ATHEX headed north yesterday setting a new multi-year high, outperforming the European stock markets. In more detail, the General Index rose by 0.91% at 1,885.04 units (FTSE Large Cap: +1.00%, FTSE Mid Cap: +0.14%, Banks Index: +1.76%) and the traded value was shaped at EUR 252.0m, up from Monday’s EUR 215.4m. We expect the ATHEX and Intralot deals to provide support to the market today.
· Greek HICP up in June (Eurostat)
· Greek PMI marginally down in June
· IOBE’s headline ESI down in June
· Unicredit increased slightly its stake to 20.477% in Alpha Bank
· Euronext offer for Hellenic Exchanges at EUR 6.90/share, at 14.4% premium
· Intralot to acquire Bally’s International Interactive Business for EUR 2.7bn
· HELLENiQ ENERGY trades ex-dividend
· OTE trades ex-dividend tomorrow
· Aegean Airlines: EUR 250m retail bond offering closes today
· OPAP appoints new CEO at Stoiximan
· Fourlis new CEO
· Sarantis’ Chairman sold shares
Macro Headlines
Greek HICP up in June (Eurostat)
According to a flash estimate from Eurostat, Greek annual inflation is expected to shape at 3.6% in June, higher compared to 3.3% in May (and up by 1.3% m-o-m) and above the respective EU area figure (up to 2.0% in June from 1.9% in May).
Greek PMI marginally down in June
Greek PMI posted 53.1 in June, from 53.2 in May, signaling the solid overall health of the manufacturing sector and historically elevated, despite the rate of growth easing to the slowest since February.
IOBE’s headline ESI down in June
The Foundation for Economic & Industrial Research (IOBE) issued its monthly survey for June 2025, according to which the Economic Sentiment Index deteriorated to 106.1 units from 107.0 in the previous month, driven by the drop in the Industry (-3.2 bps m-o-m), while expectations in the construction, services and Retail Trade improved by 1.3, 11.7 and 5.5 bps m-o-m respectively. The Consumer Confidence Index dropped to -46.9 units in June from -42.7 a month ago, reflecting the worsening optimism of households for their financials.
Company Headlines
Unicredit increased slightly its stake to 20.477% in Alpha Bank
Alpha Bank announced that UniCredit S.p.A., held on 30 June 9.768% of the total voting rights and also held financial instruments which may be settled, by cash as the default option or, alternatively, by physical settlement, subject to the condition of having obtained all the necessary regulatory approvals. These instruments may potentially result in the acquisition of 247,918,401 common registered shares, representing 10.709% of the company’s total voting rights, thus UniCredit S.p.A.’s total voting rights in the bank would amount to 20.477%. Recall that Alpha Bank announced on 02 June that Unicredit held a 20.141% stake and that UniCredit announced on 28 May that it will submit all the required regulatory filings for acquiring a stake above 10% and up to 29.9%.
Euronext offer for Hellenic Exchanges at EUR 6.90/share, at 14.4% premium
Euronext announced that it has entered into discussions with the BoD of Hellenic Exchanges about a possible offer to acquire up to 100% of the shares of ATHEX for EUR 6.90/share, at 14.4% premium to yesterday’s closing price and 7.8% higher than our TP of EUR 6.40/share, through a share exchange with fixed conversion rate of 21.029 ATHEX ordinary shares for each new Euronext share. Based on Euronext’s share price of EUR 145.10 as of 30 June 2025, the potential offer would value ATHEX at EUR 399.0m (excluding 2,498,000 treasury shares), corresponding to 16.1x EPS25e and 9.7x EV/EBITDA25e.
The submission of an offer would be subject notably to due diligence. Recall that HELEX has 100% free float and the Small Cap World Fund is the major shareholder with a 5.09% equity stake. A potential combination with ATHEX would deliver on Euronext’s ambition to consolidate European capital markets with growth and synergy opportunities. The combined Group would foster the harmonization of European capital markets, running on a unified trading and post-trade technology and operating on a cross-border clearing framework. Euronext is the largest liquidity pool in Europe, managing approximately 25% of cash equity trading activity in Europe and operating markets in major financial hubs such as Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris.
