Market Comment
ATHEX headed south yesterday for a second session in a row, in line with the European stock markets. In more detail, the General Index tumbled by 1.14% at 1,451.90 units (FTSE Large Cap: -1.41%, FTSE Mid Cap: -0.72%, Banks Index: -2.00%) and the traded value was shaped at EUR 135.3m, up from Friday’s EUR 127.4m. We expect ATHEX to rebound today with banks in the spotlight.
Today’s Headlines
· PPI in industry down in August (ELSTAT)
· Retail Sales slightly down in July (ELSTAT)
· HFSF Disposal of a 10% stake in NBG will be completed tomorrow
· HFSF to convene today-Press
· DBRS upgraded Piraeus Bank, 3Q24 results out on 01 November
· METLEN to file for the listing in London by 2024-end (press)
· Intrakat 1H24 results out
· Intracom Holdings bought Intralot shares
· Real Consulting net profit skyrocketed by 45% y-o-y in 1H24
· Galaxy Cosmos Mezz 1H24 results
· Alumil 1H24 results out
· Space Hellas 1H24 results out
Macro Headlines
PPI in industry down in August (ELSTAT)
According to ELSTAT, Producer Price Index in Industry (PPI) decreased by 2.4% y-o-y in August 2024, driven by the price decrease in energy sub index (-5.5% y-o-y), while higher producer prices were gauged in non-durable consume goods index (+2.3% y-o-y;). In the September 2023- August 2024 period, Producer Price Index in Industry (PPI) decreased by 4.4% in comparison with the corresponding index for the period from September 2022 to August 2023.
Retail Sales slightly down in July (ELSTAT)
According to the Hellenic Statistical Authority, retail sales (excluding automotive fuel) increased by 1.0% y-o-y in July 2024 (while decreased by 1.0% y-o-y in volume terms), while including automotive fuel, retail sales decreased by 0.2% y-o-y. Per main store category, the turnover of the Food sector increased by 1.3% y-o-y, despite higher prices, sales volume were up by (0.5% y-o-y), while Non-food sector (except automotive fuel) sales increased by 1.0% y-o-y with sales volume down by 14.2% y-o-y. Finally, the turnover of the Automotive fuel sector decreased by 6.8% y-o-y, with sales volume down by 7.4% y-o-y.
Company Headlines
HFSF Disposal of a 10% stake in NBG will be completed tomorrow
HFSF announced that the process of the disposal of a 10% stake (91,471,515 common shares) in National Bank of Greece to Greek and international investors will be completed on 02 October. The price range was set between EUR 7.30 and EUR 7.95 per offer share, implying a P/TBV24e range between 0.86x and 0.93x. The offer price will be the same for all investors participating in the Greek public offering and the international offering. The Greek public offering will be completed on 02 October at 16:00 Greek time. 15% of the offer shares, corresponding to 13,720,727 shares are offered through the Greek public offering with the option, at the sole and absolute discretion of HFSF to increase this up to 20%, corresponding to an additional 4,573,576 shares and representing a total in aggregate of 18,294,303 offer shares. National Bank of Greece is one of our top picks in the sector with TP of EUR 12.00/share, implying a 56% upside potential.
HFSF to convene today-Press
Press reports (euro2day) indicate that HFSF will convene today to set a narrower price range from the initial (EUR 7.30-7.95), since demand is high, and the book has been oversubscribed by 6x hitherto. The same reports suggest that HFSF will increase the offer shares to 20% (18,294,303) for Greek investors.
DBRS upgraded Piraeus Bank, 3Q24 results out on 01 November
DBRS upgraded the credit ratings of Piraeus Bank and changed the trends to positive from stable. Therefore, it upgraded the Long-Term Issuer Rating to BB (high) from BB as well as the credit rating on the Bank’s Long-Term Deposits to BBB (low), which is one notch above the Intrinsic Assessment (IA). In other news, Piraeus Financial Holdings announced that it will report 3Q24 results on Friday 01 November 2024.
