κλείνοντας στις1386,38 µονάδες. Παράλληλα, η αξία των συναλλαγών διαµορφώθηκε στα
118,8 εκ. ευρώ (µε πακέτα 23 εκ. ευρώ). Οι αγοραστές ξεκίνησαν µε θετική διάθεση
οδηγώντας σύντοµα το Γ.∆. στο ενδοσυνεδριακό υψηλό των 1394 µονάδων. Όµως,
σύντοµα οι πωλητές ανέκτησαν την υπεροπλία οδηγώντας το Γ.∆. σε αρνητικό έδαφος και
στο ενδοσυνεδριακό χαµηλό των 1376 µονάδων, για να ανακτήσουν την υπεροπλία πάλι οι
αγοραστές στις δηµοπρασίες µε τις ευρωπαϊκές αγορές να κινούνται ανοδικά. Την ίδια ώρα,
οι αποδόσεις των 10ετών τίτλων διαµορφώνονταν στο 3,318%. Έτσι, ο τραπεζικός κλάδος
(+0,34%) κατέγραψε κέρδη µε τη Eurobank (+1,21%) να υπεραποδίδει αλλά την Πειραιώς (- 0,46%) να διαφοροποιείται. Κέρδη ακόµη κατέγραψε ο Ελλάκτωρ (+2,86%), η Autohellas(+5,30%), η Aegean (+1,96%), ο ΟΠΑΠ (+0,43%), η ΕΧΑΕ (+1,16 %), ο ΟΛΠ (+0,56%), οΣαράντης (+0,86%) αλλά και ο Παπουτσάνης (+6,58%), η Reds (+7,56%) και η Κυριακούλης (+4,87%) από τη µεσαία και µικρή κεφαλαιοποίηση. Στον αντίποδα, απώλειες κατέγραψε η ΜΟΗ (-0,74%), η Helleniq Energy (-0,49%), ο Μυτιληναίος (-0,76%), το ο Μυτιληναίος (-0,76%), το Jumbo (-0,76%), η Βιοχάλκο (-0,76%) και ο ΟΤΕ (-0,29%). Απολογιστικά, 61 µετοχές κατέγραψαν κέρδη έναντι 45 εκείνων που υποχώρησαν. Το µεσηµέρι, ανακοινώνονται στις ΗΠΑ τα στοιχεία της αγοράς εργασίας για το Μάρτιο. Στο Χ.Α., ο Γ.∆. αρνείται να υποχωρήσει κάτω από τις 1379 µονάδες, στοιχείο καταρχάς θετικό. Όµως είναι ανησυχητική η αποτυχηµένη απόπειρα ανακατάληψης των 1388 µονάδων ώστε να επανέλθει η προοπτική επανόδου ανοδικής κίνησης. Ανοικτά όλα τα
ενδεχόµενα στη σηµερνή τελευταία συνεδρίαση της εβδοµάδος.
Attica Group: Αύξηση κερδοφορίας στα 61,2 εκατ. το 2023, µέρισµα €0,07/µετοχή.
Έσοδα στα 588 εκατ. ευρώ στην πρώτη χρήση µε ενοποιηµένη την ΑΝΕΚ, +11%.
Ενίσχυση στόλου µε δέκα νέα πλοία. Ταµειακά διαθέσιµα €103,4 εκατ. παρά τις επενδύσεις.
Τέρνα Ενεργειακή: Ξεκίνησε η Ολοκληρωµένη ∆ιαχείριση Απορριµµάτων στη
Λακωνία. Πρόκειται για επένδυση 167 εκατ. ευρώ που περιλαµβάνει 3 Μονάδες
Επεξεργασίας Απορριµµάτων, 3 Χώρους Υγειονοµικής Ταφής Υπολειµµάτων και 2
Σταθµούς Μεταφόρτωσης.
ΕΥ∆ΑΠ: Αποχετευτικό δίκτυο σε Γραµµατικό, Καλέτζι, Άνω Σούλι, Άγιο
Παντελεήµωνα. Έπεσαν οι υπογραφές της σύµβασης προϋπολογισµού 11,7 εκατ. ευρώ
για την κατασκευή 30 χλµ. αγωγών και 1.510 εξωτερικών διακλαδώσεων για σύνδεση
ακινήτων. Έργο στο πλαίσιο του πρότζεκτ αναβάθµισης της ευρύτερης περιοχής της
Ανατολικής Αττικής.
Κτήµα Λαζαρίδη: Σύµβαση µε Eurobank για οµολογιακό €1,23 εκ. διάρκειας δέκα
ετών. Θα χρησιµοποιηθεί εξ ολοκλήρου για την χρηµατοδότηση ποσοστού 50% των
δαπανών της επένδυσης στην επέκταση δυναµικότητας του οινοποιείου και αµπελώνων.
