Greek Market Watch: Optima bank- Large Cap, FTSE large Cap review, Stoxx semi annual review, Alpha Bank, Helleniq Energy – Depa, IPTO,Eurobank, Intralot Ceo, CVC stake in PPC, MOH dividend, Jumbo buyback

Today’s Headlines

·      Optima Bank will be added to FTSE Large Cap and ATHEX ESG today –

·      FTSE ATHEX large cap semi-annual review –

·      STOXX Indices semi-annual review –

·      Alpha Bank granted EUR 300m loans to Metlen-Press –

·      Signing of an agreement for the sale and transfer of HELLENiQ ENERGY Holdings’ stake in DEPA Commercial –

·      Meridian joins forces with IPTO (ADMIE) for the Great Sea Interconnector (press)

·      Eurobank Holdings to merge with Eurobank

·      Intralot Inc new CEO

·      CVC Capital Partners increased its stake in PPC

·      Motor Oil to distribute EUR 0,3088 gross dividend per share.

·      Jumbo Share buyback 

HEADLINES

 Market Headlines

Optima Bank will be added to FTSE Large Cap and ATHEX ESG today

Optima Bank will be added to FTSE/ATHEX Large Cap and to ATHEX ESG Indices today at the close.  

FTSE ATHEX large cap semi-annual review

In the semi-annual index review of the ATHEX, Optima bank is added and Autohellas is removed from in the FTSE/ATHEX large cap index, CENERGY’s investability weight in the FTSE/Large cap index increases to 29% (from 20% previously), NOVAL Property and Autohellas added in the FTSE/ATHEX Mid cap index, replacing Optima bank and Thessaloniki water & sewage. All changes are effective today at the close.  

STOXX Indices semi-annual review

In the semi-annual index review of STOXX indices Series, Gek Terna and Bank of Cyprus will be added to Stoxx Eastern Europe Market Large from Mid Cap and Piraeus Port Authority and Prodea Investments will be added to Stoxx Eastern Europe Market Mid Index from small. All changes are effective at the close today.  

Company Headlines

Alpha Bank granted EUR 300m loans to Metlen-Press

Reportedly (euro2day), Alpha Bank granted loans of EUR 300m to Metlen for the construction of 5 PV projects with a total installed capacity of 408.5 MW in Romania. Budgeted at a total of EUR 292m, the projects are expected to    be gradually completed by the end of 2025 and by 2Q26. 

Signing of an agreement for the sale and transfer of HELLENiQ ENERGY Holdings’ stake in DEPA Commercial

HELLENiQ ENERGY and the Hellenic Republic Asset Development Fund reached an agreement for the sale and transfer of its 35% stake in DEPA Commercial to the latter. The initial Transaction consideration was set at EUR 208m, which may be subject to adjustment

(i) equal to 50% of the FY24 financial results, up to a maximum adjustment of EUR 20m, either positive or negative, and after considering any impact arising from pending litigation related to natural gas supply contracts,

(ii) in the event of a change in the net book value resulting from the outcome of specific pending litigations.

Any value adjustments may occur within a period of up to 36 months. Additionally, should HRADF proceed with the sale or listing of DEPA shares on a regulated market within 36 months from the date of the Transaction, and provided that the process has commenced within 24 months, the consideration shall be redefined based on HRADF’s subsequent transaction so that no profit or loss is incurred by HRADF from the acquisition and potential sale to a third party of the 35% stake.

The total consideration is deferred, and its settlement is expected to occur primarily through the offsetting of the Company’s dividends to HRADF, or through the payment of DEPA dividends that HRADF will receive in subsequent years plus interest. 

Meridian joins forces with IPTO (ADMIE) for the Great Sea Interconnector (press)

According to Euro2day.gr, the French Infrastructure and Energy Fund, agreed with IPTO (the Greek power transmission operator, in which ADMIE Holding participates with 51%) to enter the shareholder structure of the Greece-Cyprus-Israel interconnection, namely Great Sea Interconnector with a 49.9% stake (the remaining 50.1% is controlled by IPTO). It is noted that the two parties signed an MoU last June, and that the project is included in EU’s PCI projects (projects of common interest) and has secured a EUR 657m grant. 

Eurobank Holdings to merge with Eurobank

Eurobank Holdings announced that the BoD decided the initiation of the merger process of Eurobank Holdings with its 100% subsidiary Eurobank through absorption of Eurobank Holdings by the bank. Eurobank Holdings will cease to exist and its shareholders will become shareholders of Eurobank with the same stakes and the same number of shares. The news is positive and expected. In other news, press reports (powergame) indicate that the Cypriot banks will announce today new lower pricing for fees and interest rates. 

Intralot Inc new CEO

Intralot announced the appointment of Mr. Richard Bateson as the new CEO of Intralot Inc, a 100% of  Intralot Group in United States. Mr. Bateson has served as Chief Commercial Officer of Intralot Inc since 2023 and has extensive experience in Board and C-Suite roles in B2C and B2B sectors of the lottery industry in the UK, Europe and North America.    

CVC Capital Partners increased its stake in PPC

According to the company, CVC Capital Partners and Selath Holdings on 13 December 2024 own 38,200,000 shares or 10.34% of the total share capital from 10.0% in 16 November 2024. Furthermore, according to an additional announcement Covalis Capital LLP now owns 19,003,080 shares or 5.15% of the total share capital from 4.86% on 8 December 2023. 

Motor Oil to distribute EUR 0,3088 gross dividend per share.

Regarding the interim dividend distribution, Motor Oil announced that the gross amount per share now amounts to EUR 0,3088 (vs. EUR 0,30/sh), excluding the 3,161,417 own shares held by the company. The company will trade ex-interim Dividend on Monday (DY:1.51%). 

Jumbo Share buyback

The company announced that it purchased on 18 December, 41,500 own shares at an average price of EUR 25.364. The company now holds 808,066 shares or 0.59% of the total share capital. 

Calendar of Events

Macros

20/12/24 | Current Account Balance OCT (BoG) & Turnover Index in Industry OCT (ELSTAT)

27/12/24 | Building Activity SEP (ELSTAT)

30/12/24 | Producer Price Index in Industry NOV (ELSTAT)

31/12/24 | Turnover Index in Retail Trade OCT (ELSTAT)

Market

20/12/24 | ATHEX/FTSE Semi-Annual Index Review (changes effective after market close)

EGM / AGM

24/12/24 | MED (EGM)

Ex-Dividend

23/12/24 | Motor Oil (interim dividend EUR 0.30)

20/01/25 | HELLENiQ ENERGY (interim dividend EUR 0.20)

23/01/25 | Thrace Plastics (interim dividend EUR 0.0685848289) 

Research Department Equity Research  Τ: 210 8173 383 F: 210 3279 287 E: [email protected] 32 Aigialeias & Paradissou str., 15125, Maroussi optimabank.gr