Coca Coca HBC: Αύξηση οργανικών εσόδων κατά 13,8%, στα 10,75 δισ. ευρώ παρουσίασε το 2024. Παράλληλα, πέτυχε συγκρίσιμο EBIT ύψους 1.192,1 εκατ. ευρώ, βελτιωμένο κατά 12,2%, Το Δ.Σ. θα προτείνει ένα μέρισμα 1,03 ευρώ ανά μετοχή, αυξημένο κατά 11% σε ετήσια βάση και αντιπροσωπεύει πληρωμή 45%. Η καθοδήγηση για το 2025 είναι: Οργανική αύξηση εσόδων από 6% έως 8% & οργανική αύξηση EBIT από 7% έως 11%.
Κοινοπραξία από Titan στην Ινδία, μπαίνει στην αγορά της Νότιας Ασίας. Η κοινοπραξία, σε συνεργασία με την JAYCEE, θα λειτουργεί υπό τη νεοσύστατη Atlas EcoSolutions Private Limited. Η ελληνική πλευρά κατέχει πλειοψηφικό πακέτο μετοχών. Εστίαση στα δομικά υλικά χαμηλών εκπομπών άνθρακα.
Διεθνής Αερολιμένας Αθηνών, 2024: κατέγραψε άνοδο 24,5% σε σχέση με το 2019 σε όρους αριθμού επιβατών που διακινήθηκαν σε αυτό, σημειώνοντας παράλληλα διψήφιο ποσοστό αύξησης 13,1% σε σύγκριση το 2023. Το αεροδρόμιο του Ηρακλείου, το οποίο υποδέχεται έως 25 εκατ. επιβάτες ετησίως, +18% σε σχέση με το 2023. Tο αεροδρόμιο της Κάσου με άνοδο 161,1% σε σχέση με το 2023 κατάφερε να συμπεριληφθεί στα 5 κορυφαία της προηγούμενης χρονιάς.
ΟΛΘ: Νέες αγορές από τον Ιβάν Σαββίδη, στο 72,81% το ποσοστό της Belterra.
Briq Properties: Σύσταση αγοράς με τιμή-στόχο τα €2,88 από την Eurobank Equities.
ATHEX headed north yesterday to a new 14yr high, amidst strong risk-on sentiment, in line with the European stock markets. In more detail, the General Index advanced by 2.49% at 1,600.97 units (FTSE Large Cap: +2.82%, FTSE Mid Cap: +0.83%, Banks Index: +3.20%) and the traded value was shaped at EUR 212.4m, up from Wednesday’s EUR 153.2m. We expect the positive momentum to continue, albeit at a milder tone today.
Sector Headlines
International passenger traffic up in January (Fraport Greece)
According to Fraport Greece (operator of the 14 regional Greek airports), international passenger traffic in Greek airports in January 2025 rose by 7.7% y-o-y, while domestic passengers increased by 1.1% y-o-y. Finaly, January’s total passenger traffic reached 663,752 passenger or 3.6% y-o-y increase.
Motor Vehicle Licenses December (ELSTAT)
According to ELSTAT, total passenger cars registered in January 2025 recorded a decrease of 3.4% y-o-y and reached 21,762 units. The number of new cars registered reached 11,563, recording a -15.6% y-o-y decrease, compared to 17.8% increase in January 2024, while used cars that put into circulation increased by 15.5.0% y-o-y to 10,199 units.
Company Headlines
Coca Cola HBC 2024 results in line, robust FCF generation, Russia-Ukraine talks positive
Coca Cola HBC delivered 2024 results that came in line with consensus across all lines, but FCF came in much higher than expected. In more detail, group revenues came in at EUR 10.75bn (+6% y-o-y), in line with consensus estimate of EUR ca10.7bn on the back of volume of 2.9bn unit cases (+3% y-o-y) and revenues per case of EUR 3.69 (+3% y-o-y), 1% above consensus estimate of EUR 3.66. Comparable EBIT came in at EUR 1.19bn (+10% y-o-y), 1% above consensus estimate of EUR ca1.18bn. Net profit was shaped at EUR 820.6m (+29% y-o-y), 1% above consensus estimate of EUR 812.3m. Moreover, FCF came in at EUR 712.6m (0% y-o-y), 7% higher than consensus estimate of EUR 663.4m and proposed DPS stood at EUR 1.03 (+11% y-o-y, 45% payout, DY: 2.7%), slightly above consensus estimate of EUR 1.01. Management has guided for organic revenue growth of 6% to 8% and organic EBIT growth of 7% to 11% in 2025.
