We expect ATHEX to consolidate at current levels.
Today’s Headlines
· Government sources refuted press reports about extra tax on systemic banks-Press
· Eurobank increased its stake to 93.47% in Hellenic Bank in Cyprus
· HELLENiQ ENERGY submits an offer for ELPEDISON (press)
· Hellenic Exchanges 3Q24 results Review | A solid set of results
· Sunrise Mezz to trade ex-capital tomorrow
· Phoenix Vega Mezz to trade ex-capital tomorrow
· Alpha Services and Holdings Share Buyback
· Autohellas increased its stake in Aegean Airlines
· Europe Holdings shares admitted for trading in the main market
· Fourlis to announce 9M24 results today
Sector Headlines
Government sources refuted press reports about extra tax on systemic banks-Press
According to euro2day, government sources refuted press reports about a possible imposition of an extra tax on systemic banks’ profits.
Company Headlines
Eurobank increased its stake to 93.47% in Hellenic Bank in Cyprus
Eurobank announced that it has entered into share purchase agreements with Demetra Holdings Plc and Logicom Services Limited pursuant to which, Eurobank has agreed to acquire 24.66% holding (101,794,409 shares) in Hellenic Bank of ca. EUR 493m, corresponding to EUR 4.843/share, at 12.1% premium to Friday’s closing price or 1.09x P/TBV24e, based on our estimates. Moreover, the price agreed with Cyprus Union of Bank Employees (ETYK), the Cyprus Bank Employees Welfare Fund, the Cyprus Bank Employees Health Fund and the Financial Sector Provident Fund, as per the announcement of November 7, will also be adjusted to €4.843/share. Eurobank currently holds 55.962% in Hellenic Bank, therefore after the completion of the transaction and the ETYK transactions, its total holding in Hellenic Bank will amount to 93.47%. In accordance with the provisions of the Takeover Bids Law of 2007 in Cyprus, Eurobank will proceed, following the completion of the transaction, to a tender offer for all the outstanding shares of Hellenic Bank that it will not already hold at the time at the same price i.e. €4.843/share. The news is positive and expected. The full consolidation of Hellenic will allow Eurobank to increase profitability in the medium term. We’ll adjust our estimates accordingly. Eurobank is one of our top picks in the sector with TP of EUR 2.80/share.
HELLENiQ ENERGY submits an offer for ELPEDISON (press)
According to Capital.gr, HELLENiQ ENERGY submitted an official offer to EDISON for either the acquisition of the remainder or the sale of its 50% stake in their 50%/50% Joint Venture, ELPEDISON.
Hellenic Exchanges || CP: EUR 4.31 | TP: EUR 6.40
3Q24 results Review | A solid set of results
Optima View | Hellenic Exchanges delivered a solid set of results that came in line with our estimates. Management will host a CC today at 16:00 Athens/14:00 London Time. We reiterate our Buy rating and TP of EUR 6.40, implying a 48% upside potential.
P&L KPIs | Revenues reached EUR 39.8m (+16% y-o-y), beating our call by 2%. Trading revenues rose by 3% y-o-y and post-trading revenues by 18% y-o-y, accounting for 61% of total revenues. Listing revenues also increased by 9% y-o-y, data services revenues by 12% y-o-y and IT and digital services by 28% y-o-y. EBITDA came in at EUR 18.4m (+29% y-o-y), on spot with our estimate, with the respective margin at 46.4% vs. 41.6% in 9M23. Net profit was shaped at EUR 13.4m (+37% y-o-y), in line with our estimate and net margin widened to 33.3% from 28.0% in 9M23.
Cash Flow | FCF rose by 27% y-o-y to EUR 12.2m on higher OpCF of EUR 15.5m (+40% y-o-y) due to higher EBITDA and despite the higher CapEx (+122% y-o-y).
