MARKET COMMENT
ATHEX headed north yesterday, outperforming the European stock markets. In more detail, the General Index jumped by 1.79% at 1,544.49 units (FTSE Large Cap: +2.03%, FTSE Mid Cap: +1.35%, Banks Index: +2.13%) and the traded value was shaped at EUR 148.4m, up from Wednesday’s EUR 100.3m. We expect the positive momentum to continue today.
Today’s Headlines
· Titan America IPO successfully completed
· Attica Bank VES programme commences today-Press
· Energy regulator approves two energy storage projects for Motor Oil (press)
· Thessaloniki flyover reaches 20% completion
· Piraeus in exclusive discussions with CVC about Ethniki Insurance
· Trade Estates changing in voting rights
HEADLINES
Company Headlines
Titan America IPO successfully completed
Titan Cement announced the successful completion of its US IPO with the price set at $ 16/share. As a reminder, Titan America’s IPO consisted of 24m company shares plus an additional 3.6m shares (13%-15% of the US subsidiary share capital) and according to press reports was oversubscribed by >5x. As a reminder, Titan America is proceeding with an initial public offering of 24,000,000 common shares of its US subsidiary, with a 30-day option granted to the underwriters to purchase an additional 3,600,000 common shares to cover potential over-allotments. After the completion of the IPO, Titan Cement International SA is expected to own 160,362,465 common shares of Titan America, representing 87% of the total outstanding common shares (or 85% if the underwriters exercise in full their over-allotment option).
Attica Bank VES programme commences today-Press
Press reports (naftemporiki) indicate that the new Attica Bank group (Attica Bank, Pancreta Bank) commences a VES programme today with maximum compensation up to EUR 280k.
Energy regulator approves two energy storage projects for Motor Oil (press)
According to Energypress.gr, Motor Oil’s MORE gained two licenses from the energy regulator for the construction of two pump and storage projects in Aetoloakarnania and Veoia, of 413MW and 182MW capacity.
Thessaloniki flyover reaches 20% completion
The ministry for infrastructure and transportation announced that the construction of the Thessaloniki ring road, namely Thessaloniki flyover, is progressing as scheduled and has reached 20%, with estimated completion by 16 May 2027. As a reminder, the flyover road contract is budgeted EUR 373m and has been awarded to the METLEN-AVAX joint venture.
Piraeus in exclusive discussions with CVC about Ethniki Insurance
Piraeus Financial Holdings announced that it has agreed to enter into exclusive discussions with CVC Capital Partners regarding the potential acquisition by Piraeus of a 70% stake in Ethniki Insurance for EUR 469.0m (1.1x P/TBV23). Based on the above, the proforma impact on Piraeus’ capital position is estimated at approximately 150bps as of September 2024. This impact translates into a capital ratio with a comfortable Pillar 2 Guidance buffer of more than 200bps. Piraeus intends to pursue the potential adoption of the Danish Compromise in relation to the prudential treatment of its possible participation in the share capital of Ethniki Insurance, which, if attained, would reduce the capital effect of the Potential Transaction to below 100bps. Ethniki Insurance is the leading composite insurer in Greece, covering the whole spectrum of insurance products with a c.14% market share (c.17% in life / c.11% in non-life) and EUR 0.8bn Gross Written Premiums in 2023. The company reported a profit before tax adjusted for non-recurring items of approximately EUR 100.0mn in 2023 and also had EUR 4.0bn total assets and EUR 0.4bn shareholders’ equity. The company’s network extends throughout Greece and consists of c.130 Sales Network Offices with more than 1.6k Corporate Network Insurance Agents, 1.1k Collaborating Insurance Agencies and c.135 Collaborating Insurance Brokers, supported by a network of 6 branches, as of 2023. The move is positive since it does not have a negative impact on capital adequacy and does not change the remuneration policy and is in line with Piraeus strategy to boost non-interest income. The positive short-term impact will be the acceleration of top line via the increase in fee, insurance and trading income (from the bond portfolio), whilst the positive medium-term impact will derive from cost synergies. On the flipside, the climate change and the frequent physical calamities pose a downside risk to profitability as was the case in 2023 (net loss of EUR 29.3 from the damages in Thessaly). Piraeus is trading 0.74x P/TBV25e, at 29% discount to EU peers, despite its higher RoTE profile (13.8% vs. 12.9% of EU banks) and is one of our top picks in the sector with TP of EUR 6.20/share (Target M.Cap: EUR 7.75bn), offering a hefty 41% upside potential.
Trade Estates changing in voting rights
Trade Estates announced that on 4 February Latsco Hellenic Holdings Sarl aquired 6,025,000 shares witch corresponds to 5.0% of the total share capital. As a result, Latsco Hellenic Holdings now owns 9,780,869 shares or 8.11% of the total share capital.
Calendar of Events
Macros
07/02/25 | Trade Balance DEC (ELSTAT)
10/02/25 | Industrial Production Index DEC (ELSTAT)
Market
11/02/25 | MSCI Index Review announcement (Effective date: March 03, 2025)
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), Athens International Airport (Bef-mkt)
26/02/25 | OTE (Bef-mkt)
27/02/25 | HELLENiQ ENERGY (Aft-mkt), Eurobank Holdings, IDEAL Holdings (Bef-mkt)
28/02/25 | Alpha Services & Holdings (08:00 GR time)
04/03/25 | ElvalHalcor (Aft-mkt)
10/03/25 | Attica Bank (Aft-mkt)
12/03/25 | Sarantis (Aft-mkt)
19/03/25 | OPAP (Aft-mkt)
26/03/25 | PPC (Aft-mkt)
27/03/25 | Titan Cement International
31/03/25 | Hellenic Exchanges (Aft-mkt)
28/04/25 | Alumil
30/04/25 | Motodynamics
EGM / AGM
26/02/25 | Attica Bank (EGM)
Ex-Capital Return
24/03/25 | ELLAKTOR (EUR 0.85/share), IDEAL Holdings (EUR 0.10/share)
στο Google News και μάθετε πρώτοι όλες τις ειδήσεις
