ΚΥΚΛΟΣ Χρηματιστηριακή Α.Ε.Π.Ε.Υ.* (http://www.cyclos.gr/)
Attica Group: Οι μακροπρόθεσμοι στόχοι κάνουν λόγο για έσοδα 915-925 εκατ. ευρώ το 2029 και EBITDA που θα κινηθούν στα 238-262 εκατ. ευρώ, με το περιθώριο να κινείται στη ζώνη του 27%. Mε βάση τα στοιχεία εννεαμήνου του 2024, τα έσοδα ήταν 593 εκατ. ευρώ.
Ideal: Εγκρίθηκε η επιστροφή κεφαλαίου 0,10 ευρώ ανά μετοχή. Οι οικονομικές επιδόσεις του ομίλου τόσο στον κλάδο της πληροφορικής όσο και σε αυτόν της λιανικής πώλησης (Αττικά Πολυκαταστήματα) εξελίχθηκαν πολύ ικανοποιητικά το 2024 και επίσης ότι με θετικό τρόπο κινήθηκε και ο φετινός Ιανουάριος.
ΙΟΒΕ: το οικονομικό κλίμα βελτιώνεται τον Ιανουάριο, με τον σχετικό δείκτη να διαμορφώνεται στις 108,6 από τις 106,4 μονάδες τον προηγούμενο μήνα. Η άνοδος του δείκτη προέρχεται κυρίως από τη Βιομηχανία και τις Κατασκευές, με τις Υπηρεσίες και την καταναλωτική εμπιστοσύνη να βελτιώνονται ηπιότερα και μόνο το Λιανικό Εμπόριο να υποχωρεί μετά την εορταστική περίοδο
ATHEX headed south yesterday, as investors moved to safer assets amidst intensifying trade war, underperforming the European stock markets. In more detail, the General Index tumbled by 2.70% at 1,507.50 units (FTSE Large Cap: -2.85%, FTSE Mid Cap: -3.23%, Banks Index: -4.02%) and the traded value was shaped at EUR 182.8m, up from Friday’s EUR 127.4m. We expect ATHEX to try to recover today, after yesterday’s sell-off.
Macro Headlines
HICP slightly up in January (Eurostat)
According to a flash estimate from Eurostat, Greek annual inflation is expected to shape at 3.1% in January, up compared to 2.9% in December and above the respective EU area figure (up to 2.5% in January from 2.4% in December).
Company Headlines
Piraeus CEO confirmed negotiations on Ethniki Insurance
Reportedly, the CEO of Piraeus Financial Holdings stated yesterday to the press that Piraeus is in ongoing negotiations with CVC Capital Partners about the acquisition of its 90.01% stake in Ethiniki Insurance, but a deal is not done until the fat lady sings. He also mentioned that Piraeus aims fee income to account for 30% of revenues, in line with the European average and specifically with Unicredit and Intesa Sanpaolo.
Alpha Services and Holdings FY24 results on 28 February 2025
Alpha announced that it will report FY24 results on Friday 28 February 2025 at 08:00 Athens/ 06:00 London Time. Management will host a conference call on the same day at 12:00 Athens/ 10:00 London Time.
Attica Bank completed NPE securitizations
Attica announced that it completed the securitization transactions of the NPE portfolios “Domus” and “Rhodium,” with a total book value of approximately EUR 3.7bn. Attica retains 100% of the senior notes from the “Domus” securitization, amounting to EUR 728.0m, as well as 5% of the mezzanine and junior notes. Additionally, the bank will retain 100% of the senior notes from the “Rhodium” securitization, amounting to EUR 476.0m, and 5% of the mezzanine and junior notes. The majority, 95%, of the mezzanine and junior notes of the “Domus” and “Rhodium” securitizations were transferred to an entity advised by Davidson Kempner Capital Management LP, while the servicing of the aforementioned portfolios was assigned to Cepal Hellas Financial Services.
