Greek Market Watch: S&P, Hellenic Development Bank, Mytilineos, Jumbo, Ellaktor, Lamda Development, Titan Cement, Autohellas, Intracom/Intralot

Market Comment

ATHEX headed north yesterday, outperforming the European stock markets. In more detail, the General Index rose by 1.14% at 1,381.07 units, (FTSE Large Cap: +1.20%, FTSE Mid Cap: +1.37%, Banks Index: +0.85%) and the traded value was shaped at EUR 115.4m, down from Wednesday’s EUR 124.9m. We expect risk-off sentiment in ATHEX today, driven by the geopolitical developments in the Middle East.  

Today’s Headlines

·         S&P releases its sovereign debt review on Greece today amc

·         Hellenic Development Bank new loan program to SMEs-Press

·         Mr. Mytilineos says Europe must support European raw material production (press)

·         Jumbo Conference call highlights.

·         Jumbo Financial Calendar

·         Ellaktor FY23 results out

·         Lamda Development FY23 Results Presentation

·         Titan Cement treasury shares drop <5%

·         Autohellas’ AGM

·         Intracom Holdings bought 71k Intralot shares

 

Macro Headlines

 

S&P releases its sovereign debt review on Greece today amc

S&P is set to release the sovereign debt review on Greece today, after the market close. As a reminder, last October the rating agency upgraded Greece’s sovereign rating to BBB- with a stable outlook, on improving public finances and solid growth.

 

Sector Headlines 

Hellenic Development Bank new loan program to SMEs-Press

Reportedly (Kathimerini), the Deputy Finance Minister announced that the new credit program (TEPIX III) of Hellenic Development Bank to SMEs amounting to EUR 2.4bn would commence after the Easter and 12 banks have expressed their interest to participate. 

Company Headlines 

Mr. Mytilineos says Europe must support European raw material production (press)

According to press reports, the BoD Chairman and CEO of Mytilineos, said yesterday that Europe must take initiatives to support the competitiveness of companies in the region, so as to scale up their metals and raw material production, as global geopolitical risks intensify. With respect to Mytilineos, he said that the company has an investment programme of EUR 350m in Bauxite extraction (including Ghana), sourcing of Gallium for the EU demand and also in the aluminium capacity, adding that he expects the support from the EC. 

Jumbo Conference call highlights.

During the conference call management stated that a) with April’s sales announcement they will provide updated guidance on the FY24 outlook b) the store in Larissa will reopen in July 2024 c) gross margin remained at the same levels in 1Q24 and for the rest of the year it will depend on how the war in Israel develops and how transportation costs will change d) regarding CAPEX management stated that historically 1/3 of profits are used e) when asked about the group’s strategy to reduce prices management stated that as long as the Suez Canal remains a temporary problem, prices will only decrease, but if the problem becomes permanent the company and suppliers are not able to absorb further price increases. f) Jumbo owns 1% of the total share capital of Trade Estates as management believes that real estate is gaining ground in Greece. 

Jumbo Financial Calendar

The company will hold its AGM on Wednesday 22 May and the stock will trade ex-dividend on Wednesday 10 July with the dividend payment set for Tuesday 16 July. 

Ellaktor FY23 results out

Ellaktor announced FY23 comparable revenues of EUR 387.5 (down by 3% y-o-y), EBITDA of EUR 242.2m (+46% y-o-y) and net profits of EUR 116m, vs. losses of EUR 2.6m in 2022. Cash flows from continued operations stood at EUR 73.5m in 2023 from EUR 54.3 last year, with Net Cash standing at EUR 308m as of December 31, 2023, up by EUR 156m y-t-d. Finally, the company said that it currently (April 2024) holds a very strong cash position of EUR 700m, which in our view paves the way for a generous capital return approval in the upcoming AGM on May 31st. During yesterday’s conference call, the management said that it hasn’t received an offer from Motor Oil for the acquisition of HELLECTOR, adding that it expects the deal to close in the next two months. 

Lamda Development FY23 Results Presentation

·      Ellinikon Malls : outstanding commercial leasing progress 70% of The Ellinikon Mall and 53% of Riviera Galleria GLA agreed with tenants

·      The Ellinikon is steadily moving into the construction phase: Riviera Tower: first 2 levels of the superstructure are already visible from Posidonos Avenue, The Cove Residences: excavation works have been completed; raft foundation castings currently in progress

·      Lamda Malls: New Record High EBITDA, driven by solid business performance

·      Marinas: A new record-high in operating profitability 

Titan Cement treasury shares drop <5%

Titan Cement announced that, following the transfer of own shares to executives in the framework of the remuneration policy, its holding in the company shares crossed downwards the 5% threshold to 4.66%.    

Autohellas’ AGM

During yesterday’s AGM, Autohellas approved among other the distribution of a EUR 0.7/share (gross) dividend for FY23 (DY: 5.2%, ex-date 22 April). 

Intracom Holdings bought 71k Intralot shares

Intralot announced that Intracom Holdings acquired on 18 April, 70,730 shares at an average price of EUR 1.047 per share and a total value of EUR 74,049.70.

