Greek Market Watch: T-bills auction, Electricity market, NBG, Piraeus Financial Holdings, Alpha Holdings, OTE, ELLAKTOR, KRI-KRI, Revoil

OPTIMA

Today’s Headlines

·         Greece sells 3-month T-bills at 3.42%

·         Energy Sector || Greek retail electricity market (EnexGroup) – June 2024

·         HFSF to dispose stake in NBG at the end of September-Press

·         Piraeus Financial Holdings stock options program

·         Alpha Services and Holdings AGM on 24 July

·         OTE trades ex-dividend today

·         ELLAKTOR signs the SPA for HELECTOR

·         KRI-KRI AGM approved EUR 0.35 DPS

·         Revoil shares transactions 

Market Comment

ATHEX headed north yesterday, in line with the European markets. In more detail, the General Index advanced by 1.17% at 1,423.56 units, (FTSE Large Cap: +1.35%, FTSE Mid Cap: +0.47%, Banks Index: +1.09%) and the traded value was shaped at EUR 85.8m, up from Tuesday’s EUR 78.6m. We expect ATHEX to consolidate at current levels on low volume today, with OTE in focus 

Macro Headlines 

Greece sells 3-month T-bills at 3.42%

The Greek State raised EUR 600m yesterday from the issuance of 13week T-bills. In more detail, the total amount auctioned was EUR 500m, while total bids reached EUR 1,098m (2.20x coverage ratio vs. 1.65x in April) for an interest rate of 3.42% (vs. 3.67% in the previous auction). 

Sector Headlines 

Energy Sector || Greek retail electricity market (EnexGroup) – June 2024

Greek retail electricity market: IPPs market share rose to 52.53% in June 2024 (according to data from Greek Energy Exchange – EnEx). Other key statistics: a) monthly average clearing Price at EUR 98.89/MWh, up by EUR 17.8/MWh m-o-m and by EUR 7.4/MWh y-o-y, b) total Electricity demand at 5,525/GWh, up by 36.3% y-o-y.

In more detail, Mytilineos’ Protergia ranks first with 15.05% (16.71% combined with the recently acquired Volterra), GEKTERNA’s Heron follows with 11.24%, ELPE’s Elpedison with 6.14% and MOH’s NRG with 5.58%.

As a result, PPC’s retail market share in June 2024 rose by 3.5% m-o-m to 52.53%, exceeding again the EU-mandated 50% mark. Regarding the Generation mix traded in the Day-Ahead Market, RES ranks first with 42% of total (vs. 44% in May), Natural Gas follows with 36% (vs. 37% in the previous month), Hydro Plants 6% (5%), Lignite and Oil-Powered Plants contributed 3% (0%) and 2% (2%) respectively and finally, Imports 10% (11%). 

Company Headlines 

HFSF to dispose stake in NBG at the end of September-Press

Reportedly (newmoney), HFSF plans to dispose a stake in NBG at the end of September. The same reports suggest that HFSF intends to hold a stake of less than 10% from current 18.39%. National Bank of Greece is one of our top picks in the sector. We reiterate our Buy rating and TP of EUR 10.84/share, implying a 39% upside potential.  

Piraeus Financial Holdings stock options program

Piraeus announced that it distributed 1,284,388 own shares free of charge to 150 beneficiaries, with a total value of EUR 4.5m. Following the aforementioned transaction, Piraeus holds 2,608,759 own shares or 0.21 % of shares outstanding. 

Alpha Services and Holdings AGM on 24 July

The AGM will take place on Wednesday 24 July at 10:00 Athens/08:00 London Time. Shareholders will approve among others the distribution of a dividend of EUR 0.026 per share (DY: 1.8%, ex-dividend: 26 July) as well as the distribution of up to EUR 12.6m by group companies to their eligible staff. 

OTE trades ex-dividend today

The stock is trading ex-dividend today (DPS: EUR 0.7216, DY: 5.2%) and payment will commence on 10 July. 

ELLAKTOR signs the SPA for HELECTOR

ELLAKTOR signed the SPA agreement for the sale of 185,793 shares of HELECTOR SA owned by the Company, (94.44% of total) for a total consideration of EUR 114,731,111.11 to Motor Oil, as expected. The completion of the transaction is subject to approval by the Competition Commission and the AGM which will be held on July 8th, 2024. 

