Κλουκίνας -Λάππας: Πώληση ακινήτου έναντι 6,3 εκατ. ευρώ.
Ελληνικό-IRC: Εγκρίθηκε η ΜΠΕ για τη συνεπένδυση HardRock-ΓΕΚ ΤΕΡΝΑ ύψους €1,5 δις. Ωριµάζουν οι αδειοδοτήσεις για το έργο «άγκυρα» στο Ελληνικό, το οποίο αποτελεί µέρος της αρχικής σύµβασης παραχώρησης του ακινήτου.
ATHEX headed north yesterday for a second consecutive session, outperforming the European stock markets. In more detail, the General Index advanced by 1.05% at 1,446.17 units (FTSE Large Cap: +1.34%, FTSE Mid Cap: -0.34% Banks Index: +1.37%) and the traded value was shaped at EUR 82.0m, down from Friday’s EUR 377.3m. We expect the positive momentum to continue today, with Sarantis in focus.
Sector Headlines
Announcements for the State subsidies on the electricity bills for September are expected tomorrow (press)
According to Energypress.gr, the government is expected to announce tomorrow the extent of the state subsidies on the electricity bills for September, so as the final retail tariff for the retail consumers to shape below EUR 150/MWh.
Company Headlines
Alpha Services and Holdings to issue new AT1 Notes-Press
Alpha Services and Holdings plans to tap the markets in order to issue a new Additional Tier 1 Perpetual Notes of EUR 300m-400m. Recall that Alpha issued on 08/02/23 an AT1 bond of EUR 400m with a coupon of 11.875%.
Sarantis 1H24 Results out
Sarantis posted a strong set of results yesterday. In more detail, revenues (including Stella Pack) grew to EUR 302.6m vs. EUR 232.4m in 1H23, recording an increase of 30.2% y-o-y, reaching a new high record. EBITDA of the group increased by 45.3% y-o-y, to EUR 41.7m vs. EUR 28.7m in 1H23, with the EBITDA margin improving to 13.8% from 12.4% last year. Net profit came in at EUR 24.3m vs. EUR 19.2m, recording a 26.8% y-o-y increase, while EPS increased by 30.7% y-o-y to EUR 0.3745/share vs. EUR 0.2866/share in 1H23. Finally, net debt increased to EUR 43.9m vs. net cash of EUR 43.6m in FY23, impacted by the acquisition of Stella Pack and the repayment of its debt (EUR 8.5m), the share buyback programme (EUR 8.5m) and the dividend payment (EUR 15m).
OPAP || CP: EUR 16.15 | Rating: Buy | TP: EUR 19.30
2Q24e preview: Solid quarter, in trajectory to meet management guidance; we expect interim DPS of EUR 0.52
Solid 2Q24e performance | OPAP will release its 2Q24e results today, AMC, while it will hold a cc tomorrow at 16:00 Athens time. We expect a strong quarter in terms of top line, with revenue growth driven by Betting (supported by EURO 2024 soccer event) and Online Casino, while on the flip side Instant & Passives category continued losing momentum due to strong online competition. We project that high OpEx continued to trim profitability in 2Q24e affected by high advertising costs of Eurojackpot and Euro24. The quarter was marked by a) favourable Euro 2024 results for operators, b) the gradual increase of Eurojackpot, and c) the continued growth of Online casino with players increasing their engagement levels.
Intralot 1H24 CC Highlights
Management stated on the conference call that it expects some news within September, as it has submitted bids for various contracts around the world and in specific in Australia (technology contract for TLC with 90% market share), Quebec and Ontario in Canada (Lottery contracts), Illinois (VLT monitoring) and will also bid in mid-September for contracts in Missouri US and in New Zealand. Finally, management said is cautiously optimistic and anticipates stronger performance in 2H in Turkey and Argentina as well as a jackpot in US, since the second half is seasonally stronger in both countries. We reiterate our Buy rating and TP of EUR 1.55/share.
