Citi: σε νέο της report για τη Metlen διατηρεί την τιμή-στόχο της στα €46 και τη σύσταση σε «αγορά», προσφέροντας ένα upside της τάξης του 25%. H ανάπτυξη της εταιρείας είναι πολύπλευρη και ως εκ τούτου δεν επηρεάζεται εύκολα από την αλλαγή σε ένα μόνο παράγοντα.
Αναβάθμισε την Εθνική Τράπεζα και τη Eurobank η DBRS. Σε ΒΒΒ αναβάθμισε το μακροπρόθεσμο αξιόχρεο της Εθνικής Τράπεζας ο οίκος αξιολόγησης. Θετικό το outlook για την αξιολόγηση της Eurobank.
Phoenix Vega Mezz: Στα €59,6 εκ. τα καθαρά κέρδη το 2024 από €11,2 εκ. το 2023.
Παπουτσάνης: Αύξηση 21% στον κύκλο εργασιών το πρώτο τρίμηνο στα €17,2 εκ.
Frigoglass: Προς AMK €1,28 εκατ. υπέρ Provisiona Iberia και Serlusa Refrigerantes. Θα καλυφθεί εξ’ ολοκλήρου με εισφορές σε είδος δηλ. την εισφορά του συνόλου (100%) των μετοχών των εταιρειών.
ATHEX headed south yesterday, in line with the European stock markets. In more detail, the General Index slipped by 2.69% at 1,528.34 units (FTSE Large Cap: -2.78%, FTSE Mid Cap: -2.88%, Banks Index: -3.14%) and the traded value was shaped at EUR 257.8m, down from Tuesday’s EUR 302.5m. We anticipate ATHEX to move in line with the European stock markets and to rebound today, with Aegean Airlines in focus.
Company Headlines
DBRS upgraded Eurobank credit rating
DBRS upgraded the credit rating of Eurobank to BBB from BBB (low) and also changed the trend to positive from stable. The upgrade is attributed to the greater ability to maintain its improved profitability and asset quality profile while preserving adequate capital buffers despite the acquisition of Hellenic Bank in Cyprus.
DBRS upgraded National Bank of Greece credit rating
DBRS upgraded the credit rating of NBG to BBB from BBB (low), with stable trend. The upgrade is owing to the ongoing improved profitability and strengthening of its asset quality profile.
National Bank of Greece in talks to acquire Alpha Trust-Press
According to unverified press reports (newmoney), National Bank of Greece is in talks to acquire Alpha Trust, an independent asset management company. NBG aims to increase its non-interest income and had an excess capital of EUR 1.6bn in 2024. We are Buyers on the stock with TP of EUR 10.92/share, a 31% upside potential.
Optima bank Financial Calendar 2025
The AGM of shareholders will take place on Tuesday 29 April, the stock will trade ex-dividend (EUR 0.57/share, DY: 4.1%) on Monday 23 June and payment will commence on Friday 27 June. Optima is scheduled to report 1Q25 results on 14 May, 1H25 results on Friday 01 August and 9M25 results on Tuesday 11 November.
Aegean passenger traffic up by 8.4% y-o-y in 1Q25
Aegean Airlines carried a total of 3.1m passengers in 1Q25 (+239k more passengers), up by 8.4% y-o-y, with international passengers up by 11.7% y-o-y and domestic passengers up by 3.3%. The airline offered 312k more available seats (+8.8% y-o-y), while the load factor remained high at 80.2% vs. 80.5% in 1Q24. The company continues to maintain its focus on the two main Greek airports of Athens and Thessaloniki, with total passenger traffic up by 8.9% and 3.3% y-o-y, respectively (mainly driven by international passenger traffic up by 12.1% y-o-y in AIA and by 6.4% y-o-y in Thessaloniki Airport).
Fourlis Group CC highlights
- a) Retail businesses exceeded revenue guidance despite the cybersecurity attack in November 2024 (before Black Friday, which cost 15m in revenues), b) the new IKEA store in Heraklion (11,500 sqm) is expected to open next week, and it will be the 4th biggest IKEA in terms of revenues while also a new small IKEA is expected to open by the and of 2Q24, c) Foot Locker targets to expand in 8 countries, by the end of 1H25, three new stores will open in Greece and three in Romania, while by the end of the year, the total network will reach 19 stores, d) Sportswear sales recorded double-digit sales growth in the second half of the quarter, where the impact of the cyber-attack reduced, e)Holland and Barrett announced new partnership with AB Vasilopoulos for the sale of specific products, f)Trade estates target for GAV of EUR 1bn by 2028 g) CaPex will reach EUR 28-29m in FY25 (vs. EUR 25m in FY24) with EUR 2-3m used for new Footlocker stores.
