ATHEX headed south on Friday, in line with the European stock markets. In more detail, the General Index slipped by 0.48% at 1,503.73 units (FTSE Large Cap: -0.50%, FTSE Mid Cap: -1.14%, Banks Index: -0.22%) and the traded value was shaped at EUR 126.4m, down from Thursday’s EUR 145.7m. On a weekly basis, the General Index rose by 1.14% w-o-w (FTSE Large Cap: +1.19%, FTSE Mid Cap: +1.13%, Banks index: +3.44%). We expect some profit taking in place today, after the recent rally.
Macro Headlines
Increased tax revenues in 2025 drive lower tax rates from 2026 onwards (press)
According to Kathimerini, the government targets to further curb the tax evasion in 2025 expecting to collect EUR 1.2bn, which in turn could trier lower tax rates from 2026 onwards, or EUR 1.4bn tax revenues.
Industrial production up in November (ELSTAT)
According to ELSTAT, the Industrial Production Index (IPI) increased by 4.9% y-o-y in November 2024, due to the increase by 26.1% YoY in Electricity supply index and by 5.5% in Water supply index. In January-November 2024, Greek industrial production rose by 2.8% y-o-y.
Sector Headlines
Construction projects of EUR 5.5bnto be tendered in 2025 (press)
According to Capital.gr, new construction projects of EUR 5.5bn will be tendered in 2025, which will fully replenish and possibly expand the existing backlog of EUR 17bn of the construction sector.
Company Headlines
Aegean Airline utilizes JOLCO deal for the supply of a new A321 neo
According press, Aegean Air utilizes the Japanese operating lease with call option, a facility which offers attractive lease terms to finance its lease needs at more attractive terms. Through the agreement the airline has secured the supply of a new A321 neo one of the 50 aircraft ordered. We recall that Aegean Air has received 33 aircraft since the end of 2019 while the total fleet order is 50 aircraft while in FY24 the company received 5 new aircraft.
Piraeus Financial Holdings FY2024 results out on 24 February 2025
Piraeus announced that it will report FY2024 results on Monday 24 February 2025.
Motor Oil disposed 34k treasury shares
Motor Oil announced the disposal of 34,000 own shares at EUR 21.16/share on 9 January. As a reminder, Motor Oil has already announced its intention to proceed with the sale of 250k treasury shares (acquired at an average price of EUR 13.52/share) at a minimum sale price of EUR 20.00/share between January 8th-31st.
LEONIDSPORT B.V. submits a tender offer for 21% of TPA
LEONIDSPORT B.V. submitted on Friday a voluntary tender off to the shareholders of Thessaloniki Port Authority for the acquisition of up to 2.116.800 company shares (21% of total) at EUR 27/share, a 13% premium to Friday’s closing price.
Quest Holdings financial calendar
The company announced that it will report FY24 results on Wednesday 9 April 2025 and the AGM will take place on Thursday 10 April 2025.
SARANTIS denies potential placement of its treasury shares
In response to press reports, SARANTIS said that the Company is not contemplating any placement process regarding the Company’s treasury shares.
Greek equities lost momentum towards the end of the trading session, ending the day flattish, on a EUR 126m turnover. The banking sector finished just below the flatline (-0.2%), with Eurobank down 0.6% and all other major banks flattish. On markets outperformers, Titan was up c.1.4%, Jumbo returned on green territory following two consecutive days of losses, gaining 0.7%, Sarantis recorded a 0.5% increase, while Motor Oil and Cenergy were up 0.4%. On red, Lamda lost 2%, OTE slipped c.1.8%, PPC recorded a 1.2% decline, followed by Metlen and OPAP marking 0.9% losses.
MACRO – CORPORATE NEWS
MACRO
According to ELSTAT, the overall Industrial Production Index (IPI) rose 4.9% yoy in November 2024. In the period of January to November 2024 the IPI recorded a 5.3% yoy advance.
EUROBANK <EUROB GA, OW>
Reportedly, Eurobank will proceed with a public tender for the minorities in Hellenic Bank in early February (post February 8 and the end of the 6 month period prior to the previous public tender).
Expected.
PIRAEUS BANK <TPEIR GA, OW>
Piraeus announced that the publication of its FY24 results is scheduled for February 24th.
SARANTIS <SAR GA, OW>
Sarantis denied press reports regarding a potential placement.
MOTOR OIL <MOH GA>
Motor Oil announced that the company sold 34k own shares of a total value of EUR 0.72m (EUR 21.1/share).
Market Comment // Greek stocks ended Friday’s session -0.48% lower, with the benchmark index closing at its intraday low of 1,503.73 points, aligning with international markets. Still, the index rose 1.1% for the week, fueled by a solid 3.4% rise in banks. Trading activity shaped below the 100-day moving average of €145m at €126mn. Elvalhalcor led laggards shedding 3.8%, trailed by Hellenic Exchanges (-2.1%), while Lamda Development, Intralot, OTE, Thrace Plastics, Quest, Coca Cola HBC, Ellaktor, HelleniQ, PPC, Kri-Kri, Viohalco, Fourlis and Admie Holdings all finished on losses >1%. On the positive side, Motodynamics advanced 1.47% followed by Titan (+1.39%), while Jumbo, Noval, Sarantis, Austriacard, Motor Oil, Bank of Cyprus, Cenergy, Autohellas, Optima Bank, and NBG posted mild gains. European futures indicate a lower opening today, as the unexpectedly strong U.S. jobs report last Friday dampened expectations for further FED rate cuts.
OLTH // Public offer for 21% of OLTH by Louis-Dreyfus family
Leonidsport B.V., a company controlled by the Louis-Dreyfus family, has announced a voluntary tender offer to acquire up to 2.1m shares (21% of total share capital) of Thessaloniki Port Authority S.A. (OLTH) at €27 per share. The €57m offer, equivalent to €27 per share, represents a 12.5% premium over OLTH’s market price. The offer, subject to Hellenic Capital Market Commission approval, aims to acquire shares through the Stock Exchange or over-the-counter. As a reminder, since the proposal targets the entire free float of OLTH shares, the company would need to either delist following its acceptance or carry out a secondary sale to restore the free float to at least 15% of its share capital. The Greek state currently holds a 7.27% stake in the port authority, while the largest shareholding—71.85% of the share capital—is controlled by interests linked to the family of Ivan Savvidis.
Greek Banks // ECB may require crisis-era data in loan forecasts, pressuring southern European Banks (press)
The European Central Bank (ECB) is reportedly considering requiring banks to use data from the banking crisis period (2008-2018) when forecasting future loan losses. This proposal aims to create more conservative risk models by incorporating data from a full economic cycle, avoiding excessive optimism. Such a change would particularly impact banks in the EU periphery, where non-performing loans have seen a significant reduction in recent years, since it would mean disregarding recent more favorable credit trends, potentially worsening capital adequacy ratios. European banks are reportedly lobbying to soften the ECB’s proposal, which is expected to be defined mid-year.