Epsilon Net: Στο 77,79% το ποσοστό της Ginger Digital. Γ.Σ.
Αβαξ: Οι Κατασκευές, οι Συµµετοχές, και οι Νέες Επενδύσεις είναι οι τρεις πυλώνες της στρατηγικής του Οµίλου.
ΕΚΤΕΡ: Σύµβαση έργου €3,56 εκατ. µε την Ιερά Μητρόπολη Μονεµβασιάς και Σπάρτης. Το ανεκτέλεστο υπόλοιπο των ∆ηµοσίων και Ιδιωτικών έργων που εκτελεί η ΕΚΤΕΡ Α.Ε ανέρχεται στο ποσό των 127,25 εκ. ευρώ.
Optima Bank: ∆ίνει bonus 80.000 δωρεάν µετοχές σε 12 δικαιούχους (Πρόεδρος εκτελεστικά µέλη-ανώτατα στελέχη). Ξεκινά ο διαγωνισµός για το κυβερνητικό πάρκο στον χώρο της ΠΥΡΚΑΛ. Χατζηδάκης: Εµβληµατική για την Αττική ανάπλαση του χώρου της ΠΥΡΚΑΛ, προς όφελος των κατοίκων και του ∆ηµοσίου. Προβλέπεται να µετεγκατασταθούν εννέα υπουργεία, σε έκταση 154 στρεµµάτων. Έργο Σ∆ΙΤ µε προκήρυξη ΤΑΙΠΕ∆.
Lamda: ενοποιηµένα κέρδη EBITDA €40,2εκ το Α’ Τρίµηνο 2024 (πενταπλάσια αύξηση έναντι του 2023), λόγω των εξαιρετικών επιδόσεων των Εµπορικών Κέντρων, των Μαρινών και του Έργου στο Ελληνικό (The Ellinikon). Οι πωλήσεις το Α’ Τρίµηνο 2024 πενταπλασιάστηκαν σε σύγκριση µε πέρσι. Σε εξέλιξη όλες οι αναπτύξεις στο παράκτιο µέτωπο, συγκεκριµένα στο Riviera Tower, στα Cove Residences, στα Cove Villas, στο Park Rise, στο Sports Complex και στο έργο της υπογειοποίησης της Λεωφόρου Ποσειδώνος
ATHEX headed north yesterday, in line with the European markets. In more detail, the General Index rose by 0.17% at 1,451.24 units, (FTSE Large Cap: +0.23%, FTSE Mid Cap: +0.08%, Banks Index: +0.32%) and the traded value was shaped at EUR 107.0m, up from Tuesday’s EUR 87.2m. We expect international markets to set the tone today.
Macro Headlines
Greece plans to repay bailout loans worth EUR 8bn ahead of schedule (Bloomberg)
In an interview with Bloomberg, the Greek PM Mr. Kyriakos Mitsotakis said that Greece plans to repay bailout loans of EUR 8bn ahead of schedule, underscoring the country’s progress in recovering from the debt crisis. He also said that Greece will sell a further stake in National Bank in fall (subject to market conditions) and that there are no immediate plans for any further sale in Hellenic Petroleum.
Company Headlines
Eurobank increased stake to 55.48% in Hellenic Bank
Eurobank announced that it purchased on 11 June, 240.303 shares in Hellenic Bank at the price of EUR 2.56/share for a total consideration of EUR ca620k. Following the aforementioned acquisition, Eurobank directly holds 229,029,857 shares representing 55.48% of the total issued share capital and of the voting rights of Hellenic Bank.
Lamda Development 1Q24 results out
LAMDA Development announced FY23 retail (Malls) EBITDA (excluding revaluation gains) of EUR 35.4m (+4X y-o-y), EBITDA from the Ellinikon project of EUR 64.8m (from negative EBITDA of EUR 66.5m a year ago and net profits (i.e. including the expenses related to the development of The Ellinikon and revaluation results) of EUR 0.6m vs. losses of EUR 21.4m a year ago. The Net Asset Value (NAV) of the Group amounted to EUR 1,392m as of 31 March 2024 (EUR 8.04/share, implying a 17.8% discount to yesterday’s closing price) compared to EUR 1,392m or EUR 8.02/share as at 31 December 2023. Finally, total cash proceeds from property sales/leases in the Ellinikon reached EUR 672m, EUR 192m of which collected in 2024, with the group total cash balance approaching EUR 570m.
ADMIE Holding 1Q24e Results on 18 June bmo
ADMIE Holding is set to release the 1Q24e results on Tuesday 18 June, before the market opening.
Hellenic Exchanges AGM today
The AGM of the company is taking place today at 18:00 Athens/16:00 London Time. Shareholders will approve among other the distribution of a dividend of EUR 0.24 per share (DY: 4.7%)
AVAX approves EUR 0.03 DPS
During yesterday’s AGM, AVAX approve among others the distribution of a FY23 DPS of EUR 0.03 (DY: 2%, ex-date: 29 July).
