Today’s Headlines
· Optima Bank 3Q/9M24 results out on Monday 11 November
· Alpha Services and Holdings completed sale of Alpha Bank Romania to Unicredit
· Titan Cement 3Q/9M24e Results Preview | Flattish y-o-y 3Q, Strong 9M24e, points to another record year
· PPC EGM approves spin-off of “Testing, Inspection & Certification” Business and cancellation of treasury shares
· Intralot awarded new project with the British Columbia Lottery
· Ideal Holdings in talks to acquire Barba Stathis-Press
· OPAP Share Buyback
· CENERGY amends 3Q24 results release date
Market Comment
ATHEX posted marginal gains yesterday, outperforming the European stock markets. In more detail, the General Index rose by 0.01% at 1,390.65 units (FTSE Large Cap: +0.10%, FTSE Mid Cap: -0.33%, Banks Index: +0.38%) and the traded value was shaped at just EUR 67.4m, down from Friday’s EUR 112.1m. We expect investors to hold a wait and see stance ahead of US elections today.
Company Headlines
Optima Bank 3Q/9M24 results out on Monday 11 November
Optima Bank is set to report 3Q/9M24 results on Monday 11 November, before the opening of ATHEX. Management will host a CC on the same day at 18:00 Athens/16:00 London Time.
Alpha Services and Holdings completed sale of Alpha Bank Romania to Unicredit
Alpha Services and Holdings announced that its wholly owned subsidiary, Alpha International Holdings has completed the sale of 90.1% of Alpha Bank Romania to UniCredit. According to the agreement, Alpha Bank Romania shall be merged with Unicredit Romania and Alpha International Holdings shall hold 9.9% in the combined entity. On top of that, Alpha Services and Holdings will receive EUR 256.0m in cash. The transaction is capital ratio accretive for Alpha Bank by c.100bps in terms of CET1.
Titan Cement || BUY | CP EUR 32.75 | TP EUR 40.60
3Q/9M24e Results Preview | Flattish y-o-y 3Q, Strong 9M24e, points to another record year
Titan Cement International (TCI) is scheduled to release its 3Q24e results on Thursday, 7 November, before the market opening. We expect turnover of EUR 658m (-0.8% y-o-y), EBITDA of EUR 153.4m (-1.4% y-o-y, in line with consensus) and net income at EUR 74.1m, lower by 3.8% than the average consensus estimate of EUR 77m (assuming no one-offs). In 9M24e terms, we expect turnover of EUR 1,981m (+4.7% y-o-y), EBITDA of EUR 434.9m (+9.6% y-o-y) and net income at EUR 222.8m (+12.8% y-o-y). The Company will hold a conference call also on 7 November (16.00 Athens time, Greek participants: +30 213 009 6000 or +30 210 94 60 800 UK participants: +44 (0) 800 368 1063 USA participants: +1 516 447 5632).
Titan Cement 3Q/9M24e Group Key P&L forecasts
|
EUR m |
9M23 |
9M24e |
Y-o-Y change |
3Q23 |
3Q24e |
Y-o-Y change |
Consensus |
Optima vs. Consensus |
|
Turnover |
1,892.2 |
1,981.0 |
4.7% |
663.1 |
658.0 |
-0.8% |
668 |
-1.5% |
|
Greece |
299.0 |
321.6 |
7.6% |
101.7 |
103.1 |
1.4% |
|
|
|
USA |
1,104.7 |
1,146.6 |
3.8% |
369.2 |
372.0 |
0.8% |
|
|
|
SEE |
314.5 |
329.4 |
4.7% |
119.4 |
114.0 |
-4.5% |
|
|
|
E.MED |
174.0 |
183.4 |
5.4% |
73.0 |
68.9 |
-5.6% |
|
|
|
EBITDA |
396.7 |
434.9 |
9.6% |
155.5 |
153.4 |
-1.4% |
153 |
-0.3% |
|
EBITDA margin |
19.60% |
21.95% |
235 |
23.45% |
23.31% |
-14 |
22.90% |
41 |
|
Greece |
52.0 |
45.6 |
-12.3% |
15.7 |
14.7 |
-6.4% |
|
|
|
USA |
219.0 |
248.3 |
13.4% |
83.5 |
84.2 |
0.8% |
|
|
|
SEE |
107.6 |
127.2 |
18.2% |
47.6 |
44.4 |
-6.7% |
|
|
|
E.MED |
18.1 |
13.8 |
-23.8% |
8.8 |
10.1 |
14.8% |
|
|
|
Net income (adj.) |
197.6 |
222.8 |
12.8% |
86.7 |
74.1 |
-14.5% |
77.0 |
-3.8% |
Source: Optima bank, The Company
Consensus estimates are based on 11 covering analysts
PPC EGM approves spin-off of “Testing, Inspection & Certification” Business and cancellation of treasury shares
During yesterday’s EGM, PPC approved the spin-off of the “Testing, Inspection & Certification” Business Sector of PPC S.A. and contribution thereof to a new company, a wholly owned subsidiary of PPC, to be established for this purpose and the cancellation of 12,730,000 own shares (3.33% of total). It is noted that following the cancellation of the own shares, total position held by the existing shareholders, EPS and DPS are set to increase by 3.33%
Intralot awarded new project with the British Columbia Lottery
Intralot announced that it undertook the provision of an online lottery platform and the digitalization of the existing land-based network of the British Columbia Lottery Corporation, the sole lottery operator for the Government of British Columbia in Canada. The news is neutral, since the contribution of the new contract is small.
