Μείωσε 7% την κατανάλωση ενέργειας η ΟΛΠ ΑΕ. Στη δηµοσιότητα η έκθεση βιώσιµης ανάπτυξης της εταιρείας για το 2023. Η πρόοδος πρέπει να συµβαδίζει µε την προστασία του περιβάλλοντος και την ανταπόδοση στην κοινωνία, δήλωσε ο CEO, κ. Su Xudong.
Epsilon Net: Ξεκίνησε χθες η υποχρεωτική δηµόσια πρόταση στα 12 ευρώ. Πέντε εβδοµάδες θα διαρκέσει συνολικά, ως τις 2/8. Στη συνέχεια, το σχήµα Μίχου-ΕΤΕ-General Atlantic θα ασκήσει squeeze out (έξοδος µετοχής από το Χ.Α.) βγάλει τη µετοχή από το ταµπλό.
* Eurobank’s (EUROB GA) AGM on 23 July set to approve €0.0933/sh 2023 dividend (4.4% yield) and cancellation of 52m (1.4% of total) treasury shares
* Retail electricity prices further up in July: PPC (PPC GA) once again offers the lowest residential tariff
* Fourlis (FOYRK GA) kicks-off 1-year buyback of up to 5% of own shares, at a €1.00-8.00/sh price range
* Best Q1 since 2011 for private building activity (permits +42% yoy, volumes +27%)
* Wholesale electricity price seasonally up 21% m-o-m in June
ATHEX headed north yesterday, in line with the European markets. In more detail, the General Index rose by 1.18% at 1,420.83 units, (FTSE Large Cap: +1.65%, FTSE Mid Cap: +0.65%, Banks Index: +3.50%) and the traded value was shaped at EUR 118.7m, down from Friday’s EUR 140.0m. We expect ATHEX to consolidate at current levels today, following yesterday’s gains.
Macro Headlines
Greek PMI eases to weakest level in 2024
Greek PMI posted 54.0 in June, down from 54.9 in May, signaling a solid upturn in the health of the Greek manufacturing sector at the midpoint of the year, with the pace of improvement easing, however, for the third month running, to the slowest since the end of 2023.
Greek unemployment decreased to 10.6% in May
ELSTAT announced that the seasonally adjusted unemployment rate came in at 10.6% in May 2024, lower compared to the downwards revised 10.7% in April 2024 and the 11.2% in May 2023. The number of unemployed persons amounted to 504,924, lower by 4.1% y-o-y and lower by 2.2% m-o-m.
Sector Headlines
Electricity suppliers announce higher tariffs for July
According to Energypress.gr, the electricity suppliers announced higher electricity tariffs for July, following the spike in the wholesale electricity price to EUR 98.9/MWh in June from EUR 81.1/MWh in May. In more detail, PPC increased its tariff to EUR 135.5MWh (from EUR 118.9/MWh in May), Mytilineos’ Protergia EUR 158.9/MWh, ELPEDISON at EUR 148.7/MWh and GEKERNA’s HERON at EUR 158.8/MWh.
Company Headlines
Eurobank Holdings AGM on 23 July
The AGM of shareholders will take place on Tuesday 23 July at 10:00 Athens/08:00 London Time. Shareholders will approve among others the distribution of a dividend of EUR 0.093 per share (DY: 4.4%, ex-dividend: 25 July) as well as the cancellation of 52,080,673 own shares acquired from HFSF. We estimate that the positive impact on EPS is minimal (+1.4%). We reiterate our Buy rating and TP of EUR 2.41/share, implying a 14.9% upside potential.
HEDNO seeks higher WACC for the new regulatory period (press)
According to Energypress.gr, PPC’s distribution business HEDNO requests from the energy regulator higher WACC for the new regulatory period starting from 2025 to 8.2%, from 7.66% currently. It is reminded that WACC is the key factor for the calculation of HEDNO’s regulated revenues and profitability.
Intracom Holdings trades ex-capital return today
The stock is trading ex-capital return today (EUR 0.07, Yield: 2.1%).
Fourlis commences its share buyback programme
Following the relevant approval by the AGM, Fourlis will commence a new Share Buyback Programme starting from today, for up to 2,606,597 Company shares (5% of the total share capital), at a price range of EUR 1.00-8.00/share, with the expiration date set for 16 June 2025.
