1 – Το χρηματιστηριακό σημειωματάριο του μικρομέτοχου (4 Ιουνίου 2020)

 

Daily Monitor 05-06-2020   

Traders had appeared set to cash in recent stock gains at Athinon Avenue on Thursday, but the European Central Bank’s announcement that assistance for eurozone member-states would be boosted contained the drop in prices, while the mid-cap index went up. ECB’s decision to increase the size of its Pandemic Emergency Purchase Program to 1.35 trillion euros from 750 billion euros and extend it until June 2021 at the earliest, lifted spirits and gave a boost to bond market.

  • The yield on the 10-year bond dropped 12 bps to 1.35% in late trade. General index ended at 669.79 points, shedding 0.63% from Wednesday’s 674.07 points. The large-cap FTSE 25 index contracted 0.87% to 1,611.24 points and mid-caps expanded 0.43%. The banks index slipped 0.26%.
  • Eurobank fell 1.91% as Alpha grew 0.99% and Piraeus added 0.76%. National stayed put. Sarantis jumped 4.86% and Aegean Air improved 1.17%, with Fourlis falling 3.59%, Motor Oil declining 2.85% and Hellenic Exchanges parting with 2.19%. In total 34 stocks posted gains, 62 recorded losses and 20 remained unchanged. Turnover amounted to €85.1m, down from Wednesday’s €87.7m

Domestic market is set to open higher, volumes support market levels.

Agenda: Intralot Q1:20 results conference call 

Macros 

Greece/GDP: Greece’s first quarter Gross Domestic Product narrowed, in volume terms, 1.6% on a quarterly basis, according to the seasonally adjusted provisional data released by the National Statistics Service. Seasonally-adjusted data showed that the first quarter GDP decreased by 0.9% compared to the respective period of 2019. Non-seasonally adjusted data provided a 1.2% contraction in the first quarter GDP on an annual basis. GDP data came in better-than-expected, as economists had seen an around 3% annual contraction in the first quarter. In the fourth quarter, GDP shrank 0.7% q-o-q but expanded 1% y-o-y. In terms of Q1:20 GDP components:

§  Total consumption decreased by 0.4% q-o-q, while it was up 0.1% y-o-y thanks to general govt spending (+2.0% yoy)

§  Gross fixed-capital formation declined by 8.4% q-o-q and by 6.4% y-o-y

§  Exports increased by 0.1% q-o-q, with imports increased by 5.4% qoq. As regards the annual changes, exports increased by 2.5% y-o-y, while imports increased by 0.2% y-o-y.

Greece/Economy: Greece may revisit debt markets in the coming months, Finance Minister Staikouras said on Thursday, adding, however, that various factors will determine the timing of such a move. “We’ll probably tap the markets in the coming months,” Staikouras told an interview with local Radio station. Still, in an interview with local TV channel late Wednesday, Staikouras said that there might be a new bond issue in June or July, as he underlined the importance of “regular communication” with the markets. Greece has raised a total of €4.5bn through 15 and 7-year syndicated bonds since the beginning of the year. 

AthEx/May 2020 Stats: AthEx released its monthly publication for ASE May 2020 activity. Market capitalization by the end of May reached €38.28bn vs €36.92bn in April (+3.7%), whilst compared to market capitalization at the end of May 2019 which was €44.47 billion, there was a decrease of 13.9%. International investors in May 2020 accounted for 59.5% of the transactions’ value (in the previous month they realized 46.6%, while in May 2019 they had accounted for 59.5% of the transactions’ value).  Greek Retail investors (households) in May 2020 accounted for 20,5% of the transactions’ value (in the previous month they realized 29,5% of the transactions’ value, while in May 2019 they had accounted for 13.3% of the transactions’ value). Foreign investors were net sellers of €126.91m, while Greek investors had inflows of €127m. Foreign investors hold 66.75% of total market cap excluding HFSF vs. 67.39% a month ago. 

