Άνοδο κατά 0,33% κατέγραψε ο Γενικός ∆είκτης του Χ.Α. στη χτεσινή συνεδρίαση κλείνοντας στις 1395,86 µονάδες. Παράλληλα, η αξία των συναλλαγών διαµορφώθηκε στα 202,45 εκ. Η διαδικασία του rebalancing εξαιτίας της αναβάθµισης του συντελεστή στάθµισης της Πειραιώς στους διεθνείς δείκτες οδήγησε σε νέες ρευστοποιήσεις µε αποτέλεσµα την υποχώρηση του Γ.∆. ως τις 1386 µονάδες µέχρι τις 12µµ. Όµως, η συνέχεια ανήκε στους αγοραστές που επανέφεραν το θετικό πρόσηµο µε οδηγό την Εθνική και άλλους δεικτοβαρείς τίτλους και ενώ ο πληθωρισµός στις ΗΠΑ κατέγραψε µικρή αύξηση (στο 3,2% το Φεβρουάριο). Την ίδια ώρα, οι αποδόσεις των 10ετών τίτλων διαµορφώνονταν στο 3,144%. Έτσι, ο τραπεζικός κλάδος (-0,75%) κατέγραψε απώλειες µε τη Eurobank (-3,74%) να υποαποδίδει αλλά την Εθνική (+1,39%) να διαφοροποιείται. Κέρδη ακόµη κατέγραψε ο ΟΤΕ (+1,05%), η ΜΟΗ (+0,83%), τα ΕΛΠΕ (+0,75%), η ΕΕΕ (+2,16%), η Aegean (+2,59%), η Lamda (+1,55%), ο Σαράντης (+3,60%) και η Cenergy (+2%). Στον αντίποδα, απώλειες κατέγραψε η ∆ΕΗ (-0,09%), ο ΟΠΑΠ Ζ(-0,42%), η ΕΧΑΕ (-0,94%) και η ΕΛΧΑ (-0,92%).Απολογιστικά, 53 µετοχές κατέγραψαν κέρδη έναντι 43 εκείνων που υποχώρησαν. Ο Τιτάν και ΟΠΑΠ ανακοινώνουν τα µεγέθη τους για το 2023. Η άνοδος-έκπληξη στο 3,2% για τον πληθωρισµό στις ΗΠΑ ενισχύει την εκτίµηση για αναµονή ως το καλοκαίρι για την έναρξη του κύκλου µειώσεων των επιτοκίων. Στο ελληνικό χρηµατιστήριο, η απόπειρα άµεσης ανακατάληψης των 1400 µονάδων δεν στέφθηκε από επιτυχία, αφήνοντας ανοικτό το ενδεχόµενο είτε για υποχώρηση του Γ.∆. είτε για επάνοδο της ανοδικής κίνησης.
Οι πωλήσεις του Οµίλου Πετρόπουλος ανήλθαν σε €213,5εκ, αυξηµένες κατά 36,7% από το 2022. Τα κέρδη µ.φ. ανήλθαν σε €8,0εκ αυξηµένα κατά 23,1% σε σύγκριση µε το 2022.
ΓΕΚ ΤΕΡΝΑ: θα κατασκευάσει το πρώτο data center της Microsoft στα Σπάτα, έργο ύψους 976,2 εκ. ευρώ.
ΚΡΙ ΚΡΙ: νέες επενδύσεις 30 εκ. ευρώ. Επέκταση γραµµών παραγωγής γιαουρτιού & παγωτού, µονάδος βιοαερίου και θεµατικού πάρκου παγωτού
*PANTELAKIS SECURITIES* (https://www.pantelakis.gr/)
* OPAP (OPAP GA) to release Q4/FY 2023 results today post-market close: we see clean Q4 EBITDA -5% yoy/+13% qoq to €194m, FY EBITDA flat yoy at €741m (a tad above €720-740m latest guidance)
* Fourlis’ (FOYRK GA) Trade Estates (TRESTATE GA) FY23 net profit jumped 57% y-o-y to €37.7m; NAV up 41% to €2.48/sh
* Piraeus Bank (TPEIR GA): Helikon Investments’ total voting rights (through equity swaps) drops to 4.9% on 5 March from 9.4% before
ATHEX headed north yesterday, outperforming the European stock markets. In more detail, the General Index rose by 0.33% at 1,395.86 units, (FTSE Large Cap: +0.09%, FTSE Mid Cap: +0.07%, Banks Index: -0.75%) and the traded value was shaped at EUR 200.8m, down from Monday’s EUR 291.4m. We expect the market to move higher today, with Aegean Airlines, OPAP and Titan Cement in the spotlight.
