*PANTELAKIS SECURITIES* (https://www.pantelakis.gr/)
ELPE secondary ABO of 11% stake priced at €7.0/sh / Jumbo revenues up 10% in Nov and 15% in 9M23 / MYTIL / Ideal’s Greek retail bond offering at 5.5%-5.9%
* HelleniQ Energy (ELPE GA): State and Latsis Group jointly sell down part of their equity stakes via an accelerated bookbuilding offering of up to 33.6m shares or c11% stake at €7.0/sh
* Jumbo (BELA GA) Nov sales grew 10% y-o-y to €130m (7% beat) despite tough base effects and selective price cuts, rising 15% to €920m in 11M (30% taller vs 2019)
* Antitrust watchdog clears Mytilineos’ (MYTIL GA) €4.5m acquisition of EfaEnergy
* Ideal (INTEK GA): Yield range of 5.5% to 5.9% for new up to €100m bond, final yield/interest to TBA on 13 Dec; book building kicks off on 11 Dec
ATHEX headed marginally south yesterday, outperforming however the European stock markets. In more detail, the General Index dropped by 0.01% at 1,273.33 units (FTSE Large Cap: -0.16%, FTSE Mid Cap: -0.06%, Banks Index: -1.51%) and the traded value was shaped at EUR 88.4m, up from Wednesday’s EUR 77.5m. We expect the international markets to set the tone in ATHEX today.
Greek State and Latsis dispose a 11% stake in HELLENiQ ENERGY at EUR 7/share (press)
According to press reports, the HRADF and Latsis (who held prior the transaction 35.5% and 47% of HELLENiQ ENERGY shares) proceeded yesterday with the disposal of a 33.6m company shares (or 11% stake of total) at EUR 7/share, implying a 7% discount on yesterday’s closing. The transaction was oversubscribed by >3x, as total bids exceeded EUR 700m.
HELLENiQ ENERGY to hold an EGM on 28th December
HELLENiQ ENERGY will hold an EGM on 28 December, to amend the HRADF’s right to appoint three members in the Company’s BoD in case its total participation in the share capital of the Company ranges between 25% and 35%.
Jumbo sales up 10% in November
Jumbo released yesterday its sales update for November 2023, according to which Group sales were up by +10.0% y-o-y, driven by parent net sales (up by +11% y-o-y), Bulgaria (+13%), and followed by Romania and Cyprus (+10% and +4% respectively). Additionally, in 11M23, Group’s sales recorded an overall increase of c. +15% y-o-y, with Greek sales up by 16% y-o-y, Romanian sales also up by +15%, Bulgarian sales gained +14%, while Cypriot sales were up by +12%. Management highlighted that the group’s strategy of aligning prices with customer income is highly rewarded and is driving sales growth. As a reminder, the two stores affected by the September floods remain closed, with the company continuing to make progress in restoration and reopening. On the other hand, two new hyperstores have opened in the last two months, one in Lasi, Romania and one in Plovdiv, Bulgaria, while online store in Romania started operations in 2023. In our view, Jumbo is on track to exceed the aggressive guidance of +12% annual top-line growth for 2023e and it is possible to achieve or exceed the initial target of 15% y-o-y growth depending on Christmas and New Year sales growth.
Competition authority clears the acquisition of the Natural Gas supplier Efa Energy by Mytilineos
The competition authority approved the acquisition of Efa Energy, by Mytilineos, as it doesn’t raise any major market concentration concerns. As a reminder, last August, Mytilineos announced the acquisition of Efa Energy, for EUR 4.5m. Efa Energy is a small Natural Gas and electricity retailer, which is mainly active in Northern Greece, in line with its strategic plan to expand its customer base and further vertical integrate into the retail energy supply market.
ADMIE Holding 9M23 results out
ADMIE Holding (IPTO) announced revenues of EUR 291.5m (+38.2% y-o-y), adjusted EBITDA of EUR 214.2m (+54.8% y-o-y) and net profits of EUR 92.8m (+149.5% y-o-y) for 9M23. Group net debt shaped at EUR 1,018.9m, up by EUR 243m y-t-d, driven by heavy capex of EUR 370.4m (cash and cash equivalents EUR 113.5m). Consequently, ADMIE Holding’s Revenue and Net profit for 9M23 rose to EUR 46.6m and EUR 46.0m, up 122.5% and 125.1% YoY respectively. It is noted that, IPTO in 9M23 has fully recovered its financial figures after the normalization of revenue and the incorporation of the new System Usage Charges in September 2022, and that the revenues under recovery last year will be fully redeemed in 2024. Finally, it is reminded that ADMIE has already distributed interim dividend of EUR 0.058/share last October.
