Optima Bank: με τιμές-στόχους για την Τράπεζα Πειραιώς τα €6,20 και την Αlpha Bank τα €2,55 να είναι οι κορυφαίες επιλογές. Οι τιμές-στόχοι για την Εθνική Τράπεζα είναι τα €10,92 και για τη Eurobank τα €3,00.
Attica Group: Στα €747,8 εκατ. o κύκλος εργασιών το 2024 (+27%). Στα €17,5 εκ.τα καθαρά κέρδη, επιβαρυμένα με μη επαναλαμβανόμενα έξοδα από την ενσωμάτωση της ΑΝΕΚ ύψους €28,2 εκ. Πρόταση για μέρισμα €0,07/μετοχή.
Attica Bank: Επαναλαμβανόμενα κέρδη προ προβλέψεων €43,9 εκατ. το 2024. Οι χορηγήσεις προ προβλέψεων ανήλθαν σε €3,3 δισ. Οι καταθέσεις διαμορφώθηκαν στα 6,1 δισ. ευρώ. Τα καθαρά επαναλαμβανόμενα έσοδα από τόκους ήταν €106,7 εκατ. Ο δείκτης NPEs στο 2,8%,ο δείκτης CET 1 στο 11,9% μετά την ΑΜΚ €735 εκ.
Dimand: Στα €38 εκατ. τα καθαρά κέρδη το 2024.O κύκλος εργασιών ανήλθε στα €28 εκ. από €9 εκ. το αντίστοιχο διάστημα πέρυσι και τα αναπροσαρμοσμένα EBITDA αυξήθηκαν στα €59 εκ. από €20 εκ. το 2023. Στα €34 εκ. μειώθηκε ο καθαρός δανεισμός. 13 επενδυτικά έργα σε διάφορα στάδια ολοκλήρωσης, με χρήσεις γραφείων, logistics, οικιστικών και ξενοδοχειακών συγκροτημάτων ή μικτών χρήσεων.
ΒΟΑΚ: Οριστικός ανάδοχος η ΓΕΚ ΤΕΡΝΑ. Αναλαμβάνει το έργο Παραχώρησης του μεγάλου μεσαίου τμήματος Χανιά – Ηράκλειο. Χρηματοδότησή του με €200 εκ. από το Τ.Α.
ΕΛΣΤΑΤ: Αύξηση 2% στη βιομηχανική παραγωγή τον Ιανουάριο. Η μεγαλύτερη ποσοστιαία αύξηση καταγράφηκε στον κλάδο εξόρυξης άνθρακα και λιγνίτη – άντλησης πετρελαίου και φυσικού αερίου.
Πληθωρισμός 2,5% το Φεβρουάριο. Στο +6,4% η ένδυση-υπόδηση, +5,1% στη στέγαση, +3,4% η υγεία. Ιανουάριος: Στα €4,1 δισ. η αξία των εξαγωγών, +2,2%, στα €6,9 δισ. η αξία των εισαγωγών, +4,7%. Στα €2,8 δις. το εμπορικό έλλειμμα (+8,5%).
ATHEX headed north yesterday, outperforming the European stock markets. In more detail, the General Index rose marginally by 0.04% at 1,627.94 units (FTSE Large Cap: +0.04%, FTSE Mid Cap: +0.01% Banks Index: -0.15%) and the traded value was shaped at EUR 223.0m, up from Friday’s EUR 188.0m. We expect the market to seek direction today, amidst international in the stock markets.
Macro Headlines
Greek CPI up by 2.5% y-o-y in February (ELSTAT)
According to ELSTAT, CPI (national index) increased by +2.5% y-o-y (vs. 2.7% in January) and decreased by 0.1% m-o-m in February 2025, while the annual average rate of CPI increased by +2.7% over the trailing 12 months. The sectors with the most notable y-o-y movements were clothing and footwear (+6.4%) and Hotel – Cafes – Restaurants (+5.5%). Additionally, the harmonized CPI in February 2025 rose by 3.0% y-o-y (vs. 3.1% in January), in line with 3.0% flash estimate released earlier this month and remained unchanged m-o-m.
