Today’s Headlines
· Scope Ratings affirmed Greece’s BBB-ratings and revised outlook to positive
· Overall Import Price Index (MPI) increased in May
· Hellenic Bank BoD negative on Eurobank’s takeover bid
· METLEN (Mytilineos) close to dispose a large RES portfolio in Australia (press)
· TITAN confirmed as FTSE4Good Index Series constituent for its enduring commitment to sustainability
Market Comment
ATHEX headed north on Friday but underperformed the European stock markets. In more detail, the General Index rose by 0.44% at 1,452.28 units (FTSE Large Cap: +0.61%, FTSE Mid Cap: +0.32% Banks Index: +0.60%) and the traded value was shaped at EUR 103.4m, up from Thursday’s EUR 85.4m. On a weekly basis, the General Index advanced by 0.82% w-o-w (FTSE Large Cap: +0.52%, FTSE Mid Cap: +1.78%, Banks index: -0.27%). We expect ATHEX to move in line with the European market today.
Macro Headlines
Scope Ratings affirmed Greece’s BBB-ratings and revised outlook to positive
Scope Ratings affirmed on Friday Greece’s long-term issuer and senior unsecured debt-category ratings at BBB-, in both local- and in foreign-currency and revised the Outlooks to Positive, from Stable. The short-term issuer ratings are affirmed at S-2 in local and in foreign currency, with Outlook Stable.
Overall Import Price Index (MPI) increased in May
According to ELSTAT, the Overall Import Price Index (MPI) in Industry in May 2024 recorded an increase of 2.8% y-o-y, while in May 2023, the MPI had recorded a y-o-y decrease of 20.8%. The 2.8% y-o-y increase of the MPI was mainly driven by the 6.8% y-o-y increase of the Energy products sub-index while the Capital goods sub-index rose by 0.6% y-o-y. Over the twelve-month June 2023- May 2024 period, the MPI decreased by 8.1% compared to the June 2022- May 2023 period.
Company Headlines
Hellenic Bank BoD negative on Eurobank’s takeover bid
The Boad of Directors of Hellenic Bank announced that it agrees with and adopts the opinion of the Independent Expert that the Offer Price of Eurobank (EUR 2.56/share in cash) is “not fair and reasonable from a financial point of view. According to the Independent Expert’s valuation reference ranges were EUR 3.31 to EUR 4.12/share, 29% and 61% higher than the Offer Price. The news is neutral since Eurobank holds a majority stake of 55.48% (229.030.025 shares) in Hellenic Bank and therefore has expressed its intention to replace members of the BoD. We reiterate our Buy rating and TP of EUR 2.41/share.
METLEN (Mytilineos) close to dispose a large RES portfolio in Australia (press)
According to Mononews.gr, METLEN (Mytilineos) is set to dispose a large RES portfolio in Australia, which consists of 8 Solar projects in operation and under construction and a 2.9GW hydrogen and storage portfolio, with the non-binding offers phase expected in the following weeks and the completion of the sale by November 2024. The abovementioned development is aligned with Mytilineos’ Asset Rotation strategy in the Renewables, i.e. maturing and development of RES projects in Greece and worldwide with the aim to operate for own portfolio or dispose at an attractive price.
TITAN confirmed as FTSE4Good Index Series constituent for its enduring commitment to sustainability
Titan Group announces that it has been included in the FTSE4Good Index Series, which is designed to measure the performance of companies demonstrating strong Environmental, Social, and Governance (ESG) practices.
Calendar of Events
Macros
16/07/24 | Evolution of Turnover of Enterprises MAY
19/07/24 | Turnover Index in Industry MAY
22/07/24 | Current Account Balance MAY
26/07/24 | Building Activity APR
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)
07/08/24 | OTE (Bef-mkt), Coca-Cola HBC
09/08/24 | BriQ Properties, Intercontintal International
29/08/24 | HELLENiQ ENERGY (Aft-mkt), Austriacard Holdings
03/09/24 | OPAP (Aft-mkt), Sarantis, Trade Estates (Aft-mkt)
04/09/24 | Ideal Holdings (Flash Note) (Bef-mkt), QUEST Holdings (Aft-mkt)
10/09/24 | Fourlis (Aft-mkt), Athens Airport (Aft-mkt)
11/09/24 | ElvalHalcor (Aft-mkt)
EGM / AGM
16/07/24 | Attica Bank (AGM)
17/07/24 | Motor Oil (EGM)
18/07/24 | Vioter (AGM)
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), Unibios (AGM)
31/07/24 | Alpha Real Estate (AGM), Yalco (AGM)
05/08/24 | Mediterra (EGM)
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)
10/09/24 | Epsilon Net (AGM)
Ex-Dividend
15/07/24 | Vogiatzoglou Systems (EUR 0.145), Medicon (EUR 0.06), Elinoil (EUR 0.108)
16/07/24 | Austriacard Holdings (EUR 0.10)
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)
05/08/24 | Alpha Real Estate
01/08/24 | Creta Plastics (EUR 0.5001157168)
22/08/24 | KRI-KRI (EUR 0.35)
27/08/24 | Thessaloniki Water & Sewage Co.
29/08/24 | Real Consulting (EUR 0.04)
11/09/24 | Ble Kedros
12/09/24 | Evrofarma
17/09/24 | Epsilon Net
Ex-Capital Return
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)
12/09/24 | Unibios
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Research Department |
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