Christian Tour Group interested in buying Animawings where Aegean Airlines holds 51% stake- Press
According to press reports, Christian Tour Group (mainly active in the market of tourist services) intends to acquire a majority stake in Romanian Airline Animawings, in which Aegean Airlines holds 51% of the total share capital. It is recalled that in October 2021 Aegean Airlines announced the that it had increased its stake in Animawings from 25% to 51% strengthening its presence in Romanian market.
Ideal Holdings plans new acquisitions
The Chairman of Ideal Holdings stated yesterday in a corporate presentation that the group has a cash firepower of EUR 50.0m in order to proceed with new acquisitions. Recall that Ideal will issue a corporate bond listed on ATHEX of up to EUR 100.0m and the public offer will take place between 11 and 13 December 2023. According to the prospectus, the majority of the funds (EUR 74.8m) will be used to refinance a corporate bond of EUR 74.8m and the remaining EUR 21.0m will be used for acquisitions.
Benchmark index balanced again around flat line on EUR 89m turnover. The banking sector dropped 1.5% with NBG taking the lead (-3.2%). From the large cap on banks, a rather uninspiring day yesterday besides a solid 3.2% uplift in Jumbo following the trading statement on Nov sales. HELLENiQ closed at EUR 7.7 (-0.9%).
JUMBO <BELA GA>
Jumbo announced that Group sales in November 2023 increased 10% yoy, while for the 11-month period Group sales growth stood at +15% yoy. More specifically, for the month of November, sales in Greece were 11% higher yoy (+16% yoy for Jan-Nov), Cyprus was 4% up yoy (+12% yoy Jan-Nov), Bulgaria came in at +13% yoy (+14% yoy in 11m period), and last but not least Romania increased 10% yoy in November, and +15% yoy in Jan-Nov. Since the beginning of the year the company has launched its online store in Romania and one new-owned hyperstore in Iasi, as well as a new leased store in Plovdiv, Bulgaria.
Ytd performance is on track to overshoot guidance of +12% yoy in Group sales and +15% yoy in profitability.
HELLENIQ ENERGY <ELPE GA>
Accelerated Bookbuilt Offering announced yesterday of up to c.30.6m Ordinary Shares (c.10% of outstanding). Paneuropean Oil and Industrial Holdings S.A. (POIH) and Hellenic Republic Asset Development Fund S.A. (HRADF) are the selling shareholders on a 60/40 selling basis. Goldman Sachs and JP Morgan were appointed as the global coordinators.
According to press reports the offering was oversubscribed by 3x at a price of around EUR 7.00/share.
Market Comment // Trading rangebound intraday, the Greek market ended flat on Thursday with the benchmark index at 1,273.33 points (-0.01%). Turnover rose to €88m vs. the 100-day moving average of €113m. NBG (-3.23%) stood out among laggards, followed by ATHEX and Sarantis (on >2% losses) and Austriacard and Eurobank (on >1% losses). On the flipside, Jumbo (+3.22%) led gainers, followed by OTE, ADMIE Holdings, PPC and Lamda Development (on >1% gains). We expect a muted opening today, as investors wait for the announcement of key US job market data to gauge policy prospects going forward.
Economy // The Eurogroup’s statement yesterday on the Draft Budgetary Plans (DBPs) for 2024 indicated that Greece’s DBP aligns with the Council’s fiscal recommendations, as assessed by the EC
Piraeus Bank // DBRS upgraded Piraeus Bank’s Long-Term Issuer Rating to BB with stable trend from B (high). The upgrade reflects the sustained improvement in the reduction of NPEs and a contained new NPE formation as well as the strengthened capital buffers on the back of sustained internal capital generation and the lower burden from NPEs.
ADMIE Holding // Q3’23 results landed above our estimates with IPTO’s Q3’23 Revenue up 40% yoy at €103mn, and the respective EBITDA at €77mn (+60% yoy and +8% vs our estimate). Subsequently, ADMIE Holding’s Q3’23 EBITDA surged to c€17mn, with the 9m’23 figure of €46mn effectively beating early our FY’23 estimate.
Jumbo // November trading update affirms our FY23 outlook with monthly revenues +10% (sequentially stronger than 5% in October), with Greece, Bulgaria and Romania in 2-digit growth territory. Our estimates pencil in 5% growth in December, leading to FY23 sales growth of 13% (vs mgt guidance for 12% growth).
HelleniQ Energy // According to Kathimerini, the private placement for 10% of the Group’s shares was oversubscribed 3 times, with the share disposal price settling at €7/share, implying a discount in the high single digits compared to yesterday’s closing price.
HelleniQ Energy // EGM scheduled for 28th December with investors voting on the amendment of the Company’s Articles of Association. The amendment will give the right to Hellenic Republic to appoint 3 BoD members as long as its direct or indirect participation ranges between 25%-35%.
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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.