Industrial production up in January (ELSTAT)
According to ELSTAT, the Industrial Production Index (IPI) increased by 2.0% y-o-y in January 2025, due to the increase by 4.3% y-o-y in Electricity supply index and by 4.3% in Water supply index while a decrease by 6.4% observed in Mining and Quarrying index.
Trade balance deficit widens in January (ELSTAT)
ELSTAT announced that the trade balance in January 2025 amounted to EUR 2,809m in comparison with EUR 2,589m a year ago, recording an 8.5% y-o-y increase, due to the 4.7% y-o-y increase in imports which more than offset the 2.2% y-o-y rise in exports.
Sector Headlines
Government repays State guarantee loans-Press
Press reports (euro2day) indicate that the General Accounting Office of the State has paid to systemic banks EUR 800.0m for State guarantee loans and that will pay another EUR 200-300m by the summer. The news is positive and expected.
Market Headlines
FTSE Russel to announce on 8 April potential reclassification of ATHEX to Developed market
FTSE Russell will release the March 2025 FTSE Equity Country Classification Interim Review Announcement after the US market close on Tuesday 08 April 2025, with Greek market being on the Watch List for possible reclassification from Advanced Emerging to Developed market status.
Company Headlines
Attica Bank | Net loss of EUR 323.5m in 2024 on NPE clean-up costs of EUR 398.2m
CP: EUR 0.72
P & L KPIs: The new Attica Bank group recorded a net loss of EUR 323.5m in 2024 on the back of LLPs of EUR 398.2m due to the inclusion in Hercules III of NPEs with a gross book value of EUR 3.6bn (Domus & Rhodium NPEs portfolios). Recall that Pancreta Bank’s activity for the period 04/09/2024-31/12/2024 is consolidated in the P & L statement. Thus, group net interest income came in at EUR 106.7m (+44% y-o-y) and NIM eroded marginally to 2.14% from 2.16% in 2023. Moreover, fee income came in at EUR 19.0m (+111% y-o-y), core income at EUR 125.7m (+51% y-o-y) and total revenues at EUR 148.2m. On the cost side, OpEx jumped by 38% y-o-y to EUR 115.2m and LLPs stood at EUR 398.2m. Cost to income ratio widened to 77.7% in 2024 from 75.1% in 2023.
Pro forma P &L KPIs: Net interest income reached EUR 158.3m (+26% y-o-y), fee income EUR 27.2 (+51% y-o-y) and total operating income EUR 203.6m (+31% y-o-y), whilst OpEx stood at EUR 154.8m (+11% y-o-y) and Pre-provision income at EUR 48.8m from EUR 15.7m in 2023.
Attica Bank Like-for-Like KPIs: NII reached EUR 85.5m (+15% y-o-y), fee income EUR 13.6m (+52% y-o-y) and reported PPI came in at EUR 30.0m (+8% y-o-y) from EUR 27.7m in 2023.
Balance Sheet: Net credit expansion stood at EUR 952m in 2024 and at EUR 158m in 4Q24, while management NCE to accelerate to EUR 1.1bn in 2025. Gross loans came in at EUR 4.5bn in 2024 and at ca3.29bn (excluding loans of securitized portfolios). Deposits came in at EUR ca6.1bn (+93% y-o-y), o/w time deposits at EUR 3.5bn or 57.6% of total. Investment securities stood at EUR 1.7bn (EUR 675m q-o-q) and assets at EUR 7.54bn from EUR 3.77bn in 2023. GLD ratio stood at 54.0% from 54.3% in 3Q24.
Asset quality dynamics: Group NPEs amounted to EUR 127.0m, the NPE ratio (post the securitizations) dropped to 2.8% vs. 56.9% in 2023 and the NPE cash coverage stood at 47.8% from 61.3% in 2023.
Capital dynamics: Tangible equity came in at EUR 628.8m or EUR 0.3890/share, implying a P/TBV24 of 1.85x. CET1 ratio stood at 11.9%, 320bps above regulatory minimum OCR of 8.7% and CAD was shaped at 14.8% in 2024.
