Today’s Headlines
· Greek 12-month T-bill raises EUR 600m at 2.82%
· Fitch Ratings has upgraded the credit ratings of the systemic banks
· Energy Sector || Greek retail electricity market (EnexGroup) – August 2024
· S&P Global Ratings upgraded the credit rating of Alpha Bank
· HFSF plans to dispose a 10%-13% stake in NBG by early October-Press
· Attica Bank new EGM on 25 September
· Jumbo sales increased by c. 8% y-o-y in August
· Jumbo EGM on 26 September
· OPAP 2Q24 Conference Call highlights
· Fourlis to lower its participation in Trade Estates below 50% by 2024-end (press)
· Quest Holdings 1H24 results
Market Comment
ATHEX headed south yesterday, in line with the European stock markets. In more detail, the General Index dropped by 0.71% at 1,435.79 units (FTSE Large Cap: -0.81%, FTSE Mid Cap: -0.08% Banks Index: -1.05%) and the traded value was shaped at EUR 98.5m, up from Tuesday’s EUR 85.8m. We expect the international markets to set the tone in ATHEX today, with Jumbo in focus.
Macro Headlines
Greek 12-month T-bill raises EUR 600m at 2.82%
The Greek State raised EUR 600m yesterday from the issuance of 52-week T-bills. In more detail, the total amount auctioned was EUR 500m, while total bids reached EUR 916m (1.83x coverage ratio vs. 2.29x in the previous auction) for an interest rate of 2.82% (vs. 3.34% in the previous auction).
Sector Headlines
Fitch Ratings has upgraded the credit ratings of the systemic banks
Fitch Ratings has upgraded the credit ratings of the four systemic banks and affirmed the positive outlook. In specific, Fitch upgraded Eurobank and National Bank of Greece to ‘BB+’ from ‘BB’, as well as Piraeus and Alpha Bank to ‘BB’ from ‘BB-‘. The news is positive for the sector.
Energy Sector || Greek retail electricity market (EnexGroup) – August 2024
Greek retail electricity market: IPPs market share dropped to 45.1% in August 2024 (according to data from Greek Energy Exchange – EnEx). Other key statistics: a) monthly average clearing Price at EUR 129.83/MWh, down by EUR 5.4/MWh m-o-m and up by EUR 20.5/MWh y-o-y, b) total Electricity demand at 6,128/GWh, up by 11.1% y-o-y. In more detail, Mytilineos’ Protergia ranks first with 14.92% (16.63% combined with the recently acquired Volterra), GEKTERNA’s Heron follows with 9.53%, ELPE’s Elpedison with 5.54% and MOH’s NRG with 5.33%. As a result, PPC’s retail market share in August 2024 rose by 0.3% m-o-m to 54.9%, well above the EU-mandated 50% mark. Regarding the Generation mix traded in the Day-Ahead Market, RES ranks first with 38% of total (vs. 40% in July), Natural Gas follows with 36% (vs. 36% in the previous month), Hydro Plants 5% (5%), Lignite and Oil-Powered Plants contributed 4% (5%) and 4% (4%) respectively and finally, Imports 12% (10%).
Company Headlines
S & P Global Ratings upgraded the credit rating of Alpha Bank
S & P Global has upgraded Alpha Bank to ‘BB+’ from ‘BB’ with a stable outlook.
HFSF plans to dispose a 10%-13% stake in NBG by early October-Press
According to Reuters, HFSF plans to sell a stake between 10% to 13% in National Bank of Greece by early October. The same reports suggest that decisions on the exact size of the stake and the timing of the sale will be made next week. Recall that HFSF sold a 22% stake (201,237,334 shares) on 17 November 2023 at EUR 5.30/share and now holds 18.39% or 168,231,441 common shares. We reiterate our Buy rating and TP of EUR 10.84/share.
Attica Bank new EGM on 25 September
Attica Bank has called for a new EGM on Wednesday 25 September at 14:00 Athens/12:00 London Time. Shareholders will approve 1) the reverse split of existing shares (50.014.177) by merging 100 shares to 1 and the increase of the nominal value to EUR 5.00/share from EUR 0.05, 2) the reduction of the share capital by EUR 2.626.687,80
through a reduction of the nominal value of each share from EUR 5.00 to EUR 0.05, with the aim of formation of a special reserve, 3) the increase of the share capital by EUR 17,973,468 with the possibility of partial coverage, by issuing up to 359,469,360 new common shares of a nominal value of EUR 0.05 each with payment in cash, and disposal through a public offer and with preemption rights in favor of the existing shareholders at an offer price of EUR 1.87 per share and 4) the issuance of up to 359,469,360 warrants with the possibility of partial coverage, which will be offered to participants of the bank’s share capital increase, excluding the pre-emption right of the existing shareholders. In other news, Attica Bank also announced that the new 5,557,131 common resulted from the share capital increase of Attica Bank following the merger by absorption of Pancreta Bank, will commence trading on 12 September.