A potential combination would allow Greek financial markets participants to join a network of over 1,800 listed companies with a combined market capitalisation exceeding EUR 6.0tr. The BoD of Hellenic Exchanges announced yesterday that it has received an unsolicited, non-binding and highly conditional all share takeover proposal from Euronext. The Board, together with its advisors, is evaluating the proposal from a strategic and financial perspective and has not entered into any discussions with Euronext at this time and will respond in due course. In our view, the operation of ATHEX under Euronext is positive, since it will provide Greek enterprises with access to new funding tools as well as to a larger pool of investors.
Intralot to acquire Bally’s International Interactive Business for EUR 2.7bn
Intralot and Bally’s Corporation announced that their respective Boards of Directors approved their entry into a definitive transaction agreement pursuant to which Intralot will acquire Bally’s International Interactive business in a cash-and-shares transaction that values the International Interactive Business at an enterprise value of EUR 2.7bn. The consideration for the acquisition of the International Interactive Business will comprise a combination of cash paid by Intralot and newly issued shares delivered by Intralot to Bally’s. As part of the transaction, Intralot expects to refinance part of its existing debt facilities and Bally’s also expects to repay secured debt from the cash proceeds.
The transaction consideration to Bally’s will be made up of EUR 1.53bn cash consideration, and EUR 1.136bn of newly issued shares in new Intralot (873,707,073 shares, at an implied value of EUR 1.30/share). In order to support the EUR 1.53bn cash consideration to Bally’s and refinance part of its existing debt, Intralot has obtained commitments from foreign investment banks for debt financing up to EUR 1.6bn and expects to launch an up to EUR 400.0m share capital increase by way of an equity offering of shares listed on the Athens Stock Exchange, subject to corporate and regulatory approvals.
Following the completion of the Transaction, Intralot is expected to remain listed on the Athens Stock Exchange. Bally’s, currently Intralot’s largest shareholder, is expected to become the majority shareholder of Intralot as a result of the transaction with a significant equity stake in Intralot. Intralot’s founder, Mr. Sokratis Kokkalis, will also maintain a significant stake in Intralot. Following the completion of the transaction, Intralot is expected to be a leading digital gaming operator and technology provider for lottery products with a footprint in some of the most attractive markets in Europe and North America. The completion of the Transaction is expected to occur in 4Q25.
Intralot has also today received notice that Bally’s and its affiliates increased its equity stake to 33.34% from 26.86% previously and hence it will proceed to a mandatory tender offer obligation for the remaining outstanding shares of Intralot has been triggered. Mr. Sokratis Kokkalis decreased its equity stake to 14.159% from 20.638% previously.
The combined company will have revenues of EUR 1.1bn, ca38.0% pre-synergies EBITDA margin and strong operating free cash flow conversion above 90% enhanced by short-term achievable cost synergies across organizational, third-party and operational areas driving additional margin expansion. According to the annual report of Bally’s, International Interactive includes the interactive European gaming operations and global licensing revenue generating operations business, as well as one casino property, Bally’s Newcastle, in the UK with 43k gaming square footage. International Interactive generated revenues of $909.5m and adjusted EBITDAR of $336.5m in 2024. Management will hold a CC today at 11:00 Athens/13:00 London Time and wait for more details of the transaction.
HELLENiQ ENERGY trades ex-dividend
As of today, HELLENiQ ENERGY trades ex-dividend of EUR 0.55/share (DY: 6.7%).
OTE trades ex-dividend tomorrow
The stock is set to trade ex-dividend tomorrow (DPS: EUR 0.7415, DY: 4.6%) and payment will commence on Wednesday 09 July.