Restructuring and transformation costs 2025-2026: Management expects total restructuring and transformation costs (including rebranding) to shape at EUR 85.0m, equally spread between 2025 and 2026 (EUR 42.5m per annum), whilst management estimates that synergies will exceed EUR 30.0m in the next two years. The change in the corporate identity will take place in 3Q25 and a VES is being executed with 12 branch co-locations. According to management, the top priority is to complete the operational merger within 2025 with the integration of the IT systems of the two banks.
Guidance 2027/Conference call: Management hosts a CC today at 10:00 Athens/08:00 London Time and reiterated that it aims loans to exceed EUR 7.0bn and operating profitability at least to quadruple by 2027.
ELLAKTOR and AKTOR Group confirm advanced talks for the sale of AKTOR Concessions
In response to the HCMC, ELLAKTOR confirmed that it has received a non-binding offer by AKTOR for the sale of its subsidiary AKTOR CONCESSIONS and granted Aktor an exclusive period for negotiating and finalizing the agreement until April 30, 2025.
Competition Commission clears the Acquisition of the real estate company MILORA by AKTOR Group
The Hellenic Competition Commission approved the acquisition of sole control by “AKTOR GROUP OF COMPANIES” over the company “MILORA M.A.E.”, a EUR 600m real estate portfolio, as the small market shares, of the undertakings concerned no affected markets are observed and the transaction is not expected to significantly impede competition in the markets concerned.
Dimand FY24 results out
Dimand released a strong set of results with total revenues up by 211% y-o-y to EUR 28m, EBITDA up by 205% to EUR 58m and net profit of EUR 37m, vs. EUR 13m a year ago. Additionally, NAV was up by 28.6% y-o-y to EUR 180m, NAV/share at EUR 9.64, at a 13.9% discount to yesterday’s closing price. Finally, the company strengthened its capital structure with the cash of the group at EUR 38m vs. EUR 12m in FY23 and net debt down to EUR 34m vs. EUR 67m in FY23 while the GDV shaped at EUR 1,024m.
The ASE Index finished flat yesterday, recovering early mild losses, on an elevated EUR 223m turnover. The banking index finished just below the flatline (-0.1%), with Eurobank and Alpha Bank recording 2.6% and 1.3% losses respectively, whereas NBG and Piraeus Bank posted 1.2% and 1.7% gains respectively. On non-financials, Jumbo rose 2.2%, OTE was up 1%, followed by Metlen gaining 0.8%, with OPAP, Helleniq Energy and GEK Terna hovering around the flatline. Among market’s laggards, Titan slipped 1.4%, Lamda lost 1.3%, Cenergy recorded a 0.8% drop and PPC was down 0.7%.
MACRO – CORPORATE NEWS
MACRO
According to ELSTAT, inflation in February stood at 2.5% yoy, mainly driven by rising prices in the sectors of clothing and footwear (+6.4% yoy), hotels-cafes-restaurants (+5.5% yoy) and housing (+5.1% yoy).
PIRAEUS BANK <TPEIR GA, OW>
According to press reports, the acquisition of Ethiniki Insurance will be completed by March 20th.
ATTICA BANK <TATT GA>
Attica Bank reported FY24 performing loans of EUR 3.2bn, NII of EUR 158m with recuring PPI of EUR 49m. The NPE ratio dropped to 2.8% post clean-up with the coverage at 48%. The pro-forma CET1 ratio stood at 13.1% with the tangible book value at EUR 621m. The medium term target stands for a ROTE of >20%, C/I ratio of <40% and pre-provision profits of >EUR 280m.
GEK TERNA <GEKTERNA GA, OW>
GEK Terna was officially declared the winning bidder in the North Crete Motorway concession. Reportedly, the signing could take place within April. We remind that the concession for 35 years with the construction period to last for 5 years. The construction cost is in the c.EUR 2.0bn range.
AKTOR GROUP <AKTR GA, OW>
Ellaktor announced that it has received a non-binding offer for the sale of the total participation in Aktor Concessions from Aktor Group. The BoD of Ellaktor has decided to grant Aktor an exclusive period for negotiating and finalizing the agreement until April 30, 2025.
DIMAND <DIMAND GA>
Dimand released its flash note FY24 results yesterday, reporting revenues of EUR 28m from EUR 9m in FY23 and EBITDA of EUR 58m, vs EUR 19m in FY23. Moreover, PBT recorded an 135% yoy increase to EUR 40m. Net profit for the period reached EUR 37m, from EUR 13m in FY23, and NAV stood at EUR 180m, from EUR 140m, reflecting a discount to NAV of 13.9%.
