BriQ Properties: Πώληση δύο ακινήτων προς €4,23 εκ. Αβαξ: Στο 65% η ολοκλήρωση του α’ τμήματος της Πατρών – Πύργου. Mevaco:
ATHEX headed north yesterday, setting a new 14-year high, despite the pressure in the international markets. In more detail, the General Index rose by 0.31% at 1,671.35 units (FTSE Large Cap: +0.51%, FTSE Mid Cap: -0.31% Banks Index: +1.81%) and the traded value was shaped at EUR 244.1m, down from Wednesday’s EUR 258.5m. We expect a wait and see stance in ATHEX today, ahead of Moody’s announcement.
Political Headlines
Greek PM to announce a cabinet reshuffle today (press)
According to various press reports, the Greek PM is expected to announce a wide cabinet reshuffle today.
Macro Headlines
Moody’s Sovereign Debt Review on Greece out today amc
Moody’s is set to release the sovereign debt review for Greece today, after the market close, As a reminder, last September, Moody’s Ratings changed the outlook on the Government of Greece to positive from stable and affirmed the Government of Greece’s Ba1 long-term issuer and senior unsecured debt ratings.
Greece taps the markets with two bond issuances
Greece successfully taped the markets yesterday, raising EUR 2bn from the issuance of a new Bond maturing 18 July 2038 at Midswap+126bps (coverage at 17.5x) and additional EUR 1bn with the new Bond maturing on 15 June 2054, at Midswap+175bps (coverage 21.5x).
Sector Headlines
Competitive offers for the EUR 250m PPP completed (press)
According press the competitive offers phase for the EUR 250m motorway “Drama-Amphipolis” contract in Northern Greece is now completed, with the submission of offers from GEKTERNA, AVAX, METLEN and ELAKTOR CONCESSIONS, with the results of the tender expected soon.
Motor Vehicle Licenses February (ELSTAT)
According to ELSTAT, total passenger cars registered in February 2024 recorded a decrease of 8.8% y-o-y and reached 16,244 units. The number of new cars registered reached 9,796, recording a 14.4% y-o-y decrease, compared to 15.0% increase in February 2024, while used cars that put into circulation increased by 1.3% y-o-y to 6,448 units. Over the 2M25 period, total passenger cars that put into circulation reached 35,081 units, down by -7.1% y-o-y, while new registered cars decreased by 15.5% y-o-y, to 20,458 units and used cars increased by 7.8% y-o-y to 14,623 units.
Company Headlines
National Bank of Greece AGM on 30 May, ex-dividend on 03 June
National Bank of Greece announced that the AGM of shareholders will take place on Friday 30 May. The stock will trade ex-dividend on Tuesday 03 June and payment will commence on Tuesday 10 June. NBG will announce 1Q25 results on Thursday 08 May.
Alpha Bank applied for new licenses in Cyprus-Press
According press, Alpha Bank has applied to the Central Bank of Cyprus requesting additional licenses for private banking and wealth management.
Bank of Greece AGM on 08 April 2025
The AGM of shareholders is scheduled to take place on Tuesday 08 April 2025 at 12:00 Athens/10:00 London Time. Shareholders will approve among others the distribution of a gross dividend of EUR 0.6720/share, offering a gross dividend yield of 4.6%.
ΟΤΕ strategic priorities for 2025-Press
Press reports suggest that the Chairman and CEO of the company cited that the strategic priorities for 2025 are the further development of FTTH network, the utilization of Cosmote 5G network and the increase in revenues of ICT and Pay TV. We reiterate our Buy rating and TP of EUR 16.50/share.
AKTOR Group acquires a 51% stake in a 32MW RES portfolio
AKTOR Group announced the acquisition of a 51% stake in Greenline’s equity and outstanding debt, an entity which owns and operates a 32MW solar portfolio with an estimated run rate EBITDA of EUR 3.2m and also has a RES pipeline of 200MW which will jointly develop with AKTOR.
Sarantis CC highlights
During the conference call, management stated that: a) Poland, Romania and Greece are the key growth markets, b) the company is focusing on the international expansion footprint of the beauty & skincare category which is one of the higher EBIT margin businesses c) in 4Q24 the company proceeded with early repayment of EUR 18m of debt while now the company is back on net cash position after the 1st installment of EUR 20.6m from the sale of Estee Lauder, d) for FY25 the company guided for ca5% increase in sales to EUR 628m and EBITDA of EUR 92m up by 12.7% y-o-y and FCF of EUR 68m, e) CapEx will reach EUR 40.0m, up by 127% y-o-y, with investments for (EUR 15.0m for Stella Pack regranulation, EUR 7.0m in rephasing of Oinofyta distribution center & EUR 10.0m to increase suncare production capacity, EUR 4.0m in digital transformation, and EUR 44.0m for the rest of the group), f) in respect to the dividend policy management stated that remains at a minimum of 38% with upside potential.
