* Eurobank (EUROB GA) raises holding in 2nd largest Cypriot lender Hellenic Bank to 55.3% from 29.2% for €276m in total (or €2.56/sh); launches public offer for minorities at €2.56/sh
* Alpha Bank (ALPHA GA) to issue new €500m 10.25NC5.25 Tier II notes, to call €500m existing (due 2030) similar instruments
* Coca-Cola Hellenic (EEE GA) issues 64k new shares
* Electricity price jump 35% m-o-m in May
ATHEX rebounded yesterday after four sessions in the red outperforming the European markets. In more detail, the General Index rose by 1.09% at 1,447.41 units, (FTSE Large Cap: 1.26%, FTSE Mid Cap: 0.19%, Banks Index: 1.84%) and the traded value was shaped at EUR 88.8m, down from Friday’s EUR 384.0m. We expect ATHEX to move in line with the European markets today.
Macro Headlines
Greek PMI remains elevated in May
Greek PMI posted 54.9 in May, down from 55.2 in April, signalling a further improvement in the health of the Greek manufacturing sector. The rate of growth remained historically elevated, despite easing to the slowest for four months.
Company Headlines
Alpha launched a tender offer for its EUR 500.0m Tier 2 notes, to issue new Tier 2
Alpha Services and Holdings announced that it invited on 03 June 2024 holders of its EUR 500.0 m subordinated fixed rate reset Tier 2 notes due 2030 to tender their Notes for purchase by the Offeror for cash. Whether the Offeror will accept for purchase any Notes validly tendered in the Offer is subject to conditions, including among others the successful completion of an issue by the Offeror of a new series of subordinated EUR denominated fixed rate reset Tier 2 notes, subject to market conditions. Recall that Alpha issued on 13/02/2020 the aforementioned Tier 2 note with a coupon of 4.25%.
Eurobank increased its stake to 55.3% in Hellenic Bank, submits takeover bid
Eurobank Holdings announced that its 100% subsidiary Eurobank received the relevant regulatory approvals and thus purchased on 03 June 2024 a 26.1% stake (107,694,301 shares) in Hellenic Bank for a total of EUR 275.7m or EUR 2.56 per share and increased its stake to 55.3%. According to the Cypriot Law, Eurobank announced the submission of a mandatory takeover bid to the shareholders of Hellenic Bank for the acquisition of up to 100% of the issued share capital at EUR 2.56/share, at 3% discount to yesterday’s closing price. Eurobank values Hellenic Bank at EUR 1.057m and 0.72x P/TBV23. The news is positive and expected.
Mytilineos AGM today
Mytilineos holds its AGM today to approve among others the distribution of a EUR 1.55/share dividend (ex-date: 26 June, DY: 4.2%). Additionally, during today’s AGM, the company is expected to provide guidance for 2024e, and also to present its new corporate name.
Profile ex-dividend today
The stock is trading ex-dividend today (DPS: EUR 0.0489806994, DY: 1.0%) and payment will be made on 11 June.
OPAP | Executive Chairman purchased shares
The company announced that Mr. Kamil Zieger, executive chairman of the company, purchased 9,950 shares on 30 May for a total value of EUR 149,747.
INTRAKAT CEO acquires 2,277k company shares, extending its control in the company to 39.17%
INTRAKAT announced that WINEX Investments, a company related to INTRAKAT’s CEO Mr Exarchou, acquired 2,277k company shares at an average price of EUR c5.15/share, raising its stake in the company to 39.17% (from 37.75% previously).
Euroconsultants new strategic objectives
The company announced that has a backlog of EUR 9m and with the awarded projects to be signed during 2024 the backlog exceeds EUR 15m without the bidding of the new projects, (more than double the FY23 turnover). Also, the company’s objective is to participate in other activities through acquisitions of companies and partnerships with high value-added companies in the sectors of ESG, digital transformation and digital technologies using artificial intelligence and IoT technologies.
