Greek Market Watch: PMI, Unemployment rate, Electricity suppliers, Eurobank, PPC (HEDNO), Intracom Holdings, Fourlis, Epsilon Net

Today’s Headlines

·         Greek PMI eases to weakest level in 2024

·         Greek unemployment decreased to 10.6% in May

·         Electricity suppliers announce higher tariffs for July

·         Eurobank Holdings AGM on 23 July

·         HEDNO seeks higher WACC for the new regulatory period (press)

·         Intracom Holdings trades ex-capital return today

·         Fourlis commences its share buyback programme

·         EPSILONNET mandatory offer of Ginger Digital

Market Comment

ATHEX headed north yesterday, in line with the European markets. In more detail, the General Index rose by 1.18% at 1,420.83 units, (FTSE Large Cap: +1.65%, FTSE Mid Cap: +0.65%, Banks Index: +3.50%) and the traded value was shaped at EUR 118.7m, down from Friday’s EUR 140.0m. We expect ATHEX to consolidate at current levels today, following yesterday’s gains.

Macro Headlines 

Greek PMI eases to weakest level in 2024

Greek PMI posted 54.0 in June, down from 54.9 in May, signaling a solid upturn in the health of the Greek manufacturing sector at the midpoint of the year, with the pace of improvement easing, however, for the third month running, to the slowest since the end of 2023. 

Greek unemployment decreased to 10.6% in May

ELSTAT announced that the seasonally adjusted unemployment rate came in at 10.6% in May 2024, lower compared to the downwards revised 10.7% in April 2024 and the 11.2% in May 2023. The number of unemployed persons amounted to 504,924, lower by 4.1% y-o-y and lower by 2.2% m-o-m. 

Sector Headlines 

Electricity suppliers announce higher tariffs for July

According to Energypress.gr, the electricity suppliers announced higher electricity tariffs for July, following the spike in the wholesale electricity price to EUR 98.9/MWh in June from EUR 81.1/MWh in May. In more detail, PPC increased its tariff to EUR 135.5MWh (from EUR 118.9/MWh in May), Mytilineos’ Protergia EUR 158.9/MWh, ELPEDISON at EUR 148.7/MWh and GEKERNA’s HERON at EUR 158.8/MWh. 

Company Headlines 

Eurobank Holdings AGM on 23 July

The AGM of shareholders will take place on Tuesday 23 July at 10:00 Athens/08:00 London Time. Shareholders will approve among others the distribution of a dividend of EUR 0.093 per share (DY: 4.4%, ex-dividend: 25 July) as well as the cancellation of 52,080,673 own shares acquired from HFSF. We estimate that the positive impact on EPS is minimal (+1.4%). We reiterate our Buy rating and TP of EUR 2.41/share, implying a 14.9% upside potential. 

HEDNO seeks higher WACC for the new regulatory period (press)

According to Energypress.gr, PPC’s distribution business HEDNO requests from the energy regulator higher WACC for the new regulatory period starting from 2025 to 8.2%, from 7.66% currently. It is reminded that WACC is the key factor for the calculation of HEDNO’s regulated revenues and profitability. 

Intracom Holdings trades ex-capital return today

The stock is trading ex-capital return today (EUR 0.07, Yield: 2.1%). 

Fourlis commences its share buyback programme

Following the relevant approval by the AGM, Fourlis will commence a new Share Buyback Programme starting from today, for up to 2,606,597 Company shares (5% of the total share capital), at a price range of EUR 1.00-8.00/share, with the expiration date set for 16 June 2025.    

EPSILONNET mandatory offer of Ginger Digital

The mandatory tender offer from Ginger Digital (holds 78.38%) for the remaining shares at EUR 12.00/ share commenced yesterday and will end on 2 August. As a reminder if 90% of the share capital acquired, the offeror will delist the company from ASE. 