Greek equities ended flattish yesterday (+0.3%), on a EUR 243m turnover, with banks continuing to outperform and driving turnover higher. The banking index rose 1.8% on the day, driven by NBG’s 2.9% gains, Eurobank up 2% and Alpha Bank rising 1%. Among top gainers, Aegean recorded a 1.2% increase, Metlen and GEK Terna were both up 0.9%, PPC finished 0.7% higher, with OPAP and Jumbo on the flatline. On market’s laggards, Sarantis slipped 2.1%, Lamda lost momentum recording a 0.9% drop and Titan was down a modest 0.6%.
MACRO – CORPORATE NEWS
MACRO I
Greece’s credit rating review by Moody’s is expected to take place today. Current rating stands at Ba1 with a positive outlook, one notch below investment grade.
MACRO II
According to press reports, demand on the re-openings of the 15-year bond maturing in 2038 and 30-year bond maturing in 2054 reached EUR 56.5bn, raising EUR 3bn in total. The yield on the 15-year bond stood at 4.057% and on the 30-year bond at 4.408%.
NBG <ETE GA, OW>
According to press reports, following discussions with the SSM, ESM and Ministry of Economy and Finance, the Greek State will only retain its veto power on the amendment of Articles of Association related to a share capital increase that could result in dilution of 8.39% stake currently held by the State.
ALPHA BANK <ALPHA GA, OW>
According to press reports, Alpha Bank is expected to receive approval for private banking and wealth management services in Cyprus within 2Q25.
AKTOR GROUP <AKTR GA, OW>
Aktor announced that the company entered into a sale-purchase agreement with GREENLINE for the acquisition of 51% of share capital and 51% of bonds of SUN FORCE ONE, a company active in the RES sector.
SARANTIS GROUP <SAR GA, OW>
Management held a conference call yesterday on FY24 results. During the call, management stated that 1) 90% of integration activities of Stella Pack has been completed 2) home category was affected by war in Ukraine, 3) the high interest income of 2023 was a result of high cash position prior to Stella Pack’s acquisition.
Market Comment // Benefitting from strong performances for Banks (+1.81%), the ASE General index finished at 1,671 points (+0.31%) on Thursday amid mostly negative trading in EU markets. Trade activity totaled €244m by the close, in line with recent levels and materially above the 100-day MA of €164m. NBG (+2.9%), Profile (+2.8%), and Eurobank (+2.1%) set the tone for gainers, trailed by ATHEX, Aegean Airlines, Elvalhalcor, Austriacard, Real Consulting, and Alpha Bank (on >1% gains). On the downside, CCH (-2.6%), ADMIE (-2.3%) and Sarantis (-2.2%) led laggards, followed by Fourlis, Dimand, Noval Properties and Thrace Plastics (all on >1% losses). Global futures point to a positive open today, as markets look set to benefit from repositioning flows following yesterday’s retreat, with mood supported by the abating risk of a US govt shutdown.
Economy // Moody’s to provide its rating update on Greece today. As a reminder, the agency is the only one still placing Greece below investment grade (Ba1, positive outlook). As such an upgrade looks very likely, but with no significant readthrough for the equity market. Meanwhile, yesterday’s re-opening of the 15-year and 30-year bonds reportedly met overwhelming demand in excess of €53bn.
NBG // As flagged by several press reports, the Piraeus-CVC deal for Ethniki Insurance leaves unresolved matters between NBG and CVC, including a €125mn deferred payment from CVC to NBG due in 2026 and a potential €85mn compensation from NBG to CVC for 2023 losses related to legacy health policies. With NBG fully exiting, any disputed claims will be negotiated between the two parties.
Metlen // In a presentation ahead of Metlen’s listing on the LSE, the CEO reiterated the target of achieving EBITDA in excess of €2bn by 2028, with further details to be unveiled at the Capital Markets Day scheduled for April 28th.
ADMIE Holding // Following the trilateral meeting between Greece-Cyprus and Israel, the Greek Foreign Minister expressed the intention to expand the framework by reactivating the “3+1” format with the participation of the United States.
Sarantis // In Sarantis conference call yesterday mgt echoed a positive message on the overall execution (organic, Stella integration and strong performance of the skin and sun care products), which has led it upgrade FY’25e EBIT and FCF guidance. As a reminder, Sarantis now forecasts EBIT of EUR 70m (+15% yoy), on sustained sales of EUR 628m (+5% yoy), thus pointing to an 11.1% margin (+90bps yoy and 40bps better than previously anticipated), and FCF of EUR 68m (up from EUR 66m previously), despite the higher capex envelope.
BriQ // BriQ Properties announced the sale of two office floors (12th and 13th) in Athens Tower, Building A (2-4 Mesogeion Ave, Athens), with a total area of 1,406 sqm, for €4.23m. The properties were fully leased and had a recent appraised value of €4.15m as of December 31, 2024, meaning the sale price represents a 2% premium over the latest valuation. BriQ originally acquired the properties in 2016 for €1.69m, generating a total profit of €2.54m from the sale.
AKTOR // The Group announced the signing of a binding Share and Bond Purchase Agreement to acquire 51% of Sun Force One, for an undisclosed consideration. Sun Force One holds a solar portfolio of 42 projects totaling 37MWp in installed capacity which have an annual EBITDA of €3.2mn. The agreement also includes the development of >200MW of RES projects.
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