EPSILONNET mandatory offer of Ginger Digital
The mandatory tender offer from Ginger Digital (holds 78.38%) for the remaining shares at EUR 12.00/ share commenced yesterday and will end on 2 August. As a reminder if 90% of the share capital acquired, the offeror will delist the company from ASE.
The ASE Index finished the day with gains of c1.2%, on a EUR 118.5m turnover, with banks outperforming, up 3.5%, supported by Piraeus 5.4%, Alpha’s 4.4% and Eurobank’s 3.7% strong gains. On non-financials, Cenergy rose 2.6%, while Titan and Aegean slipped -1.3% and -1.1% respectively, followed by Motor Oil -0.7% and Jumbo -0.4%. PPC ended the session flattish, down -0.3%. Limited corporate news flow today.
MACRO – CORPORATE NEWS
MACRO
According to ELSTAT, the seasonally adjusted unemployment rate stood at 10.6% in May, compared to 11.2% in May 2023.
PAPOUTSANIS <PAP GA>
We continue our coverage expansion with smaller cap names on the ASE and Papoutsanis (market cap EUR 67m) with a 12M PT of EUR 3.6/share, reflecting a 46% upside potential. Being the biggest bar soap producer in Europe and the sole for hotel amenities in Greece, Papoutsanis business model is built upon ongoing innovation, in order to meet evolving customer needs and stay ahead of industry trends, as well as quick adaptions to market changes. We believe that the company’s strong brand name and high growth prospects, supported by its robust investment strategy in the past four years, build an attractive outlook ahead. On our 2025E estimates the stock trades at 9.5x P/E, offering a 45% discount compared to peers, all reflecting strong profitability numbers and a solid financial position.
Market Comment // Trading in positive territory throughout Monday’s session, the Greek market advanced 1.18%, with the main index settling near intra-day highs at 1.421 points. Trading activity was thinner, with daily turnover amounting to €119mn, namely 16% lower than the 50-day moving average of €141mn. Banks led the rally with Piraeus surging 5.4%, closely followed by Alpha Bank (+4.4%), Eurobank (+3.8%) and NBG (+2.1%). Among non-financials, Elvalhalcor stood out rallying 7.5%, trailed by Viohalco (+3.5%), Cenergy (+2.6%) and Profile (+2.1%). On the other hand, Trade Estates retreated 1.6%, Motodynamics fell 1.4%, while Titan Cement (-1.4%) and Aegean Airlines (-1.1%) also finished on >1% losses. Today, EU futures indicate a mildly negative opening, with investor sentiment remaining fragile as the political landscape in France remains in flux.
PPC // According press HEDNO has proposed raising the WACC to 8.2% (from 7.66% currently) in the new regulatory period starting in 2025. The Regulatory Authority will likely follow up with the decision by the end of the year.
Fourlis // The company announced the initiation of a share repurchase program for a maximum of 2.6m shares (5% of the share capital) within a price range of €1 to €8 per share. The buyback plan will last 1 year (until 16th June 2025).
Kri-Kri // AGM scheduled for today with investors set to vote on standard AGM items including the approval of a dividend of €0.35/share (dividend yield 3.1%; ex-div on 22nd Aug) and the renewal of the company’s share buy-back program.
Real estate // Residential prices in Attica remain on an upward trend, rising 12.4% yoy in Q2’24 according to Spitogatos.gr. A similar picture is painted with rental prices, which posted c13.5% growth in the same quarter.
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ΑΠΟΠΟΙΗΣΗ ΕΥΘΥΝΩΝ: Το περιεχόμενο και οι πληροφορίες της στήλης προσφέρονται αποκλειστικά και μόνο για ενημερωτικούς σκοπούς και σε καμία περίπτωση δεν μπορούν να εκληφθούν ως συμβουλή, πρόταση, προσφορά για αγορά ή πώληση των κινητών αξιών, ούτε ως προτροπή για την πραγματοποίηση οποιασδήποτε μορφής επένδυσης. Κατά συνέπεια δεν υφίσταται ουδεμία ευθύνη για τυχόν επενδυτικές και λοιπές αποφάσεις που θα ληφθούν με βάση τις πληροφορίες αυτές.