Mytilineos: Κατασκευάζει δεύτερη µονάδα ηλεκτροπαραγωγής CCGT στην Πολωνία.
Το έργο για τη µονάδα ισχύος 560 MW στην περιοχή Turek αναµένεται να ολοκληρωθεί το
δεύτερο τρίµηνο του 2027. Στα €250 εκατ. περίπου η συµβατική τιµή για την ελληνική
εταιρεία.
η Eurobank Equities.
Στην αποθήκευση ενέργειας στρέφεται το σχήµα Enel-Macquarie. Principia το όνοµα
του κοινού σχήµατος Enel-Macquarie στον χώρο της ενέργειας. Business plan και
σχεδιασµός για επενδύσεις
*PANTELAKIS SECURITIES* (https://www.pantelakis.gr/)
* Mytilineos (MYTIL GA) clinches €250m EPC project in Poland for new 560MW CCGT power plant
* PPC (PPC GA) and RWE 49%-51% JV signs financing for new 450MW and 280MW solar parks
* PPC (PPC GA) continues to lose market share: down 104bps m-o-m to fresh all-time lows of 50.9% in March, due to attrition in MV
* Energy prices remained near 3-year lows in March
ATHEX headed north yesterday, in line with the European stock markets. In more detail, the General Index rose by 0.19% at 1,386.38 units, (FTSE Large Cap: +0.21%, FTSE Mid Cap: +0.16%, Banks Index: +0.34%) and the traded value was shaped at EUR 118.2m, down from Wednesday’s EUR 126.8m. We expect ATHEX to consolidate at current levels due to the lack of catalysts.
Macro Headlines
Greek Government lowers GDP growth target for 2024
According to Capital.gr, the finance ministry lowers its growth estimate for 2024 to 2.5% from 2.9% previously.
Market Headlines
ATHEX mid cap changes
ATHEX announced that Lavipharm will be included in FTSE/X.A. Mid Cap with free float weight 39%, in replacement of ENTERSOFT that will be removed due to low free float, changes will be effective today at the close.
Company Headlines
Motor Oil 4Q23 Results Conference call
During yesterday’s conference call for the FY23 Financial Results, MOH’s management said that: a) Refining margins are performing very well in 1Q24, above company budget, b) expects solid demand in the following months as we enter the driving season, c) Naphtha reformer contributed EUR 200m EBITDA in 2023, benefited by the very wide Gasoline-Naphtha crack spread.
MYTILINEOS signs a 560MW CCGT project in Poland
MYTILINEOS in Consortium with Siemens, has undertaken the construction of a 560 MW CCGT power unit in Turek, Poland. The contract price for MYTILINEOS amounts to EUR 250m and is expected to be completed in 2Q27.
PPC and RWE secure RRF financing for four large PV project of 730MW in Ptolemaida (press)
According to Kathimerini, PPC and RWE secured the financing within the RRF framework for the completion of the construction of four large PV parks with a 730MW capacity, in Ptolemaida, NW Greece. The PV plants, are budgeted EUR 451m and will be covered with EUR 324m from RRF facility lending, 175m bank loans and EUR 90m equity.
Terna Energy commences commercial operation of the waste management plant in Laconia
Terna Energy announced the commencement of commercial operation of the waste management plant in Laconia, Peloponnese, an investment of EUR 167m which was partially funded with EUR 70m from ESPA funds.
Motodynamics and Petropoulos potential stock for stock merger (press)
According to Mononews.gr, the car trade companies Motodynamics and Petropoulos could potentially merge with share exchange.
Euroconsultants financial calendar
The company will publish its financial report on Thursday 11 April, the AGM will take place on Friday 10 May, while the company announced that no proposal will be made by the BoD for dividend distribution this year.
Attica Group results out
The company posted a strong set of results with revenues up by 11% y-o-y at EUR 588.3m vs. EUR 530.2m in FY22. EBITDA reached EUR 126.4m vs. EUR 57.8m last year posting a 118% y-o-y increase, while net profit reached EUR 61.2m vs. EUR 17.1m, up by 257%. During 2023 the Group’s fleet was further strengthened with 10 new ships reaching 43 ships vs. 33 last year. Group debt in relation to EBITDA is at 3.8 times while cash and cash equivalents amount to EUR 103.4m vs. EUR 87.9m last year despite total investment cash outflows of EUR 63m in FY23. We remind that it is the first announcements of results following the consolidation of ANEK lines. Management will propose to the AGM the dividend distribution of EUR 0.07/share.
Modest gains for Athens yesterday (+0.19%) on EUR 118m turnover. Banking sector performance was mixed with Eurobank at +1.2%, Alpha at +0.67%, NBG flattish and Piraeus at -0.46%. From the non-financials, quality mid caps outperformed (Autohellas at +5.3%) with Aegean, Titan and PPC also posting gains of >1%.