Jumbo sales increased by c. 8% y-o-y in August
Jumbo announced yesterday that August sales increased by c. 8% y-o-y and management repeated the estimate for sale growth in 2024 up to c. 4% and profitability in the same levels of FY23. Management stated that transit of goods through Suez Canal has yet to normalize and the supply chain issues are still impacting the company. In August, sales in Greece increased by c. 7% y-o-y, sales in Cyprus increased by c. 3% y-o-y, sales in Bulgaria increased by c. 9% y-o-y, while sales in Romania increased by c. 11% y-o-y. In addition, in 8M24, Group sales increased by c. 7% y-o-y, with Greek sales increasing by c. 7% y-o-y, Cypriot sales increasing by c. 1% y-o-y, Bulgarian sales increasing by c. 9% y-o-y and Romanian sales increasing by c. 12% y-o-y. Management announced a new 2 year buyback programme of up to 10% of the total share capital with a maximum price of EUR 27.2/share. The tension in the Middle East will continue to impact the company, but we believe that management is rather conservative on FY24 sales growth, considering that Jumbo is already showing sales growth of c. 7% in 8M24 and is also operating a wider store network in Greece and Romania in 2H24 compared to last year.
Jumbo EGM on 26 September
Jumbo announced that will hold an EGM on Thursday 26 September to approve a new 2-year share buyback programme of up to 10% of the total share capital and a price range of EUR 1.00 to EUR 27.20 per share.
OPAP 2Q24 Conference Call highlights
During yesterday’s conference call, OPAP said that a) digital strategy execution reached online to contribute 30% of total GGR, recording all-time high, b) Eurojackpot continues its upward trend, c) 82% of the share buyback program have been completed, d) virtual games portfolio further expanded, e) Free2play games boosting engagement and attracts more players, while online casino enriched offerings, e) after revamp draw based game GGR increased by 42% f) ιn Cyprus the license renewal contains the same portfolio but the management is looking for possible options to add more games.
Fourlis to lower its participation in Trade Estates below 50% by 2024-end (press)
According to Capital.gr, during yesterday’s conference call of Trade Estates, the management said yesterday that Fourlis will proceed with a private placement of 13%-14% of its 63.6% stake in Trade Estates, aiming to lower its participation <50% before 20245-end, so as to stop consolidating TE’s financials under Fourlis Group.
Quest Holdings 1H24 results
Quest Holdings announced its results for 1H24. In more details, sales reached to EUR 620,1m vs. EUR 544,0m in 1H23, posting a y-o-y increase of c.14%. EBITDA amounted to EUR 41,6m vs. EUR 39,0m in 1H23, up by c.6.7% y-o-y, with EBITDA margin at c.6.71%, while earnings after tax decreased to EUR 20,5m vs. EUR 21,1m in 1H23, posting a y-o-y decrease of c.3.1%. Net debt increased by EUR 14,9m and reached to EUR 28,3m vs. EUR 13,3m, recording a y-o-y increase of c.111.7%.
Calendar of Events
Macros
06/09/24 | GDP 2Q:24 (provisional data)
06/09/24 | DBRS – Greek sovereign credit review
10/09/24 | CPI AUG & Industrial Production JUL
13/09/24 | Evolution of Turnover of Enterprises JUL & Import Price Index in Industry JUL
13/09/24 | Moody’s – Greek sovereign credit review
2Q/1H24 Results Release
10/09/24 | Fourlis (Aft-mkt), Athens Airport (Aft-mkt)
11/09/24 | Aegean Airlines (Aft-mkt), ElvalHalcor (Aft-mkt)
12/09/24 | LAMDA Development (Aft-mkt), Alpha Trust Andromeda
17/09/24 | Noval Property
19/09/24 | Viohalco, Attica Bank, Alpha Real Estate, Lavipharm
20/09/24 | Premia Properties, Logismos
25/09/24 | ADMIE Holding (Bef-mkt), AS Company (Aft-mkt)
26/09/24 | EYDAP, INTERTECH, Loulis Food
27/09/24 | Piraeus Port Authority, Alpha Trust Holdings, Alumil (Aft-mkt), Biokarpet, Ble Kedros, Sunrise Mezz Plc, Thessaloniki Water Supply (Aft-mkt), Orilina Properties, Phoenix Vega Mezz PLC, Trastor REIC
30/09/24 | Epsilon Net (Bef-mkt), Galaxy Cosmos Mezz Plc, Space Hellas, Technical Olympic (Aft-mkt), Athens Medical Center, Interlife, Medicon, Pairis
EGM / AGM
06/09/24 | Orilina Properties (AGM), Domiki Kritis (AGM)
10/09/24 | Epsilon Net (AGM), MED (AGM)
13/09/24 | Bank of Cyprus (EGM)
16/09/24 | Coca-Cola HBC AG (EGM)
17/09/24 | MED (EGM)
19/09/24 | Ideal Holdings (EGM)
25/09/24 | Attica Bank (EGM)
26/09/24 | Jumbo (EGM)
02/10/24 | Cenergy Holdings (EGM)
Ex-Dividend
09/09/24 | ADMIE Holding (EUR 0.0582438822)
11/09/24 | Orilina Properties
12/09/24 | Evrofarma (EUR 0.05)
11/10/24 | Ktima Lazaridis (EUR 0.03)
23/10/24 | ELVE (EUR 0.40)
04/11/24 | OPAP (interim dividend EUR 0.60)
Ex-Capital Return
12/09/24 | Unibios (EUR 0.02)
ATHEX Companies Presentations (Hellenic Fund & Asset Management Association)
10/09/24 | Hellenic Exchanges (10:00 GR Time)
17/09/24 | KRI-KRI (08:45 GR Time)
Research Department
Equity Research
Τ: 210 8173 383 F: 210 3279 287 E: [email protected]
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