On top of that, the US President said negotiations to end the Ukraine war will start “immediately” after holding a “lengthy and highly productive” telephone call with the Russian President and he expects to meet him in multiple times, suggesting they are likely to meet first in Saudi Arabia. If this is the case, then the news would be positive for the company. According to CCHBC data, volume in Russia reached 403.1m unit cases (13.8% of group volume) in 2024 against 373.1m unit cases (15.5% of group volume) in 2021. Volume in Ukraine stood at 122.9m unit cases (4.2% of group volume) in 2024 vs. 137.3m unit cases in 2021 (5.7% of group volume). Furthermore, emerging markets generated EBIT of EUR 576.0m in 2024 and accounted for 49% of group EBIT. Recall that the company announced back on 03 March 2022 that the two countries generated EBIT of EUR 159.9m in 2021 or 20% of group.
Alpha Services and Holdings trading of new shares commences today
Alpha announced that the new 697,462 shares of the bank derived from a SCI following the exercise of stock options rights from 99 beneficiaries, will commence trading today. Recall that Alpha is scheduled to report FY24 results and its new BP on Friday 28 February. Alpha is one of our top picks in the sector with TP of EUR 2.55/share.
Commission approves EUR 111.7m RRF grant to support Motor Oil’s renewable hydrogen project
The European Commission approved yesterday a EUR 111.7m grant under the RRF programme to support Motor Oil’s plan to produce renewable hydrogen. The measure will support Motor Oil Hellas in the implementation of its “Green Hydrogen” project. The project concerns the installation of an electrolyser with a target capacity of 50 MW, which will operate with energy from renewable sources. The renewable hydrogen will be used for different purposes, such as for mobility and other industrial applications (e.g. the production of sustainable fuels).
TITAN Group expands global reach of low-carbon building materials with cementitious venture in India
TITAN Group has entered the South Asian market through a new joint venture in India focused on low-carbon building materials. The venture, formed in collaboration with JAYCEE – a prominent Indian player in supplementary cementitious materials – will operate under the newly established entity Atlas EcoSolutions Private Limited, with TITAN Group holding a majority stake. The new venture will focus on sourcing, processing, marketing, and distributing supplementary cementitious materials to the global markets. In line of its Green Growth Strategic Directions 2026. The Group aims to expand its presence in the promising South Asian market and neighboring regions while bringing new materials and advanced technologies.
AVAX gains 6-month extension for the timely delivery of the Bralos-Amphisa road (press)
According to Euro2day.gr, the ministry for infrastructure granted a 6-month extension of the deadline for the completion of the Bralos-Amphisa road. The contract is budgeted at EUR 257m, plus a timely delivery bonus and the state acknowledged that the 6-month extension was due to delayed expropriations of land.
Fourlis commencement of trading of the new shares resulting from the stock option plan
The company announced that on 12 February, 2025, the Athens Exchange approved the admission to trading of the new 843,000 shares resulting from the stock option program. The new shares will be available for trading from today.
Greek equities outperformed on Thursday, with the ASE Index reaching the 1,600 mark, gaining c.2.5% on the day and reaching a new 14-year high. Turnover reached a high EUR 211m on the day. The banking index rose a strong 3.2%, with Piraeus Bank up 3.9%, NBG and Alpha Bank gaining 3.6% and 3.2%, followed by Eurobank at +2.5%. All major stocks finished on green territory, with Coca Cola standing out, up 7.9%, following strong FY24 results and outlook, Aegean rising 3.1% and Jumbo and Cenergy posting a 2.6% and 2.1% advance respectively. Moreover, PPC was up 1.4%, Metlen recorded 1.8% gains, followed by GEK Terna +0.8% and OPAP +0.7%
MACRO – CORPORATE NEWS
BANK OF CYPRUS <BOCHGR GA, OW>
Bank of Cyprus will report 4Q24 results and an update on business plan financial targets on Tuesday before the market opens. A conference call will follow on the same day at 11:00 CET. Dial ins: GR: +30 211 180 2000, UK & INTL: + 44 (0) 203 059 5872, US: + 1 516 447 5632. On the key P&L items, in 4Q24 we expect net profits of EUR 100m (vs. EUR 131m in 3Q24) due to weaker NII (drop of 4.4% qoq due to the lower Euribor) and higher other impairments (similar to 4Q last year but higher than 3Q).
TITAN <TITC GA, OW>
Titan announced its entrance in the South Asian market through a new joint venture with JAYCEE in India, focusing on low-carbon building materials, with TITAN holding a majority stake.
MOTOR OIL <MOH GA>
The EU Commission approved an additional c.EUR 112m in RRF funding to Motor Oil for the expansion of the existing renewable hydrogen project.
