Greek Market Watch: Moody’s (NBG, Piraeus), Eurobank, METLEN, Piraeus Financial Holdings, HELLENiQ ENERGY, Jumbo, OTE, OPAP, ELLAKTOR, Real Consulting

Today’s Headlines

·         Moody’s upgraded National Bank of Greece 

·         Moody’s upgraded Piraeus Bank

·         Eurobank completed EUR 100m tap issue of EUR 650m of senior preferred bonds 

·         METLEN (Mytilineos) to complete London listing in 1H25 (press)

·         Piraeus Financial Holdings to trade ex-dividend tomorrow

·         HELLENiQ ENERGY trades ex-dividend tomorrow

·         Jumbo to trade ex-dividend tomorrow

·         OTE 1H2024 results out on 07 August

·         OPAP Share buyback

·         ELLAKTOR’s EGM approves the sale of HELECTOR

·         Real Consulting to trade ex-dividend on 29 August

Market Comment

ATHEX headed north yesterday for a fourth consecutive session, outperforming the European stock markets. In more detail, the General Index advanced by 0.72% at 1,450.92 units (FTSE Large Cap: +0.66%, FTSE Mid Cap: +0.70% Banks Index: +0.40%) and the traded value was shaped at EUR 114.0m, up from Friday’s EUR 55.5m. We expect the positive momentum to continue today.

Company Headlines 

Moody’s upgraded National Bank of Greece 

Moody’s Ratings upgraded the long and short-term deposit ratings of National Bank of Greece S.A. (NBG) to Baa2/P-2 from Baa3/P-3, its long-term senior unsecured ratings by two notches to Baa2 from Ba1, as well as the standalone Baseline Credit Assessment (BCA) and Adjusted BCA of the bank to ba1 from ba2. The bank’s long- and short-term Counterparty Risk Ratings (CRR) were affirmed at Baa2/P-2 and its long- and short-term Counterparty Risk Assessments (CR Assessment) were affirmed at Baa3(cr)/P-3(cr). The news is positive and we reiterate our Buy rating and TP of EUR 10.84/share. 

Moody’s upgraded Piraeus Bank

Moody’s Ratings upgraded the long and short-term deposit ratings of Piraeus Bank to Baa3/P-3 from Ba1/NP, its long-term senior unsecured rating by two notches to Baa3 from Ba2, as well as the standalone Baseline Credit Assessment (BCA) and Adjusted BCA of the bank to ba2 from ba3. The bank’s long- and short-term Counterparty Risk Ratings (CRR) were upgraded to Baa2/P-2 from Baa3/P-3 and its long- and short-term Counterparty Risk Assessments (CR Assessment) were affirmed at Baa3(cr)/P-3(cr), while its long-term senior unsecured MTN program ratings were upgraded to (P)Baa3 from (P)Ba2 and the subordinate (Tier 2) MTN program ratings were upgraded to (P)Ba3 from (P)B1. The news is positive and reiterate our Buy rating and TP of EUR 5.50/share. 

Eurobank completed EUR 100m tap issue of EUR 650m of senior preferred bonds 

Eurobank announced that it completed through a private placement with Banco Santander, a tap to the initial bonds of an aggregate principal amount of EUR 100.0m of its EUR 650m fixed rate senior preferred bonds due 2031 issued on 30 April 2024. The issue price of the new bonds is 100.324%, implying a yield of 4.806%. The new bonds will be listed on the Luxembourg Stock Exchange’s Euro MTF market. 

METLEN (Mytilineos) to complete London listing in 1H25 (press)

According to Euro2day.gr, METLEN’s Treasurer said yesterday that the company will complete the listing in the London Stock Exchange in 1H25, adding that despite the stock rally during the last years, the stock still trades at 8x in P/E terms, at a 50% discount vs. its international peers who trade at 12x. In other comment, METLEN’s management said that the company targets to further expand its integrated energy activities abroad, focusing in 6 countries, namely, Italy, Hungary, Croatia, Bulgaria, Romania and Austria. 

Piraeus Financial Holdings to trade ex-dividend tomorrow

The stock will trade ex-dividend tomorrow (DPS: EUR 0.06315840, DY: 1.7%) and payment will commence on Tuesday 16 July. 

HELLENiQ ENERGY trades ex-dividend tomorrow

HELLENiQ ENERGY will trade ex-dividend of EUR 0.60/share tomorrow (DY: 7.2%) 

Jumbo to trade ex-dividend tomorrow

The stock will trade ex-dividend tomorrow (DPS: EUR 1.00, DY: 3.6%) and payment will commence on Tuesday 16 July.  

OTE 1H2024 results out on 07 August

The company announced that it will report 1H2024 results on Wednesday 07 August, before the opening of ATHEX. Management will host a CC on the same day at 13:00 GR/11:00 London Time. 

