Η ΑΧΙΑ επιλέγει πέντε μετοχές από το ΧΑ ως κορυφαίες επιλογές για τη φετινή χρονιά. Οι κορυφαίες επιλογές είναι από τις τραπεζικές μετοχές οι Alpha Bank και Eurobank με τιμές στόχους τα 2,50 ευρώ και τα 3 ευρώ αντίστοιχα, οι ΔΕΗ, ΓΕΚ Τέρνα και Μetlen με τιμέςστόχους τα 22,6 ευρώ για τη ΔΕΗ, τα 27,4 για τη ΓΕΚ Τέρνα και τα 48,60 ευρώ για τη Μetlen. Οι συστάσεις της ΑΧΙΑ είναι Buy για τις πέντε μετοχές.
ΓΕΚ Τέρνα: Συζητάμε (και) με Motor Oil για την Ηρων. Για οποιαδήποτε εξέλιξη θα υπάρξει έγκαιρη ενημέρωση του επενδυτικού κοινού, επισημαίνουν οι διοικήσεις.
Αττικές Εκδόσεις: Καμία συζήτηση για επιχειρηματική συμφωνία.
Attica Bank: Ορόσημο η ολοκλήρωση των τιτλοποιήσεων «Domus» και «Rhodium» συνολικής λογιστικής αξίας περίπου €3.7 δισ. Οι συναλλαγές συνέβαλαν στην πλήρη εξυγίανση του ισολογισμού της και την επίτευξη δείκτη μη εξυπηρετούμενων ανοιγμάτων 2,8%.
ΔΑΑ: η επιβατική κίνηση κατά τη διάρκεια του Ιανουαρίου 2025 ανήλθε σε 1,83 εκατ., αυξημένη κατά 14,5% σε σύγκριση με το 2024. Αναλυτικά, τόσο η εγχώρια όσο και η διεθνής επιβατική κίνηση ξεπέρασαν κατά 5,1% και 18,7% τα επίπεδα του 2024.
ΤτΕ: το μέσο σταθμισμένο επιτόκιο του συνόλου των νέων καταθέσεων διαμορφώθηκε στο 0,45% τον Δεκέμβριο του 2024 από 0,48% τον προηγούμενο μήνα. Το μέσο σταθμισμένο επιτόκιο του συνόλου των νέων δανείων προς νοικοκυριά και επιχειρήσεις μειώθηκε κατά 6 μονάδες βάσης και διαμορφώθηκε στο 5,21%.
ATHEX headed south yesterday, underperforming the European stock markets. In more detail, the General Index dropped by 0.23% at 1,517.35 units (FTSE Large Cap: -0.42%, FTSE Mid Cap: +0.37%, Banks Index: -0.27%) and the traded value was shaped at EUR 100.3m, down from Tuesday’s EUR 170.8m. We expect ATHEX to try to move higher today, with stock picking in place.
Sector Headlines
Energy Sector || Greek retail electricity market (EnexGroup) – January 2025
Greek retail electricity market: IPPs market share remained at 48.1% in January 2025 (according to data from Greek Energy Exchange – EnEx). Other key statistics: a) monthly average clearing Price at EUR 135.13/MWh, up by EUR 5.3/MWh m-o-m and by EUR 42.1/MWh y-o-y, b) total Electricity demand at 5,485/GWh, up by 5.5% y-o-y. In more detail, Mytilineos’ Protergia ranks first with 16.87% (18.11% combined with the recently acquired Volterra), GEKTERNA’s Heron follows with 11.01%, ELPE’s Elpedison with 5.95% and MOH’s NRG with 4.58%. As a result, PPC’s retail market share in January 2025 was unchanged m-o-m at 51.9%, above the EU-mandated 50% mark. Regarding the Generation mix traded in the Day-Ahead Market, Natural Gas ranks first with 46% of total (vs. 43% in December), RES follows with 35% (vs. 38% in the previous month), Hydro Plants 3% (3%), Lignite and Oil-Powered Plants contributed 5% (4%) and 2% (2%) respectively and finally, Imports 10% (10%).
Company Headlines
Piraeus to announce today the acquisition of Ethniki Insurance? -Press
According to unconfirmed press reports (Kathimerini), Piraeus might announce the acquisition of Ethniki Insurance from CVC.
GEKTERNA confirms talks with Motor Oil for the sale of HERON
In response to a relevant inquiry from the Hellenic Capital Market Commission, GEK TERNA announced that with regard to its electricity supply and generation arm, HERON, a number of options are constantly being examined and discussed with various Groups, including the Motor Oil Group.