Quest Holdings FY24 results out
The company posted a strong set of results with revenues up by 10.8% y-o-y, to EUR 1.32b, EBITDA of EUR 91.7m (+10.1% y-o-y), and net profits of EUR 49.9m, up by 9.9% y-o-y. As of 31/12/24, the group stands at net cash position of EUR 82.1m vs. Net debt of EUR 17.0m in FY23, down by 582% y-o-y. Management will propose in the next AGM the approval of a gross dividend of EUR 0.30/share. (DY: 5.3%). For FY25, management guided revenue growth in all segments and group EBITDA to surpass EUR 100m.
Papoutsanis 1Q25 trading update
The company announced strong revenues of EUR 17.2m in 1Q24, up by 21% y-o-y, with exports accounting for 61% of total turnover. Management guided for double-digit sales growth in FY25, aided by the strong existing and new partnerships, as well as through further strengthening of sales of branded products, both locally and internationally (expansion of products portfolio). In 1Q25, branded products category sales are up by 26% as a result of the dynamic expansion of the product portfolio and the entry into new home care categories. Hotel products category sales were up by 37% y-o-y, driven by both exports and domestic sales, which grew by 48% and 32% in 1Q25, respectively. Finally, third-party contract manufacturing sales increased by 21% y-o-y, and soap sales recorded an increase of 5% y-o-y.
Sunrize Mezz plc 2024 results
Net profit reached EUR 8.2m (+110% y-o-y), bolstered by net gains from financial assets of EUR 7.5m (+257% y-o-y) from EUR 2.1m in 23, whilst interest income came in at EUR 900k (-57% y-o-y). Cash stood at EUR 4.2m and assets at EUR 17.0m respectively.
Phoenix Vega Mezz plc 2024 results
Net profit came in at EUR 59.6m (+432% y-o-y), bolstered by net gains from financial assets of EUR 51.8m vs. EUR 3.2m in 23, whilst interest income was shaped at EUR 9.3m (-6% y-o-y). Cash reached EUR 8.2m and assets EUR 91.4m respectively.
Sarantis Vice Chairman bought shares
The company announced that the Vice Chairman of BoD, Mr. Grigoris Sarantis, purchased on 7 April, 10,000 shares at an average price of EUR 11.90 and for a total value of EUR 119,000.
Prodea Investments Financial Calendar
The company announced that will publish its FY24 results tomorrow, while the AGM is scheduled for Wednesday, 11 June and the ex-dividend date is set for Monday 16 June.
Alter Ego Media Financial Calendar
The company announced that will publish its FY24 results today before the opening of the market, while the AGM is scheduled for Tuesday, 17 June.
Autohellas trades ex-dividend today
Autohellas trades today ex-dividend of EUR 0.85/share (DY: 7.1%)
The ASE Index returned on red territory yesterday, posting c.2.7% losses, with turnover remaining elevated at EUR 258m. The banking index was down 3.1%, with Piraeus Bank and Alpha Bank recording a 5.0% and 4.7% drop respectively, followed by NBG down 2.8% and Eurobank slipping 1.7%. On non-financials, OTE gained 0.7% on the day, OPAP rose a modest 0.5% and Aegean finished just above the flatline. On red, Titan lost c.6%, Cenergy finished at -4% and Metlen and GEK Terna were both down 3.5%. Moreover Jumbo recorded 3.4% losses, while PPC and Lamda both marked a c.2.3% drop. Alter Ego reports FY24 numbers today, before the market opens.
MACRO – CORPORATE NEWS
BANKS
DBRS upgraded NBG’s credit rating to BBB, from BBB (low), with a stable outlook and Eurobank’s to BBB, from BBB (low), with a positive outlook.
ALPHA BANK <ALPHA GA, OW>
According to press reports, the SSM could provide after Easter the green light for the increase in the stake of Reggeborgh Invest to over 10%.
NBG <ETE GA, OW>
According to press reports, NBG is in negotiations to acquire independent asset management firm Alpha Trust.
