ATHEX headed south yesterday for a 2nd session in a row, underperforming the European stock markets. In more detail, the General Index fell marginally by 0.08% at 1,457.60 units (FTSE Large Cap: -0.11%, FTSE Mid Cap: +0.07%, Banks Index: -0.10%) and the traded value was shaped at EUR 139.3m, down from Tuesday’s EUR 143.8m. We expect the investors to hold a wait and see stance today, ahead of ECB announcements.
Sector Headlines
Systemic banks to pay one-off cost of EUR 100m to support the first residence of the vulnerable borrowers-Press
Reportedly (newmoney), the systemic banks will pay a one-off cost of EUR 100.0m/EUR 25.0m per systemic bank for their participation in the establishment of vehicle which will support the most vulnerable borrowers for their first residence, on top of the EUR 100.0m cost of lower transaction fees. The Minister of Finance stated yesterday in the Greek Parliament that the Prime Minister will specify the new measures on Sunday.
Ministry of infrastructure calls the 7th grade construction companies to submit interest for EUR 2.2bn projects (press)
According to Euro2day.gr, the ministry for infrastructure called the 7th grade licensed construction companies, namely Terna, AVAX, METLEN and AKTOR to submit their interest for four road infrastructure contracts budgeted EUR 900m and five railroad contracts of EUR 1.3bn budget in Thessaly, in the aftermath of the last year’s floods.
Gross Gaming Revenues increased by 12.5% in 10M24
According to the Hellenic Gaming Commission total gaming revenues (TGR) of gambling providers increased by c. 7% y-o-y in the first 10M of the year. Total bets amounted to EUR 12.77bn in the period Jan-Oct 2024 vs. EUR 11.66bn in the corresponding period last year, while GGR amounted to EUR 2.3bn in 10M24 vs. EUR 2.07bn in 10M23 recording a y-o-y increase of 12.5%. In more detail, OPAP stores and VLT’s GGR increased by 6.2% y-o-y reaching EUR 1.17bn, Lotteries revenues decreased by 4.3% reaching EUR 88.4m, horse racing revenues decreased by 24.3% reaching EUR 5.6m, casino revenues increased by 9.4% reaching EUR 206.7m while online casino increased by 26.1% y-oy, reaching 856.3m.
Company Headlines
PPC enters the Italian RES market
PPC announced the entrance in the Renewables market in Italy, through the operational commencement of two new PV parks of 32MW total capacity. The new PV parks were delivered by METLEN, in the context of their agreement for the construction of up to 2,000 MW of projects across four countries in Southeast Europe, namely Italy, Romania, Bulgaria, and Croatia.
Interministerial committee approves EUR 22.5m grant for METLEN’s investment
According to Kathimerini, the interministerial committee approved among others a EUR 22.5m grant for METLEN’s strategic investment to double capacity of its metal construction plant in Volos, which is budgeted EUR 46m.
Corinth Pipeworks secures landmark offshore contracts in the North Sea
Cenergy Holdings announces that its steel pipe segment, was awarded two significant offshore contracts in the North Sea from Subsea7, a) the Bestla project, which includes the supply of 12.5km of 14” High-Frequency Welded (HFW) steel pipes, and b) the Bittern project which entails the manufacture and supply of approximately 22km of HFW steel pipes for a 12” water injection pipeline, scheduled for installation in 2025.
GEKTERNA-significant changes in voting rights
GEKTERNA announced that Latsco Holdings, following the sale of 2,623,672 common registered shares on 11/12/2024, lowered the total holding in the company’s share capital to 4.752% from 7.5985% previously. Additionally also on 11th of December 2024, Mr. Georgios Peristeris, purchased 645,000 company shares, at the total value of EUR 11.61m and Mrs. Tasia Gourzi, wife of Mr. Michail Gourzis executive member of the Company BoD purchased 200,000 company shares, at the total value of EUR 3.6m.
Port of Alexandroupoli approves the development of two cement silos by Titan Cement (press)
According to Powergame.gr, the Port of Alexandroupoli approved the development of two cement silos in its premises by Titan Cement. Titan Cement will operate the silos for 25+25 years, aiming to support its operations in Northern Greece and the Balkans, and the annual rent is set at EUR 150k.
Attica Bank 9M24 results out today
Attica Bank is set to report 9M24 results today, post-market close.
The market ended just below the flatline, amid low market volatility, with turnover amounting to EUR 139m. Among top performers, Lamda was up 1.8%, Metlen gained 1.1%, while GEK Terna and Sarantis rose 0.9%. Jumbo finished in red territory at -2.4%, losing Tuesday’s gains, PPC was down 2%, followed by PPA -1.5% and Motor Oil -0.6%. Attica Bank reports its 3Q24 results today.
MACRO – CORPORATE NEWS
MACRO
According to BoG, both prime retail property prices and rents recorded a 4.8% increase in 1H24 vs 2H23. In the meantime, prime office prices rose 2.3% compared to 2H23, with office rents up 0.8% in the corresponding period.
GEK TERNA <GEKTERNA GA, OW>
GEK Terna announced that Latsco Hellenic Holdings sold 2.6m shares yesterday at EUR 18/share, decreasing its stake in the company to 4.7% from 7.6% previously. The company’s CEO, Georgios Peristeris acquired 645k shares, for a total value of EUR 11.6m.
PPC GROUP <PPC GA, OW>
PPC announced the commencement of operation of its first two photovoltaic plants in Italy, of a total 32 MW capacity.
CENERGY <CENER GA, OW>
Cenergy announced that its steel pipe segment, Corinth Pipeworks, was awarded two offshore contracts in the United Kingdom and Norway from Subsea7.
Market Comment // In a subdued session with low volatility, the ASE index fluctuated between gains and losses before closing 0.08% lower at 1,457.6 points on Wednesday. Turnover reached €139mn, broadly in line with the 100-day average, but with €47mn attributed to the private placement of GEK Terna shares, indicating lower underlying trading activity. Jumbo, Kri-Kri, and PPC were among the session’s worst performers, shedding 2.4%, 2.3%, and 2.0% respectively followed by PPA (-1.5%), Ellaktor (-1.3%), Autohellas (-1.2%), and Motodynamics (-1.1%). On the other hand, Thrace Plastics gained 2.4%, with notable advances also recorded by Lamda Development (+1.8%), Austriacard (+1.6%), EYDAP (+1.6%), Metlen (+1.1%), Intralot (+1.0%), AIA (+1.0%), and GEK Terna (+1.0%). Today EU futures indicate consolidation, as yesterday’s US CPI print does not look set to derail the Fed from its rate-cutting path next week.
PPC // The Group has officially initiated its operations in Italy through the development of two PV parks totaling 32 MW in combined capacity, with their construction expected to reach completion within the next few days. These projects are part of a broader strategic agreement signed with Metlen in April 2024.
GEK Terna // Latsco Family Office completed a private placement yesterday, selling 2.62mn GEK TERNA shares at €18.00 per share. According press, the shares were acquired by five international funds (1.7mn shares), GEK TERNA’s Chairman and CEO George Peristeris (645k shares), and senior executives of GEK Terna and Terna Energy.
Cenergy // CPW has been awarded two major projects in the North Sea by Subsea7 for the production and installation of c35km of high-frequency welded (HFW) pipelines to be used in Subsea7’s gas export facilities in Norway and the UK. The steel pipes will be manufactured at CPW’s specialized offshore steel pipes plant in Thisvi.
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