COCA COLA HBC <EEE GA>
Coca Cola HBC reported its FY24 results, posting a 13.8% yoy organic growth in net sales revenue vs a 5.6% yoy reported growth, reaching a total of EUR 10.7bn. Growth was driven by a 23.3% yoy increase in organic revenue under the emerging markets division, followed by a 12.7% yoy organic growth in revenue in the developing markets segment. Group’s EBIT amounted to EUR 1.1bn, posting a 24.3% yoy increase (reported growth), translated into a 170bps EBIT margin improvement at 11%. Moreover, comparable EBIT’s organic growth stood at 12.2% yoy (vs 10% yoy reported growth), at EUR c.1.2bn, with a-EBITDA at EUR c.1.6bn, recording a reported 7.4% yoy increase. Profit before tax amounted to EUR 1.1bn, up 23.9% yoy, with net profit for the period at EUR 820m, gaining c.29% yoy. The company’s 2025 guidance calls for organic revenue growth of 6%-8% and organic EBIT growth of 7%-11%.
Market Comment // Propelled by the risk-on sentiment on hopes for a ceasefire in Ukraine, the Greek market rallied 2.5% on Thursday, with the ASE index closing at 1,600.97 points, marking a fresh 14-year high. Trading activity jumped to €212m, well above the 100-d moving average of €156m, with banks accounting for >50% of the traded value. The banking index surged +3.2%, led by Piraeus Bank (+3.9%) and NBG (+3.61%), with Alpha bank (+3.21%) and Eurobank (+2.50%) also registering notable gains. Among non-financials, CCH popped +7.9% following strong results further underpinned by the hopes for progress in ending the war in Ukraine. Papoutsanis (+7.23%) also stood out, followed by gains in Thrace Plastics (+4.46%), Aegean (+3.17%), Sarantis (+2.91%), Jumbo (+2.58%), Cenergy (+2.14%), and HTO (+2.08%). On the flipside, Real Consulting (-1.94%), Quest (-1.5%), Profile (-1.1%), Attica Bank (-0.82%) and Premia (-0.61%) were among the few names in the red. EU futures signal a mixed opening today, as investor attention returns to the US administration’s tariff policies.
Coca-Cola HBC // On yesterday’s call, CCH management conveyed confidence in its 2025 outlook, citing portfolio strength and growth opportunities despite macroeconomic challenges. FY’25 guidance targets organic EBIT growth of 7-11%, supported by 6-8% organic revenue growth, low-to-mid single-digit COGS/case inflation, and FX headwinds of 1-3%, implying adj. EBIT of €1.26-1.28bn. Consensus figures already stand at the high end of EBIT guidance, and, in that regard there does not seem to be much scope for upgrades. However, we remind that the stock offers optionality in case of a ceasefire in Ukraine, with the valuation (at c15x PE) standing some 12% lower than the pre-war level.
BriQ Properties // As part of our SME research program sponsored by the EBRD, we initiate coverage on BriQ, one of Greece’s largest REICs, with a €283m GAV portfolio and €21m annualized rental income (7.6% yield) following its recent merger with ICI. BriQ’s portfolio is quite diversified across logistics, offices, retail, and hotels. Unlike peers, BriQ follows a disciplined investment strategy, with a modest €14m pipeline through 2026, which de-risks the thesis and allows a generous shareholder policy (70-75% of FFO) corresponding to 7-9% dividend yield in 2025-27e, the highest among Greek REICs. BriQ’s competitive advantage lies in its low-cost operating structure (the most efficient among Greek REICs), which supports higher EBITDA margins/cash flow and distributable income, while also underpinning NAV built-up (given the 25-30% FFO retention). We expect rental income to grow at c3% CAGR over 2024-27e followed by retracement to 2025e levels due to lease renegotiations (barring any move related to asset monetization/repurposing). We anticipate this to translate into c4% NAV CAGR over the same period. With a c14% total return (NAV growth + dividends) and the shares trading c35% discount to 2025e NAV we see scope for re-rating. Our €2.88 PT applies a 20% discount to 2025e NAV, slightly above the EU real estate sector’s cross-cycle average discount (15%). Our research report is freely available here.
Motor Oil // The European Commission approved €111.7mn in state aid for Motor Oil to support Motor Oil’s Green Hydrogen project, which includes installing an electrolysis system at the refinery and expanding hydrogen production to 7,200 kt per year, powered by RES energy.
HelleniQ Energy // According press, Helleniq Energy aims to expand its market share in electricity and natural gas, potentially consolidating these operations under a new entity, which could later be listed on the Athens Stock Exchange.
Titan Cement // The Group has entered the South Asian market through a JV in India with JAYCEE, a key player in supplementary cementitious materials. The new entity, will be majority-owned by Titan and will source, process, market, and distribute supplementary cementitious materials globally as sustainable alternatives to clinker-based cement.
