Βιοχάλκο: Ο ενοποιημένος κύκλος εργασιών ανήλθε σε 6,6 δισ. ευρώ, έναντι 6,3 δισ. ευρώ το 2023. H λειτουργική κερδοφορία (a-EBITDA) ανήλθε σε 604 εκατ. ευρώ, έναντι 537 εκατ. ευρώ το 2023, λόγω βελτίωσης της λειτουργικής κερδοφορίας των περισσότερων κλάδων. Τα ενοποιημένα κέρδη προ φόρου εισοδήματος διαμορφώθηκαν στα 274 εκατ. ευρώ, έναντι 91 εκατ. ευρώ το 2023. Προτεινόμενο μικτό μέρισμα 0,16 ευρώ ανά μετοχή.
Frigoglass: Μέχρι τέλη Ιουνίου κλείνει το deal με Provisiona Iberia και Serlusa Refrigerantes. Έχει ήδη ολοκληρωθεί ο οικονομικός, νομικός και φορολογικός έλεγχος, σε διαδικασία οριστικοποίησης της αποτίμησης και το μεγέθους της επερχόμενης ΑΜΚ.
ΕΛΛΑΚΤΩΡ: 24 Μαρτίου η ημερομηνία αποκοπής για την επιστροφή κεφαλαίου (€0,85 για κάθε μία μετοχή). Ημερομηνία έναρξης καταβολής της επιστροφής κεφαλαίου έχει ορισθεί η 28/3/2025.
Optima Bank: Νέο ρεκόρ κερδών στα 140,2 εκατ. ευρώ. Αύξηση δανείων κατά 49% κατέγραψε το 2024 η τράπεζα. Στα €4,6 δισ. ανέβηκαν οι καταθέσεις. Η απόδοση ενσώματων ιδίων κεφαλαίων διαμορφώθηκε στο 25,3%. Κερδοφορία 160 εκ. ευρώ το 2025. Διανομή ως μερίσματος του 30% της κερδοφορίας. Πλάνο επενδύσεων 400 εκατ. από
Dimand στη Θεσσαλονίκη. Μεγαλύτερες δυνατότητες ανάπτυξης διαθέτει η αγορά development ακινήτων στη συμπρωτεύουσα. Πιθανά νέα projects σε κατοικίες και γραφεία. Ενδιαφέρον για την ανάπλαση ΔΕΘ υπό όρους.
Eurobank: Εγκρίθηκε το ενημερωτικό της Δημόσιας Πρότασης για την Ελληνική. Η περίοδος αποδοχής αρχίζει την 11η Μαρτίου 2025 και λήγει στις 09 Απριλίου. Η τράπεζα προσφέρει 4,843 ευρώ ανά μετοχή.
ATHEX headed south yesterday, underperforming the European stock markets. In more detail, the General Index slipped by 0.30% at 1,625.54 units (FTSE Large Cap: -0.43%, FTSE Mid Cap: -0.70%, Banks Index: -0.13%) and the traded value was shaped at EUR 201.3m, down from Wednesday’s EUR 374.6m. We expect ATHEX to consolidate at current levels today ahead of 4Q24 GDP data and DBRS rating review.
HEADLINES
Macro Headlines
Greek GDP (provisional data) for 4Q24 out today
ELSTAT is set to release the 4Q24 GDP (provisional data) today at 12.00 local time. As a reminder, Greek GDP grew by 2.43% in 3Q24 and by 2.32% in 9M24, and consensus expects GDP growth of 2.2% for 2024.
DBRS – Greece Sovereign Rating review out today amc
DBRS is set to release the Sovereign Rating Review on Greece today after the market close. As a reminder, last September, DBRS Ratings upgraded the trends on Greece’s Long-Term Foreign and Local Currency – Issuer Ratings to Positive from Stable and confirmed the ratings at BBB (low).
Sector Headlines
ECB lowered key rates by 25bps
The Governing Council of ECB decided yesterday to lower the three key ECB interest rates by 25 bps, in line with market expectations. Accordingly, the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will be decreased to 2.50%, 2.65% and 2.90% respectively, with effect from 12 March 2025.
Company Headlines
Optima bank CC Highlights
Management stated in the CC the following: a) Management will propose to the AGM of shareholders the distribution of 30% of net profits in 2024 in cash dividend. Recall that the AGM will take place on Tuesday 29 April 2025. b) the increase in the NPE cash coverage ratio was a strategic decision to enhance the quality of the balance sheet. They don’t see any sign of asset quality deterioration from the loan book or from economic conditions. c) Optima bank plans to issue a Tier 2 capital instrument of EUR ca150.0m in 1H25, which has been incorporated in FY25 net profit guidance.