National Bank of Greece ||Rating: Buy | CP EUR 7.00 | TP EUR 9.20
4Q2023 Results Review | 4Q23 Strong, proposed DPS of EUR 0.36, BP targets feasible, reiterate BUY
Optima View | NBG reported a strong set of 4Q23 results that beat both Optima and consensus estimates on hjgher NII, fee income and better than expected cost control. Management proposed the distribution of a dividend of EUR 0.36 per share (Div.payout: 30%, DY: 5.3%), subject to regulatory approval and above our estimate of EUR 0.29. Moreover, the BP targets set are feasible and higher than our estimates. The stock is trading 0.85x P/TBV24e, at 26% discount to EU peers, which is unjustified in our view, given its high RoTE profile (RoaTBV of 14.7% vs. 13.3% of EU banks).
2023 results | Net profit came in at EUR 1,106m in 2023 (-1% y-o-y), 3.1% above Optima estimate of EUR 1,073m and at EUR 315m in 4Q23 (+21% q-o-q), 11.7% above Optima estimate of EUR 282m and 14.3% above consensus estimate of EUR 276m. NII reached EUR 2,263m in 2023 (+65% y-o-y) and EUR 623m in 4Q23 (+6% q-o-q), beating Optima and consensus estimate of EUR 595m. NIM widened by 15bps q-o-q to 3.37% and by 135bps y-o-y to 3.03%. Fee income came in at EUR 382m (+10% y-o-y) and at EUR 109m in 4Q23 (+14% q-o-q), beating Optima and consensus estimates. Core income reached EUR ca2.65 (+54% y-o-y) and EUR 732m (+7% q-o-q). Revenues shaped at EUR 2.74bn (+33% y-o-y) and at EUR 762m (+10% q-o-q) in 4Q, beating Optima and consensus estimates. Opex landed at EUR 835m (+4% y-o-y) and EUR 234m (+16% q-o-q), lower than our estimate of EUR 242m. Hence, pre-provision profit came in at EUR 1,903m (+52% y-o-y) in 2023 and at EUR 529m (+8% q-o-q), beating Optima estimate of EUR 481m and consensus estimate of EUR 474m. LLPs and other impairments stood at EUR 241m in 2023 (-14% y-o-y) and at EUR 66m in 4Q23 (+22% q-o-q). Group NPEs increased by EUR 35m q-o-q to EUR 1,285m, the NPE ratio was flattish q-o-q at 3.7% and the NPE cash coverage squeezed to 87.5% vs. 93.1% in 9M23.
Capital | Tangible equity rose by EUR 339m q-o-q to EUR 7,102m and TBVPS increased to EUR 7.76 vs. EUR 7.39 in 3Q23. RoaTBV stood at 16.9%. FL CET1 shaped at 17.8% from 17.9% in 3Q23.
Balance sheet | Domestic performing loans expanded by EUR 900m q-o-q at EUR 30.5bn. Deposits also increased by EUR 834m q-o-q to EUR 57.1bn. Time deposits accounted for 19.0% of the Greek deposit base vs. 18.7% in 3Q23. LDR improved further to 59.9%. Finally, investment securities increased by EUR 1,489m q-o-q to EUR 17.2bn (23% of assets).
Business plan targets |NBG targets core PAT to reach EUR 1.2bn in 2024e and to exceed 1.2bn in 2026e from EUR 1.2bn in 2023, above our estimates. Mgt aims PE loan growth of 7% CAGR over 23-26 and the NPE ratio to squeeze below 3.0% in 2026e vs. 3.7% in 2023. Mgt also expects NIM to fall below 2.90% in 2024e and below 2.70% in 2026e from 3.03% in 2023, assuming an interest rate cut of 175bps over 2024e-2025e, time deposits to account for 25% and time deposit beta to >50% in 2024e and to narrow to 40%-45% in 2025e-2026e. Finally, mgt goals div. payout to increase steadily to European levels and to be complemented by buybacks.
