«Ο κύκλος µε το όνοµα της οικογένειας έχει κλείσει», δήλωσε ο Ευάγγελος Μυτιληναίoς µιλώντας στη Γενική Συνέλευση στην οποία ανακοινώθηκε το νέο όνοµα του οµίλου: Metlen Energy & Metals. Προς EBIDTA €1,2 δις. φέτος. Προς εισαγωγή και στο LSE (dual listing).
Eurobank: Στο 55,3% το ποσοστό στην Ελληνική, υποβάλλει δηµόσια πρόταση. Απέκτησε επιπλέον 26,1% της τράπεζας στην Κύπρο έναντι 275,7 εκατ. ευρώ. Η δηµόσια πρόταση έχει προσφερόµενο αντάλλαγµα €2,56 ανά µετοχή.
* Alpha Bank (ALPHA GA) issues new €500m 10.25NC5.25 Tier II notes, priced at 6.125%
* Mytilineos (MYTIL GA) guides for €1-1.2bn FY2024 EBITDA (in line with €1.1bn exp); AGM approves rebranding to “Metlen Energy & Metals”
* Greece to apply for the next €1bn RRF grants tranche
* Noval Property shares debut trade today at €2.78/sh after successful IPO (55%/45% allocation to institutional/retail investors)
ATHEX headed south yesterday, in line with the European markets. In more detail, the General Index dropped 1.57% at 1,424.69 units, (FTSE Large Cap: -1.61%, FTSE Mid Cap: -1.47%, Banks Index: -2.29%) and the traded value was shaped at EUR 98.0m, slightly up from Tuesday’s EUR 88.8m. We expect the market to try to move higher today.
Sector Headlines
SSM to give the green light for dividend distributions-Press
Press reports (euro2day) indicate that the SSM will give in the next couple of days the green light to the four systemic banks in order to distribute dividends from 2023 profits.
Energy Sector || Greek retail electricity market (EnexGroup) – May 2024
Greek retail electricity market: IPPs market share dropped to 50.95% in May 2024 (according to data from Greek Energy Exchange – EnEx). Other key statistics: a) monthly average clearing Price at EUR 81.08/MWh, down by EUR 21.0/MWh m-o-m and sharply lower by EUR 45.5/MWh y-o-y, b) total Electricity demand at 4,402/GWh, up by 18.9% y-o-y. In more detail, Mytilineos’ Protergia ranks first with 17.14% (19.05% combined with the recently acquired Volterra), GEKTERNA’s Heron follows with 12.30%, ELPE’s Elpedison with 6.18% and MOH’s NRG with 5.86%. As a result, PPC’s retail market share in May 2024 rose by 0.4% m-o-m to 49.05%, remaining however below the EU-mandated 50% mark. Regarding the Generation mix traded in the Day-Ahead Market, RES ranks first with 44% of total (vs. 52% in April), Natural Gas follows with 37% (vs. 29% in the previous month), Hydro Plants 5% (4%), Lignite and Oil-Powered Plants contributed 0% (2%) and 2% (2%) respectively and finally, Imports 11% (11%).
Company Headlines
MYTILINEOS/METLEN AGM
During yesterday’s AGM, Mytilineos approved among others the distribution of a EUR 1.55/share dividend (ex-date: 26 June, DY: 4.2%). Additionally, the company changed its corporate name to METLEN, ahead of its Dual listing of the stock in the LSE. Key statements of the Company CEO and Chairman include:
- Guides for Net profits towards EUR 700m for 2024e (Optima: EUR 678m), and EBITDA hovering in the EUR 1-1.2bn in the medium term.
- expects profitability uplift in the medium term, when the current investments (e.g. RES in Italy and Canada) mature
- positive outlook also for the Metals business, driven by the spike in Aluminium prices and also the gradual shortage of Beauxite supply
- METKA Construction profitability is expected to double y-o-y in 2024 and 2025; by 2025e, when it reaches a critical mass, Construction subsidiary could be span off and be listed in ATHEX.
- In response to press reports, Mr. Mytilineos didn’t rule out the possibility to acquire a stake in HELLENiQ ENERGY, adding however that such development is premature as no official intention to sell has been expressed by the two major shareholders of the latter (Greek State and Latsis control 31.2% and 40.4% respectively).
Alpha issued new Tier 2 note of EUR 500.0m
Alpha Services and Holdings raised EUR 500.0m through the issue of a new Tier 2 note with a coupon of 6.0% vs. 4.25% in the previous one issued on 13/02/2020. The bond matures in 10.25 years and is callable in 5.25 years. According to Bloomberg, demand exceeded EUR 1.5bn.