MACRO
Reportedly, the government will revise downwards the GDP growth for 2024E to 2.5% from 2.9% initially presented in the budget. The 2.5% level is more in line with most other official forecasts (BoG, EU etc) but still well above the Bloomberg consensus (1.5% for 2024E).
CENERGY <CENER GA, OW>
We have updated our model on Cenergy Holdings and revised upwards our Price Target (PT) at EUR 11.0/share from EUR 8.0 per share previously. We expect an EPS CAGR (2023-26E) of >30% with ROIC exceeding 20% by 2026E. We think current multiples (EV/EBITDA of 7.3x on 2024E, c.25% discount to peers) are very attractive in view of the strong growth rates ahead with a secure backlog of c.EUR 3.0bn.
MOTOR OIL HELLAS <MOH GA>
Conference call highlights: 1) reformer’s contribution to group EBITDA was c.EUR200m vs initial expectations of EUR 70-90m, 2) 2024E capex guidance of EUR 340m, additional spending of EUR 130m vs 2023 to be equally invested in RES and Retail, remaining EUR 210m for pp investment, port facilities, CCGT, bluemed biofuels and maintenance 3) domestic demand in 1Q24 is flat yoy on the back of gasoline/diesel up and heating down, however demand should improve with tourism season ahead 4) MOH has no significant cost/supply issue effect from current disruptions as most feedstock is sourced by big integrated commodity companies
MYTILINEOS <MYTIL GA, OW>
Mytilineos announced that in a consortium with Siemens it has undertaken the construction of a 560 MW CCGT power unit in Poland. The contract price for Mytlineos stands at EUR 250m with project completion expected in 2Q27.
Market Comment // In a volatile session yesterday the Greek market ended marginally higher (+0.19%) at 1,386 points, having swung between losses of -0.51% and gains of +0.75%. Trade activity retreated to €118m, still below the 100-day moving average of €145m. Outperformers included Autohellas (+5.30%), Ellaktor (+2.86%), Fourlis (+2.12%), and Aegean (+1.96%), with Intrakat, Profile, PPC, Eurobank, Ideal Holdings, Titan, ATHEX and Austriacard also registering gains of more than 1.0%. On the other hand, ElvalHalcor shed 2.3% while Epsilon Net lost 2.13%. EU futures point to a negative opening today, with risk mood sapped by the geopolitical tensions in the Middle East and hawkish Fedspeak.
Politics // The Greek Supreme Court’s decision to press charges against several lawmakers from the far-right “Spartans” party, due to suspicions of potentially deceiving the electorate, could lead to the ruling party strengthening its majority in Parliament by an additional 6 MPs.
Titan Cement // In our new note “Growth cast in concrete” we argue that despite the step-up in profitability in FY’23 (+63% yoy) that led to the group surpassing its FY’26 targets three years ahead of schedule, there is scope for mid-to-high single digit EBITDA growth in the coming years given the solid demand backdrop. We have therefore raised our estimates 5-6%, now envisaging FY24e EBITDA of €573mn (+6% yoy) rising to €628mn in FY26e (3-year CAGR: 5%). We have increased our PT to €31.0 reiterating our Buy but removing the stock from our top picks following the 31% rally in the last 4 months. Our PT places the stock at 4.9x 1-year fwd EV/EBITDA, still c8% discount vs the peer group median valuation, which effectively points to a positive risk-reward skew, especially given Titan’s higher growth profile.
Mytilineos // Mytilineos, in consortium with Siemens, has been awarded the project to construct a 560MW CCGT unit along with the associated infrastructure in Poland. The total investment will exceed €500m, with Mytilineos’ share of the contract valued at €250m.
Motor Oil // In the conference call that followed the FY’23 results management focused on the factors that contributed to another record year in terms of profitability, while echoing a positive outlook for 2024 as refining margins remain at persistently high levels, despite the volatile environment in refining.
Quest // In a confident conference call yesterday, Quest mgt pointed to some €40m in investments in 2024, while reiterating guidance for positive profit growth in 2024 driven mainly by IT services and the courier business. Elaborating on current trends, mgt noted that smartphone growth is not as high as last year, while the clima sector is cycling a high base effect (subsidy program in 2023), so overall expectations are for backloaded growth in 2024.
Terna Energy // The Group’s waste management unit in Laconia has commenced full operation, marking a significant step towards the complete implementation of the Peloponnese waste management project.
Entersoft – ATHEX // Entersoft to be removed from the composition of all FTSE/ATHEX indices it currently participates in, in accordance with FTSE/ATHEX Ground Rules for stocks with low free float. Entersoft will be replaced by Loulis Food Ingredients in the FTSE/Athex Composite Index and Lavipharm in the FTSE/Athex Mid Cap Index. All changes will be effective as of Monday, April 8th.
* 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.