Attica Bank EGM today
The EGM of Attica Bank is taking place today at 10:00 Athens/08:00 London Time and shareholders will approve the merger of Attica Bank with Pancreta Bank by absorption of the latter by the former.
Coca Cola HBC new shares to commence trading on 04 September
The company announced that the new 63,574 ordinary registered shares with a par value of CHF 6.70 each fully paid, which have already been issued following the exercise of stock option plan will commence trading on ATHEX on 4 September 2024.
Kloukinas Lappas (KLM) disposes a real estate property
Kloukinas Lappas (KLM) announced the disposal of a 3,230sqm real estate property in Moschato, Athens for EUR 6.3m
Market Comment // Trading in positive territory throughout Monday’s session, the Greek market closed at an intraday high of 1,446.2 points, gaining 1.05%. Trading activity fell back to recently established low levels, with turnover at €82mn. Profile led gainers surging 3.6%, closely followed by OPAP (+3.3%), Sarantis (+3.0%), Piraeus Bank (+2.9%), and HTO (+2.9%), while Dimand (+2.4%), Austriacard (+2.4%), and Aegean (+2.2%) also posted strong gains. Additionally, Alpha Bank advanced by 1.9%, with Elvalhalcor (+1.6%), Motodynamics (+1.5%), NBG (+1.5%), Jumbo (+1.4%), Lamda (+1.3%), and Titan Cement (+1.3%) following. Conversely, Autohellas shed 2.3%, followed by Fourlis (-1.2%), Intralot (-1.1%), ADMIE Holding (-0.9%), Optima Bank (-0.9%), and Premia (-0.8%). Today, we expect stocks to fluctuate as investors position themselves ahead of U.S. data later this week that will determine the size of upcoming rate cuts.
Sarantis // Sarantis Q2 eclipsed our estimates by c€1.4m at operating profit level, with the group remaining on the path of double digit organic growth and EBIT margin expansion. Q2 EBIT popped 43% yoy (or +25% lfl), driven by +31% sales growth (of which c16% from Stella Pack and c15% lfl) and operational leverage. As a result, H1’24 sales increased +30% yoy (+13.4% lfl), leading to EBIT +47% yoy (+30.7% lfl) and net profit +27% yoy (€24.3m). Sarantis group turned to net debt of €44m in H1’24, pointing to c€88m outflows vs year end, an anticipated development given the acquisition of Stella Pack and >€20m in dividends/buybacks. Mgt’s FY’24e target for €61m EBIT looks well underpinned.
OPAP // Q2 results today post market close. Following a slow start to the year (Q1 adj. EBITDA -2.5% yoy) due to marketing costs’ phasing, Q2 looks set to be rather tepid (given weak retail in April-May), albeit with the yoy EBITDA swing returning in the green (EEe +0.6%) on +3% higher revenues. Shareholder remuneration ought to sweeten the quarter, with interim DPS likely to shape near the €0.55 area, we believe.
National Bank // In sync with recent press reports, Kathimerini today argues that the Greek govt is leaning towards a partial disposal of the state’s 18% stake in NBG, placing c10% at this stage. The placement is likely to occur in the first week of October.
ADMIE Holding // A preliminary agreement was reached yesterday for the Greece-Cyprus electricity interconnection. Under this agreement, the Cyprus Energy Regulatory Authority will approve revenue recovery in Cyprus during the construction period of the interconnection, from 2025 until the project’s operation in 2030.
Banks // According to Euro2day, under pressure from the SSM, the Ministry of Finance has accelerated the settlement process for overdue state-guaranteed loans to banks. Reports suggest that by June 2025, 90% of the guarantees for individual loans, amounting to c€1bn, will have been repaid. This development is positive for Greek banks, as it could potentially lead to provisioning reversal. The situation is more complex for small business loans granted under similar conditions, with the priority currently being the repayment of mortgage-related debt.
Coca-Cola HBC // 63.6K ordinary shares from stock options to commence trading on the Athex as of Wednesday, 4th Sep; outstanding ordinary shares at 373.2m.
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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.