OPAP Share buyback

The company announced that it purchased from 1 to 5 July 48,311 own shares at an average price of EUR 14.737. The company now holds 8,882,893 shares or 2.40% of the total share capital. 

ELLAKTOR’s EGM approves the sale of HELECTOR

During yesterday’s EGM, ELLAKTOR approved the sale of all the shares (94.4%) held by the company in its waste management arm, ΗELECTOR to Motor Oil for EUR 114.7m. 

Real Consulting to trade ex-dividend on 29 August

The AGM of shareholders approved yesterday the distribution of a dividend of EUR 0.04/share (DY: 1.1%). The stock will trade ex-dividend on Thursday 29 August. Shareholders also approved a share buyback program of up to 10% of shares outstanding (2.150.000 shares). The maximum price was set at EUR 5.00/share and the minimum at EUR 1.02/share. Finally, shareholders approved the transfer of shares to the main market of ATHEX from the Alternative. 

Calendar of Events

Macros

09/07/24 | CPI & Harmonized CPI JUN

10/07/24 | Industrial Production Index MAY

12/07/24 | Import Price Index in Industry MAY

12/07/24 | Scope Ratings – Greek sovereign credit review

16/07/24 | Evolution of Turnover of Enterprises MAY

19/07/24 | Turnover Index in Industry MAY

2Q/1H24 Results Release

25/07/24 | Metlen (Flash Note) (Bef-mkt)

29/07/24 | Hellenic Exchanges

30/07/24 | Entersoft (trading update) (Aft-mkt)

31/07/24 | Piraeus Financial Holdings (Bef-mkt), Eurobank Holdings, Titan Cement

01/08/24 | Optima bank, National Bank of Greece

02/08/24 | Alpha Services and Holdings

06/08/24 | PPC (Aft-mkt)

07/08/24 | OTE, Coca-Cola HBC

09/08/24 | BriQ Properties, Intercontintal International

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

03/09/24 | OPAP (Aft-mkt), Sarantis

04/09/24 | Ideal Holdings (Flash Note) (Bef-mkt)

10/09/24 | Fourlis (Aft-mkt), AIA (Aft-mkt)

11/09/24 | ElvalHalcor (Aft-mkt)

EGM / AGM

09/07/24 | Austriacard Holdings (AGM), Lavipharm (AGM), Centric (AGM)

10/07/24 | Intrakat (AGM), Papoutsanis (EGM)

11/07/24 | EYDAP (AGM)

12/07/24 | Attica Group (AGM), Biokarpet (EGM)

16/07/24 | Attica Bank (AGM)

17/07/24 | Motor Oil (EGM)

19/07/24 | Quality & Reliability (AGM)

23/07/24 | Eurobank Holdings (AGM)

24/07/24 | Alpha Services and Holdings (AGM)

25/07/24 | National Bank of Greece (AGM)

26/07/24 | Evrofarma (AGM), Unibios (AGM)

31/07/24 | Alpha Real Estate (AGM)

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

30/08/24 | Ble Kedros (AGM)

04/09/24 | ELVE (AGM)

06/09/24 | Domiki Kritis (AGM)

10/09/24 | Epsilon Net (AGM)

Ex-Dividend

10/07/24 | Piraeus Financial Holdings (EUR 0.063), HELLENiQ ENERGY (rem. EUR 0.60), Jumbo (EUR 1.00), AS Company (EUR 0.13762556)

15/07/24 | Vogiatzoglou Systems (EUR 0.145), Medicon (EUR 0.06), Elinoil (EUR 0.108)

16/07/24 | Austriacard Holdings

18/07/24 | ILYDA (EUR 0.02)

19/07/24 | Attica Group (EUR 0.07)

22/07/24 | PPC (EUR 0.25), EYDAP (EUR 0.10), Space Hellas (EUR 0.16), Athens Medical (EUR 0.02)

25/07/24 | Eurobank Holdings (EUR 0.0933)

26/07/24 | Alpha Services and Holdings (EUR 0.026)

29/07/24 | National Bank of Greece (EUR 0.36), Piraeus Port (EUR 1.34), AVAX (EUR 0.03)

05/08/24 | Alpha Real Estate

01/08/24 | Creta Plastics (EUR 0.5001157168)

22/08/24 | KRI-KRI (EUR 0.35)

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

11/09/24 | Ble Kedros

12/09/24 | Evrofarma

17/09/24 | Epsilon Net

Ex-Capital Return

22/07/24 | ELLAKTOR (EUR 0.50)

25/07/24 | Ideal Holdings (EUR 0.20)

26/08/24 | Biokarpet (EUR 0.02)

28/08/24 | GEK TERNA (EUR 0.25)

12/09/24 | Unibios 

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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