Aegean Airlines || BUY | CP EUR 12.66 | TP EUR 14.70
FY23 Results: Strong performance driven by increased passenger traffic and better load factors, EBITDA profitability slightly above estimates. Aegean to distribute a dividend of EUR 0.75/share, above our estimate. Positive outlook for 2024 ASKs growth.
Facts: Aegean Airlines released a strong set of 2023 results, with group revenue up by 26.7% YoY to EUR 1,693.1m vs EUR 1,336.8m in FY22, EBITDA advanced by 45.6% to EUR 400.4m (beating our call), while net profit came at EUR 168.7m (above our estimate of EUR 167.6m) and up by 58% from EUR 106.8m a year ago. Passenger traffic shaped at 15.7m (+26% y-o-y), while load the load factor came in at 83.4% (vs. 79.8% as of 2022). Cash & Cash equivalents recorded a 34.4% y-o-y increase and stood at EUR 709.3m vs. EUR 527.8m in FY22, while net debt including leases stood at EUR 412.2m vs. EUR 477.6m in FY22 down by 13.7% y-o-y. Free cash flow reached EUR 181.4m in FY23 vs. EUR 53.5 in FY22 posting a significant y-o-y increase. In 4Q23 terms, Aegean Airlines recorded sales of EUR 361.4m (up by c. 14% y-o-y) and up by 3% vs. our estimate, EBITDA of EUR 33m down by 16% y-o-y (and below our forecast by 32.1%) and Net Profit of EUR -2m (-115% y-o-y) and down by c. 35% vs. our estimate.
Key statistics: Aegean Airlines increased its seats available per kilometer (ASKs) in FY23 by 22% to 20.4m, on high tourism demand and increased flight schedule. Total passengers reached 15.7m from 12.5m in FY22 posting a YoY increase of c. 22%, with international passengers accounting for c. 60% of total passengers curried from 58.9% last year. Load factor increased to 83.4% from 82.7% aided by high tourism demand for Greece and positively affecting profitability. On the cost side, management continues to keep the company’s costs low and announced Cost per ASK – ex. fuel at EUR 5.5 cents in FY23 vs. EUR 5.4 cents in FY22.
Outlook: Management highlighted the positive outlook of the company and the impressive results of the year. In more detail, in 2023 Aegean Airline added 30 new destinations in its network, increased the order of the new Neos by 4 aircraft reaching a total order of 50, initiated operation of the flight simulator training center, and the new MRO base will start its operation within the first four months of 2024. In 2024 the Group plans to expand its operations mainly from its Athens base, adding more frequencies in existing routes mainly to the United Kingdom, Germany, Croatia, Italy, Spain, and UA Emirates, adding 7% more seats compared to 2023 and above the initial guidance for 2% – 4% increase in seats available. The group’s target is to offer 19.5m seats serving 249 routes in total from its 7 main bases.
Dividend: With the support of increased profitability and another high record year expected ahead, management declared a EUR 0.75/share 2023 dividend (DY: 5.9%, ex-date 20 May), above our estimate of EUR 0.46/share.
Conference call: Tomorrow at 16.00 local time, Tel nos: Greek participants: +30 211 180 2000 or +30 210 94 60 800, UK participants: +44 (0) 800 368 1063, International: +44 (0) 203 059 5872, USA participants: +1 516 447 5632.
Aegean Financial Calendar 2024 update
The AGM will take place on Tuesday 30 April instead of 17 April and the stock will trade ex-dividend on Monday 20 May instead of 22 April with the dividend payment set for Monday 27 May.
