Greek Market Watch: Piraeus Bank, OTE, Bank of Cyprus, Jumbo, Kloukinas-Lappas, Intracom/Intralot

Market Comment

ATHEX headed south yesterday for a 5^th session in a row, in line with the European stock markets. In more detail, the General Index dropped by 0.73% at 1,418.42 units (FTSE Large Cap: -0.77%, FTSE Mid Cap: -0.48%, Banks Index: -0.99%) and the traded value was shaped at EUR 810.0m, up from Wednesday’s EUR 196.9m. We expect the market to try to move higher today, after five sessions in red, always eyeing the developments in the Middle East.

 

Today’s Headlines

·         Piraeus Bank new VES-Press

·         OTE new strategy-Press

·         Bank of Cyprus cancelled 622,542 own shares

·         Jumbo Share buyback

·         Kloukinas – Lappas EGM on 30 October

·         Intracom Holdings bought Intralot shares

 

Company Headlines

 

Piraeus Bank new VES-Press

Reportedly (euro2day), Piraeus Bank announced a new VES with a maximum compensation of EUR 250k. Other press reports (powergame) suggest that the program targets the participation of 200 employees. The news is positive and expected. We have incorporated in our estimates a VES cost of up to 100m for 2024 vs. EUR 71m in 2023. Piraeus is one of our top picks in the sector with TP of EUR 6.00/share, implying a 63% upside potential.

 

OTE new strategy-Press

Press reports (euro2day) indicate that the new CEO presented the new strategy of the group to employees. The strategic priorities of the group until 2030 are fiber optic, 5G, Pay TV, ICT and new markets (Payzy, Box, Cosmote insurance). Reportedly (newmoney), the new CEO did not exclude the possibility of expanding in new markets. 

 

Bank of Cyprus cancelled 622,542 own shares

Bank of Cyprus announced that it acquired and cancelled 622,542 common shares. Hence, the share capital of the bank now amounts to EUR 44,283,476, divided into 442,834,755 common shares.

 

Jumbo Share buyback

The company announced that it purchased on 2 October, 56,548 own shares at an average price of EUR 25.867. The company now holds 111,692 shares or 0.08% of the total share capital.

 

Kloukinas – Lappas EGM on 30 October

The company announced that it will hold an EGM on Wednesday 30 October at 17.00 Athens/15.00 London time, to approve among other things the merger of I. Kloukinas – I. Lappas Technical & Commercial S.A with the Intracom Akinita S.A, with the absorption of the latter by the former. Following the acquisition, the share capital will be increased as a result of the merger, so that the Company’s share capital will amount to EUR 22,469,961.48m.

 

Intracom Holdings bought Intralot shares

Intralot announced that Intracom Holdings acquired yesterday, 100.000 common shares of Intralot at an average price of EUR 1.112 and for a total value of EUR 111.169,93. 

 

 

Calendar of Events

Macros

10/10/24 | CPI SEP & Industrial Production Index AUG

11/10/24 | Evolution of Turnover of Enterprises AUG

15/10/24 | Import Price Index in Industry AUG

17/10/24 | 2023 GDP (provisional data)

18/10/24 | S&P Global Ratings – Greek sovereign credit review

3Q/9M24 Results Release

24/10/24 | Metlen, Sarantis

31/10/24 | Coca-Cola HBC

01/11/24 | Piraeus Financial Holdings

05/11/24 | National Bank of Greece

07/11/24 | Eurobank Holdings, Titan Cement, PPC

08/11/24 | Alpha Services and Holdings

12/11/24 | Optima bank

EGM / AGM

23/10/24 | GEK TERNA (EGM)

30/10/24 | Kloukinas-Lappas (EGM)

04/11/24 | PPC (EGM)

Ex-Dividend

11/10/24 | Domaine Costa Lazaridi (EUR 0.03)

21/10/24 | Alpha Trust Andromeda (EUR 0.17), Moda Bagno (EUR 0.38)

23/10/24 | ELVE (EUR 0.40)

04/11/24 | OPAP (interim dividend EUR 0.60)

Research Department
Equity Research 

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

32 Aigialeias & Paradissou str., 15125, Maroussi optimabank.gr