Ideal Holdings in talks to acquire Barba Stathis-Press
Press reports (euro2day) indicate that Ideal Holdings is in talks with CVC Capital Partners to acquire its subsidiary, Barba Stathis. Recall that Ideal Holdings has a minimum firepower of EUR 180m available for new acquisitions.
OPAP Share Buyback
The company announced that during 29/10/2024 – 30/10/2024, it purchased 84,313 own shares at an average price of EUR 15.69 per share and now holds 11,337,297 own shares or 3.06% of the total shares outstanding.
CENERGY amends 3Q24 results release date
CENERGY announced that its Q3’24 trading update will be published on Monday, November 18th, 2024, instead of Thursday, November 21st, 2024, as previously announced.
Calendar of Events
Macros
08/11/24 | CPI OCT (ELSTAT) & Industrial Production SEP (ELSTAT)
14/11/24 | Import Price Index in Industry SEP (ELSTAT)
15/11/24 | Evolution of Turnover of Enterprises 3Q24 & SEP (ELSTAT)
20/11/24 | Current Account Balance SEP (BoG) & Turnover Index in Industry SEP (ELSTAT)
22/11/24 | Fitch – Greek sovereign credit review
Market
06/11/24 | MSCI Index Review announcement (Effective date: November 26, 2024)
3Q/9M24 Results Release
05/11/24 | Premia Properties
07/11/24 | National Bank of Greece (Aft-mkt), Eurobank Holdings (Aft-mkt), Titan Cement, Alpha Trust Andromeda
08/11/24 | Alpha Services and Holdings (08:00 GR Time)
11/11/24 | Optima bank (Bef-mkt)
12/11/24 | Bank of Cyprus (Bef-mkt)
13/11/24 | PPC (Aft-mkt), LAMDA Development (Aft-mkt)
14/11/24 | HELLENiQ ENERGY (Aft-mkt), OTE (Bef-mkt), Aegean Airlines (Aft-mkt), Austriacard Holdings, Lavipharm
18/11/24 | Cenergy Holdings
20/11/24 | OPAP (Aft-mkt), ElvalHalcor (Aft-mkt), QUEST Holdings (Aft-mkt)
21/11/24 | Ideal Holdings (Bef-mkt)
25/11/24 | Hellenic Exchanges
26/11/24 | Fourlis (Aft-mkt)
12/12/24 | Attica Bank
EGM / AGM
06/11/24 | TERNA Energy (EGM)
08/11/24 | Biokarpet (EGM)
15/11/24 | BriQ Properties (EGM), Intercontinental International REIC (EGM)
19/11/24 | Intrakat (EGM)
22/11/24 | ILYDA (EGM)
Ex-Dividend
11/11/24 | Papoutsanis (interim dividend EUR 0.03)
02/12/24 | CNL Capital (interim dividend EUR 0.25)
23/12/24 | Motor Oil (interim dividend EUR 0.30)
Initiation of trading of new shares
13/11/24 | Attica Bank (from SCI)
Warrants – Attica Bank
08/11/24-28/11/24 | Exercise Period
04/12/24 | Commencement of trading of the warrant exercise shares
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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