NOVAL Property approves EUR 0.02497 DPS
During yesterday’s AGM, NOVAL Property approve among others the distribution of a FY23 DPS of EUR 0.02497 (DY: 0.9%, ex-date: 19 June).
The market finished the day flat, up 0.1%, on a EUR 107m turnover, while banks also recorded a modest 0.3% gain, with NBG overshadowing Alpha’s and Eurobank’s 1.2% gains, by slipping -1.4%. Among top gainers, Hellenic Exchanges rose 1.7%, while GEKTERNA and Helleniq Energy both marked a 1.3% advance. On red, Cenergy recorded the biggest drop -2.4%, followed by Jumbo down -2% and Motor Oil -1.5%, whereas Fourlis fell -c0.9%.
MACRO – CORPORATE NEWS
POLITICS
In a Bloomberg interview on Wednesday, Prime Minister Kyriakos Mitsotakis said that Greece plans the early repayment of EUR 8.0bn of bailout loans, underscoring the country’s progress in recovering from the debt crisis. Part of the funds (c.EUR 5bn) to make the early repayment will come from the country’s cash buffer, which was built up during the debt crisis as a safety net
PRIVATIZATIONS (NBG/ELPE)
During Wednesday’s Bloomberg interview, PM Kyriakos Mitsotakis said that the state still holds a 18% in National Bank and plans to do something come fall, subject to market conditions. On HELLENiQ ENERGY Kyriakos Mitsotakis stated that there are “no immediate plans” for any further sale in the company. Regarding Greece’s largest utility Public Power Corp., the premier made clear that the government will hold on to its 34% stake. “We’re very happy with the turnaround of the company,” Mitsotakis said.
LAMDA DEVELOPMENT <LAMDA GA, OW>
Lamda Development reported consolidated EBITDA (before revaluations) of EUR 35.3m (ns. EUR 8.3m in 1Q23) and net profit at EUR 0.6m (vs. a loss of EUR 21m in 1Q23). The strong EBITDA print is driven by Ellinikon, which booked EUR 15.5m in 1Q24 vs. a EUR 12m loss in the same period last year. Retail EBITDA (Lamda Malls) reported an 8% yoy growth in EBITDA to EUR 22.5m. Progress on the Ellinikon project remained ahead of targets with cumulative cash proceeds of EUR 0.86bn up to May 27 vs. a target of EUR 1.1bn up to end 2024E. On residential and the Little Athens project, Lamda signed 206 SPAs and reservations agreements (out of the 342 placed in the market) vs. 140m up to end March, indicating solid progress in the more ‘upper mainstream’ apartments. Ellinikon remains self funded with the cash position at EUR 190m as of March 2024 (a EUR 59m increase qoq).
All in, a solid set of results confirming a bullish view on the stock. We think current share price levels creates a strong entry point for investors to gain exposure to the Ellinikon development, a project with substantial hidden value, and Lamda Malls, a unique asset in the Greek market. Management is due to host a conference call today at 17:00 CET.
TERNA ENERGY <TENERGY GA, OW>
According to Kathimerini, the deal announcement is likely to take place today. Press reports mention a price of EUR 19-20/share.
NOVAL PROPERTY <NOVAL GA>
AGM approved dividend of EUR 0.0249 per share. Ex-divided day is June 19.
Market Comment // In a volatile session yesterday the ASE index maintained a positive sign at the closing (+0.17%), having swung between losses of -0.05% and gains of +0.76%. Turnover reached €107m, the highest this week, but still below the 100-d MA of €146m. ELHA, Quest, Motodynamiki, and Viohalco topped the leaderboard with gains >2%, followed by increases of more than 1% in EXAE, IDEAL, CCH, Profile, GEK Terna, HelleniQ Energy and 3 financials (Alpha bank, Eurobank and Piraeus bank). On the negative side, Cenergy recorded losses (-2.4%) near the closing bell, and Jumbo dropped 2%. MOH and NBG also finished in the red, down more than 1%. Today EU futures point to a cautious opening following the hawkish Fed stance echoed yesterday.
Economy // According to Reuters/BBG, Greece is mulling an early prepayment of €7.9bn of bailout loans taken during the debt crisis (with amortization in 2026-28), as part of its effort to improve debt sustainability, make room for bond issues and improve liquidity in the GGB market.
NBG // In an interview with Bloomberg, Greece’s Prime Minister stated that the HFSF’s 18% stake in NBG will be placed in the fall, contingent upon market conditions.
Banks // According press loan repayments have declined significantly in Q2 compared to Q1, which was characterized by high extraordinary payments and the closing of credit lines, primarily by large enterprises. This development is positive for achieving the credit expansion targets set by the management of Greek banks.
Lamda // Q1’24 results were broadly in sync with our estimates, with adj. EBITDA (before valuations) at €35m and net profit at €0.6m; net debt ex leases shaped at €594m, pointing to inflows of c€62m vs. the year-end 2023 net debt position (€656m). NAV shaped at €8.02.
Noval Property // The AGM on 12th July approved a DPS of €0.02497892 per share (DY at 0.9%), with the ex-date set for 19th June.
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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.
