UBS: εκτιμά αυξητική επίδραση 4% στα κέρδη ανά μετοχή της Τράπεζας Πειραιώς το 2026, από μια πιθανή εξαγορά του 70% της Εθνικής Ασφαλιστικής από το fund CVC. O οίκος διατηρεί την τιμή-στόχο των 5,70 ευρώ και τη σύσταση αγορά για τη μετοχή, ενώ υπογραμμίζει ότι η Τράπεζα Πειραιώς είναι μία από τις κορυφαίες επιλογές.
Eurobank: Στο 32,89% το ποσοστό της Fairfax μετά το placement.
Με επιτυχία ολοκληρώθηκε η δημόσια εγγραφή της Titan America στο Χρηματιστήριο της Νέας Υόρκης. H μητρική εταιρεία διέθεσε 9 εκατ. νέες μετοχές και 15 εκατ. παλαιές της θυγατρικής της (προς 16 δολάρια ανά τεμάχιο -το εύρος αναμενόταν μεταξύ 15 με 18 δολαρίων-) με αποτέλεσμα να μειώσει το ποσοστό της εισηγμένης στην Titan America στο 87% και ο όμιλος συνολικά να αντλήσει 344,1 εκατ. ευρώ (364,8 εκατ. δολάρια). Αν πουλήσουν επιπλέον 3,6 εκατ. μετοχές της Titan America, τότε ο όμιλος Τιτάν θα διαθέτει το 84% της αμερικανικής θυγατρικής του και το συνολικό ποσό που θα έχει αντλήσει θα κυμανθεί γύρω στα 398,5 εκατ. ευρώ.
ΚΕΠΕ: Στο 2,1% θα κινηθεί η ανάπτυξη το πρώτο εξάμηνο. Η ελληνική οικονομία αναμένεται να εξακολουθήσει να αναπτύσσεται με ρυθμό υψηλότερο του ευρωπαϊκού μέσου όρου. Για το σύνολο του 2024 διαμορφώθηκε στο 2,3%.
Ιαν. -Δεκέμβριος 2024: Η συνολική αξία των εισαγωγών ανήλθε στο ποσό των €84.517,1 εκ. +1,7%.Η συνολική αξία των εξαγωγών ανήλθε στο ποσό των €49.902,2 εκ., -2,2%.Το έλλειμμα του εμπορικού ισοζυγίου ανήλθε σε €34.614,9 εκ., 7,9%.
ATHEX headed north on Friday for a 2nd session in a row, outperforming the European stock markets. In more detail, the General Index advanced by 0.86% at 1,557.83 units (FTSE Large Cap: +0.98%, FTSE Mid Cap: +0.12%, Banks Index: +0.88%) and the traded value was shaped at EUR 130.7m, down from Thursday’s EUR 148.4m. On a weekly basis, the General Index rose by 0.55% w-o-w (FTSE Large Cap: +0.60%, FTSE Mid Cap: -0.52%, Banks index: -0.39%). Week Ahead: MSCI Index Review tomorrow, Coca Cola HBC 2024 results on Thursday. We expect the intensifying global trade war to weigh on ATHEX today, with Viohalco, ElvalHalcor and Cenergy Holdings in focus.
Sector Headlines
USA to impose 25% tariffs on all Aluminum and steel imports (press)
According to Euro2day.gr, the US president pre-announced yesterday his intention to impose 25% tariffs on all aluminum and steel imports to the country, with no further details on the timing.
Comment: we see limited exposure for the Greek listed companies. In more detail, ElvalHalcor’s aluminum segment had a c5% of group sales exposure to the America continent as a whole, North and South (including the USA) in FY23 and Cenergy had a 2.5% exposure of Group sales to America (North and South) through its steel pipes segment in 1H24. Cenergy’s management has also said that it can redirect its US sales to other countries in the region in case of heavy tariffs on its products.
