ATHEX headed north on Friday, outperforming the European stock markets. In more detail, the General Index rose by 0.20% at 1,842.83 units (FTSE Large Cap: +0.09%, FTSE Mid Cap: +0.20%, Banks Index: -0.30%) and the traded value was shaped at EUR 123.8m, down from Thursday’s EUR 227.1m. On a weekly basis, the General Index rose by 0.64% w-o-w, (FTSE Large Cap: +0.73%, FTSE Mid Cap: -0.13%, Banks index: +0.08%). Week Ahead: Thrace Plastics ex-date today (EUR 0.17) today, IDEAL Holdings SCI offer period 11-13 June. We expect ATHEX to consolidate at current levels today.
· Greek Economy 1Q25 GDP (provisional data)-in line with annual estimates: 1Q25 GDP increases by 2.20% y-o-y and by 0.04% q-o-q driven by Gross capital formation (including inventory) and despite weak net exports and consumption
· Trade balance deficit narrows in April (ELSTAT)
· ATHEX AXIA Numbers-foreign investors net buyers in May and 5M25.
· Motor Oil to acquire all EDPR RES assets in Greece (press)
· Lexcor Master Fund crosses upwards the 5% threshold in GEKTERNA’s share capital
· Fidelity crosses downwards the 10% threshold in SARANTIS’ share capital
· AVAX signs a EUR 35m contract with Sklavenitis (press)
· AKTOR Group enters the marine yachting and airplane rental business (press)
· Autohellas stock award programme
Greek Economy 1Q25 GDP (provisional data)-in line with annual estimates: 1Q25 GDP increases by 2.20% y-o-y and by 0.04% q-o-q driven by Gross capital formation (including inventory) and despite weak net exports and consumption
|
Current Prices, SA |
YoY |
Real Prices, SA |
QoQ |
YoY |
|||||||
|
1Q23 |
54.84 |
8.50% |
48.629 |
0.07% |
2.10% |
||||||
|
2Q23 |
56.112 |
8.92% |
49.199 |
1.17% |
3.10% |
||||||
|
3Q23 |
56.168 |
8.30% |
49.256 |
0.12% |
2.23% |
||||||
|
4Q23 |
57.294 |
7.95% |
49.532 |
0.56% |
1.93% |
||||||
|
1Q24 |
57.807 |
5.42% |
49.696 |
0.33% |
2.19% |
||||||
|
2Q24 |
59.053 |
5.24% |
50.262 |
1.14% |
2.16% |
||||||
|
3Q24 |
59.423 |
5.80% |
50.378 |
0.23% |
2.28% |
||||||
|
4Q24 |
60.560 |
5.70% |
50.768 |
0.77% |
2.50% |
||||||
|
1Q25 |
60.827 |
5.22% |
50.788 |
0.04% |
2.20% |
The Facts: The Hellenic Statistical Authority (ELSTAT) announced that 1Q25 GDP (in Real Prices, seasonally adjusted) rose by 0.04% q-o-q, and by 2.20% y-o-y, compared to a 2.50% y-o-y growth in 4Q24 and a 2.19% y-o-y growth in 1Q24. On current (Nominal) seasonally adjusted basis, 1Q25 GDP (in volume terms) rose by a strong 5.22%.
Our Analysis: According to the 1Q25 GDP breakdown (seasonally adjusted), total consumption was up 1.63% y-o-y, exports also up by 2.15% y-o-y, Gross capital formation was up by 4.13% y-o-y and finally imports were up by 2.42% y-o-y.
Our View: solid 1Q25 GDP data driven by gross capital formation which offset weak net exports and consumption, in line with the full year GDP growth estimates (EC spring forecast and Greek Budget GDP growth estimate for 2025e at 2.3%).
Trade balance deficit narrows in April (ELSTAT)
ELSTAT announced that the trade balance in April 2025 amounted to EUR 2,841m in comparison with EUR 3,050m a year ago, recording a 6.9% y-o-y drop, due to the 11.4% y-o-y drop in imports which more than offset the 14.5% y-o-y drop in exports. Additionally, the trade balance deficit in the January-April 2025 period amounted to EUR 11,084m, up by 0.3% y-o-y, due to the 5.1% y-o-y drop in exports which more than offset the 2.9% y-o-y drop in imports.
Market Headlines
ATHEX AXIA Numbers-foreign investors net buyers in May and 5M25.
According to AXIA Numbers, total trading activity in ATHEX in May 2025 stood at EUR 4.4bn, up by 45.9% y-o-y and by 12.9% m-o-m, with foreign investors accounting for 62.1% of total trading activity (from 55.9% in the previous month). Additionally, foreign investors had net inflows of EUR 111m during May 2025 and also inflows of EUR 451.5m during 5M25. With respect to participation in assets, foreign investors held 68.7% of total assets under custody (from 68.1% in April), and domestic investors the remaining 31.3% (from 31.9% in April).
Company Headlines
Motor Oil to acquire all EDPR RES assets in Greece (press)
According to energymag.gr, EDPR decided to dispose all its RES assets in Greece, both in operation and under development, to Motor Oil. In more detail, EDPR currently operates 150MW RES assets, mainly wind, and has a mature pipeline of wind assets of 352MW in Euboea, which it jointly develops with Motor Oil (MOH holds 49%), and is expected to be completed in 2026. It is noted that 78MW of operating RES have entered into a bilateral PPA with Metlen.
Comment: With the aforementioned acquisition, MOH brings the medium-term RES target forward (during FY24 Conference call, MOH’s management said that it expects to reach 1.6GW RES capacity by 2027e (from 839MW currently) and RES EBITDA of EUR 200m by that year). The press report did not provide any financial details regarding the transaction; however, according to older press reports, the development of the 352MW RES assets would require EUR 500m capex by 2026e.