Athens Airport releases exceptionally strong passenger traffic for January
Athens International Airport (AIA) released its passenger traffic data for January 2025, according to which total passenger traffic up by 14.5% y-o-y, driven by international traffic (up by 18.7% YoY), while domestic traffic was also up +5.1% y-o-y.
OPAP Financial Calendar 2025
OPAP announced that it will report FY24 results on Wednesday 19 March 2025, the conference call is scheduled for the next day and the AGM will be held on Tuesday 29 April 2025, while dividend ex-date set for Wednesday 7 May 2025.
Attica Bank EGM on 26 February
Attica has called for an EGM on Wednesday 26 February 2025 at 10:00 Athens/08:00 London Time. Shareholders will approve the election of the new BoD and the appointment of independent non-executive members.
Alumil Financial Calendar 2025
Alumil announced that it will report FY24 results on Monday 28 April 2025 and the AGM will be held on Monday 7 July 2025.
The benchmark index finished just below flatline yesterday with turnover amounting to EUR 100m. The banking sector ended flattish (-0.2%), with all major banks hovering around flatline and Piraeus posting a mild drop of 0.5%. On non-financials, Lamda recorded 2% gains, Helleniq Energy marked a 1.2% advance, GEK Terna rose 0.8%, Motor Oil was up 0.6%, with Cenergy and Titan flattsh. On red, Jumbo and OPAP lost Tuesday’s momentum, both facing downward pressures of 1.3%, OTE slipped 1.1%, closely followed by Aegean, down 1%, while Metlen lost 0.9% and PPC ended at -0.7%.
MACRO – CORPORATE NEWS
PIRAEUS BANK <TPEIR GA, OW>
Reportedly, Piraeus Bank may procced with a binding offer on Ethniki Insurance today or tomorrow.
ATHENS INTERNATIONAL AIRPORT <AIA GA, OW>
AIA announced its monthly traffic figures for January 2025, with total passenger traffic increasing 14.5% yoy, reaching 1.8m. The increase was driven by a 18.7% yoy rise in international passenger activity vs a 5.1% yoy growth in domestic traffic.
GEK TERNA <GEKTERNA GA, OW>
GEK Terna announced that the company examines various opportunities to expand in the sector of electricity supply and production, operated by its subsidiary HERON, with various Groups including Motor Oil. No final decision has been made yet.
MOTOR OIL <MOH GA>
In a reply to the HCMC, Motor Oil issued a press release stating that in pursuance of the further expansion of its activities and exploitation of potential synergies, it continuously investigates the possibility of collaboration with various corporate groups, including the Group of GEK TERNA with which it already collaborates through their JV (c.870mw CCGT)
OPAP <OPAP GA, OW>
Company announced FY25 Calendar invite with FY24 results publication scheduled for March 19th and ex-DPS on May 7th
ATTICA BANK <TATT GA>
Attica Bank announced that the EGM is scheduled for February 26th.
Market Comment // The ASE General index closed -0.23% lower on Wednesday at 1,517 points, amid mixed trading across EU markets. Trade activity fell to €100m by the close, below recent levels and the 100-day MA of €153m. Motodynamics (-2.02%) stood out among laggards, followed by Jumbo, OPAP, OTE, and Aegean (on >1% losses). On the other hand, Ellaktor (+3.23%) set the tone for gainers, followed by Noval Properties and Lamda Development (on >2% gains), while ADMIE, AIA, HelleniQ Energy, Kri Kri, and Austriacard all booked gains >1%. Global futures point to a mildly positive opening today, with markets set to benefit from potential repositioning flows following the recent negative streak.
Piraeus Bank // According to Kathimerini, developments regarding the sale of Ethniki Insurance by CVC are expected today, with Piraeus Bank emerging as the frontrunner in the process despite interest from other potential buyers.
Motor Oil – GEK Terna // In response to a request by the HCMC, GEK Terna and Motor Oil jointly confirmed that they are continuously exploring collaboration opportunities in electricity generation and supply, suggesting that recent reports indicating negotiations for a merger between Heron and NRG are accurate.
ADMIE Holding // Greek and Cypriot Ministers of Energy are scheduled to meet today to discuss the implementation of the September 2024 agreement for the GSI. In order to participate in the share capital, Cyprus has requested that the assets are transferred to the SPV, however the GSI subsidiary must be certified as an EU-certified TSO first.
AIA // Athens International Airport January traffic increased 14.5% yoy (1.83m passengers), led by strong international traffic growth of 18.7% yoy (1.32m), showing strength in a month which seasonally smaller traditionally. Load factors also increased, with flights in January up 10.1% yoy (vs +14.5% pax).