The market ended yesterday’s session with gains, with the benchmark index up 1%, on a relatively low EUR 88.8m turnover. The banking sector followed suit rising 1.8%, supported by Piraeus Bank, up 2.5% and Alpha Bank +1.8%. Among the top gainers, Athens Exchange marked a 3% advance, PPA and Helleniq Energy were up c2.4% and 2.1% respectively, while Cenergy and GEKTERNA ended flat . On red, Ellaktor was down -1%.
MACRO – CORPORATE NEWS
HELLENIQ ENERGY <ELPE GA, OW>
According to press reports the two major shareholders of HELLENiQ Energy, HRADF and Paneuropean Oil are considering a placement of 20% with timeline still unspecified (lockup period ends on June 7th). Same press report indicated that Mr Evangelos Mytilineos could be interested in the acquisition of the 20% stake, while the company Mytilineos seems to be holding a 3% stake in HELLENiQ Energy (with 1% acquired personally from Mr Mytilineos during the 2023 placement).
EUROBANK <EUROB GA, OW>
Eurobank announced that following receipt of regulatory approvals, it’s holding in Hellenic Bank <HB CY> increased to 55.3%. As a result, Eurobank also announced a takeover bid for the minorities of Hellenic Bank. The consideration offered is EUR 2.56 / share i.e. the price Eurobank also paid to increase its stake to 55.3%. The current price of Hellenic Bank is above these levels (yesterday’s close at EUR 2.64 / share).
ALPHA BANK <ALPHA GA, OW>
Alpha Bank launched a tender offer, subject to conditions, for the purchase of its EUR 500m dated subordinated fixed rate reset Tier 2 notes due 2030. Reportedly, Alpha will proceed with the issuance of new EUR 500m T2.
Market Comment // In a rather muted – from a trading perspective – session yesterday the ASE Index ticked +1.09% higher to 1,447.41 points outperforming the main EU gauge (+0.3%). Trading activity dropped to €88.8m, below the 100-d moving average of €145.8m. Banks outshone the main benchmark with a 1.84% rise led by Piraeus (+2.49%), Alpha (+1.87%), Eurobank (+1.74%) and NBG (+1.5%). Among non-financials, ATHEX dominated gainers (+3.06%), trailed by Ideal Holdings (+2.39%), PPA (+2.38%) and HelleniQ Energy (+2.15%). On the negative side, Thrace Plastics (-2.30%, trading ex-div), Optima (-1.50%) and Papoutsanis (-1.3%) fell more than 1%. EU futures point to a negative opening today, as caution from the soft US factory activity data is spilling over in global markets.
Eurobank // Following the receipt of the relevant regulatory approvals, Eurobank has announced the increase of its stake in Hellenic Bank to 55.3% (from 29.2% previously) for €276m (€2.56/share) and the submission of a takeover bid to the shareholders of the latter. The consideration offered is €2.56/share, paid in cash to all the shareholders who will accept the Takeover Bid.
Mytilineos // The Group will hold its AGM today, where investors will vote on standard general meeting items. During the AGM, we expect the CEO to provide an outlook for the year and guidance for FY’24e EBITDA.
Banks // According press the SSM is expected to approve the distribution of dividends by Greek banks by Friday. We remind that Greek Banks’ payout ratios from 2023 profits suggest dividend per share (DPS) of roughly €0.06 for Piraeus, €0.05 for Alpha Bank, €0.09 for Eurobank, and €0.36 for NBG.
Alpha Bank // According to press reports, Alpha intends to tap the market today for a €500m 10.25 year Tier II bond with a yield close to 6.5% (MREL eligible) callable at 5.25-years, having already given the mandate to foreign banks. The new issuance will refinance a Tier II note issued in 2020.
Profile // Shares will trade ex-div today, €0.04898 gross DPS (€0.04653 net, 0.9% yield). Payment will commence on 11th June.
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