Lexcor Master Fund crosses upwards the 5% threshold in GEKTERNA’s share capital
GEKTERNA announced that Lexcor Master Fund’s holdings in the Company’s share capital crossed upwards the 5% threshold to 6.42%.
Fidelity crosses downwards the 10% threshold in SARANTIS’ share capital
SARANTIS announced that FMR LLC’s (Fidelity) holdings in the Company’s share capital crossed downwards the 10% threshold to 9.99%.
AVAX signs a EUR 35m contract with Sklavenitis (press)
According to press reports, AVAX was awarded by the Greek Super Market retailer Sklavenitis a EUR 35m contract for the construction of a new logistics center in West Attica.
AKTOR Group enters the marine yachting and airplane rental business (press)
According to Euro2day.gr, AKTOR Group enters the marine yachting and airplane rental business, through the establishment of AKTOR Marine company, a 100% subsidiary of the Group.
Autohellas stock award programme
Autohellas announced that following the AGM’s approval a total of 63,500 treasury shares of the Company were granted to executives on the grounds of meeting the company’s targets. The total value of the aforementioned shares amounted to EUR 692,150 and after the distribution the company now holds a total of 545,250 shares or 1.12% of the total share capital.
10/06/25 | CPI & Harmonized CPI MAY (ELSTAT), Industrial Production Index APR (ELSTAT)
12/06/25 | Evolution of Turnover of Enterprises APR (ELSTAT)
13/06/25 | Import Price Index in Industry APR (ELSTAT)
EGM / AGM
11/06/25 | Prodea Investments (AGM), Sarantis (EGM), GEK TERNA (AGM)
12/06/25 | Hellenic Exchanges (AGM), Motodynamics (AGM), Euroconsultants (AGM)
13/06/25 | Trade Estates (AGM), Interlife (AGM)
16/06/25 | Ble Kedros (AGM)
17/06/25 | Alter Ego Media (AGM), DIMAND (AGM), Domiki Kritis (AGM), Elton (AGM)
18/06/25 | Motor Oil (AGM), Biokarpet (AGM), IKTINOS (AGM), Vogiatzoglou (AGM), AVE AGM), IDEAL Holdings (rep. AGM)
19/06/25 | HELLENiQ ENERGY (AGM), Quest Holdings (AGM), AS Company (AGM), Mevaco (AGM), Petropoulos (AGM), Alpha Real Estate Services (AGM), Space Hellas (AGM)
20/06/25 | Fourlis Holdings (AGM), Phoenix Vega Mezz Plc (AGM), Sunrise Mezz Plc (AGM)
23/06/25 | OTE (AGM), Alpha Services and Holdings (EGM)
24/06/25 | AUSTRIACARD Holdings (AGM), Galaxy Cosmos Mezz Plc (AGM)
25/06/25 | PPC (AGM)
26/06/25 | LAMDA Development (AGM)
27/06/25 | Real Consulting (AGM)
01/07/25 | ΚΡΙ–ΚΡΙ (AGM)
02/07/25 | ADMIE Holding (AGM)
03/07/25 | Elinoil (AGM)
07/07/25 | Alumil (AGM)
09/07/25 | Jumbo (AGM)
10/07/25 | Ellaktor (AGM)
15/07/25 | AVAX (AGM)
16/07/25 | EYDAP (AGM), Creta Plastics (AGM)
22/07/25 | Piraeus Port Authority (AGM)
27/08/25 | Evropi Holdings (AGM)
28/08/25 | Intralot (AGM)
08/09/25 | Orilina Properties (AGM)
Ex-FY24 Dividend
10/06/25 | Thrace Plastics (remaining EUR 0.17)
17/06/25 | Gen. Commercial & Ind. (EUR 0.075)
19/06/25 | Trade Estates (remaining EUR 0.052), Fais Group (EUR 0.04395)
23/06/25 | Optima bank (EUR 0.57), Hellenic Exchanges (EUR 0.29), Quest Holdings (EUR 0.30), Ble Kedros
24/06/25 | Cenergy Holdings (EUR 0.14), Viohalco (EUR 0.16), Alpha Real Estate Services (EUR 0.50)
25/06/25 | Motor Oil (remaining EUR 1.10), GEK TERNA (EUR 0.40)
26/06/25 | METLEN (EUR 1.50), ElvalHalcor (EUR 0.0901489503)
27/06/25 | Fourlis Holdings (EUR 0.15)
30/06/25 | Titan Cement (EUR 3.00),
01/07/25 | Profile Systems (EUR 0.064657), Thessaloniki Water Supply (EUR 0.055), AUSTRIACARD Holdings (EUR 0.11)
02/07/25 | HELLENiQ ENERGY (remaining EUR 0.55), Interlife (EUR 0.20)
03/07/25 | OTE (EUR 0.7216)
04/07/25 | Mevaco
07/07/25 | Euroconsultants (EUR 0.04)
10/07/25 | AS Company (EUR 0.17)
14/07/25 | EKTER
21/07/25 | PPC (EUR 0.40), Jumbo (EUR 0.5063), Space Hellas (EUR 0.15)
22/07/25 | EYDAP (EUR 0.07)
28/07/25 | Vogiatzoglou (EUR 0.07))
04/08/25 | Piraeus Port Authority (EUR 1.92)
21/08/25 | KRI-KRI (EUR 0.40)
25/08/25 | ADMIE Holding, Creta Plastics
02/09/25 | AVAX (EUR 0.07)
11/09/25 | Orilina Properties
Share Capital Increase
11/06/25-13/06/25 | IDEAL Holdings – Public Offering
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