METLEN to file for the listing in London by 2024-end (press)
The Chairman and CEO of METLEN, in an Interview with Bloomberg TV, said that the Company will file an official request to the London Stock Exchange for the listing of the Company in the LSE.
Intrakat 1H24 results out
Intrakat announced increased sales of EUR 533m in 2023 (up by 32% y-o-y), EBITDA adj. at EUR 30.8m (compared to 8.8m in 1H23) and Net profits of EUR 11.2m (vs. EUR 17.7m a year ago). Construction backlog (INTRAKAT & AKTOR, including projects to be signed) remained high at EUR 4.5bn (from EUR 4.9bn in 2023-end), as the group signed additional projects worth EUR 225m during the first semester, while bank debt in June 2024 rose slightly by EUR 17m y-o-y to EUR 140m, with cash standing at EUR following the EUR 100m SCI proceeds which more than offset the increased capex of EUR 123m, EUR 66m of which for the acquisition of AKTOR. According to the management, INTRAKT has a positive outlook for 2H24 and guided for sales of EUR 1.15bn in 2024. Additionally, the management said that it will soon present its plan, possibly by the end of October, aiming to strengthen additional areas of activity, beyond construction so as to diversify its business risk.
Intracom Holdings bought Intralot shares
Intralot announced that Intracom Holdings acquired yesterday, 50.000 common shares of Intralot at an average price of EUR 1.1220 and for a total value of EUR 56.100.
Real Consulting net profit skyrocketed by 45% y-o-y in 1H24
The company reported group revenues of EUR 19.8m (+43% y-o-y), EBITDA of EUR ca3.1m (+40% y-o-y) and net profit of EUR 1.8m (+45% y-o-y). Management reiterated that it expects group revenues and EBITDA to grow significantly in 2024, while the procedure for the transfer of shares to the main market of ATHEX will commence soon.
Galaxy Cosmos Mezz 1H24 results
The company reported a net loss of EUR 3.4m in 1H24 against a profit of EUR 4.8m a year earlier. The cash position was shaped at EUR 10.6m and assets at EUR 20.4m.
Alumil 1H24 results out
The company posted a great set of results, with revenues came in at EUR 214.8m vs. EUR 195.8m in 1H23, posting a y-o-y increase of 9.7%. Gross profit increased to 26.9% vs. 23.4% in 1H23, to EUR 57.8m. On the profitability side, EBITDA jumped to EUR 26.0m vs. EUR 17.2m in 1H23, or up by 51.2% y-o-y, while net profit also increased by 221.4% to EUR 9.0m vs. EUR 2.8m last year. Management stated that the company continues to implement its investment strategy for the modernization and the automation of its facilities.
Space Hellas 1H24 results out
The company reported revenues of EUR 78.9m vs. EUR 58.7m in 1H23, up by 34.5% y-o-y. EBITDA of the group remained flat to EUR 9.3m vs. EUR 9.4m in 1H23, while net profit decreased to EUR 1.4m vs. EUR 2.2m in 1H23 affected by higher depreciation cost.
Calendar of Events
Macros
01/10/24 | Unemployment Rate AUG & S&P Global Greece Manufacturing PMI SEP (08:00 UTC)
10/10/24 | CPI & Harmonized CPI SEP & Industrial Production Index AUG
11/10/24 | Evolution of Turnover of Enterprises AUG
18/10/24 | S&P Global Ratings – Greek sovereign credit review
3Q/9M24 Results Release
24/10/24 | Metlen, Sarantis
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
Public Offering Period
30/09/24-02/10/24 | National Bank of Greece (91,471,515 shares)
EGM / AGM
02/10/24 | Cenergy Holdings (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)
ATHEX Companies Presentations (Hellenic Fund & Asset Management Association)
02/10/24 | AUSTRIACARD Holdings (09:30 Athens time)
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