Aegean Airlines has scheduled additional flights to Santorini (Press)
According to press reports, the airline operated 9 flights (5 unscheduled) from Santorini to Athens yesterday and has already planned to operate 8 flights today (4 non-scheduled). In total, the number of passengers carried will reach 2,500-2,700.
SCI shares of AKTOR commence trading today
As of today, 43,478,478 new shares of Aktor Group which resulted from the EUR 200m SCI, will commence trading in ATHEX.
Ideal Holdings EGM approved capital return
The EGM of shareholders gave the green light yesterday for the distribution of a capital return of EUR 0.10/share (Yield: 1.7%).
Motodynamics Financial Calendar 2025
Motodynamics announced that it will report FY24 results on Wednesday 30 April 2025 and the AGM will be held on Thursday 23 June 2025.
The ASE Index started the week with a 2.7% decline, driven by a broad sell-off, with turnover amounting to EUR 184m. The banking index posted 4% losses on the day, led by Piraeus Bank’s and Alpha Bank’s 5.1% drop, while Eurobank and NBG finished 4.3% and 2.7% lower respectively. All major stocks ended on red territory, with Titan losing Friday’s strong momentum, slipping by 5.9%, Metlen posting a 3.9% loss, closely followed by Lamda and Motor Oil both down c.3.8%, while Jumbo and PPC both recorded a 2.5% drop. Moreover, OPAP was down 1%, with OTE and Sarantis flattish.
MACRO – CORPORATE NEWS
MACRO
Based on Eurostat, inflation in Greece stood at 3.1% yoy in January, compared to 3.2% yoy in January 2024 and 2.9% yoy in December 2024.
PIRAEUS BANK <TPEIR GA, OW>
Piraeus announced that its assessment regarding the investment in National Insurance is ongoing and there is no definitive agreement for a potential transaction. The CEO also confirmed in press interviews that negotiations are ongoing.
ATTICA BANK <TATT GA>
Attica Bank announced the completion of the securitization transactions of the two non-performing exposure portfolios “Domus” and “Rhodium,” with a total book value of EUR c.3.7bn. As per the announcement the bank will retain 100% of the senior notes from the two portfolios, amounting to EUR 728m and EUR 476m respectively, as well as 5% of the mezzanine and junior notes.
Market Comment // Greek stocks tumbled on Monday, as risk-off sentiment permeated across global markets following the tariffs announced by the US, with the ASE benchmark finally closing -2.70% lower at 1.507 points. Trade activity reached €184m, above the 100-day moving average of €152m. Viohalco (-6.8%) and Motodynamics (-6.1%) led laggards, followed by Titan Cement, Elvalhalcor, Piraeus Bank, and Alpha Bank (on >5% losses) and ATHEX, Thrace Plastics, Aegean Airlines, Quest Holdings, and Eurobank (on >4% losses), while Metlen, Motor Oil, Lamda Development, Cenergy, IDEAL Holdings, Ellaktor, and Autohellas all booked losses >3%. On the other hand, CCH (+1.80%) and Kri Kri (+1.25%) were among the few standout gainers. The market looks headed for a negative opening today, as investors are assessing scenarios on the impact of the US tariffs and the potential for a new set of measures to be announced.
Banks // According press, several European insurance groups have taken interest in Ethniki Asfalistiki, Greece’s largest insurer, following Piraeus Bank’s bid for the company. Reportedly at least three European firms, primarily from Central Europe, are evaluating potential offers should a formal sale process commence. The latter depends on the extent to which the owner (CVC) will deem Piraeus Bank’s offer as satisfactory.
Aktor // Commencement of trading of the new shares (43.48m) arising from the recent €200m share capital increase.
IDEAL Holdings // As expected, the EGM on February 3rd approved a capital return of €0.10 per share (1.7% yield). As per the company calendar, the cut off date is set for Monday 23 March and payment will start on the 31st of March.