Today’s Headlines
· Greece to lower its outstanding gross debt by EUR 3.2bn by year end (press)
· Greece taps additional EUR 200m through the 2034 Bond
· Gaming revenues increased by 14% in 1Q24
· Inbound travelers and travel receipts up in March (BoG)
· Optima Bank AGM today at 11:00 Athens/09:00 London Time
· Aegean Airlines 1Q24 results Preview | Strong tourism demand and increased flight schedule supports top-line; FX losses and leases hits NP
· Motor Oil submits offer to acquire HELECTOR
· Jumbo AGM approved dividend of EUR 1.00 per share
· ElvalHalcor 1Q24 results out
· Autohellas results out
· Quest Holdings 1Q24 results
· REDS to delist its shares from ATHEX (expected)
· Noval Property IPO time schedule
Macro Headlines
Greece to lower its outstanding gross debt by EUR 3.2bn by year end (press)
According to Capital.gr, Greek Public Debt Management Agency plans to extend the average maturity of the Greek debt and to further lower the total gross debt to EUR 352.5bn by 2024 end (from EUR 356.7bn in 2023), with the early prepayment of bilateral loans of EUR 5.3bn and partial prepayment from the EUR 15.7bn ESM loans.
Greece taps additional EUR 200m through the 2034 Bond
PDMA successfully raised yesterday EUR 250m with the reopening of the existing 3.375% 10-year bond, at a final yield of 3.51%, with total amounts offered reaching 714m, at a coverage ratio of 3.34.
Sector Headlines
Gaming revenues increased by 14% in 1Q24
According to the Hellenic Gaming Commission total gaming revenues (TGR) of gambling providers increased by 14.1% y-o-y in 1Q24. Total bets amounted to EUR 10.86bn in the period Jan-Mar 2024 vs. EUR 9.51bn in the corresponding period last year, while GGR amounted to EUR 682m in 3M24 vs. EUR 641m in 3M23 recording a y-o-y increase of 6.4%. In more detail, Opap stores and VLTs revenues increased by 4.4% y-o-y reaching EUR 2.6bn, Lotteries revenues increased by 2.1% reaching EUR 80.5m, horse racing revenues decreased by 15.5% reaching EUR 7.6m, casino revenues increased by 8.7% reaching 498m, and online casino increased by 18.5% reaching 7.7bn.
Inbound travelers and travel receipts up in March (BoG)
According to the BoG, travel receipts in March 2024 rose by 34.2% y-o-y to EUR 372.3m, while in January-March 2024, travel receipts totaled EUR 942m, up by 28.2% y-o-y. The number of inbound travelers in March 2024 rose by 31.2% y-o-y to 874k, while in January-March 2024, the number of inbound travelers jumped by 24.5% y-o-y to 2,332.5k. Finally, the average spending per traveler in March stood at EUR 408, up by 3.2% y-o-y, while in the January-March period the average spending per traveler rose by 3.4% y-o-y to EUR 395.
Company Headlines
Optima Bank AGM today at 11:00 Athens/09:00 London Time
The AGM of shareholders will take place today at 11:00 Athens/09:00 London Time. Shareholders will approve among other issues of the agenda, the distribution of a gross dividend of EUR 0.44 per share (DY: 3.8%).
Aegean Airlines || CP: EUR 12.40 | Rating: Buy | TP: EUR 14.70
1Q24 results Preview | Strong tourism demand and increased flight schedule supports top-line; FX losses and leases hits NP
1Q24 results preview | Aegean Airline is set to release 1Q24 results on Friday 24 May, before the market opening. We expect a sequential improvement on top line thanks to favourable traveling environment and the increased passenger traffic in AIA and the regional Greek airports. We expect 1Q24 group revenues of EUR 260.7m (up by 13.8% y-o-y), EBITDA of EUR 31.7m (+64.3% y-o-y despite increased leases) and the respective margin to reach 12.2% in 1Q24 vs. 8.4% in 1Q23 representing the exceptionally good cost control of the company and the improved fleet utilization. However, further down the P&L, we expect the higher depreciation cost, FX translation losses and financial expenses to weigh on net profits, with the respective figure down to EUR -23.2m vs. EUR -14.4m in 1Q23.
1Q24 Key forecasts
|
EUR m |
1Q23 |
1Q24 |
Y-o-Y (%) |
|
|
Revenues |
229.1 |
260.7 |
13.8% |
|
|
EBITDA |
19.3 |
31.7 |
64.3% |
|
|
mgn (%) |
8.4% |
12.2% |
370bps |
|
|
Net Profit |
(14.4) |
(23.2) |
60.8% |
|
|
|
|
|||
|
Key Statistics |
1Q23 |
1Q24 |
Y-o-Y (%) |
|
|
ASKs m |
3.322 |
3.744 |
12.7% |
|
|
Domestic passengers |
1.027 |
1.141 |
11.1% |
|
|
International passengers |
1.547 |
1.712 |
10.7% |
|
|
Total passengers |
2.574 |
2.853 |
10.9% |
|
|
Load factor |
81.6% |
81.7% |
|
|
Source: the Company, Optima bank research
Motor Oil submits offer to acquire HELECTOR
ELLAKTOR confirmed yesterday that it received an offer from MOTOR OIL to acquire all the shares (94.4%) held by the Company in its waste management arm, ΗELECTOR for EUR 114.7m. The offer implies a historic (2022) P/BV of 1.08x and EV/EBITDA of 8.0x (trailing, for 2023 EBITDA).