Greece/Real Estate Prices: Residential apartment prices increased 6.9% y-o-y in the first quarter while in 2019 the rise was slightly revised upwardly to 7.3%, data from the Bank of Greece showed. In terms of property age, the prices of “new” apartments- up to five years old- advanced 7.9% y-o-y in the first quarter, while “old” apartment prices firmed 6.3%. According to revised data, in 2019, prices of “new” apartments increased on average by 7.7%, compared with an increase of 2.0% in 2018, whereas prices of “old” apartments increased by 7.0% in 2019, compared with an increase of 1.7% in 2018. On geographical basis, first quarter apartment prices in Athens and Thessaloniki were up 10.6% and 5.5% respectively. Full-year increases stood at 10.4 and 7.0% in Athens and Thessaloniki, respectively. 

Retail Sales: Supermarket turnover (in continental Greece and Crete) rose a spectacular 21.5% to 1.806 billion euros during the coronavirus pandemic (February 24-May 24) compared with the corresponding period last year, IRI said in a report released on Thursday. In the week ending May 24, supermarket sales totaled 123 million euros, up 7.1% from the same period in 2019, while sales were up 14.7% from the start of the year. Food (20%), household products (30.2%), personal hygiene products (21.9%) recorded the biggest percentage increase during the three-month period. 

Corporate 

INTRALOT (Q1’20 results review) The group announced yesterday Q1:20 results. A conference call is scheduled today to discuss results. In specific:

§  Sales declined 47.1% to €102mn. Lottery Games was the largest contributor to top line, comprising 65.1% of our revenue, followed by Sports Betting contributing 13.5%. Technology contracts accounted for 13.0% and VLTs represented 7.8% of Group turnover, while Racing constituted the 0.6% of total revenue of 1Q20. Licensed operations -65.1% (-€77.5mn on weak Bulgaria and Malta), weak Turkey (-€11.9mn on Inteltek’s contract discontinuation and Bilyoner’s turnover drop due to transition in new on line sports betting era in Turkey), Morocco lower by €4mn on new commercial terms due to transition to new contract. Technology and Support Services up by 5.4% (€2.7mn) on increased US contribution due to new contracts coming in (Illinois and BCLC project in Canada fully offsetting Ohio contract expiration) and lowe Chile revenues (-€1.9mn).

§  EBITDA, from continuing operations came in 50.3% lower to €15.8mn in 1Q20, posting a decrease of €16.0m compared to the 1Q19 results. 1Q’20 Organic performance, boosted by the Illinois contract (full quarter contribution vs. launch in mid-February 2019) and our new Canadian project one-offs, did not manage to absorb our Turkish operations performance (Inteltek contract discontinuation post August 2019, and Bilyoner’s worse top line), the impact from our Bulgarian operations (Eurofootball’s change in consolidation method & Eurobet’s licenses discontinuation), Morocco’s revised commercial terms following the transition to the new contract, and Chile’s worse performance (driven primarily by the 1Q19 significant Jackpot and, the recent social unrest in the country). No significant FX impact at EBITDA level, as the favorable USD movement was fully offset from unfavorable movements across other markets (mainly Oceania).

§  Net income after minorities from continuing operations in 1Q’20 concluded at -€17.6mn compared to -€13.3mn in 1Q’19. Net income after minorities from total operations in 1Q’20 amounted to -€17.6m (lower by €5.4m vs. a year ago), including the performance of the discontinued operations in 1Q’19 (in Poland and Italy).

§  Cash at €142mn with total outstanding debt at €753.1mn. Net debt position stood at €611.1mn.

§  Operating Cash flow came in at €9.5mn (€19.6mn a year earlier)

§  CAPEX as of Q1’20 at €5.6mn

§  COVID-19 impact on FY’20 EBITDA estimated at €25mn (reduction)

Overall a weak set of results for another quarter.

The following table summarizes Intralot’s Q1’20 results:

ΙΝΤRALOT

2019

2020

Y-o-Y

EUR thous.

Q1

Q1

(%)

Sales

192,700

102,000

-47.1%

EBITDA

31,800

15,800

-50.3%

EBITDA Mrg

16.5%

15.5%

-101 bps

Net Income

-12,200

-17,600

-44.3%

Net Mrg

-6.3%

-17.3%

-1,092 bps

Conference Call details (05/07, 17:00 GR-Time):

§  GR           + 30 211 180 2000 or +30 210 9460 800

§  UK           +44 (0) 800 368 1063

§  USA         +1 516 447 5632

§  Other      +44 (0) 203 059 5872 

JUMBO: The company called for an extraordinary GM on June 25 to approve gross €0.235/share reserves distribution of a total amount of €31.974mn. 