- Guidance 2025
Net profit to exceed EUR 160.0m (>14% y-o-y)
RoTE to surpass 22.0%
Loans to grow by EUR 1.0bn to EUR 4.6bn
Deposits to increase by EUR 1.25bn to EUR 5.9bn
CoR between 50-55bps
OpEx to grow by <20% y-o-y
Fee income to grow by about 20% y-o-y
NPE ratio <1.5%
NII sensitivity: A 10bps move in interest rates has EUR 3m impact on NII
Viohalco 2024 results out
Viohalco reported 2024 revenues of EUR 6.6bn, up 5.0% y-o-y, adjusted EBITDA of EUR 604m, up 12.5% y-o-y and pre-tax Profits at EUR 259.6m versus EUR 80.2m in 2023, supported by strong growth of the cables and pipes segments and also gains from metal inventory. Group net debt stood at EUR 1,377m, down by EUR 440m y-t-d and Capital expenditure for the period amounted to EUR 398m vs. EUR 280m a year ago. The group declared a EUR 0.16 DPS (DY: 2.8%, ex-date: 24 June)., The Company will hold a conference call today at 15.00 local time.
CENERGY FY24 Conference Call Highlights
During the Conference Call for FY24 Results, CENERGY’s management said that: a) guides for EBITDA of EUR 300-330m for 2025e, and up to EUR 380-420m in 2026-27e, driven by increased contribution from the higher-margin cables projects business b) construction of the new cables plant in the USA to commence this year and be completed in mid-2027e, c) tendering activity for offshore wind projects remains strong in Europe, no signs of deceleration yet, d) expects further backlog expansion in 2025e, e) capex (excluding the US plant) to drop to maintenance levels in 2H25 onwards
Eurobank acceptance period of mandatory takeover bid for Hellenic commences on 11 March, VES in Hellenic-Press
Eurobank announced that the acceptance period of the takeover bid for the shareholders of Hellenic Bank commences on 11 March 2025 and ends on 09 April 2025. Eurobank controls a 93.47% stake in Hellenic Bank and the consideration offered to the shareholders who control the remaining 6.53% is at EUR 4.843/share in cash. In other news and according to press reports (euro2day), Hellenic is pursuing a VES program and targets 400 employees to exit with a maximum compensation of EUR 200k. The same reports suggest that only 100 employees have participated hitherto, and management gave an extension until 11 March.
NBG denied press reports on Bank of Cyprus
National Bank of Greece denied yesterday electronic press articles concerning discussions for a strategic agreement between NBG and Bank of Cyprus. NBG as part of its strategy, continuously assesses potential opportunities that could enhance value for its shareholders.
CarVal decrease stake below 5.0% in Bank of Cyprus
Bank of Cyprus announced that CarVal decreased on 05 March its stake to 4.99% (21,959,322 voting rights) from 5.89% previously.
Attica Bank 2024 results out on 10 March
Attica Bank is scheduled to report 4Q/FY2024 results on Monday 10 March, post-market close. Management will host a CC on Tuesday 11 March at 10:00 Athens/08:00 London Time.
GEKTERNA awarded a new PV contract from Terna Energy
TERNA ENERGY awarded to the construction arm of GEK TERNA Group the development of a 130 MW photovoltaic (PV) plant in the Vratitsa area in Burgas, Bulgaria. It is expected to be connected to Bulgaria’s electricity grid by the end of ‘26.
MASDAR proceeds with the squeeze out of the remaining Terna Energy
MASDAR submitted yesterday a formal request to ATHEX to proceed with the squeeze out of the remaining Terna Energy shares offering EUR 20/share.
ADMIE Holding suspends payments to NEXANS for the Crete-Cyprus cable (press)
According to press reports, ADMIE, which operates the high-voltage direct current Great Sea Interconnector, has suspended payments over alleged Turkish interference in the project. In response to the matter, NEXANS announced that these claims do not reflect the actual status of the project or the ongoing relationship with the customer, adding that it intends to continue to perform the contractual obligations of the project and receive the corresponding payments, in accordance with the contract and the most recent discussions with the customer.
Ideal Holdings to trade ex-capital return today
The stock will trade ex-capital return today (EUR 0.10/share, Yield: 1.6%) and payment will commence on Friday 14 March.
The market ended just below flatline on Thursday (-0.3%), following Wednesday’s strong gains, on an elevated EUR 201m turnover. The banking index ended flat on the day (-0.1%), with Bank of Cyprus up 1.8%, NBG rising 0.8%, whereas Eurobank recorded 1.4% losses and Piraeus Bank was down a modest 0.5%. On non-financials, Jumbo, Lamda, OPAP, GEK Terna and PPC all ended hovering around the flatline, while Motor Oil slipped 1.4% and Metlen lost 1%.
MACRO – CORPORATE NEWS
MACRO
4Q24 GDP will be announced today, with Bloomberg consensus for the full year 2024 calling for a 2.2% yoy growth. DBRS will also announce its credit rating review today.