Jumbo AGM approved dividend of EUR 1.00 per share
The AGM approved among others the dividend distribution of EUR 1.00/share (DY: 3.6%) with the payment date set for Tuesday, July 16. Management also stated that it maintains its sales and earnings estimates for an 8-10% y-o-y increase and that as of May 5, sales of the group have increased by 10% y-o-y. Finally, management noted that three more stores are expected to become operational by the end of 2024 one in Nicosia, Cyprus, one in Timisoara, Romania and one in Bucharest, Romania.
ElvalHalcor 1Q24 results out
ElvalHalcor reported 1Q24revenues of EUR 3,293m, down 12.2% y-o-y, EBITDA of EUR 44.8m compared to EUR 56m in 1Q23 and net income after minorities of EUR 12.9m compared to EUR 18m in 1Q23. Adjusted for inventory, EBITDA stood at EUR 48.7m, down 30.7% y-o-y. Sales volume rose marginally by 1.5% YoY, driven by the 4% y-o-y increase in the aluminium segment which more than offset the 4% drop in copper volume sales. Group net debt (including leasing) stood at EUR 765m, down by EUR 190m y-o-y and by EUR 48m y-t-d, as operating cash flows of EUR 69.7m more than offset the EUR 20.1m net capex.
The company has already declared a EUR 0.04/share dividend for 2023 (ex-date 25 June, DY: 2%).
Regarding 2024 outlook, despite the headwinds from the rising interest rates and inflation on economic activity and the geopolitical crisis, ElvalHalcor anticipates the future with optimism, as it is well-positioned to leverage its broad and diversified product portfolio, as well as its strategic advantages, such as its customer-centric philosophy, the innovative technology and the strong international orientation of sales, with no dependency on countries or geographical areas, which provide the ability to capitalise on any future opportunity. The company will hold a conference call today.
Autohellas results out
The company posted its results yesterday, with total revenues came in at EUR 217.1m down by 2.0% y-o-y vs. EUR 221.6m in 1Q23, EBITDA reached EUR 51.5m vs. EUR 47.8m last year, recording a y-o-y increase of 7.7%, while net profit increased by 6.0% y-o-y at EUR 7.86m vs. EUR 7.4m a year ago. Per segment analysis, the turnover of Greek rental activity increased by 9.4% y-o-y at EUR 53.6m aided by both short-term and long-term rental increased demand but lower price environment maintained. Revenues of international rental activity reached EUR 32.7m vs. EUR 30.3m or up by 7.9%, while the category of import and distribution recorded a decrease in revenues of 8.1% y-o-y reaching EUR 130.9m. Management noted that turnover from the activity of FIAT / JEEP / ALFA ROMEO is not consolidated due to joint control with Samelet, and revenues reached EUR 31.3m in 1Q24.
Quest Holdings 1Q24 results
Group sales came in at EUR 303.1m (+6% y-o-y), EBITDA at EUR 18.7m (-4% y-o-y) and net profit at EUR 8.5m (-15% y-o-y). EBITDA margin narrowed to 6.2% vs. 6.8% in 1Q23 and net debt stood at EUR 30.2m from a net cash position of EUR 15.8m in 1Q23. Management has guided for a mild growth in sales, EBITDA and EBT in 2024.
REDS to delist its shares from ATHEX (expected)
REDS announced that following a relevant approval from the EGM, filed yesterday a request to delist all its shares from ATHEX.
Noval Property IPO time schedule
Noval Property released yesterday the prospectus for the EUR 43.5m IPO. The price range of the IPO shares will be announced on May 28, the Public offer for the IPO will commence on 29 May and end on 31st, and the final offering price will be announced on 31st o May. Finally, the commencement of all Noval Property shares is expected on 5th of June.
