ATHEX headed south yesterday for a fourth session in a row, in line with the European stock markets. In more detail, the General Index tumbled by 1.26% at 1,428.81 units (FTSE Large Cap: -1.49%, FTSE Mid Cap: -1.21%, Banks Index: -1.54%) and the traded value was shaped at EUR 196.9m, up from Tuesday’s EUR 106.3m. We expect the risk-off sentiment to continue as investors are eyeing the developments in the Middle East.
Macro Headlines
Greece sells 3-month T-bills at 2.84%
The Greek State raised EUR 600m yesterday from the issuance of 13–week T-bills. In more detail, the total amount auctioned was EUR 500m, while total bids reached EUR 946m (1.89x coverage ratio vs. 2.40x in the previous auction) for an interest rate of 2.84% (vs. 3.23% in the previous auction).
Sector Headlines
Facts: Bank of Greece announced that the average interest rate on new production of loans narrowed by 2bps m-o-m to 5.84% in August 2024, whilst the average interest rate on new production of deposits squeezed by 3bps m-o-m at 0.54%. The marginal drop in the average interest rate on new loan production by 2bps m-o-m is attributed to lower interest rates on business (-4bps m-o-m), while the interest rate on mortgage loans rose by 4bps m-o-m. Thus, the interest rate spread for new production widened by 1bp m-o-m to 5.30%. On outstanding amounts, the interest rate spread squeezed by 3bps m-o-m to 5.53%.
Company Headlines
HFSF completed the disposal of a 10% stake in NBG-Press
Reportedly (euro2day), HFSF completed the disposal of 91,471,515 common shares (10% stake) to international and Greek investors at EUR 7.55/share, a marginal 1.3% discount to yesterday’s closing price, implying a P/TBV24e of 0.89x. Hence, the gross proceeds for HFSF are amounted to EUR 690.6m. Following the disposal of a 10% stake, HFSF will hold a 8.39% stake (76,744,601 shares) in NBG. The same reports suggest that the book oversubscribed by 12x and 15% of the offer shares (13,720,727) were offered to Greek investors. According to NBG prospectus, the crediting of the shares will take place on 07 October. National Bank of Greece is one of our top picks in the sector with TP of EUR 12.00/share, implying a 57% upside potential.
Cenergy Holdings approves the EUR 200m SCI
During yesterday’s EGM, Cenergy Holdings approved the up to EUR 200m increase of the Company share capital.
GEKTERNA to hold an EGM on 23rd October
GEKTERNA will hold an EGM on 23rd of October to approve the sale of all the shares in TERNA ENERGY to Masdar.
Jumbo Share buyback
The company announced that it purchased on 1 October, 55,144 own shares at an average price of EUR 26.363. The company now holds 55,144 shares or 0.04% of the total share capital.
Intracom Holdings bought Intralot shares
Intralot announced that Intracom Holdings acquired yesterday, 100,000 common shares of Intralot at an average price of EUR 1.12853 and for a total value of EUR 112,853.33.
The escalating conflict in the Middle East weighed on the market, with the ASE Index remaining under pressure losing -1.2%, on a EUR 196.8m turnover (o/w EUR 74.5m in NBG). Banks marked a -1.5% drop, with NBG flat on the day, Alpha slipping -3%, followed by Eurobank and Piraeus down 2.3% and 1.8%. Most large cap stocks ended on the red, with Aegean and Metlen recording -3.6% and 3% losses, PPC finished -2% lower, OPAP and GEK Terna were down 1.4%, while Titan fell by -1.2%.
MACRO – CORPORATE NEWS
BANKS
According to BoG data, the average interest rate on new deposits dropped to 54bps in August from 57bps in July mainly due to lower rates on bigger ticket corporate time depos (298bps in Aug vs. 311bps in July). Rates on new retail time depos remained broadly stable at 188bps. On outstanding balances, average deposit rates also remained flattish at 53bps. On the lending side, the average yield on outstanding balances dropped to 6.06% (from 6.09% in July) with new balances at 5.84%.
AUSTRIACARD <ACAG GA, OW>
The company hosted a presentation to local institutional investors with management re-iterating the guidance for a 10% growth in revenues and 10-12% growth in EBITDA during 2024E. The management’s longer term internal target is for a double-digit revenue growth rate over the next three years with growth driven by geographical expansion (focus on US, UK and Middle East) and the expansion of the product portfolio.
CENERGY <CENER GA, OW>
The company announced that the EGM approved yesterday the granting to the BoD of an authorization to increase the share capital.
ALPHA BANK <ALPHA GA, OW>
Alpha Bank announced that in the framework of the stock option plan for employees of the bank, 36 employees acquired 137.6K shares for a price of EUR 0.29/share in the period of September 2nd to September 13th.
GEK TERNA <GEKTERNA GA, OW>
The company announced that the EGM for the approval of the sale of Terna Energy to Masdar Hellas is scheduled for October 23rd.
Market Comment // Weighed down by geopolitics and buzz around NBG’s placement, Greek stocks ended 1.26% lower on Wednesday, trading in the red throughout the session (-1.6% to 0%). Turnover increased to €197m, of which c€55m in NBG blocks. Among leading laggards, Aegean, Metlen, Ellaktor and Alpha Bank slumped >3%, trailed by significant losses (>2%) in EXAE, ELHA, Intralot, Viohalco, Eurobank, Noval, OTE, PPC and Cenergy. On the other hand, CCH stood out among the few gainers (+1.38%), AIA ticked marginally higher, while NBG ended the session flat. Today markets look poised for a negative opening amid rising jitters on the geopolitical front, with investor focus turning to tomorrow’s US jobs report for clues on the size of the next Fed cut.
National Bank // The book-building process for the sale of a 10% stake (91.5m shares) in NBG held by HFSF concluded yesterday. The placement met very strong interest, with the offer being oversubscribed by >12X and the final price settling at €7.55/share. Subscription was reportedly strong for the domestic book too, at >1.5x (i.e. €130mn), to which 15% of the sold stake will be allocated (c1.5% of the share capital). The remaining 85% (or 8.5% of the share capital) is set to be allocated to foreign qualified investors, with high quality funds reportedly featuring in the new shareholder list.
Economy // In sync with recent press reports, Kathimerini today refers to the upcoming upward revision of Greece’s debt, due to the retrospective incorporation to Public Debt of €12.4bn deferred interest related to the 2nd MoU (dating back to 2012). The accounting treatment will result in a c5ppt increase in the debt/GDP ratio (to c167% in 2023), with the govt aiming to mitigate this effect by the early prepayment of €7.9bn of debt, thus leaving c2.3% of GDP as burden. The latter could potentially be almost fully offset by Eurostat’s concurrent revision of the GDP base year (from 2015 to 2020, scheduled for all member states). The accrual change does not affect Greece’s funding or fiscal needs.
Banks // The interest rate spread between new loans and deposits was flattish m/m in August (up by 1bps m/m) at 5.30%, with the spread on existing ones slightly narrowing (down by 3bps m/m) to 5.53%.
Cenergy // As expected, shareholders granted yesterday authorization for the Board to proceed to a capital increase (in one instance within a period of 5 years).
GEK Terna // The Group will hold an EGM on 23rd October for shareholders to approve the sale of GEK Terna’s stake in Terna Energy to Masdar, along with the related sale and purchase agreement dated 20th June.
* Tα παραπάνω σχόλια μπορείτε να τα διαβάσετε πρώτοι στο viber του mikrometoxos.gr
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.