OPAP || BUY | CP EUR 16.70 | TP EUR 19.30
4Q/FY23e Preview | Strong finish of the year; will marginally lose EBITDA guidance due to the imposed fine form HGC; we expect and additional EUR 1.00 DPS
4Q23/FY23 forecasts | OPAP is set to announce its 4Q/FY23 Results today after market close, with a conference call scheduled for the following day. We expect a strong 4Q24 with all product categories in a positive trajectory y-o-y, except almost flat Instant and Passives and with Betting and Online casino driving the positive momentum with close to double digit growth y-o-y. In this context we forecast quarterly revenues (GGR) of EUR 571m (vs. EUR 540.9m in 4Q22), EBITDA of EUR 189.8m (vs. EUR 202.7 in 4Q22) and net profit of EUR 88.1m vs. EUR 306.5m in 4Q22. We remind that in FY22 OPAP sold Betano that added extra profits of EUR 181.3m while in FY23 net profit was burdened by a fine of EUR 24.6m imposed by Hellenic Competition Commission. On the OPEX side, variable costs (GGR contribution, agents’ fees, direct costs) are seen sharping at EUR 348.8 accounting for c 61% (-250bps y-o-y) of total GGR while fixed costs (personnel, marketing and other) are estimated at EUR 104m (- 8.2% y-o-y; 18.2% of total GGR). We note that we have assumed an income of EUR 61.7m, resulting from the 10-year lottery/betting license, as well as other operating income costs (net) from non-gaming operations of EUR 10.4m in the 4Q24. For FY23 we forecast GGR to reach EUR 2077.6m up by 7.1% y-o-y vs. EUR 1939m in FY22, EBIΤDA at EUR 709.3 down 3.6% y-o-y vs. EUR 736m in FY22 while we forecast net profit to reach EUR 420.1m down by 29.1% vs. EUR 592.3m in FY22. In our view, OPAP is set to continue on its generous pay out policy, distributing the bulk of its EPS, with a more balanced interim/final distribution split. That said, we expect OPAP to declare a final FY23e dividend of EUR 1.00/share with the Q423e earnings announcement (DY: 5.9%, ex-date: 29 April), on top of the EUR 1.00/share interim dividend distributed in 4Q23.
Analysis per segments | Per product category, we see sports betting GGR (retail & online) at EUR 175.7m up by 9.2% y-o-y, out of which c. EUR 137m is the total on-line contribution (+12% y-o-y), while in yearly basis we see the category up 6.1% at EUR 640.4m. vs. EUR 603.8m in FY22. Lottery revenues are estimated to reach EUR 197.9m in 4Q23 (up 2% y-o-y) and EUR 730.3m for FY23 (up by 2.9% y-o-y), while VLTs is seen at EUR 97.2m 2.1% in 4Q23 up 4.1% y-o-y and up by 8.5% y-o-y to EUR 345.5 in FY23, assuming a net daily drop of EUR 41 per machine. In respect to Instant & Passives we expect a slightly weaker segmental performance in 4Q23 with GGR at EUR 31.4m down by 1.4% y-o-y while for FY23 we forecast GGR of EUR 117.1m up by 8.5% y-o-y on easy comps for the first half. Finaly, the On-line Casino GGR is seen at EUR 68.8 up by 13.3% y-o-y in 4Q23 and up by 22.4% in FY23 reaching EUR 244.3m and continuing to be the hero product of OPAP with double digit growth.
Helikon Investments reduced its stake in Piraeus Financial Holdings
Piraeus Financial Holdings announced that the total percentage of voting rights held indirectly by Helikon Investments Ltd on 05 March, deriving from common shares and financial instruments (cash settled equity swap), fell to 6.7423% (61,541,412 voting rights) from 9.3774% previously.
Petropoulos results out
Petropoulos announced its FY23 results with high record revenues of EUR 213.6m (c. +37% y-o-y) vs. EUR 156.1m in FY22, EBITDA of EUR 14.7m vs. EUR9.9m in FY22 (+8.1% y-o-y), with EBITDA margin at 6.9% from 6.4% in FY22, EBIT of EUR 11.6m (c. +35% y-o-y) vs. EUR 6.5m in FY22 and net profit of c. EUR 8m up by c. 23% y-o-y vs. EUR 6.5m in FY22. In 4Q23 terms, revenues stood at c. EUR 65m posting a y-o-y increase of 53%, vs. EUR 42.5m a year ago, while EBITDA and net profits stood at EUR 3.6m (+48% y-o-y) and EUR 1.43m (+ 23% y-o-y) accordingly.
SunriseMezz plc 2023 results out on 12 April
The Company announced that it will report 2023 results on Friday 12 April and the AGM will be held on Friday 05 July. Finally, it announced that it has received coupon payments corresponding to the preceding 3-month interest period, amounting to EUR 1.2m.
Phoenix Vega Mezz plc 2023 results out on 12 April
The Company announced that it will report 2023 results on Friday 12 April and the AGM will be held on Friday 05 July. Finally, it announced that it has received coupon payments corresponding to the preceding 3-month interest period, amounting to EUR 4.5m.
TRADING SNAPSHOT
Correction mode for Athens yesterday with the index dropping 2.5% on high EUR 291m turnover (driven by MSCI rebalancing post Piraeus). All major large caps ended the day with heavy losses of >2%. Focus today on reporting season and NBG results before the market opens.
