Greek Market Watch: Systemic banks, Constructions, Gaming sector, PPC, METLEN, Cenergy Holdings, GEKTERNA, Titan Cement, Attica Bank

Today’s Headlines

·         Systemic banks to pay one-off cost of EUR 100m to support the first residence of the vulnerable borrowers-Press

·         Ministry of infrastructure calls the 7th grade construction companies to submit interest for EUR 2.2bn projects (press)

·         Gross Gaming Revenues increased by 12.5% in 10M24

·         PPC enters the Italian RES market

·         Interministerial committee approves EUR 22.5m grant for METLEN’s investment

·         Corinth Pipeworks secures landmark offshore contracts in the North Sea

·         GEKTERNA-significant changes in voting rights

·         Port of Alexandroupoli approves the development of two cement silos by Titan Cement (press)

·         Attica Bank 9M24 results out today

Market Comment

ATHEX headed south yesterday for a 2^nd session in a row, underperforming the European stock markets. In more detail, the General Index fell marginally by 0.08% at 1,457.60 units (FTSE Large Cap: -0.11%, FTSE Mid Cap: +0.07%, Banks Index: -0.10%) and the traded value was shaped at EUR 139.3m, down from Tuesday’s EUR 143.8m. We expect the investors to hold a wait and see stance today, ahead of ECB announcements.

Sector Headlines

 

Systemic banks to pay one-off cost of EUR 100m to support the first residence of the vulnerable borrowers-Press

Reportedly (newmoney), the systemic banks will pay a one-off cost of EUR 100.0m/EUR 25.0m per systemic bank for their participation in the establishment of vehicle which will support the most vulnerable borrowers for their first residence, on top of the EUR 100.0m cost of lower transaction fees. The Minister of Finance stated yesterday in the Greek Parliament that the Prime Minister will specify the new measures on Sunday.  

Ministry of infrastructure calls the 7th grade construction companies to submit interest for EUR 2.2bn projects (press)

According to Euro2day.gr, the ministry for infrastructure called the 7th grade licensed construction companies, namely Terna, AVAX, METLEN and AKTOR to submit their interest for four road infrastructure contracts budgeted EUR 900m and five railroad contracts of EUR 1.3bn budget in Thessaly, in the aftermath of the last year’s floods. 

Gross Gaming Revenues increased by 12.5% in 10M24

According to the Hellenic Gaming Commission total gaming revenues (TGR) of gambling providers increased by c. 7% y-o-y in the first 10M of the year. Total bets amounted to EUR 12.77bn in the period Jan-Oct 2024 vs. EUR 11.66bn in the corresponding period last year, while GGR amounted to EUR 2.3bn in 10M24 vs. EUR 2.07bn in 10M23 recording a y-o-y increase of 12.5%. In more detail, OPAP stores and VLT’s GGR increased by 6.2% y-o-y reaching EUR 1.17bn, Lotteries revenues decreased by 4.3% reaching EUR 88.4m, horse racing revenues decreased by 24.3% reaching EUR 5.6m, casino revenues increased by 9.4% reaching EUR 206.7m while online casino increased by 26.1% y-oy, reaching 856.3m.  

Company Headlines 

PPC enters the Italian RES market

PPC announced the entrance in the Renewables market in Italy, through the operational commencement of two new PV parks of 32MW total capacity. The new PV parks were delivered by METLEN, in the context of their agreement for the construction of up to 2,000 MW of projects across four countries in Southeast Europe, namely Italy, Romania, Bulgaria, and Croatia. 

Interministerial committee approves EUR 22.5m grant for METLEN’s investment

According to Kathimerini, the interministerial committee approved among others a EUR 22.5m grant for METLEN’s strategic investment to double capacity of its metal construction plant in Volos, which is budgeted EUR 46m. 

Corinth Pipeworks secures landmark offshore contracts in the North Sea

Cenergy Holdings announces that its steel pipe segment, was awarded two significant offshore contracts in the North Sea from Subsea7, a) the Bestla project, which includes the supply of 12.5km of 14” High-Frequency Welded (HFW) steel pipes, and b) the Bittern project which entails the manufacture and supply of approximately 22km of HFW steel pipes for a 12” water injection pipeline, scheduled for installation in 2025. 

GEKTERNA-significant changes in voting rights

GEKTERNA announced that Latsco Holdings, following the sale of 2,623,672 common registered shares on 11/12/2024, lowered the total holding in the company’s share capital to 4.752% from 7.5985% previously. Additionally also on 11^th of December 2024, Mr. Georgios Peristeris, purchased 645,000 company shares, at the total value of EUR 11.61m and Mrs. Tasia Gourzi, wife of Mr. Michail Gourzis executive member of the Company BoD purchased 200,000 company shares, at the total value of EUR  3.6m. 

Port of Alexandroupoli approves the development of two cement silos by Titan Cement (press)

According to Powergame.gr, the Port of Alexandroupoli approved the development of two cement silos in its premises by Titan Cement. Titan Cement will operate the silos for 25+25 years, aiming to support its operations in Northern Greece and the Balkans, and the annual rent is set at EUR 150k.  

Attica Bank 9M24 results out today

Attica Bank is set to report 9M24 results today, post-market close.   

Calendar of Events

Macros

13/12/24 | Import Price Index in Industry OCT (ELSTAT)

20/12/24 | Current Account Balance OCT (BoG) & Turnover Index in Industry OCT (ELSTAT)

27/12/24 | Building Activity SEP (ELSTAT)

30/12/24 | Producer Price Index in Industry NOV (ELSTAT)

31/12/24 | Turnover Index in Retail Trade OCT (ELSTAT)

Market

20/12/24 | ATHEX Semi-Annual Index Review (changes effective after market close)

3Q/9M24 Results Release

12/12/24 | Attica Bank

16/12/24 | ADMIE Holding (Bef-mkt)

EGM / AGM

12/12/24 | Ble Kedros (EGM), Attica Holdings (EGM)

13/12/24 | Real Consulting (EGM)

16/12/24 | AS Company (EGM)

19/12/24 | Technical Olympic (EGM)

24/12/24 | MED (EGM)

Ex-Dividend

12/12/24 | Nakas Music (EUR 0.23)

16/12/24 | Trade Estates (interim dividend EUR 0.047706)

19/12/24 | AS Company

23/12/24 | Motor Oil (interim dividend EUR 0.30)

20/01/25 | HELLENiQ ENERGY (interim dividend EUR 0.20)

23/01/25 | Thrace Plastics (interim dividend EUR 0.0685848289) 

Research Department Equity Research  Τ: 210 8173 383 F: 210 3279 287 E: [email protected] 32 Aigialeias & Paradissou str., 15125, Maroussi optimabank.gr