Calendar of Events

Macros

09/07/24 | CPI & Harmonized CPI JUN

10/07/24 | Industrial Production Index MAY

12/07/24 | Import Price Index in Industry MAY

12/07/24 | Scope Ratings – Greek sovereign credit review

2Q/1H24 Results Release

25/07/24 | Metlen (Flash Note) (Bef-mkt)

29/07/24 | Hellenic Exchanges

30/07/24 | Entersoft (trading update) (Aft-mkt)

31/07/24 | Piraeus Financial Holdings (Bef-mkt), Eurobank Holdings, Titan Cement

01/08/24 | Optima bank, National Bank of Greece

02/08/24 | Alpha Services and Holdings

06/08/24 | PPC (Aft-mkt)

EGM / AGM

02/07/24 | KRI-KRI (AGM)

03/07/24 | ADMIE Holding (AGM), Quality & Reliability (rep. EGM)

04/07/24 | Piraeus Port (AGM), Elinoil (AGM)

05/07/24 | Sunrise Mezz PLC (AGM), Phoenix Vega Mezz PLC (AGM), ILYDA (AGM), Medicon (AGM)

08/07/24 | ELLAKTOR (EGM), Real Consulting (AGM)

09/07/24 | Austriacard Holdings (AGM), Lavipharm (AGM), Centric (AGM)

10/07/24 | Intrakat (AGM), Papoutsanis (EGM)

11/07/24 | EYDAP (AGM), Alpha Real Estate (AGM)

12/07/24 | Attica Group (AGM)

16/07/24 | Attica Bank (AGM)

17/07/24 | Motor Oil (EGM)

19/07/24 | Quality & Reliability (AGM)

23/07/24 | Eurobank Holdings (AGM)

24/07/24 | Alpha Services and Holdings (AGM)

25/07/24 | National Bank of Greece (AGM)

26/07/24 | Evrofarma (AGM)

20/08/24 | Thessaloniki Water & Sewage Co. (AGM)

30/08/24 | Ble Kedros (AGM)

04/09/24 | ELVE (AGM)

06/09/24 | Domiki Kritis (AGM), Unibios (AGM)

10/09/24 | Epsilon Net (AGM)

Ex-Dividend

02/07/24 | Flexopack (EUR 0.15)

03/07/24 | Interlife (EUR 0.16)

04/07/24 | OTE (EUR 0.71)

05/07/24 | Trastor REIC (EUR 0.02), Mevaco (EUR 0.15)

08/07/24 | Terna Energy (EUR 0.3821128409), EKTER (EUR 0.12)

10/07/24 | Piraeus Financial Holdings (EUR 0.063), HELLENiQ ENERGY (rem. EUR 0.60), Jumbo (EUR 1.00), AS Company (EUR 0.13762556)

15/07/24 | Vogiatzoglou Systems (EUR 0.145), Medicon

16/07/24 | Austriacard Holdings, Alpha Real Estate

18/07/24 | ILYDA (EUR 0.02)

19/07/24 | Attica Group (EUR 0.07)

22/07/24 | PPC (EUR 0.25), EYDAP (EUR 0.10), Space Hellas (EUR 0.16), Athens Medical (EUR 0.02)

25/07/24 | Eurobank Holdings (EUR 0.0933)

26/07/24 | Alpha Services and Holdings (EUR 0.026)

29/07/24 | National Bank of Greece (EUR 0.36), Piraeus Port (EUR 1.34), AVAX (EUR 0.03)

01/08/24 | Creta Plastics (EUR 0.50)

22/08/24 | KRI-KRI (EUR 0.35)

27/08/24 | Thessaloniki Water & Sewage Co.

02/09/24 | ADMIE Holding

11/09/24 | Ble Kedros

12/09/24 | Evrofarma

17/09/24 | Epsilon Net

Ex-Capital Return

02/07/24 | Intracom Holdings (EUR 0.07)

22/07/24 | ELLAKTOR (EUR 0.50)

25/07/24 | Ideal Holdings (EUR 0.20)

26/08/24 | Biokarpet (EUR 0.02)

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

10/10/24 | Unibios

ATHEX Companies Presentations (Hellenic Fund & Asset Management Association)

02/07/24 | AS Company (09:30 Athens time) 

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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