We expect ATHEX to move higher today.
Market Comment
ATHEX headed south yesterday, in line with the European stock markets. In more detail, the General Index slipped marginally by 0.07% at 1,529.57 units (FTSE Large Cap: -0.02%, FTSE Mid Cap: +0.40%, Banks Index: +0.25%) and the traded value was shaped at EUR 327.2m, up from Wednesday’s EUR 134.6m. We expect ATHEX to move higher today.
Today’s Headlines
· IOBE quarterly review on Greece
· Ministry for infrastructure announced preferred bidders for EUR 1.1bn contracts (press)
· Execution in the Athens metro Line progressing according to schedule (press)
· OTE FY24 results out on 26 February 2025
· AKTOR Group SCI completed ends today
· Ideal Holdings acquired 100% of Barba Stathis for EUR 130.0m
· New World Fund increased its stake to 5.03% in Jumbo
· Jumbo Share buyback
Macro Headlines
IOBE quarterly review on Greece
IOBE released its updated forecasts for the Greek Economy, expecting GDP growth at 2.3% for 2024e (unchanged from previously), and further up to 2.4% in 2025e (also unchanged compared to its previous estimate), inflation at 3.0% and 2.4% for 2024-25e (unchanged compared to its previous estimates) and unemployment rate at 10.1% and 9.3% for 2024e and 2025e respectively.
Sector Headlines
Ministry for infrastructure announced preferred bidders for EUR 1.1bn contracts (press)
According to Euro2day.gr, following its invitation to the 7th grade licensed construction companies for the infrastructure projects in Thessaly, the ministry for infrastructure awarded two contracts two GEKTERNA of combined value EUR 545m, one contract to Aktor Group of EUR 184m, two contracts to AVAX of combined value EUR 228m and one contract to METLEN’s METKA one contract valued EUR 174m.
Execution in the Athens metro Line progressing according to schedule (press)
According to Newmoney.gr, the excavation works in the fourth line of the Athens Metro are progressing at a fast pace and are expected to be completed as scheduled, in 2026.
Company Headlines
OTE FY24 results out on 26 February 2025
The company announced that it will report FY24 results on Wednesday 26 February 2025, before the opening of the session. Management will host a conference call on the same day at 13:00 Athens/11:00 London Time.
AKTOR Group SCI completed ends today
The subscription period for Aktor Group’s EUR 200m SCI ends today, with the commencement of trading of the new shares set for 4 February. As a reminder, the new shares will be offered with a proposed price of EUR 4.60/share and with preemptive rights in favor of the existing shareholders at a ratio of 0,270853462305055 New Shares for each old share of the Company.
Ideal Holdings acquired 100% of Barba Stathis for EUR 130.0m
Ideal Holdings announced that it acquired 100% of Barba Stathis for a cash consideration of EUR 130.0m or 9.2x adj. EBITDA LTM. The company has a net debt position of EUR 37.6m. The transaction will be financed by existing cash and bank debt. Ideal Holdings Group has a cash position of EUR 186.0m and bank debt of EUR 130.0m, o/w EUR 100m from the listed common bond maturing in December 2028. Barba Stathis is the market leader in frozen vegetables and fresh salads, is operating 5 factories and has 11k points of sale throughout Greece. The company also exports its products in 22 countries. BS generated revenues of 120.7m and adj. EBITDA of EUR 14.1m over 01/7/23-30/6/24. The news is positive, and the move is in line with Ideal Holdings’ strategy to diversify its portfolio which now encompasses a defensive sector (food). Recall that Ideal has a strong foothold in ICT (Byte, Adacom, Bluestream) and specialized retail sectors (Attica Department Stores). Management will host a CC on Monday 27 January at 11:00 Athens/09:00 London Time.
New World Fund increased its stake to 5.03% in Jumbo
voting rights. New World Fund, Inc. is a mutual fund registered in the United States.
Jumbo Share buyback
The company announced that it purchased on 22 January, 44,810 own shares at an average price of EUR 25.852. The company now holds 1,392,390 shares or 1.02% of the total share capital.
Calendar of Events
Macros
28/01/25 | Building Activity OCT (ELSTAT)
30/01/25 | Unemployment Rate DEC (ELSTAT), Producer Price Index in Industry DEC (ELSTAT) & Economic Sentiment Indicator JAN
31/01/25 | Turnover Index in Retail Trade NOV (ELSTAT)
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)
26/02/25 | OTE (Bef-mkt)
24/02/25 | Piraeus Financial Holdings (Bef-mkt)
27/02/25 | HELLENiQ ENERGY (Aft-mkt), Eurobank Holdings, IDEAL Holdings (Bef-mkt)
28/02/25 | Alpha Services & Holdings
26/03/25 | PPC (Aft-mkt)
27/03/25 | Titan Cement International
31/03/25 | Hellenic Exchanges (Aft-mkt)
EGM / AGM
30/01/25 | ELLAKTOR (EGM)
03/02/25 | IDEAL Holdings (EGM)
Ex-Capital Return
24/03/25 | ELLAKTOR (EUR 0.85/share), IDEAL Holdings (EUR 0.10/share)
Share Capital Increase – AKTOR Group
10/01/25-24/01/25 | Exercise period of rights & Subscription period
04/02/25 | Commencement of trading of new shares from SCI
Initial Public Offering (IPO) – ALTER EGO MEDIA
27/01/25 | Commencement of trading of shares on the Regulated Market of the ATHEX
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