Greek Market Watch: Systemic banks, Motor Oil, Intrakat, Coca Cola HBC, Motodynamics, AIA, Attica Bank, OPAP, OTE, Intracom/Intralot

Today’s Headlines

·         BoG Governor to meet with the four systemic banks tomorrow-Press

·         Greek competition authority initiates an in-depth assessment of the notified concentration concerning the acquisition of HELECTOR by MOTOR OIL.

·         INTRAKAT announces a EUR 200m SCI

·         INTRAKAT announced four significant business agreements

·         INTRAKAT to hold an Investor Day event today

·         Coca Cola HBC 3Q24 trading update out tomorrow

·         Motodynamics 9M24 results out

·         Athens International Airport 9M24 results out today

·         Attica Bank pre-emptive rights trading ends today

·         OPAP Share Buyback

·         OTE Share Buyback

·         Intracom Holdings increased its stake to 10.004% in Intralot

Market Comment

ATHEX headed north yesterday after five sessions in the red, outperforming the European stock markets. In more detail, the General Index climbed by 0.79% at 1,401.18 units (FTSE Large Cap: +0.99%, FTSE Mid Cap: +0.09%, Banks Index: +1.96%) and the traded value was shaped at EUR 181.1m, up from Friday’s EUR 130.0m. We expect the positive momentum to continue today, with Intrakat and Athens International Airport in the spotlight. 

Sector Headlines 

BoG Governor to meet with the four systemic banks tomorrow-Press

Reportedly (insider), the Governor of Bank of Greece will meet with the CEOs of the four systemic banks tomorrow in order to discuss about the acceleration of DTC amortization. The same reports indicate that the four systemic banks have proposed to the SSM to distribute 50% of net profits to shareholders and 29% of the remaining 50% to accelerate the DTC amortization so that to reach EUR 350m-400m per annum against the current EUR 150m-200m pa and to complete it by 2034 instead of 2041. Recall that the four systemic banks aim to distribute 35% of net profits in 2024e and 50% in 2025e and 2026e respectively.  

Company Headlines 

Greek competition authority initiates an in-depth assessment of the notified concentration concerning the acquisition of HELECTOR by MOTOR OIL.

The Hellenic Competition Commission initiated the procedure to assess the market concentration concerning the acquisition of ELLAKTOR’s waste management arm, HELECTOR by Motor Oil. The HCC’s decision on the concentration shall be issued within ninety days from the date of initiation of the in-depth assessment procedure. The initiation of the above procedure does not prejudice the final outcome of the assessment. As a reminder, already back in July 2024, Motor Oil and ELLAKTOR agreed on the acquisition of all the shares (94.4%) held by ELLAKTOR in its waste management arm, ΗELECTOR for EUR 114.7m. 

INTRAKAT announces a EUR 200m SCI

INTRAKAT will hold an EGM on 19 November to approve a EUR 200m share capital increase and the change of the corporate name of the company to AKTOR Group. The new shares will be offered with a proposed price of EUR 4.60/share and with preemptive rights in favor of the existing shareholders at a ratio of 0,270853462305055 New Shares for each old share of the Company.

 

INTRAKAT announced four significant business agreements

INTRAKAT announced yesterday four significant agreements, at a total value according to our estimates of EUR 832.6m. In more detail, INTRAKAT announced:

a)   the signing of a binding agreement with Prodea REIC, for the acquisition from the latter of a EUR 600m property portfolio which generates annual rental income of c. EUR 41.5m. The transaction is expected to be completed by May 31st, 2025.

b)   the signing of two MoUs for the acquisition of RES portfolios, both under construction and of varying degrees of development and licensing maturity. In more detail, INTRAKAT will acquire Solar projects of 347.9MW total capacity at an aggregate consideration of 133.2m and win projects at various stages of development of 214.8MW total capacity, at an aggregate consideration of 55.4m. The completion of the transaction is expected by February 15, 2025.

c)   the signing of a MoU with the construction company ENTELECHEIA, a company specializing in the construction of network infrastructures, regarding the acquisition of a 50.1% equity share, for a total consideration of up to EUR 30.06m, which will be paid in three equal annual installments. The acquisition is expected to be completed by the end of 1Q25.

d)   the signing of a MoU with société anonymes and private companies within the Oceanic Group of Companies, which operate in the sector of security and facility management services for the acquisition of 55% of the Companies’ share capital for a total price of EUR 7.7m, with an option to acquire the remaining 45% over a three-year period from the signing date for EUR 6.3m. A corresponding put option is also provided to the sellers, allowing them to sell their remaining shares at the same valuation. The proposed transaction is expected to be completed by 20/12/2024. The repayment of the total price for the above acquisition is expected to take place by the end of February 2025. 

INTRAKAT to hold an Investor Day event today

INTRAKAT will hold an Investor Day event today, during which the management will present the medium-term strategy of the Group and also its financial targets (during another special event held yesterday, the management reportedly set sales and EBITDA target for 2025e at EUR 1.4bn and EUR 184m respectively and further up to EUR 3.2bn and EUR 430m respectively by 2030e, while total investments over the same period are expected to reach EUR 2bn). 

Coca Cola HBC 3Q24 trading update out tomorrow

Coca Cola HBC is set to report 3Q24 trading update tomorrow, before the opening of ATHEX. According to Vuma, consensus forecasts group revenues to reach EUR 2.95bn (+5.5% y-o-y), driven by higher volume (+2.6% y-o-y) and net revenue per unit case (+2.8% y-o-y).