MACRO – CORPORATE NEWS
NBG <ETE GA, OW>
NBG reported 4Q23 recurring net profits of EUR 375m vs. ours of EUR 282m and consensus of EUR 295m. The strong results were driven by another solid beat in NII and fees. The business plan targets up to 2026E were also reassuring with the management expecting to sustain the record 2023 core profits for 2024E and exceed these levels for 2026E. In more detail, management expects core PAT at c.EUR 1.2bn in 2024E (similar to 2023) and >EUR 1.2bn for 2026E. This implies an EPS of c.EUR 1.2/share in 2024E and >EUR 1.3/share in 2026E. The forecast is broadly in line with our estimate for 2024E but 10-15% higher than our 2026E EPS and c.20% above consensus (EPS of c.EUR 1.1 in 2026E). Key assumptions in the targets are ECB rate reduction to 300bps at year end 2024E and 225bps by end 2026. This leads to a reduction in NIMs to <290bps in 2024E (from 303bps in 2023) and <270bps by 2026E. The cumulative drop in NII (2026E to 2023E) is on low single digit levels (vs. our 10% reduction forecast). Management is assuming a loan CAGR of c.7% (ahead of guidance provided by peers) driven by large corporates (c.10%). The reduction in NII over the forecast horizon is more than offset by high single digit fee growth and a reduction in the COR to <50bps by 2026E (vs. 64bps in 2023). The strong profitability will result in substantial organic capital generation with the CET1 ratio reaching >23% assuming no dividends. This leaves ample room for the dividend payout ratio to reach European levels. The management will target a payout ratio of 25-30% out of 2023 net earnings.
On our 2024E numbers are shares trade at an appealing c.0.8x P/TBV and 5.8x P/E. The div yield from 2023E net earnings is close to 5% but increases to 8-10% with the gradual payout ratio to 50%. We remain BUYers on NBG.
OPAP <OPAP GA, OW>
The company is due to report FY23 numbers today after the close. We anticipate GGR for the year to reach c. EUR 2bn, EBITDA to stand at EUR 740m and net profit at EUR 440m. On shareholders remuneration, we anticipate final DPS to be in the range of c. EUR 0.65/share. A conference call is scheduled for tomorrow, Thursday, March 14th at 16:00 GR time. Dial ins: UK: +44 (0) 800 368 1063, GR: +20 311 180 2000, US: +1 516 447 5632, INTL: +44 (0) 203 0595 872.
AEGEAN <AEGN GA, OW>
Aegean announced 4Q23 revenue of EUR 361.4m (+14% yoy), EBITDA of EUR 33m (-16% yoy) and net losses of EUR 2m (vs. net profits of EUR 13.6m in 4Q22). The results are in line with our estimates (net loss of EUR 4m in 4Q23) with Aegean delivering an impressive FY23 performance with a net profit of EUR 168.7m on passenger traffic growth of 26% yoy and 83.4% load factors. In view of the strong results and balance the BoD will propose to the AGM a DPS of EUR 0.75 i.e. a payout ratio of 40% and an implied dividend yield of 5.9%. The DPS is ahead of our forecast (EUR 0.46/share).
Results and solid dividend payment confirms our positive view on the stock. A conference call is scheduled for today at 16.00 GR time. Conference call dial ins: GR: +30 210 94 60 800, UK + INTL: +44 (0) 203 059 5872, USA: +1 516 447 5632.
TRADE ESTATES
Trade Estates reported FY23 numbers. Rental income for the year increased 28% yoy to EUR 26.7m, driven by new investments rents incorporation. Adjusted EBITDA came in at EUR 18.2m, up 23% yoy with net profit rising to EUR 37.7m, +57% yoy, positively affected by the goodwill of the recent acquisition of Smart Park. NAV as of Dec’23 stood at EUR 298m from EUR 211m in the same month last year. Net Loan to Value ratio came in at 40.7%. The Group’s property portfolio in Greece, Bulgaria and Cyprus as of Dec’23 includes 13 properties with a gross lettable area of 344,006 sqm, 2 properties under development and 2 properties of affiliate companies with a gross asset value of EUR 484m. Occupancy rate stands at 98.8%. On shareholders remuneration BoD has decided to propose DPS of EUR 0.08/share.