Noval shares commence trading today in ATHEX
As of today, 126,431,958 ordinary shares (17,388,025 of which new shares) of Noval Property will commence trading. Additionally, Noval Property announced that after deducting the estimated issuance expenses of EUR 5,528k, the total net proceeds raised from the Public Offering, amount to EUR 42,811k.
Ideal Holdings AGM tomorrow
The AGM of shareholders will take place tomorrow at 10:00 Athens/08:00 London Time. Shareholders will approve among others the distribution of a EUR 0.20/share capital return (yield: 3.4%).
Alumil AGM on 28 June
The company will hold its AGM on 28 June to approve among other things the dividend distribution for FY23.
The ASE Index ended the day with losses, down -1.6%, on a EUR 98m turnover, while the banking index slipped -2.3%, with NBG marking a -3% drop and Piraeus and Alpha Bank down -2.9% and -2.5% respectively. On non-financials, Sarantis stood out up 2%, whereas Cenergy finished flattish +0.4. On red, Aegean recorded a -2.5% loss, followed by Ellaktor down -2.4%, with Terna Energy, Metlen and OTE flattish down -0.4%.
MACRO – CORPORATE NEWS
BANKS
Reportedly (Euro2day) the SSM will officially approve the dividends out of 2023 earnings for the banks until Friday. Expected.
METLEN (MYTILINEOS) <MYTIL GA, OW>
During yesterday’s AGM, the company presented its new corporate name, Metlen Energy & Metals marking a new era in the evolution of the business. During AGM, Chairman & CEO Mr. Evangelos Mytilineos stated that the dual listing is progressing smoothly, mentioning however that it is a time consuming process. On guidance, the Chairman stated that EBITDA should range EUR 1.0-1.2bn, with net profit above EUR 600m that could even reach EUR 700m in 2024E, driven by organic growth and no capital increases since 2000. Growth could exceed current levels with acquisitions, with a third bauxite plant currently in progress. Mr Mytilineos also stated that acquisitions in Greece that could make a material difference are limited, while of paramount importance is that any M&A should add value also in bottom line rather than just EBITDA. In a question regarding the construction/concession subsidiaries, the chairman mentioned that momentum is good and we could potentially see a relisting of METKA in the Athens Stock Exchange in 2026E. Last but not least, on HELLENiQ ENERGY press reports, Mr Mytilineos stated that there is some exposure in the HELLENiQ on an individual and company level, however press reports do not reflect reality. If Latsis family and government decide to sell (rather than just increase in the free float) refining is a segment of the wider energy sector but it is too early to make any further statements on the topic.
NOVAL PROPERTY
The trading of new shares will commence today, The public offering was allocated by 45% to retail investors and 55% to qualified investors.
ALPHA BANK <ALPHA GA, OW>
Alpha Bank issued a EUR 500m T2 yesterday with a yield of 6.125% and a 10.25 years maturity. The total demand exceeded EUR 1.5bn.
Market Comment // Trading in the red throughout yesterday’s session in sync with the negative international sentiment, the ASE Index closed at an intraday low of 1,424.69 points (-1.57%). Trading activity remained subdued at €97.9m, below the 100-d moving average of €146m. Banks shed -2.3%, with all 4 systemic banks in the red (NBG -2.99%, Piraeus -2.95%, Alpha -2.53%, and Eurobank -0.83%). Among non-financials, Autohellas led the laggards tumbling -3.37%, followed by Aegean (-2.53%), Intralot, Ellaktor, PPC, OPAP, Profile and ATHEX (all on losses >2%). On the flipside, Papoutsanis (+2.12%), Sarantis (+1.99%), Optima (+0.5%) and Cenergy (+0.44%) were among the few names that finished in the green. Today’s EU futures signal a rebound, as the cooling US jobs data released yesterday reinforce dovish monetary wagers and risk-taking.
Noval Property // Following the recent IPO, Noval Property’s 126.43m shares will make their trading debut on the ATHEX main market today, with the starting price set at €2.78/share (i.e. the price of the offering). Of note is that for the first three days of trading, no floor or ceiling trading limits are in place.
Mytilineos (Metlen) // During the Group’s AGM yesterday, the Chairman and CEO commented on the Group’s prospects and unveiled the new corporate identity under the name “Metlen,” ahead of the listing on a foreign exchange. Furthermore, he also guided for FY’24e net profit of c€700mn (EE est. at €690mn), indicating c12% yoy growth.
Alpha Bank // As part of its MREL strategy, Alpha Bank successfully raised €500mn through placement of a Tier II bond with 10.25 years maturity callable at 5.25 years. The yield settled at 6.125% while the offers reached €1.5bn.
* 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.
