Goldman Sachs, νέες τιμές-στόχοι στις τράπεζες: για την Αlpha Bank τα 2,40 ευρώ από 1,9 ευρώ πριν, για τη Eurobank τα 2,8 ευρώ από τα 2,5 ευρώ πριν, για την Εθνική Τράπεζα τα 10,7 ευρώ από τα 10,6 ευρώ πριν και για την Τράπεζα Πειραιώς τα 5,7 ευρώ από τα 5,4 ευρώ πριν.
Eurobank: Με 93,47% στην Ελληνική, υποχρεωτική δημόσια πρόταση. Aπέκτησε το 37,5% της κυπριακής τράπεζας έναντι €750 εκατ. ευρώ και προχωρά σε δημόσια πρόταση στα €4,843 ανά μετοχή. Θα ασκήσει το δικαίωμα squeeze out.
ATHEX headed south yesterday, underperforming the European stock markets. In more detail, the General Index dropped by 0.19% at 1,548.93 units (FTSE Large Cap: -0.15%, FTSE Mid Cap: +0.45%, Banks Index: -0.06%) and the traded value was shaped at EUR 100.9m, down from Monday’s EUR 115.1m. We expect ATHEX to move higher today.
Macro Headlines
Greece taps additional EUR 200m through the 2035 Bond
PDMA announced that it will tap the markets today with EUR 200m through the reopening of the existing 10-year bond with a 3.625% coupon.
Market Headlines
Government presented new tax incentives to support the Capital Market
Finance Minister Mr. Hatzidakis announced that a new tax rate will be imposed to support capital markets. The new legislation will 1) reduce the tax rate for interest on listed corporate bonds from 15% to 5%, 2) extend the incentives for the angel investors and for investments in the Alternative market (EN.A) and 3) reduce the costs for listing of small and medium-sized enterprises on ATHEX (through a 100% mark-up on eligible expenses deducted from gross income for 3 years).
MSCI standard Greece-no changes
MSCI announced the quarterly review, with no changes for the Greek standard index. As a reminder, the MSCI Greece Standard index includes nine Greek companies, namely Piraeus Bank, Eurobank, National Bank, Alpha Bank, OTE, OPAP, JUMBO METLEN and PPC.
Company Headlines
Eurobank increased its stake to 93.47% in Hellenic Bank, takeover bid for the rest
Eurobank announced that it increased its stake to 93.47% in Hellenic Bank in Cyprus and it will submit a takeover bid for the remaining 6.53% at EUR 4.843 per share and intends to exercise the squeeze-out right. The news is positive and expected. We reiterate our Buy rating and TP of EUR 3.00/share.
Jumbo January 2025 sales update
Jumbo released its sales update for January 2025. Despite the prolonged closure of the Suez Canal, there are signs of improvement in the delivery time of goods, although the increased uncertainty over tariffs, in combination with the recent increase in energy costs and the continued strengthening of the dollar, raises concerns about a possible resurgence of inflation. Group sales were up by +11.0% y-o-y, driven by parent net sales (up by 15% y-o-y), Cyprus (+3%), and followed by Bulgaria (2%) and Romania (+5%). Management stated that a significant part of the increase in January’s turnover is attributable to franchisees operating stores under the JUMBO brand and this performance should not be extrapolated for FY25e. Jumbo operates 39 franchise stores (vs. 36 stores in January 2024) in 7 countries (Albania, Kosovo, Serbia, North Macedonia, Bosnia, Montenegro, Kosovo, Serbia, Montenegro and Israel) and a network of 88 owned stores in Greece, Cyprus, Bulgaria and Romania.
Coca Cola HBC 2024 results out tomorrow
Coca Cola HBC is set to report 2024 results tomorrow at 09:00 Athens/07:00 London Time and management will host a conference call at 11:30 Athens/ 09:30 London Time. Vuma consensus estimates group volume at 2.9bn unit cases (+3% y-o-y), group revenues at EUR ca10.7bn (+5% y-o-y), comparable EBIT at EUR ca1.18bn (+9% y-o-y) and net profit at EUR 812.3m (+28% y-o-y). Finally, consensus expects the company to distribute a dividend of EUR 1.01/share.
Profile establishes new R & D Hub in Patras
The company announced the inauguration of its new Hub in Patras, which will serve as R&D center, dedicated to the development of advanced Financial and Business solutions using AI and Large Language Models (LLMs).
The Hellenic Competition Committee approved the acquisition of Novibet
The Hellenic Competition Committee has made a public announcement regarding the acquisition of exclusive control by Allwyn over Novibet and its subsidiaries.
Autohellas Financial Calendar 2025
Autohellas announced that it will report FY24 results on Wednesday 12 March 2025, the conference call is scheduled for Wednesday 25 March and the AGM will be held on Tuesday 8 April 2025, while dividend ex-date set for Thursday 10 April 2025.
Europe Holdings EGM set for 6 March
The company announced that it will hold an Extraordinary General Meeting on Thursday 6 March to discuss among others a new share buyback programme.
