Jumbo: «Εποχικό» άλμα 19% στις πωλήσεις Φεβρουαρίου. Στους δύο πρώτους μήνες του 2025, οι πωλήσεις του Ομίλου καταγράφονται αυξημένες κατά +15% περίπου. Στις 19/3 η ΕΓΣ για έκτακτη διανομή 0,4667 ευρώ.
ATHEX headed south yesterday, outperforming the European stock markets. In more detail, the General Index slipped by 0.22% at 1,624.34 units (FTSE Large Cap: +0.04%, FTSE Mid Cap: -0.39% Banks Index: +0.62%) and the traded value was shaped at EUR 213.1m, down from Monday’s EUR 223.0m. We expect ATHEX to consolidate at current levels, with Sarantis and Autohellas in focus.
Company Headlines
Attica Bank CC Highlights
The management will announce a 3-year business plan by the end of 2Q25. The bank is focusing on SMEs and retail lending and has also a presence in large corporates and shipping. The VES is near completion and the target is to reduce the network to 65 branches from 86 in 2024. Management goals net credit expansion of EUR 1.0bn per annum and sees pressure on spreads. The medium-term target is pre-provision profit to surpass EUR >280m. Finally, the Basel IV impact is estimated at 40bps (Phased-in) and at 60bps (FL impact).
Jumbo February 2025 sales update
Jumbo released an exceptionally strong sales update for February 2025, which to some extent is attributable to seasonality (the carnival celebration was earlier this year, positively affecting February sales). Group sales were up by +19.0% y-o-y, driven by parent net sales (up by +26% y-o-y), Cyprus (+27%), and followed by Romania (+3%) and Bulgaria almost flat. For the 2M25 period, Group sales recorded an increase of +15.0% y-o-y with Greek sales up by 21% y-o-y, Cyprus (+16%) and followed by Romania (+4%) and Bulgaria flat. Management stated that a significant part of the increase in February’s turnover is attributable to the earlier carnival celebrations and that the first days of March indicate an adjusting dropdown, however we point out that the 26% increase in Greek sales and the 27% increase in Cyprus sales indicate an exceptionally strong sales performance. An updated guidance for management’s sales estimates will be provided after the end of the first 4 months of the year. Management also stated that in this week and additional Hyperstore in Timisoara, Romania will start its operations, bringing the total number of Jumbo stores in the country to 20. The upcoming AGM that is scheduled for 19 March will approve the extraordinary cash distribution with a gross amount of EUR 0.4667/share that will be adjusted upwards to account for the number of treasuries shares on the record date. We remind that ex-dividend date is set for 24 March 2025.
AVAX shareholders proceeded with a placement of 4.4% of company shares (press)
AVAX’s major shareholders proceeded yesterday with a placement of 6.5mio company shares (4.4% of total) to institutional investors at EUR 2.0/share (5.4% discount to yesterday’s close and at 5.8% premium to the 3-month average price).
METLEN’s CEO and chairman sees ReArm Europe as an opportunity for the Greek Defense industry
In a comment in his personal Linked In account, the CEO and Chairman of METLEN said that he is optimistic that the Greek PM will support the domestic defense industries to be included in the EU’s Rearm Europe project, a EUR 800bn facility to improve Europe’s defense capacity.
Market Comment // Swinging between gains and losses intraday, the ASE General index ultimately closed at 1,624 points (-0.22%) on Tuesday, weighed down by the muted mood across global exchanges. Trade activity totaled €213m for the session (vs the 100-day MA of €161m). Kri Kri (-3.55%) stood out among laggards, followed by Profile, Quest, BoC and Ellaktor (on >2% losses), while HelleniQ Energy, Sarantis, GEK Terna, Viohalco, Titan Cement, Motodynamics and OPAP all booked losses >1%. On the other hand, Dimand (+2.41%) and Alpha Bank (+2.37%) outshone gainers, while Eurobank and Jumbo (on >1% gains) also offered support. The market looks headed for a solidly positive opening today, in line with EU futures, as stocks get a fillip from a revival in risk mode and hopes for progress regarding the Ukraine ceasefire.
Sarantis // Sarantis is scheduled to release FY’24 results today 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 €4m, despite the acquisition of Stella Pack in the year and ongoing investments. A conference call will follow tomorrow at 16:00 Athens time.
Autohellas // Autohellas is scheduled to release FY’24 results today pre-mkt. 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). A conference call will follow on Wednesday 26th March.
Jumbo // Jumbo released a strong trading update for February yesterday, revealing that monthly sales increased 19% yoy following +11% in January. This brings 2m sales to +15%. We note that Feb revenues have been flattered by the earlier timing of Easter this year, something which will reverse in March. As a reminder, Jumbo is set to distribute a €0.47 special dividend (1.8% yield) in the coming days, with the ex-div date set for 24th March.
