Greek Market Watch: OTE, Titan Cement, Cenergy, Intralot, Motodynamics, Ideal Holdings, ElvalHalcor, AVAX

Today’s Headlines

·         Cosmote -Nova Pay TV common sports platform commences today

·         S&P upgraded Titan Cement to ‘BB+’, outlook stable

·         Cenergy Holdings 1H24 results out on Tuesday 27 August   

·         Intralot’s bond trades ex-coupon today  

·         Motodynamics Share buyback

·         Ideal Holdings Share buyback

·         ElvalHalcor Share buyback

·         AVAX Share buyback

Market Comment

ATHEX headed north yesterday for a 2^nd consecutive session and in line with the European stock markets. In more detail, the General Index advanced by 0.25% at 1,436.11 units (FTSE Large Cap: +0.26%, FTSE Mid Cap: -0.16% Banks Index: +0.30%) and the traded value was shaped at EUR 76.3m, up from Wednesday’s EUR 70.0m. We expect the European stock markets to set the tone today.

Company Headlines 

Cosmote -Nova Pay TV common sports platform commences today

The common sports platform of Cosmote and Nova TV commences today. The common platform is offered for free for the first two months and afterwards current subscribers will pay an extra charge of just EUR 3 per month. Reportedly (euro2day), Cosmote TV will also offer Netflix content through its platform. The news is positive, and we expect to increase Pay TV revenues in the medium term.

 

S&P upgraded Titan Cement to ‘BB+’, outlook stable

S & P Global announced that it upgraded the long-term issuer credit rating on Titan Cement to ‘BB+’ from ‘BB’ with a stable outlook and affirmed the ‘B’ short-term rating on solid operating performance.

 

Cenergy Holdings 1H24 results out on Tuesday 27 August   

The company is scheduled to report 1H24 results on Tuesday 27 August and management will host a CC on Wednesday 28 August at 15:00 Athens/13:00 London Time.

 

Intralot’s bond trades ex-coupon today  

The company announced that its corporate bond will trade ex-coupon today (EUR 30.3333333333 per bond) and payment will commence on Tuesday 27 August.

 

Motodynamics Share buyback

Motodynamics purchased on 22 August 4,392 own shares for a total amount of EUR 11,568.82 and at an average price of EUR 2.6341 per share. The company now holds 499,766 own shares or 1.66% of shares outstanding.

 

Ideal Holdings Share buyback

Ideal Holdings announced that from 19 August until 21 August, it purchased 7,400 own shares for a total amount of EUR 43,233.92 and at an average price of EUR 5.8424 per share. The company now holds 22,842 own shares or 0.0476% of shares outstanding.

 

ElvalHalcor Share buyback

ElvalHalcor purchased on 21 August 25,000 own shares for a total amount of EUR 45,391.87 and at an average price of EUR 1.8157 per share. The company now holds 367,846 own shares or 0.0980% of shares outstanding.

 

AVAX Share buyback

AVAX announced that from 16 August until 21 August, it purchased 40,500 own shares for a total amount of EUR 56,439.5 and at an average price of EUR 1.3935 per share. The company now holds 115,500 own shares or 0.08% of shares outstanding.

 

Calendar of Events

Macros

28/08/24 | Building Activity MAY

29/08/24 | Unemployment Rate JUL & Economic Sentiment Indicator AUG

30/08/24 | Producer Price Index in Industry JUL & Turnover Index in Retail Trade JUN

02/09/24 | S&P Global Greece Manufacturing PMI AUG

06/09/24 | GDP 2Q:24 (provisional data)

06/09/24 | DBRS – Greek sovereign credit review

13/09/24 | Moody’s – Greek sovereign credit review

Market

30/08/24 | MSCI rebalancing effective date (Aft-mkt)

2Q/1H24 Results Release

27/08/24 | Cenergy Holdings (Aft-Mkt)

28/08/24 | Motor Oil (Aft-Mkt)

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

02/09/24 | Sarantis (Aft-Mkt)

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

04/09/24 | QUEST Holdings (Aft-mkt)

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

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

12/09/24 | Alpha Trust Andromeda

17/09/24 | Noval Property

19/09/24 | Viohalco, Attica Bank, Alpha Real Estate, Lavipharm

20/09/24 | Premia Properties, Logismos

25/09/24 | ADMIE Holding (Bef-mkt), AS Company (Aft-mkt)

26/09/24 | EYDAP, INTERTECH

27/09/24 | Piraeus Port Authority, Alpha Trust Holdings, Alumil (Aft-mkt), Biokarpet, Ble Kedros, Sunrise Mezz Plc, Thessaloniki Water Supply (Aft-mkt), Orilina Properties, Phoenix Vega Mezz PLC, Trastor REIC

30/09/24 | Epsilon Net (Bef-mkt), Galaxy Cosmos Mezz Plc, Space Hellas, Technical Olympic (Aft-mkt), Athens Medical Center, Interlife, Medicon, Pairis

EGM / AGM

03/09/24 | Attica Bank (EGM)

04/09/24 | ELVE (AGM), Moda Bagno (AGM), Revoil (EGM)

06/09/24 | Orilina Properties (AGM), Domiki Kritis (AGM)

10/09/24 | Epsilon Net (AGM), MED (AGM)

13/09/24 | Bank of Cyprus (EGM)

17/09/24 | MED (EGM)

Ex-Dividend

26/08/24 | Mediterra (EUR 0.0498630137)

27/08/24 | Thessaloniki Water & Sewage (EUR 0.0276)

29/08/24 | Real Consulting (EUR 0.04)

09/09/24 | ADMIE Holding (EUR 0.058)

12/09/24 | Evrofarma (EUR 0.05)

17/09/24 | Epsilon Net

Ex-Capital Return

26/08/24 | Biokarpet (EUR 0.02)

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

12/09/24 | Unibios (EUR 0.02)

Research Department
Equity Research 

Τ: 210 8173 383 F: 210 3279 287 E: [email protected]