Greek Market Watch: HICP, Piraeus Financial Holdings, Alpha Services & Holdings, Attica Bank, Aegean Airlines, AKTOR, Ideal Holdings, Motodynamics

Market Comment

ATHEX headed south yesterday, as investors moved to safer assets amidst intensifying trade war, underperforming the European stock markets. In more detail, the General Index tumbled by 2.70% at 1,507.50 units (FTSE Large Cap: -2.85%, FTSE Mid Cap: -3.23%, Banks Index: -4.02%) and the traded value was shaped at EUR 182.8m, up from Friday’s EUR 127.4m. We expect ATHEX to try to recover today, after yesterday’s sell-off.  

Today’s Headlines

·         HICP slightly up in January (Eurostat)

·         Piraeus CEO confirmed negotiations on Ethniki Insurance

·         Alpha Services and Holdings FY24 results on 28 February 2025

·         Attica Bank completed NPE securitizations

·         Aegean Airlines has scheduled additional flights to Santorini (Press)

·         SCI shares of AKTOR commence trading today

·         Ideal Holdings EGM approved capital return

·         Motodynamics Financial Calendar 2025 

Macro Headlines 

HICP slightly up in January (Eurostat)

According to a flash estimate from Eurostat, Greek annual inflation is expected to shape at 3.1% in January, up compared to 2.9% in December and above the respective EU area figure (up to 2.5% in January from 2.4% in December). 

Company Headlines 

Piraeus CEO confirmed negotiations on Ethniki Insurance

Reportedly (mononews), the CEO of Piraeus Financial Holdings stated yesterday to the press that Piraeus is in ongoing negotiations with CVC Capital Partners about the acquisition of its 90.01% stake in Ethiniki Insurance, but a deal is not done until the fat lady sings. He also mentioned that Piraeus aims fee income to account for 30% of revenues, in line with the European average and specifically with Unicredit and Intesa Sanpaolo.

 Alpha Services and Holdings FY24 results on 28 February 2025

Alpha announced that it will report FY24 results on Friday 28 February 2025 at 08:00 Athens/ 06:00 London Time. Management will host a conference call on the same day at 12:00 Athens/ 10:00 London Time. 

Attica Bank completed NPE securitizations

Attica announced that it completed the securitization transactions of the NPE portfolios “Domus” and “Rhodium,” with a total book value of approximately EUR 3.7bn. Attica retains 100% of the senior notes from the “Domus” securitization, amounting to EUR 728.0m, as well as 5% of the mezzanine and junior notes. Additionally, the bank will retain 100% of the senior notes from the “Rhodium” securitization, amounting to EUR 476.0m, and 5% of the mezzanine and junior notes. The majority, 95%, of the mezzanine and junior notes of the “Domus” and “Rhodium” securitizations were transferred to an entity advised by Davidson Kempner Capital Management LP, while the servicing of the aforementioned portfolios was assigned to Cepal Hellas Financial Services. 

Aegean Airlines has scheduled additional flights to Santorini (Press)

According to press reports, the airline operated 9 flights (5 unscheduled) from Santorini to Athens yesterday and has already planned to operate 8 flights today (4 non-scheduled). In total, the number of passengers carried will reach 2,500-2,700. 

SCI shares of AKTOR commence trading today

As of today, 43,478,478 new shares of Aktor Group which resulted from the EUR 200m SCI, will commence trading in ATHEX. 

Ideal Holdings EGM approved capital return

The EGM of shareholders gave the green light yesterday for the distribution of a capital return of EUR 0.10/share (Yield: 1.7%).   

Motodynamics Financial Calendar 2025

Motodynamics announced that it will report FY24 results on Wednesday 30 April 2025 and the AGM will be held on Thursday 23 June 2025.  

Calendar of Events

Macros

07/02/25 | Trade Balance DEC (ELSTAT)

10/02/25 | Industrial Production Index DEC (ELSTAT)

Market

11/02/25 | MSCI Index Review announcement (Effective date: March 03, 2025)

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, IDEAL Holdings (Bef-mkt)

28/02/25 | Alpha Services & Holdings (08:00 GR time)

04/03/25 | ElvalHalcor (Aft-mkt)

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

26/03/25 | PPC (Aft-mkt)

27/03/25 | Titan Cement International

31/03/25 | Hellenic Exchanges (Aft-mkt)

30/04/25 | Motodynamics

Ex-Capital Return

24/03/25 | ELLAKTOR (EUR 0.85/share), IDEAL Holdings (EUR 0.10/share)

Initiation of trading of new shares

04/02/25 | AKTOR Group (from SCI)

OPTIMA BANK

Research Department
Equity Research

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