KRI-KRI AGM approved EUR 0.35 DPS

During yesterday’s AGM the company approved the dividend distribution of EUR 0.35/share with ex-dividend date set for 22 August. (DY: 3.0%). The AGM also approved the share buyback programme of up to 1,653,256 or 5% of the share capital that will last until 2/7/26 at a price range of EUR 3.00 to EUR 17.00 per share. 

Revoil shares transactions

Revoil posted an announcement regarding press reports that the recent transactions are not part of a strategic deal with a 3rd party but have to do with the increasing of the free float. 

Calendar of Events

Macros

09/07/24 | CPI & Harmonized CPI JUN

10/07/24 | Industrial Production Index MAY

12/07/24 | Import Price Index in Industry MAY

12/07/24 | Scope Ratings – Greek sovereign credit review

2Q/1H24 Results Release

25/07/24 | Metlen (Flash Note) (Bef-mkt)

29/07/24 | Hellenic Exchanges

30/07/24 | Entersoft (trading update) (Aft-mkt)

31/07/24 | Piraeus Financial Holdings (Bef-mkt), Eurobank Holdings, Titan Cement

01/08/24 | Optima bank, National Bank of Greece

02/08/24 | Alpha Services and Holdings

06/08/24 | PPC (Aft-mkt)

EGM / AGM

04/07/24 | Piraeus Port (AGM), Elinoil (AGM)

05/07/24 | Sunrise Mezz PLC (AGM), Phoenix Vega Mezz PLC (AGM), ILYDA (AGM), Medicon (AGM)

08/07/24 | ELLAKTOR (EGM), Real Consulting (AGM)

09/07/24 | Austriacard Holdings (AGM), Lavipharm (AGM), Centric (AGM)

10/07/24 | Intrakat (AGM), Papoutsanis (EGM)

11/07/24 | EYDAP (AGM), Alpha Real Estate (AGM)

12/07/24 | Attica Group (AGM)

16/07/24 | Attica Bank (AGM)

17/07/24 | Motor Oil (EGM)

19/07/24 | Quality & Reliability (AGM)

23/07/24 | Eurobank Holdings (AGM)

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

25/07/24 | National Bank of Greece (AGM)

26/07/24 | Evrofarma (AGM), Unibios (AGM)

20/08/24 | Thessaloniki Water & Sewage Co. (AGM)

30/08/24 | Ble Kedros (AGM)

04/09/24 | ELVE (AGM)

06/09/24 | Domiki Kritis (AGM)

10/09/24 | Epsilon Net (AGM)

Ex-Dividend

04/07/24 | OTE (EUR 0.7216)

05/07/24 | Trastor REIC (EUR 0.02), Mevaco (EUR 0.15)

08/07/24 | Terna Energy (EUR 0.3821128409), EKTER (EUR 0.12)

10/07/24 | Piraeus Financial Holdings (EUR 0.063), HELLENiQ ENERGY (rem. EUR 0.60), Jumbo (EUR 1.00), AS Company (EUR 0.13762556)

15/07/24 | Vogiatzoglou Systems (EUR 0.145), Medicon

16/07/24 | Austriacard Holdings, Alpha Real Estate

18/07/24 | ILYDA (EUR 0.02)

19/07/24 | Attica Group (EUR 0.07)

22/07/24 | PPC (EUR 0.25), EYDAP (EUR 0.10), Space Hellas (EUR 0.16), Athens Medical (EUR 0.02)

25/07/24 | Eurobank Holdings (EUR 0.0933)

26/07/24 | Alpha Services and Holdings (EUR 0.026)

29/07/24 | National Bank of Greece (EUR 0.36), Piraeus Port (EUR 1.34), AVAX (EUR 0.03)

01/08/24 | Creta Plastics (EUR 0.5001157168)

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

27/08/24 | Thessaloniki Water & Sewage Co.

11/09/24 | Ble Kedros

12/09/24 | Evrofarma

17/09/24 | Epsilon Net

Ex-Capital Return

22/07/24 | ELLAKTOR (EUR 0.50)

25/07/24 | Ideal Holdings (EUR 0.20)

26/08/24 | Biokarpet (EUR 0.02)

28/08/24 | GEK TERNA (EUR 0.25)

12/09/24 | Unibios 

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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