CONSTRUCTION SECTOR
Reportedly, three construction companies (GEK Terna, AVAX and METLEN) are contesting for the construction of Lamda Malls (project of EUR 500-550m with a three-year construction period).
NBG <ETE GA, OW>
NBG denied press reports concerning a potential strategic agreement between NBG and Bank of Cyprus. NBG as part of its strategy, continuously assesses potential opportunities that could enhance value for its shareholders.
CENERGY HOLDINGS <CENER GA, OW>
During FY24 conference call, management reiterated medium term guidance, expecting to meet adj.EBITDA guidance of c.EUR 400m in 2026-2027, with working capital guidance at 6-9% of sales. Regarding US expansion, critical equipment has been ordered and key permits have been obtained, with production expected to go live in 2027. Management reiterated the high tender activity in Europe, quoting that markets remain very active. Last but not least, management is confident that CENER will benefit from Germany’s infrastructure spending increase, as the company has a very good presence there with an established relationship with TSOs and numerous market framework agreements. Management proposed a DPS of EUR 0.14, subject to AGM approval on May 27th (ex-DPS date June 24th)
BANK OF CYPRUS <BOCHGR GA, OW>
Bank of Cyprus announced that Carval reduced its stake to 4.99% from 5.89% previously.
GEK TERNA <GEKTERNA GA, OW>
GEK Terna announced that it will implement the construction of Terna Energy’s new 130 MW photovoltaic power plant in Bulgaria. The photovoltaic park is expected to be connected to Bulgaria’s electricity grid by the end of 2026.
TERNA ENERGY <TENERGY GA>
The company announced that Masdar requested HCMC approval for the squeeze out.
VIOHALCO <VIO GA>
Viohalco published its FY24 results yesterday with revenues reaching EUR 6.6bn from EUR 6.3bn in FY23. A-EBITDA for the group amounted to EUR 604m, compared to EUR 537m in FY23, with PBT at EUR 274m vs EUR 91m in FY23. Net profit after minorities for the period increased to EUR 161m from EUR 48m in FY23. The proposed dividend stands at EUR 0.16/share. Management will host a conference call today at 15:00 GR time. Dial ins +30 213 009 6000 or +30 210 94 60 800, UK +44 (0) 800 368 1063, UK & Intl +44 (0) 203 059 5872, US +1 516 447 5632.
Market Comment // Despite a positive opening, the Greek market lost momentum after midday on Thursday, closing 0.29% lower at 1,625.5 points. Trading activity remained strong, with turnover at €201mn, above the 100-day MA of €159mn. ADMIE led the laggards shedding 4.9%, followed by Kri-Kri (-4.7%), ElvalHalcor (-2.7%), Avax (-2.26%), and CCH (-2%), while Thrace Plastics, Eurobank, Motor Oil, and Mytilineos all posted losses of more than 1%. Among the few gainers, Ellaktor, Quest, BOC, Briq Properties, Fourlis, and Optima Bank advanced by more than 1%. EU futures point to a negative opening today, tracking yesterday’s U.S. sell-off as policy volatility dents risk appetite.
Economy // DBRS set to provide its assessment of the Greek economy today, kicking of the first review cycle of 2025 for Greece. Moody’s will follow next week (14th March), with S&P (18th April) and Fitch (16th May) completing this round of reviews. As a reminder, DBRS rates Greece at BBBL with a positive outlook. S&P and Fitch have also assigned Greece an investment-grade rating of BBB-, with S&P’s outlook being positive and Fitch’s stable. Moody’s still rates Greece below investment grade (Ba1) with a positive outlook.
Viohalco // Viohalco reported strong financial results in 2024, with revenue increasing 5% yoy to €6.63bn from €6.3bn in 2023. Adj. EBITDA grew by 12% to €604m, supported by improved operational performance across most segments. PBT surged to €274m, a significant rise from €91m in 2023, benefiting from stabilised metal prices and lower financial expenses. Net profit after tax more than tripled to €161m from €48m, while net debt decline significantly to €1.51bn, primarily due to effective working capital management and capital raises linked to Noval Property’s listing and Cenergy Holdings’ US expansion (2.5x net debt/EBITDA).
Optima Bank // In the conference call post FY’24 results, management remained optimistic about the growth story, emphasizing that the loan portfolio is expected to grow by €1bn in 2025, while deposits are to increase by €1.25bn, leading to NII growth, including the impact of the Tier II issuance in H2. Overall, net profit is primed to exceed €160mn, slightly above our estimate of €159mn, with CoR at approximately 55bps and the NPE ratio below 1.5%. Additionally, mgt reiterated a 30% payout ratio, which will be subject to approval at the AGM on April 29.
National Bank // National Bank of Greece S.A. denied yesterday’s press reports regarding discussions for a strategic agreement between NBG and Bank of Cyprus.
IDEAL Holdings // IDEAL shares will trade without the right to the capital return of €0.10/share (1.6% yield) today. Payment is set to commence on March 14th.