Market Comment // The ASE General index reversed early losses to ultimately close flattish at 1,627.9 points (+0.04%) on Monday, near its intraday high. Trade activity rose to €223m, remaining near recent levels and well above the 100-day MA of €160m. AEM (+3.0%) and Jumbo (+2.25%) set the tone for gainers, followed by Papoutsanis, Piraeus Bank, Autohellas, Real Consulting, Profile, NBG, Noval, and OTE (all on >1% gains). On the flipside, Eurobank (-2.61%) and Elvalhalcor (-2.34%) underperformed among laggards, trailed by PPA, Titan Cement, Lamda Development, Alpha Bank, ADMIE, Terna Energy and Viohalco (on >1% losses). The market looks set for a mildly positive open today, in line with EU futures, as the bearish sentiment following yesterday’s sell-off unwinds.
Sarantis // Sarantis is scheduled to release FY’24 results tomorrow (12th March) after market. We project 2024e revenues of €601m (+25% yoy or +8% lfl) and EBIT of €61m (+31% yoy, or +16% lfl), in sync with mgt guidance, with the EBIT margin improving to 10.2% (+0.4pps yoy). We estimate 2024 net profit at €47.7m, indicating a 21% yoy increase. We have maintained our payout ratio at 38% and come up with an estimated dividend of €0.27/share (c2% div. yield) for FY’24e. We forecast Sarantis will end 2024 with a net debt (ex-leases) position of just €4m, despite the acquisition of Stella Pack in the year and ongoing investments.
Piraeus Bank // According to press reports, the Piraeus Bank–Ethniki Insurance deal, involving a €469mn offer for a 70% stake, is in its final stages, with an optimistic closing date of March 20. Piraeus aims to apply the Danish Compromise, a regulatory framework that would lower capital requirements for owning an insurance subsidiary. If approved, expected by Q3 2024, this could reduce the capital needed for the transaction by €200-250m.
Autohellas // Autohellas is scheduled to release FY’24 results tomorrow pre-market opening. We estimate 2024 revenues will drop 1% yoy to €990m, as weak performance in Autohellas’s auto trade business is likely to offset the solid rentals performance. We forecast EBITDA will reach €276m (+1% yoy) aided by improved operating costs, nonetheless the rise in depreciation costs lead our 2024 EBIT estimate to €125m (-10% yoy). We estimate net profit flattish yoy at €77m, while we assume an unchanged FY24 DPS of €0.70 (c6% div. yield).
Attica Bank // Attica Bank posted Q4’24 results, reporting net profit of €17.9mn, bringing net loss for FY’24 to €323.5mn, including securitization costs of approximately €380mn recorded in Q3. On a pro-forma basis (including PCB’s contribution for the 12-month period), recurring FY’24 PPI reached €48.8mn, with €18.8mn recorded in Q4’24.
Dimand // FY’24 results announced yesterday, with revenue rising by c€19m to €28m (vs. €9.4m in FY’23), primarily driven by income from development services related to Hub 204 and Citrus. Operating profit came in at €23m, up 25% yoy but below our €47m estimate, presumably owing to construction activity being pushed back to 2025. However, this was offset by profits from investments in JVs, with EBITDA ending at c€58m, in line with our forecasts. Profit before tax reached €40m (vs. €17m in FY’23), though lower than our estimates due to higher finance costs. NAV increased to €180m (+29%) compared to €140m at the end of 2023.
Ellaktor-Aktor // Ellaktor has received a non-binding offer from Aktor Holding Company for the full acquisition of its subsidiary, Aktor Concessions. The two sides have formally confirmed the start of an exclusive negotiation period until end of April during which financial and legal due diligence on the transaction will be completed. The outcome of this process will determine whether there will be a final agreement.
* Tα παραπάνω σχόλια μπορείτε να τα διαβάσετε πρώτοι στο viber του mikrometoxos.gr
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.
Ακολουθήστε το mikrometoxos.gr στο Google News
και μάθετε πρώτοι όλες τις ειδήσεις