Calendar of Events
Macros
28/05/24 | Building Activity FEB
30/05/24 | Unemployment Rate APR, Producer Price Index in Industry APR & Economic Sentiment Indicator MAY
31/05/24 | Turnover Index in Retail Trade MAR
31/05/24 | Fitch – Greek sovereign credit review
03/06/24 | S&P Global Greece Manufacturing PMI MAY
07/06/24 | 1Q:24 GDP (provisional data)
1Q24 Results Release
23/05/24 | Ideal Holdings (trading update) (Bef-mkt), Lavipharm (trading update)
24/05/24 | Aegean Airlines (trading update) (Bef-mkt)
27/05/24 | Hellenic Exchanges
28/05/24 | Motor Oil (Aft-mkt), Epsilon Net (trading update) (Bef-mkt)
29/05/24 | OPAP (Aft-mkt), Cenergy Holdings, KRI-KRI (Aft-mkt)
31/05/24 | Austriacard Holdings
12/06/24 | LAMDA Development (Aft-mkt)
28/06/24 | Attica Bank
EGM / AGM
23/05/24 | Optima bank (AGM), ElvalHalcor (AGM), Motodynamics (AGM)
28/05/24 | Viohalco (AGM), Cenergy (AGM)
29/05/24 | Intracom (AGM), Thrace Plastics (AGM), Karelias (AGM)
30/05/24 | Intralot (AGM)
31/05/24 | Ellaktor (AGM), Profile (AGM), Premia Properties (AGM), Quality & Reliability (EGM)
03/06/24 | Euroconsultants (AGM), Orilina Properties (EGM)
04/06/24 | Mytilineos (AGM)
06/06/24 | Ideal Holdings (AGM), Cairo Mezz Plc (AGM)
07/06/24 | Kekrops (AGM)
10/06/24 | Galaxy Cosmos Mezz Plc (AGM)
11/06/24 | Prodea Investments (AGM), Performance (AGM)
12/06/24 | AVAX (AGM)
13/06/24 | Hellenic Exchanges (AGM), Quest Holdings (AGM)
14/06/24 | Trade Estates (AGM), Intercontinental International REIC (AGM)
17/06/24 | Loulis Food (AGM)
19/06/24 | Motor Oil (AGM), Biokarpet (AGM), Iktinos (AGM)
20/06/24 | Terna Energy (AGM), AS Company (AGM), Elton (AGM
21/06/24 | Fourlis (AGM), Flexopack (AGM)
25/06/24 | GEK TERNA (AGM)
27/06/24 | HELLENiQ ENERGY (AGM), PPC (AGM), LAMDA Development (AGM), Elastron (AGM), Space Hellas (AGM)
28/06/24 | Piraeus Financial Holdings (AGM), OTE (AGM), Epsilon Net (AGM), EKTER (AGM), Frigoglass (AGM)
02/07/24 | Intrakat (AGM), KRI-KRI (AGM)
03/07/24 | ADMIE Holding (AGM)
04/07/24 | Piraeus Port (AGM), Alumil (AGM), Elinoil (AGM)
05/07/24 | ILYDA (AGM), Sunrise Mezz PLC (AGM), Phoenix Vega Mezz PLC (AGM)
09/07/24 | Austriacard Holdings (AGM), Lavipharm (AGM)
10/07/24 | Attica Bank (AGM)
11/07/24 | EYDAP (AGM)
19/07/24 | Quality & Reliability (AGM)
23/07/24 | Eurobank Holdings (AGM)
25/07/24 | Alpha Services and Holdings (AGM)
30/08/24 | Ble Kedros (AGM)
Ex-Dividend
30/05/24 | Coca Cola HBC (EUR 0.93)
03/06/24 | Thrace Plastics (rem. EUR 0.17), Karelias
04/06/24 | Profile Software
06/06/24 | Premia Properties
12/06/24 | BriQ Properties (EUR 0.1045)
14/06/24 | Prodea Investments (rem. EUR 0.137)
19/06/24 | Trade Estates
25/06/24 | Optima bank (EUR 0.44), Titan Cement (EUR 0.85), Hellenic Exchanges (EUR 0.24), ElvalHalcor (EUR 0.04), Viohalco (EUR 0.12), Cenergy (EUR 0.08), Quest Holdings (EUR 0.22), Intracom (EUR 0.12), Intercontinental International
26/06/24 | Motor Oil (rem. EUR 1.40), Mytilineos (EUR 1.50), Fourlis (EUR 0.12)
01/07/24 | Loulis Food
02/07/24 | Flexopack
04/07/24 | OTE (EUR 0.71)
05/07/24 | Trastor REIC (EUR 0.02)
08/07/24 | EKTER
10/07/24 | HELLENiQ ENERGY (rem. EUR 0.60), Jumbo (EUR 1.00), AS Company
16/07/24 | Austriacard Holdings, Epsilon Net
18/07/24 | ILYDA (EUR 0.02)
22/07/24 | PPC (EUR 0.25), EYDAP (EUR 0.10), Space Hellas
29/07/24 | Piraeus Port (EUR 1.34), AVAX (EUR 0.03)
22/08/24 | KRI-KRI (EUR 0.35)
02/09/24 | ADMIE Holding
11/09/24 | Ble Kedros
Ex-Capital Return
25/06/24 | OPAP (EUR 0.25)
02/07/24 | Intracom Holdings
25/07/24 | Ideal Holdings (EUR 0.20)
28/08/24 | GEK TERNA
ATHEX Companies Presentations (Hellenic Fund & Asset Management Association)
28/05/24 | Alpha Trust Holdings (10:00 GR 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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