Greek Market Watch: T-bill auction, Construction, Eurobank, Motor Oil, ALTER EGO, AKTOR Group, Revoil

Market Comment

ATHEX headed south yesterday after six sessions in the green, underperforming the European stock markets. In more detail, the General Index slipped by 0.57% at 1,530.68 units (FTSE Large Cap: -1.04%, FTSE Mid Cap: +0.72%, Banks Index: -2.38%) and the traded value was shaped at EUR 134.6m, up from Tuesday’s EUR 109.6m. We expect ATHEX to consolidate at current levels today.  

Today’s Headlines

·         6-month T-bill yield down

·         Completion of the 2nd phase of the tender for two road work projects expected in February (press)

·         Fairfax Financial Group disposed a 2.2% stake in Eurobank Holdings-Press

·         Greek competition authority approves the acquisition of HELECTOR by MOTOR OIL

·         ALTER EGO Public offer successfully completed

·         Greek competition authority approves the acquisition of Milora Real estate portfolio by AKTOR Group

·         Revoil resumption of buyback program 

Macro Headlines 

6-month T-bill yield down

The Greek State raised EUR 600m yesterday from the issuance of 26-week T-bills. In more detail, the total amount auctioned was EUR 500m, while total bids reached EUR 1,178m (2.36x coverage ratio vs. 1.68x in the previous auction) for an interest rate of 2.45% (vs. 2.61% in the previous auction). 

Sector Headlines 

Completion of the 2nd phase of the tender for two road work projects expected in February (press)

According to Euro2day.gr, the 2nd phase of the tenders for two motor way contracts in Northern Greece with a total budget of EUR 700m is expected in February, with the submission of the binding offers of the four competitors, namely GEKTERNA, METLEN-AKTOR Concessions, AVAX and Aktor group. 

Company Headlines 

Fairfax Financial Group disposed a 2.2% stake in Eurobank Holdings-Press

Reportedly (Bloomberg), Fairfax Financial Group disposed a 2.18% stake or 80m shares to institutional investors at EUR 2.33/share, a 2.6% discount to yesterday’s closing price. The decrease of the stake is owing to the change of view of the regulator that asked from Fairfax to decrease its stake below 33.3%. According to ATHEX data, Fairfax Financial Group is the major shareholder of Eurobank Holdings, with a 33.47% stake and following the disposal we estimate that it will decrease it to 31.29%.  

Greek competition authority approves the acquisition of HELECTOR by MOTOR OIL

The Hellenic Competition Commission approved the acquisition of ELLAKTOR’s waste management arm, HELECTOR by Motor Oil, assessing that the transaction will not create major market concentration in the waste management business.

Comment: 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, at a trailing EV/EBITDA of 8.0x and 5.0x for 2024e according to our estimates.

The acquisition of HELECTOR is key for the further transformation of Motor Oil into a differentiated energy Group, aligned with its strategy to generate >40% of its profitability from non-fossil activities, contributing c. EUR 30m EBITDA per annum. In the latest 3Q24 conference call, Motor Oil’s management said that it sees business opportunities of EUR 5bn in the waste management sector.   

ALTER EGO Public offer successfully completed

The initial public offer for the up to EUR 57m IPO of ALTER EGO was fully oversubscribed by 11.9x times with the issuance of 14,249,000 new shares with the share price set EUR 4/share, while the commencement of trading of all shares is expected on 27 January. 

Greek competition authority approves the acquisition of Milora Real estate portfolio by AKTOR Group

The Greek competition authority approved the acquisition of Milora from Prodea, a EUR 600m Real estate portfolio with EUR 41.5m annual rental income by AKTOR Group. 

Revoil resumption of buyback program

The company announced that the BoD approved the resumption of the share buyback program which was suspended on 28 June 2024, with duration until 15 September 2025. 

Calendar of Events

Macros

28/01/25 | Building Activity OCT (ELSTAT)

30/01/25 | Unemployment Rate DEC (ELSTAT), Producer Price Index in Industry DEC (ELSTAT) & Economic Sentiment Indicator JAN

31/01/25 | Turnover Index in Retail Trade NOV (ELSTAT)

4Q/FY24 Results Release

13/02/25 | Coca-Cola HBC (7:00 am GMT)

18/02/25 | Bank of Cyprus (Bef-mkt)

20/02/25 | METLEN (Bef-mkt)

24/02/25 | Piraeus Financial Holdings (Bef-mkt)

27/02/25 | HELLENiQ ENERGY (Aft-mkt), Eurobank Holdings, IDEAL Holdings (Bef-mkt)

28/02/25 | Alpha Services & Holdings

26/03/25 | PPC (Aft-mkt)

27/03/25 | Titan Cement International

31/03/25 | Hellenic Exchanges (Aft-mkt)

EGM / AGM

30/01/25 | ELLAKTOR (EGM)

03/02/25 | IDEAL Holdings (EGM)

Ex-Dividend

23/01/25 | Thrace Plastics (interim dividend EUR 0.0699665112/share)

Ex-Capital Return

24/03/25 | ELLAKTOR (EUR 0.85/share), IDEAL Holdings (EUR 0.10/share)

Share Capital Increase – AKTOR Group

10/01/25-21/01/25 | Trading period of rights

10/01/25-24/01/25 | Exercise period of rights & Subscription period

04/02/25 | Commencement of trading of new shares from SCI

Initial Public Offering (IPO) – ALTER EGO MEDIA 

27/01/25 | Commencement of trading of shares on the Regulated Market of the ATHEX

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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