Calendar of Events

Macros

19/04/24 | Turnover Index in Industry FEB & Current Account Balance FEB

19/04/24 | Standard & Poor’s – Greek sovereign credit review

22/04/24 | Fiscal Data 2020-2023 ELSTAT (1st notification)

26/04/24 | Building Activity JAN

31/05/24 | Fitch – Greek sovereign credit review

Results Release

19/04/24 | Alumil (FY23) (Aft-mkt)

23/04/24 | Alpha Trust Holding (FY23)

24/04/24 | Sarantis (1Q24 trading update), Alpha Trust Andromeda (1Q24), Loulis Food  (FY23) (Aft-mkt)

25/04/24 | Mytilineos (1Q24 trading update) (Bef-mkt), EYDAP (FY23), Space Hellas (FY23)

29/04/24 | Athens Airport (1Q24) (bef-mkt), Elastron (FY23), AS Company (FY23)

30/04/24 | Piraeus Financial Holdings (1Q24), Coca-Cola HBC (1Q24 trading update) (7:00 am BST), Entersoft (1Q24 trading update) (Bef-mkt)

09/05/24 | Titan Cement International (1Q24)

14/05/24 | OTE (1Q24) (bef-mkt)

16/05/24 | Alpha Services and Holdings (1Q24), Eurobank Holdings (1Q24), HELLENiQ ENERGY (1Q24) (Aft-mkt)

21/05/24 | Optima bank (1Q24), Fourlis (1Q24) (Aft-mkt)

22/05/24 | ElvalHalcor (1Q24 trading update) (Aft-mkt), QUEST Holdings (1Q24) (Aft-mkt)

23/05/24 | PPC (1Q24) (Aft-mkt), Ideal Holdings (1Q24 trading update) (Bef-mkt)

27/05/24 | Hellenic Exchanges (1Q24)

28/05/24 | Cenergy Holdings (1Q24)

29/05/24 | OPAP (1Q24) (Aft-mkt)

31/05/24 | Austriacard Holdings (1Q24), Attica Bank (1Q24)

EGM / AGM

23/04/24 | Sarantis (AGM)

25/04/24 | OPAP (AGM), AΙA (AGM), MIG (AGM)

30/04/24 | Aegean Airlines (AGM), PPC (EGM), BriQ Properties (AGM)

09/05/24 | Titan Cement (AGM)

10/05/24 | Thessaloniki Port Authority (AGM)

15/05/24 | Alpha Trust Holding (AGM), Revoil (AGM)

17/05/24 | Trastor REIC (AGM)

22/05/24 | Jumbo (AGM)

23/05/24 | Optima bank (AGM), ElvalHalcor (AGM)

28/05/24 | Viohalco (AGM), Cenergy (AGM)

29/05/24 | Attica Group (AGM)

30/05/24 | Intralot (AGM)

31/05/24 | Ellaktor (AGM)

04/06/24 | Mytilineos (AGM)

06/06/24 | Ideal Holdings (AGM)

13/06/24 | Hellenic Exchanges (AGM)

17/06/24 | Loulis Food (AGM)

19/06/24 | Motor Oil (AGM), Viokarpet (AGM)

20/06/24 | AS Company (AGM), Space Hellas (AGM)

21/06/24 | Fourlis (AGM)

27/06/24 | HELLENiQ ENERGY (AGM), PPC (AGM), LAMDA Development (AGM), Elastron (AGM)

28/06/24 | Piraeus Financial Holdings (AGM), OTE (AGM)

03/07/24 | ADMIE Holding (AGM)

04/07/24 | Alumil (AGM)

09/07/24 | Austriacard Holdings (AGM), KRI-KRI (AGM)

10/07/24 | Piraeus Port (AGM), Attica Bank (AGM)

11/07/24 | EYDAP (AGM)

23/07/24 | Eurobank Holdings (AGM)

25/07/24 | Alpha Services and Holdings (AGM)

Ex-Dividend

19/04/24 | Papoutsanis (remaining EUR 0.04)

22/04/24 | Autohellas (EUR 0.70)

29/04/24 | OPAP (remaining EUR 0.60)

02/05/24 | Sarantis (EUR 0.224381)

08/05/24 | BriQ Properties

13/05/24 | Alpha Trust Andromeda (EUR 0.30)

14/05/24 | Thessaloniki Port Authority

20/05/24 | Aegean Airlines (EUR 0.75), Alpha Trust Holding, Revoil (EUR 0.048)

21/05/24 | Athens Airport (EUR 0.33)

05/06/24 | Attica Group (EUR 0.07)

25/06/24 | Titan Cement (EUR 0.85), Hellenic Exchanges (EUR 0.24), ElvalHalcor (EUR 0.04), Viohalco (EUR 0.12), Cenergy (EUR 0.08)

26/06/24 | Motor Oil (rem. EUR 1.40), Mytilineos (EUR 1.50), Fourlis (EUR 0.12)

01/07/24 | Loulis Food

04/07/24 | OTE (EUR 0.71)

05/07/24 | Trastor REIC

10/07/24 | HELLENiQ ENERGY (rem. EUR 0.60), Jumbo (EUR 1.00), AS Company

16/07/24 | Austriacard Holdings

22/07/24 | PPC, EYDAP, Space Hellas

29/07/24 | Piraeus Port (EUR 1.34)

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

02/09/24 | ADMIE Holding

Ex-Capital Return

25/06/24 | OPAP (EUR 0.25)

25/07/24 | Ideal Holdings

ATHEX Companies Presentations (Hellenic Fund & Asset Management Association)

24/04/24 | Lavipharm (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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