Greek Market Watch: Greece prepays bilateral loans, Ideal Holdings Results 1H24, Bank of Cyprus, PPC, OTE, Aegean Airlines, AVAX SA

Today’s Headlines

·         Greece to prepay EUR 8bn bilateral loans (press)

·         Ideal Holdings announces strong 1H24 Results

·         Bank of Cyprus to relist in ATHEX

·         PPC establishes a new AI subsidiary (press)

·         OTE Share buyback

·         Aegean Airlines Share buyback

·         AVAX SA Share buyback

MARKET COMMENT

ATHEX headed south yesterday after two consecutive sessions with gains, underperforming the European stock markets. In more detail, the General Index dropped by 0.85% at 1,382.46 units (FTSE Large Cap: -0.88%, FTSE Mid Cap: +0.22%, Banks Index: -0.62%) and the traded value was shaped at EUR 98.6m, down from Wednesday’s EUR 107.1m. We expect ATHEX to consolidate on low volumes today.  

HEADLINES

Macro Headlines

Greece to prepay EUR 8bn bilateral loans (press)

According to Capital.gr, Greece will prepay bilateral loans worth of EUR 8bn, which originally mature in 2026-28 

Company Headlines

Ideal Holdings announces strong 1H24 Results

Ideal Holdings announced a strong set of 1H24 results, with Revenue up by 269% y-o-y to EUR 184.9m, EBITDA up by >5x at EUR 26.1m and Net Profits at EUR 13m, up by 43%. The significant performance and profitability increase is attributable to organic growth, while in comparable terms, EBITDA shapes at EUR 17.7m, up by 293% y-o-y and Comparable Net Profit at EUR 5.9m, up by 180%. Net Debt on a consolidated basis amounted to EUR 80.7m at 1H24, up by EUR 7.4m y-t-d. Commenting on the Financial Results, the management said that in 2024 the company aims to expand operations in the sectors it has already invested in and explore new sectors with further investments in leading Greek companies.

Bank of Cyprus to relist in ATHEX

Bank of Cyprus announced yesterday to delist from the London Stock Exchange and to list the company shares in ATHEX. According to Euro2day.gr, the Bank intends to proceed soon with the listing, possibly this fall, ahead of the expected placement of National Bank. 

PPC establishes a new AI subsidiary (press)

According to Energypress.gr, PPC established a new subsidiary, namely Olympus AI, which will develop Artificial Intelligence solutions in the Energy, Finance, Health and Transport sectors to its clients. As a reminder, PPC has already announced its strategic plan to develop Data Centers in the old lignite mines areas.

OTE Share buyback

The company announced that it purchased on 5-8 August 348,790 own shares at an average price of EUR 14.392. The company now holds 2,094,046 shares or 0.507% of the total share capital.

Aegean Airlines Share buyback

Aegean Airlines announced that it purchased on 07 August 15,000 own shares, for a total amount of EUR 162,793.48 at an average price of EUR 10.8529. The company now holds 486,192 own shares or 0,539% of the total share capital

AVAX SA Share buyback

AVAX SA announced that it purchased on 07 August 7,000 own shares for a total amount of EUR 9,148.20 at an average price of EUR 1.3069. The Company now holds 37,000 own shares or 0.02% of the total share capital  

CALENDAR OF EVENTS

Macros

09/08/24 | CPI JUL & Industrial Production JUN

12/08/24 | Evolution of Turnover of Enterprises 2Q24 & JUN

14/08/24 | Import Price Index in Industry JUN

20/08/24 | Current Account Balance JUN & Turnover Index in Industry JUN

Market

12/08/24 | MSCI Quarterly Index Review announcement (Effective date: September 02, 2024)

2Q/1H24 Results Release

09/08/24 | BriQ Properties, Intercontintal International

29/08/24 | HELLENiQ ENERGY (Aft-mkt), Austriacard Holdings

02/09/24 | Sarantis

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 | Alpha Trust Andromeda

17/09/24 | Noval Property

18/09/24 | Cenergy Holdings

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

12/08/24 | Ble Kedros (AGM)

20/08/24 | Thessaloniki Water & Sewage Co. (AGM)

04/09/24 | ELVE (AGM), Moda Bagno (AGM)

06/09/24 | Domiki Kritis (AGM)

10/09/24 | Epsilon Net (AGM)

Ex-Dividend

19/08/24 | Ble Kedros

22/08/24 | KRI-KRI (EUR 0.35)

27/08/24 | Thessaloniki Water & Sewage Co.

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 

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