PIRAEUS BANK <TPEIR GA, OW>
Piraeus Bank announced that following notification received on March 8 the total voting rights of Helikon Investments fell below the 5% threshold (vs. 9.3774% prior to the transactions). Following notification received on March 11, the voting rights of Helikon Investments as of March 5 reached 6.7423%.
Market Comment // Greek stocks somewhat recouped weekly losses on Tuesday, with the ASE General index closing at 1,395 points (+0.33%), following the lead of most major EU markets. Trade activity reached €201m by the close, not far from recent levels and above the 100-day moving average of €136m. Sarantis (+3.60%) outshone gainers, followed by Kri Kri, Aegean Airlines, CCH, Cenergy and Autohellas (on >2% gains), while Papoutsanis, Lamda Development, Fourlis, NBG, OTE and Dimand also finished >1% higher. On the other hand, Eurobank (-3.74%), Epsilon Net (-1.92%) and Titan Cement (-1.36%) were among the few standout laggards. EU futures point to a positive opening today as investors embrace a risk-on mood following a lukewarm February US inflation reading.
OPAP // Q4’23 results today post market close; we expect a good finish to the year given normalized sportsbook margins, with quarterly GGR returning to growth. Overall for the FY23, we anticipate GGR +6% and EBITDA +1% at €741m, with OPAP effectively delivering on the initially guided €740-760m range and beating the €720-740m guidance as revised at the Q3’23 call. We expect a €0.45-0.5 final dividend, with scope for this to be topped up by a capital return (c€0.20-0.30).
Titan Cement // Scheduled to release its audited FY’23 results today, before the opening of the trading session. As per the Group’s preliminary results, FY’23 revenue is set to exceed €2.54bn (+11% yoy) with EBITDA poised to settle over €535mn (+62% yoy). Considering the preliminary FY’23 net profit of €265mn (+140% yoy), we estimate that management will propose a dividend of €0.76/share.
National Bank // National Bank reported another strong quarter of performance, with Q4 Core PPI reaching €499mn, surpassing both our estimates (€481mn) and consensus (€464mn).The exceptional results were primarily driven by stronger-than-expected NII, increasing by 6% q/q due to higher loan rates and remarkably low deposits’ beta at c11%, solid fees generation, up 15% q/q, and a solid credit growth in PEs of €0.9bn q/q. The Net Profit from continuing operations settled at €375mn, surpassing both consensus (€306mn) and our estimate (€271mn) resulting in a FY Core RoTE of 18.3%, way above the target of 15%. The management also provided a Core RoTE guidance of 15%/13% for 2024-2026 and plans to distribute, upon regulatory approval, a DPS of c€0.37/share above our estimate and consensus (of €0.28/share) from 2023 profits.
Aegean // Aegean released a strong set of FY’23 results. We saw solid +27% yoy revenue growth in 2023, coupled with operating leverage (albeit a bit below our forecast on higher operating costs), which led to an outstanding +58% yoy in net profit (€170m) above our €160m forecast. Aegean proposed a gross DPS of €0.75/share (ex-date 20 May), implying a 40% payout ratio and c6% div. yield (above our €0.35/share).
Piraeus Bank // Piraeus Bank announced that as of 11th March, Hellikon Investments had reduced stake in the bank below the 5% threshold, down from 9.37% previously.
Sarantis // In the conference call yesterday mgt echoed a confident message for the group prospects ahead, underlining the importance of maintaining volume growth in the current environment and pointing that we should consider the 9.8% EBIT margin achieved in 2023 as the base looking ahead. The group will hold an investor day tomorrow where it will unravel its strategy and provide guidance. Overall, we remain confident with our 2024e forecast for EBIT margin near the 10% mark, led by mid-single digit organic revenue growth.
Trade Estates // FY’23 results announced yesterday, with rental income at €26.7m (+28.3% yoy), adj EBITDA at €18.2m (23% yoy) and net profit +57% yoy to €37.7m (vs €24m in 2022), also propelled by one-offs related to the acquisition of Smart Park. GAV shaped at €484m while NAV increased to €298m (€2.48/share). The BoD has proposed a dividend of €0.08/share, pointing to a 4.7% yield.
Cenergy Holdings // A press release has hinted at a potential change to Cenergy’s shareholder structure following the upcoming AGM in May, implying that a well-known US investor has expressed interest in acquiring a large block of shares in the group.
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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.