FOURLIS: On June 3, the company bought 3,600 own shares at €3.9118/share for a total consideration of €14.082K. Fourlis now owns 419,554 own shares or 0.8068% of share capital. 

BRIQ PROPERTIES: On June 3, the company bought 3,000 own shares at 1.701/share for a total consideration of €5.103K. 

ELLAKTOR: The company postponed its initially scheduled AGM date (June 26) for later stage. 

Entersoft: AGM on July 7. No FY’19 dividend distribution. 

OTE: On June 3, the company bought 52,331 own shares at €12.546/share (total cost €656.550K). OTE now owns 3,395,031 total own shares or 0.722% of share capital. 

MYTILINEOS: On June 3, the company bought 65,000 shares at €7.7724/share for a total consideration of €505.21K. Treasury stock now amounts to 165,000 shares or 0.1155% of share capital. AGM cleared FY’19 gross dividend distribution €0.36/share (net €0.342/share). Ex-dividend date set on June 24 and paid on July 1. 

AEGEAN: Aegean Airlines will reintroduce international flights and services to all Greek airports as of June 15, as part of the gradual easing of measures introduced during the coronavirus pandemic, the company said. Aegean will offer 31 domestic destinations and 42 foreign destinations from Athens, and 7 from Thessaloniki International Airports.

  • Direct flights from abroad to Iraklio, Chania (both in Crete) and Rhodes will be reintroduced in July. The company said it expected to operate nearly 1,000 flights per week by July 15, reaching 1,600 by end August.
  • The company expects to operate 50% of the flights it operated before the Covid-19 pendemic. The airline follows the directions of the EU Aviation Safety Agency (EASA) the Foreign Affairs Ministry and the Civil Aviation Authority on which countries to access. 

TERNA ENERGY: On June 3, the company bought 48,520 own shares for a total consideration of €460K (€9.48 avg price per share). 

SARANTIS: CEO Mr K.Sarantis purchased from June 1 to June 3 35,000 company’s shares at €7.95/share. 

Other FY:19 results: 

NAFPAKTOS TEXTILES

2018

2019

Y-o-Y

EUR thous.

FY

FY

(%)

Sales

12,295

14,077

14.5%

EBITDA

901

1,023

13.5%

EBITDA Mrg

7.3%

7.3%

-6 bps

Net Income

236

225

-4.8%

Net Mrg

1.9%

1.6%

-32 bps

  

AthEx Calendar – Upcoming General Meetings 

10/06: Loulis Mills AGM

12/06: Fourlis AGM

16/06 Cretan Plastics AGM Bank of Piraeus EGM, Bank of Piraeus EGM,

17/06 Elton Chemicals Motor oil AGM

18/06 Lavipharm AGM Athens Medical EGM, Space AGM

19/06 Thessaloniki Water AGM

24/06 Hellenic Petroleum AGM Karelias AGM PPC AGM, HTO AGM

25/06 BYTE AGM, Sidma AGM, PPA AGM, Plaisio AGM (0.02 eur/share div), Jumbo (reserv. Div 0.235 eur/share)

26/06 Ellaktor AGM, Athens Water AGM, Flexopack AGM, Forthnet AGM, Motodynamics AGM, Quest Holdings AGM, Piraeus Bank AGM,

27/06 Jumbo AGM Dividend €0.062, Paperpack AGM

29/06 Petropoulos AGM Intralot AGM

30/06 Intercontinental REIC, HAIDEMENOS AGM

07/07 KRI – KRI AGM, Autohellas AGM, Entersoft AGM

09/07 Aegean Air EGM

15/07 Thrace Plastics

16/07 IPTO AGM

17/07 Alpha Trust AGM

19/07 Thessaloniki Water AGM

27/07 Varvaressos AGM

30/07 Trastor AGM

01/09 ANEK AGM

02/09 Newsphone AGM 

Results Announcements 

09/06   Quest Q1:20

10/06   OPAP Q1:20

17/06   Evrofarma FY:20

30/06   Athens Medical FY:19 

Kind Regards,

Manos Chatzidakis

Head of research

29 Alexandras Avenue

11473 Athens,Greece

Tel: +30 210 6478755/754

Fax:+30 210 6410139

Email: [email protected]

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