Greek Market Watch: PDMA strategy report, NBG stock option, Alpha Bank sold 65 of Skyline, Metlen results, PPC, Jumbo buyback

Today’s Headlines

·      PDMA-2025e funding Strategy Report: Greece expected to raise EUR 8bn in 2025e to meet its EUR 15.3bn financing needs; expects cash reserves to drop by EUR 3.7bn

·      National Bank of Greece stock options program

·      Alpha completed sale of 65% of Skyline to P&E Investments

·      Metlen FY24 results out on 20 February 2025

·      PPC two new gas turbine units commenced operations in Santorini

·      Jumbo Share buyback

MARKET COMMENT

ATHEX headed south on Monday for a 2^nd session in a row, in line with the European stock markets. In more detail, the General Index slipped by 0.25% at 1,448.86 units (FTSE Large Cap: -0.42%, FTSE Mid Cap: +0.38%, Banks Index: -1.51%) and the traded value was shaped at EUR 87.1m, down from Friday’s EUR 515.2m. We expect the market to consolidate at current levels with low volume. 

HEADLINES

Macro Headlines

PDMA-2025e funding Strategy Report: Greece expected to raise EUR 8bn in 2025e to meet its EUR 15.3bn financing needs; expects cash reserves to drop by EUR 3.7bn

PDMA published the funding strategy for 2025e, according to which total financing needs should reach EUR 15.3bn, (or EUR 21.1bn excluding the EUR 5.8bn primary surplus), which consist of EUR 10.3bn from the repayment of long-term bonds and interest, EUR 5.5bn for other cash requirements and EUR 5.3bn for the reduction of T-bills and early repayment of debt outstanding. Regarding the financing sources for the abovementioned needs, PDMA expects Greece to raise Bonds of EUR 8bn, EUR 3bn from EU programmes (NGEU, RRF, EIB, CEB), EUR 0.6bn through privatizations and EUR 3.7bn from the reduction of the Central Government cash reserves.  

Company Headlines

National Bank of Greece stock options program

National Bank of Greece announced that the BoD decided to award 698,176 shares to 125 beneficiaries, which are subject to a mandatory twelve-month retention period. Following the above distribution, NBG holds directly 2,743,107 own shares, which corresponds to 0.2999% of its share capital. 

Alpha completed sale of 65% of Skyline to P&E Investments

Alpha Bank announced that through its 100% subsidiary Alpha Group Investments Limited, has completed the sale of a 65% equity stake in Skyline Real Estate to P&E Investments, an investment vehicle controlled by Dimand (55%), Premia Properties REIC (25%) and EBRD (20%). The Skyline portfolio has been modified compared to the initial of EUR 438.0m in purchase value and, following exclusion from the perimeter and the sale of certain assets, comprises 460 properties of multiple types (offices, commercial real estate, residential and industrial or logistics assets), with a total purchase value of EUR 298.0m. Part of the portfolio is already leased, while the rest are intended to be either redeveloped and/or repositioned in the market, or sold. Alpha Bank remains as tenant in part of the portfolio and supports Skyline through long-term debt financing of up to EUR 156.0m. Alpha Real Estate Services, the listed real estate servicer, entered into an initial 7-year Asset Management Services Agreement with Skyline. The news is positive and expected. 

Metlen FY24 results out on 20 February 2025

Metlen announced that it will report FY2024 results on Thursday 20 February 2025 and the AGM will take place on Tuesday 03 June 2025. 

PPC two new gas turbine units commenced operations in Santorini

PPC announced that two new gas turbine units with a nominal capacity of 30MW and an efficiency rate of 33% have commenced operations in its plant in Santorini. Moreover, four additional projects on Greek islands (Crete, Rhodes, Chios, Lesvos) are underway for the next 12 months with a total capacity of more than 300MW. According to its strategic plan, PPC plans to invest in flexible generation projects, including gas turbine units, pump hydro units, aiming to add 1.8GW of installed capacity by 2027.   

Jumbo Share buyback

The company announced that it purchased on 23 December, 41,000 own shares at an average price of EUR 25.446. The company now holds 908,066 shares or 0.67% of the total share capital. 

Calendar of Events

Macros

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)

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) 

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