CCH Group

3Q24e

3Q23

YoY

Revenues (EUR m)

2,950.8

2,797.8

5.5%

Established

1,010.9

959.5

5.4%

Developing

659.1

593.4

11.1%

Emerging

1,280.7

1,244.9

2.9%

Volume (m unit cases)

805.9

785.2

2.6%

Established

188.1

182.8

2.9%

Developing

132.7

129.5

2.5%

Emerging

485.2

472.9

2.6%

Revenue per unit case (EUR)

3.66

3.56

2.8%

source: Company, Vuma consensus 

Motodynamics 9M24 results out

The company posted o good set of results with revenues came in at EUR 144.4m vs. EUR 126.4m in 9M23, posting a 14.2% y-o-y increase. Per product category Yamaha sales increased by 17.9% to EUR 70.1m, Porsche sales increased by 29.6% to EUR 33.7m, Sixt rental revenues reached EUR 39.8m, up by 14.0% y-o-y, while fleet sales decreased by 87.6% to EUR 0.74m as secondhand car market normalized. On the profitability front, EBITDA increased by 4.3% y-o-y to EUR 26.1m vs. EUR 25.01m in 9M23 (with EBITDA margin reduced to 18.1% vs. 19.8% a year ago on higher operating costs and lower pricing due to high competition) while, net profit of the group increased by 1.1% y-o-y to EUR 10.6m vs. EUR 10.5m in 9M23.  Finally, the group’s net debt reached EUR 53.9m down by 7.2m vs. its seasonal peak in 1H24 (due to heavy CaPex needed for Sixt’s fleet increase).  

Athens International Airport 9M24 results out today

AIA is set to report its 9M/3Q24 results today, after the market close.  

Attica Bank pre-emptive rights trading ends today

According to the official timetable, the trading of the pre-emptive rights ends today, the exercise period of the pre-emptive rights will end on Monday 04 November and the new shares from the SCI will commence trading on Wednesday 13 November.  

OPAP Share Buyback

The company announced that during 21/10/2024 – 25/10/2024, it purchased 211,019 own shares at an average price of EUR 15.766 per share and now holds 11,252,984 own shares or 3.04% of the total shares outstanding. 

OTE Share Buyback

The company announced that during 21/10/2024 – 25/10/2024, it purchased 296,695 own shares at an average price of EUR 15.853 per share and now holds 4,236,138 own shares or 1.026% of the total shares outstanding.  

Intracom Holdings increased its stake to 10.004% in Intralot

Intralot announced that Intracom Holdings increased on 25 October 2024 its stake to 10.004% (60,434,501 voting rights) from 9.976% previously. 

Calendar of Events

Macros

30/10/24 | Producer Price Index in Industry SEP (ELSTAT) & Economic Sentiment Indicator OCT

31/10/24 | Turnover Index in Retail Trade AUG (ELSTAT) & Unemployment Rate SEP (ELSTAT)

01/11/24 | S&P Global Greece Manufacturing PMI OCT (09:00 UTC)

08/11/24 | CPI OCT (ELSTAT) & Industrial Production SEP (ELSTAT)

22/11/24 | Fitch – Greek sovereign credit review

Market

06/11/24 | MSCI Index Review announcement (Effective date: November 26, 2024)

3Q/9M24 Results Release

30/10/24 | Athens Airport (Aft-mkt)

31/10/24 | Coca-Cola HBC (7:00am GMT)

01/11/24 | Piraeus Financial Holdings

05/11/24 | Premia Properties

07/11/24 | National Bank of Greece (Aft-mkt), Eurobank Holdings (Aft-mkt), Titan Cement, Alpha Trust Andromeda

08/11/24 | Alpha Services and Holdings (08:00 GR Time)

11/11/24 | Optima bank (Bef-mkt)

12/11/24 | Bank of Cyprus (Bef-mkt)

13/11/24 | PPC (Aft-mkt), LAMDA Development (Aft-mkt)

14/11/24 | HELLENiQ ENERGY (Aft-mkt), OTE (Bef-mkt), Aegean Airlines (Aft-mkt), Austriacard Holdings, Lavipharm

20/11/24 | OPAP (Aft-mkt), ElvalHalcor (Aft-mkt), QUEST Holdings (Aft-mkt)

21/11/24 | Ideal Holdings (Bef-mkt)

25/11/24 | Hellenic Exchanges

26/11/24 | Fourlis (Aft-mkt)

12/12/24 | Attica Bank

EGM / AGM

30/10/24 | Kloukinas-Lappas (EGM)

04/11/24 | PPC (EGM)

06/11/24 | TERNA Energy (EGM)

08/11/24 | Biokarpet (EGM)

15/11/24 | BriQ Properties (EGM), Intercontinental International REIC (EGM)

Ex-Dividend

04/11/24 | OPAP (interim dividend EUR 0.60)

11/11/24 | Papoutsanis (interim dividend EUR 0.03)

02/12/24 | CNL Capital (interim dividend EUR 0.25)

Share Capital Increase – Attica Bank

21/10/24-30/10/24 | Trading period of rights

21/10/24-04/11/24 | Exercise period of rights

13/11/24 | Commencement of trading of new shares SCI

Warrants – Attica Bank

21/10/24-04/11/24 | Offer Period

08/11/24-28/11/24 | Exercise Period

04/12/24 | Commencement of trading of the warrant exercise shares

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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