TRADING SNAPSHOT
Greek equities lost momentum in early trading, ending flat, with turnover standing at EUR 99m. The banking index balanced around flat, with Alpha Bank gaining 1.9%, Piraeus Bank rising 0.8%, whereas Eurobank and NBG both lost 0.8%. On non-financials, Motor Oil stood out, marking a 2.5% rise, Helleniq Energy was up 1.8%, PPC posted 1% gains, followed by Metlen and Cenergy both up 0.8%. Titan remained under pressure, recording a 4.1% drop, Lamda was down 1.1%, Aegean slipped 0.9% and Jumbo lost 0.7%.
MACRO – CORPORATE NEWS
POLITICS
The fourth round of election for the Presidency of Democracy will take place today, with Konstantinos Tasoulas rising as strongest candidate (151 votes required).
MSCI
The MSCI Index review took place yesterday. No changes on the MSCI Greece Index constituents.
PIRAEUS BANK <TPEIR GA, OW>
Piraeus is due to report 4Q24 numbers and business plan targets (2025-28) on Monday, February 24, before the market. A conference call will take place on the same date at 14:00 local time (13:00 CET). Dial in numbers for Greek participants +30 210 94 60 800, for UK participants +44 (0) 800 368 1063, for UK & International +44 (0) 203 059 5872, USA participants +1 516 447 563.
EUROBANK <EUROB GA, OW>
Eurobank announced the completion of the acquisition of an additional 37.5% stake in Hellenic Bank, for a total EUR 750m (EUR 4.8/share), increasing its stake to c.93.5%, from 55.9% prior.
JUMBO <BELA GA, OW>
January sales growth stood at +11% yoy, driven primarily by franchise partnerships recorded as net sales to the parent (+15%yoy). Cyprus sales increased 3% yoy, Bulgaria recorded 2% growth and Romania (including e-shop) rose 5% yoy. In the released statement the company highlighted signs of improvement in products delivery from Asia. However, with the recent imposition of US tariffs and strengthening of USD, management will refrain from providing any guidance for the first four months of the year.
Market Comment // The Greek market recouped most of its morning losses yesterday, with the benchmark index ultimately closing down just by 0.19% at 1,548.93 points, near its intraday high. Turnover shaped at €101m, significantly below the 100-d moving average of €154m. Motodynamics (+4.07%), Motor Oil (+2.58%) and Noval (+2.02%) led gainers rising >2%, followed by Alpha Bank (+1.91%), HelleniQ Energy (+1.82%), Viohalco (+1.2%), Profile (+1.15%) and PPC (1.04%). Conversely, Titan experienced the largest decline, shedding 4.11%, followed by CCH (-1.33%), Sarantis (-1.21%), Lamda, EYDAP (-1.15%) and Premia (-1.1%). EU futures point to a positive opening today, as investors assess a slow pace of rate cuts by the Fed while turning their focus to the upcoming US inflation data today.
Coca-Cola HBC // Coca-Cola HBC will release its FY’24 results tomorrow pre-market opening. We forecast 2024e adj. EBIT at €1.16bn, +11.2% organic yoy, underpinned by price/mix, with revenues +12.7% organic at €10.66bn (+4.7% yoy) on c3% volume growth. We expect a proposed DPS at €0.98/share (2.7% div. yield). Looking into 2025, momentum remains dynamic, with strong execution likely supporting solid organic EBIT growth amidst an inflationary and consumer sensitive environment. Consensus forecasts are looking for >10% 2025e organic EBIT growth (€1.28bn), led by c7% organic revenue growth.
MSCI // The MSCI February index review resulted in no changes for Greek equities. As a result, the MSCI Greece Standard Index still consists of 9 stocks, namely OTE, OPAP, Jumbo, PPC, Eurobank, Alpha Bank, NBG, Piraeus Bank and Mytilineos. Flow from the index changes will take place on Friday 28th February.
Jumbo // Released yesterday a robust trading update for January, revealing that monthly sales increased 11% yoy. The message remained cautious, although the tone did seem a bit more confident with mgt noting “improvement in the delivery time of goods”. That said, mgt reiterated that the 2025 guidance will be provided in May.
Politics // Mr. Tasoulas set for Presidential election today, poised to secure the minimum 151 votes required in the fourth ballot. The decision of small left-wing parties to abstain from the process is indicative of the fragmentation within the opposition, which has not managed to unify around key votes.
Motor Oil // The 35% stake in Korinthos Power was successfully transferred to the Group’s electricity supplier, NRG, as part of Motor Oil’s operational restructuring.
ATHEX // The new bill under public consultation by the Ministry of National Economy and Finance introduces key reforms to the stock market’s operation and supervision, aiming to revitalize capital markets as a major investment funding source. Measures include strengthening regulatory oversight, improving market efficiency, and incentives to boost liquidity and attract new listings. The bill also supports fintech and ESG development, a fairer tax framework, and financial literacy initiatives.