Company Headlines
Fairfax Financial Holdings holds 32.89% of Eurobank Holdings
Eurobank Holdings announced that following the sale of 80.0m common shares of Eurobank, Fairfax Financial Holdings Limited now holds 1,209,223,895 shares, representing 32.89% of Eurobank’s total share capital and voting rights.
S & P Global upgraded credit rating of Bank of Cyprus
S&P Global Ratings raised on Friday Bank of Cyprus long- and short-term issuer credit ratings to ‘BBB-/A-3’ from ‘BB+/B’, with stable outlook.
Ideal Holdings to trade ex-capital return on 07 March 2025
The company announced that the stock is scheduled to trade ex-capital return (EUR 0.10/share, Yield: 1.7%) on Friday 07 March 2025 and payment will commence on Friday 14 March.
Greek equities finished with 0.7% gains on Friday, led by outperformance of certain blue chips, on a EUR 110m turnover. The banking index continued to post gains, following Thursday’s strong momentum, rising c.0.9% on the day, with Eurobank gaining 1.1%. NBG ended on the flatline, while Alpha bank and Piraeus Bank both flattish at +0.4%. On standout performers, Titan marked a 1.9% advance, Jumbo rose 1.5%, on top of Thursday’s 1% gains, Metlen was up 1.3% and Cenergy finished 1.2% higher. Moreover, GEK Terna was up 0.8%, followed by OPAP +0.5%, while PPC and Lamda hovered around the flatline.
MACRO – CORPORATE NEWS
MACRO
According to ELSTAT, the trade deficit excluding oil products and ships amounted to EUR 27.6bn in the period of January to December 2024, recording a 5.3% yoy increase. The increase was driven by a 3.6% yoy increase of imports excluding oil products and the value of ships and a 2.4% yoy rise in the corresponding exports.
BANK OF CYPRUS <BOCHGR GA, OW>
S&P upgraded Bank of Cyprus to investment grade, BBB-, with a stable outlook.
EUROBANK <EUROB GA, OW>
Eurobank announced that Fairfax stake stands at 32.89%, following the sale of 80m shares.
*Eurobank Equities (https://www.eurobankequities.
Market Comment // Greek stocks ended Friday on a positive note (+0.86%), with the ASE Index finishing at 1,557.83 points. Trading activity remained elevated at €131m, albeit below the 100-d MA of €154m. Piraeus Port (+3.3%) and CCH (+2.4%) led gainers followed by Jumbo (+2.31%), Titan Cement (+1.89%), and Ideal Holdings (+1.89%), with strong performances also delivered by Eurobank (+1.69%), Real Consulting (+1.41%), Fourlis (+1.19%), Cenergy (+1.19%) and Metlen (+1.02%). On the downside, Papoutsanis lost 3.19%, with ADMIE (-1.77%), BriQ (-1.71%) and Noval (-1.01%) also finishing in the red. EU futures point to a positive opening today as markets overcome cautious risk sentiment following the announcement of a 25% tariff on steel and aluminum imports by the US.
MSCI // The MSCI index review announcement is scheduled for tomorrow 11th February. As a reminder, the MSCI Greece Standard Index currently consists of 9 stocks, namely OTE, OPAP, Jumbo, PPC, Eurobank, Alpha Bank, NBG, Piraeus Bank and Mytilineos. Changes will become effective after the close of 28th February (flow).
Sarantis // According press the company is placing its suncare product Carroten in the US Target stores, in sync with its strategy to boost exports . In the meantime the same article mentions that the demand for skin care products is leading to additional capex of c€5m in the Inofita plant.
IDEAL Holdings // IDEAL announced changes in its calendar with the ex-capital return (€0.10/share) date set for Friday, 7th March. The payment will start on Friday 14th March.
Premia Properties // In its financial calendar update, Premia Properties announced that the ex-dividend date for the 2024 fiscal year is set for June 12, while dividend payment will commence on June 19.