Net Cash position | Net cash increased by EUR 1.7m y-t-d to EUR 65.1m or at EUR 1.08 per share, accounting for 25% of market cap.
|
(EUR m) |
9M24 |
9M23 |
YoY |
vs Optima |
|
Trading |
6.6 |
6.4 |
3% |
-1% |
|
Post trading |
17.8 |
15.1 |
18% |
4% |
|
Listing |
4.4 |
4.1 |
9% |
-6% |
|
Data services |
3.2 |
2.9 |
12% |
-4% |
|
IT and digital services |
6.5 |
5.1 |
28% |
7% |
|
Ancillary services |
1.2 |
0.8 |
39% |
7% |
|
Turnover |
39.8 |
34.4 |
16% |
2% |
|
EBITDA |
18.4 |
14.3 |
29% |
0% |
|
mgn (%) |
46.4% |
41.6% |
– |
– |
|
Net profit |
13.2 |
9.6 |
37% |
1% |
source: Company, Optima bank Research
Sunrise Mezz to trade ex-capital tomorrow
The company announced that the stock will trade ex-capital return (EUR: 0.0504/share, Yield: 16.7%) tomorrow and payment will commence on 03 December.
Phoenix Vega Mezz to trade ex-capital tomorrow
The company announced that the stock will trade ex-capital return (EUR: 0.0128/share, Yield: 14.3%) tomorrow and payment will commence on 03 December.
Alpha Services and Holdings Share Buyback
Alpha Services and Holdings announced that during the period 18.11.2024 – 22.11.2024 it purchased 2,340,333 own shares, with an average price of EUR 1.5330/share and a total cost of EUR 3,587,755.93. Following the above purchases, Alpha holds a total of 28,159,143 own shares, representing 1.20% of its total shares.
Autohellas increased its stake in Aegean Airlines
The company announced that Autohellas a company linked with the Chairman of the BoD of the company bought on 21-22 November 29,994 shares for a total consideration of EUR 283,299.
Europe Holdings shares admitted for trading in the main market
KLOUKINAS LAPAS announced that 70,362,390 common shares of the Company were admitted for trading in the main market of ATHEX, with the first trading day set for 2/12/2024. The new shares resulted from the share capital increase of the company following the merger by absorption of Intracom Properties with Europe Holdings.
Fourlis to announce 9M24 results today
Fourlis is scheduled to release its 3Q/9M24e results today, after the close of the market.
Calendar of Events
Macros
28/11/24 | Building Activity AUG (ELSTAT) & Economic Sentiment Indicator NOV
29/11/24 | Turnover Index in Retail Trade SEP (ELSTAT), Producer Price Index in Industry OCT (ELSTAT) & Unemployment Rate OCT (ELSTAT)
02/12/24 | S&P Global Greece Manufacturing PMI NOV (09:00 UTC)
06/12/24 | 3Q:24 GDP (provisional data) (ELSTAT)
06/12/24 | Scope Ratings – Greek sovereign credit review
3Q/9M24 Results Release
26/11/24 | Fourlis (Aft-mkt), KRI-KRI (Aft-mkt)
29/11/24 | GEK TERNA (Bef-mkt), TERNA Energy (Bef-mkt)
12/12/24 | Attica Bank
EGM / AGM
09/12/24 | Alumil (EGM)
10/12/24 | Cairo Mezz Plc (EGM)
12/12/24 | Ble Kedros (EGM), Attica Holdings (EGM)
13/12/24 | Real Consulting (EGM)
16/12/24 | AS Company (EGM)
24/12/24 | MED (EGM)
Ex-Dividend
02/12/24 | CNL Capital (interim dividend EUR 0.25)
16/12/24 | Trade Estates (interim dividend EUR 0.047706)
23/12/24 | Motor Oil (interim dividend EUR 0.30)
20/01/25 | HELLENiQ ENERGY (interim dividend EUR 0.20)
Ex-Capital Return
27/11/24 | Sunrise Mezz Plc (EUR 0.0504)
27/11/24 | Phoenix Vega Mezz Plc (EUR 0.0128)
Warrants – Attica Bank
08/11/24-28/11/24 | Exercise Period
04/12/24 | Commencement of trading of the warrant exercise shares
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