PIRAEUS BANK <TPEIR GA, OW>
Ethniki Insurance published the Solvency & Financial Report for 2024. GWP in 2024 increased by 15.8% yoy to EUR 850m. The insurance result net of reinsurance stood at a EUR 24.9m profit in non-life and EUR 9.7m loss in life with the investment income at EIR 99.8m and recurring opex (ex VRS and transformation expenses) at EUR 101.4m. The solvency Ratio stood at 188%.
AEGEAN <AEGN GA, OW>
According to press reports, passenger traffic grew by 8.4% yoy in 1Q25 to c.3.1m with international passengers at +11.7% yoy and domestic at +3.3% yoy.
PAPOUTSANIS <PAP GA>
Papoutsanis announced that turnover reached EUR 17.2m in 1Q25, recording a 21% yoy increase, driven by strong growth across all four segments, with exports accounting for 61% of total sales. Own branded products’ sales rose 26% yoy, at EUR 4.8m, fueled by the expansion of the company’s product range and entrance into new homecare categories. Homecare sales under the own brands segment almost doubled in 1Q25 (+91% yoy), while personal care products sales grew 4% yoy. Third party revenues recorded strong growth of 21% yoy, reaching EUR 7.2m, supported by the expansion of established contracts. Moreover, hotel amenities sales increased 34% yoy, standing at c.EUR 2.6m, driven by a 37% yoy rise in Papoutsanis branded hotel products, led by a 48% yoy increase in exports. On specialty soap bases, revenues totaled c.EUR 2.6m, up 5% yoy, as a result of client base expansion. We remind that management guides for double digit revenue growth in 2025 in the back of the expansion of existing and the launch of new partnerships, as well as further penetration of own brands into new categories.
Market Comment // The Greek market traded in the red throughout yesterday’s session eventually shedding -2.7%, in line with the broader sell-off across Europe. Turnover remained elevated at €258m (vs. 100-d MA of €190m). Pressure was broad-based, with Viohalco, Titan, Noval, EXAE, and Piraeus all down >5%, followed by >3% declines in Fourlis, Alpha, Cenergy, Quest, ELHA, GEK Terna, Metlen, Jumbo, CCH, and several mid/small-caps including Profile, Motodynamiki, IDEAL, Premia, Thrace, and Alter Ego. On the positive side, Optima Bank rallied +4.2%, while Kri Kri (+1.1%), OTE, OPAP, Autohellas, and Aegean posted modest gains. Today, European markets look poised for a major relief bounce, tracking Wall Street’s strong close after the US announced a 90-day pause on most reciprocal tariffs—excluding China—easing fears of an imminent trade war escalation.
Greek Banks // DBRS upgraded its credit ratings on both NBG and Eurobank, raising their Long-Term Issuer Ratings to BBB from BBB (low). For NBG, the trend remains stable, reflecting the bank’s consistent improvement in profitability, ongoing enhancement of its asset quality, and continued capital build-up, which has resulted in ample capital buffers above supervisory requirements. For Eurobank, DBRS also revised the trend on the Long-Term Issuer Rating to Positive from Stable, acknowledging the Group’s strengthened capacity to sustain its improved profitability and asset quality, while maintaining adequate capital buffers despite the acquisition of Hellenic Bank in Cyprus.
Quest Holdings // Quest announced 2024 results in line with our estimates and slightly ahead of management’s guidance for modest growth, mainly due to better-than-expected performance in the Commercial Activities division. 2024 EBITDA shaped at €91.8m, up 10% yoy, led by c11% revenue growth. Net profit also increased by 10% yoy to €49m, c4% above our forecast. Quest mgt guided for EBITDA above €100m in 2025e, implying just over 9% yoy growth, on mild sales growth. A conference call will follow today. As a reminder the proposed gross DPS is set at EUR 0.30/share (5.4% div. yield).
Papoutsanis // Papoutsanis announced strong Q1 sales of €17.2m, marking a 21% increase yoy driven by branded and third-party product categories. The strong start to the year ought to have been anticipated, as the group was cycling a soft Q1’24 (when sales were -7.2%). Management reiterated its guidance for double-digit revenue growth in FY’25 (we have penciled in 11% in FY25). Meanwhile, as a reminder, Papoutsanis is set to distribute a €0.03 final dividend (yield 1.3%, ex-dividend 28 April).
Autohellas // Trades ex dividend of €0.85/share (net €0.8075/share, div. yield 7%) today. Payment starts on Wednesday 16th April.
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