Aegean Airlines: EUR 250m retail bond offering closes today
The public offering for Aegean Airlines’ new retail bond of up to EUR 250m concludes today, July 2. As a reminder, the yield range has been set at 3.70%–4.05%, with strong demand anticipated. The bond is expected to begin trading on the Athens Exchange on July 7, supporting the company’s funding strategy and investment plans.
OPAP appoints new CEO at Stoiximan
Effective July 1, 2025, OPAP appointed Nikos Fligos as new CEO of Stoiximan, succeeding co-founder George Daskalakis.
Fourlis new CEO
Fourlis announced that the company’s BoD elected Mr. John Vasilakos as a new executive member of the BoD in replacement of the resigned CEO and executive member Mr. Dimitris Valachis.
Sarantis’ Chairman sold shares
The company announced that the Chairman of BoD, Mr. Kyriakos Sarantis, sold on 26 June, 25,000 shares at an average price of EUR 13.46 and for a total value of EUR 336,500.
Macros
02/07/25 | Unemployment Rate ΜΑΥ (ELSTAT)
08/07/25 | Trade Balance MAY (ELSTAT)
09/07/25 | CPI & Harmonized CPI JUN (ELSTAT)
10/07/25 | Industrial Production Index MAY (ELSTAT)
11/07/25 | Import Price Index in Industry MAY (ELSTAT)
EGM / AGM
02/07/25 | ADMIE Holding (AGM)
03/07/25 | Elinoil (AGM), Lavipharm (AGM)
07/07/25 | Alumil (AGM)
08/07/25 | Piraeus Port Authority (AGM)
09/07/25 | Jumbo (AGM), AKTOR Group (AGM)
10/07/25 | Ellaktor (AGM), Attica Bank (AGM), Mathios (AGM)
11/07/25 | Quality & Reliability (AGM)
15/07/25 | AVAX (AGM)
16/07/25 | EYDAP (AGM), Creta Plastics (AGM), Centric (AGM)
18/07/25 | ILYDA (AGM)
22/07/25 | Piraeus Port Authority (AGM)
27/08/25 | Evropi Holdings (AGM), Attica Publication (AGM)
28/08/25 | Intralot (AGM)
29/08/25 | Intracom Holdings (AGM)
08/09/25 | Orilina Properties (AGM)
09/09/25 | Frigoglass (AGM), Ble Kedros (AGM)
Ex-FY24 Dividend per share
02/07/25 | HELLENiQ ENERGY (remaining EUR 0.55), Interlife (EUR 0.2009865686)
03/07/25 | OTE (EUR 0.7415)
07/07/25 | Euroconsultants (EUR 0.04), Medicon (EUR 0.13)
10/07/25 | AS Company (EUR 0.1713121688)
11/07/25 | Petropoulos (EUR 0.30)
14/07/25 | EKTER
21/07/25 | PPC (EUR 0.40), Jumbo (EUR 0.5063), Space Hellas (EUR 0.15)
22/07/25 | EYDAP (EUR 0.07)
28/07/25 | Vogiatzoglou (EUR 0.07)
04/08/25 | Piraeus Port Authority (EUR 1.92)
19/08/25 | Real Consulting (EUR 0.05), Evrofarma (EUR 0.05)
21/08/25 | KRI-KRI (EUR 0.40)
25/08/25 | ADMIE Holding, Creta Plastics
02/09/25 | AVAX (EUR 0.07)
11/09/25 | Orilina Properties
20/10/25 | Moda Bagno
03/11/25 | Ble Kedros
Ex-Capital Return
25/08/25 | Biokarpet (EUR 0.02/share)
Corporate Bond Issuance
30/06/25-02/07/25 | Aegean Airlines – Public Offering period
07/07/25 | Aegean Airlines – Start of trading of new bonds
METLEN – Voluntary Share Exchange Tender Offer
27/06/25-25/07/25 | Acceptance Period of the Tender Offer
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