) |
1H24 |
1H23 |
% |
|
Revenues |
15.5 |
12.5 |
24% |
|
EBIT |
3.1 |
2.1 |
47% |
|
EBITDA |
4.0 |
3.1 |
29% |
|
mgn |
25.8% |
24.8% |
– |
|
Net profit |
2.5 |
1.5 |
71% |
|
mgn |
16.4% |
11.9% |
– |
|
FCFE |
-0.2 |
-0.8 |
-75% |
source: Company
Alpha Services and Holdings share buyback
Alpha Services and Holdings announced that during the period 16.9.2024 – 20.9.2024 it purchased 2,562,550 own shares, with an average price of EUR 1.5587/share and total cost of EUR 3,994,366.12. Following the above purchases, the company holds 15,803,149 own shares or 0.67% of shares o/s.
OPAP Share buyback
The company announced that it purchased from 16 to 20 September 229,231 own shares at an average price of EUR 15.889. The company now holds 10,383,050 shares or 2.81% of the total share capital.
Intracom Holdings increased its stake in Intralot
Intralot announced that Intracom Holdings acquired yesterday 14,173,932 common shares (2.3% of shares o/s) at an average price of EUR 1.20 per share (4% premium) and a total value of EUR 17,008,718.40. Recall that according to ATHEX, Intracom Holdings controls a 7.135% stake in Intralot. We reiterate our Buy rating on Intralot and TP of EUR 1.55/share.
Calendar of Events
Macros
27/09/24 | Economic Sentiment Indicator SEP & Building Activity JUN
30/09/24 | Turnover Index in Retail Trade JUL & Producer Price Index in Industry AUG
01/10/24 | Unemployment Rate AUG & S&P Global Greece Manufacturing PMI SEP (08:00 UTC)
10/10/24 | CPI & Harmonized CPI SEP & Industrial Production Index AUG
2Q/1H24 Results Release
25/09/24 | ADMIE Holding (Bef-mkt), AS Company (Aft-mkt)
26/09/24 | GEK TERNA (Aft -mkt), TERNA Energy (Aft -mkt), EYDAP, Loulis Food
27/09/24 | Piraeus Port Authority, Revoil (Aft-mkt), Alpha Real Estate, Biokarpet, Ble Kedros, Sunrise Mezz Plc, Phoenix Vega Mezz PLC, Orilina Properties, Alpha Trust Holdings, Thessaloniki Water Supply (Aft-mkt), Trastor REIC, Daios Plastics
30/09/24 | Alumil (Aft-mkt), Galaxy Cosmos Mezz Plc, Space Hellas, Technical Olympic (Aft-mkt), INTERTECH, Epsilon Net (Bef-mkt), Athens Medical Center, Interlife, Medicon, Pairis, Mevaco
EGM / AGM
25/09/24 | Attica Bank (EGM)
26/09/24 | Jumbo (EGM)
02/10/24 | Cenergy Holdings (EGM)
Ex-Dividend
11/10/24 | Domaine Costa Lazaridi (EUR 0.03)
21/10/24 | Alpha Trust Andromeda (EUR 0.17), Moda Bagno (EUR 0.38)
23/10/24 | ELVE (EUR 0.40)
04/11/24 | OPAP (interim dividend EUR 0.60)
ATHEX Companies Presentations (Hellenic Fund & Asset Management Association)
02/10/24 | AUSTRIACARD Holdings (09:30 Athens time)
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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