ATHEX closed flat on Friday, in line with the European stock markets. In more detail, the General Index rose marginally by 0.01% at 1,582.59 units (FTSE Large Cap: +0.05%, FTSE Mid Cap: +0.25%, Banks Index: -0.75%) and the traded value was shaped at EUR 183.6m, down from Thursday’s EUR 324.0m. On a weekly basis, the General Index dropped by 0.94% w-o-w, (FTSE Large Cap: -0.90%, FTSE Mid Cap: -0.83%, Banks index: -2.35%). Week Ahead: Athens Airport and Piraeus Bank AGMs today, PPC AGM on Wednesday, ECB announcements on Thursday, S&P Greek sovereign debt review on Friday. We expect the market to move higher today, following the partial lift of the US tariffs on Saturday.
Macro Headlines
Greece to repay first bailout loans by 2031, 10 years early (Reuters)
Greece will pay off loans granted under the first of three debt-crisis bailouts by 2031, two government officials have told Reuters, as the country seeks to lose its label as the most indebted country in the European Union. The payments, which will come in EUR 5bn annual increments, will allow Greece to pay off the debt 10 years before the loans expire, the officials said on condition of anonymity. “Our aim is to fully repay, ten years earlier than scheduled, the rest of the loans from the first bailout which expire by 2041,” said one of the officials. The source said that Greece will tap a EUR 37bn cash buffer, proceeds from higher-than-projected primary surpluses and new bond issues to fund the repayments.
Sector Headlines
International passenger traffic up in March (Fraport Greece)
According to Fraport Greece (operator of the 14 regional Greek airports), international passenger traffic in the regional Greek airports in March 2025 rose by 1.4% y-o-y, while in 1Q25, international passenger traffic increased by 6.7% y-o-y to 860k travelers.
Company Headlines
Piraeus Financial Holdings AGM today
The AGM of Piraeus Financial Holdings will take place today at 18:00 Athens/16:00 London Time. Shareholders will approve the distribution of a capital return of EUR 0.2980/share (Yield: 6.6%). The stock will trade ex-capital return on Monday 26 May and payment will commence on Friday 30 May. Moreover, shareholders will approve a share buyback program of up to 8,333,333 common shares, at a price range between EUR 3.00 to EUR 8.00/share, for a period of 24 months from the date of the General Meeting’s decision. The total cost for the buyback of own shares shall not exceed EUR 25.0m.
Eurobank increased its stake to 98.458% in Hellenic Bank in Cyprus
Eurobank announced that the total acceptance rate of the takeover bid for acquiring 100% of Hellenic Bank in Cyprus reached 4.989% (20,593,785 shares). Thus, Eurobank holds a majority stake of 98.458% (406.440.786 shares) in Hellenic. Upon the completion of the takeover bid, Eurobank intends to immediately exercise the squeeze out right provided to acquire 100% of the shares of Hellenic Bank at EUR 4,843 per share. This right may be exercised within three months from the end of the time allowed for acceptance of the Takeover Bid.
Alpha Bank acquired real estate assets from Europe Holdings
Europe Holdings announced that it disposed a portfolio of prime real estate assets in the center of Athens to Alpha Bank for a cash consideration of EUR 54.0m.
ELLAKTOR and REDS sell its main real estate Properties to DIMAND
ELLAKTOR and its 100% subsidiary REDS agreed with DIMAND REAL ESTATE DEVELOPMENT on the sale of its real estate properties in Attica and Crete as follows:
- The sale of 100% of the share capital of the companies KANTZA EMPORIKI S.A. (wholly owned by REDS S.A.), and KANTZA S.A. (wholly owned by ELLAKTOR S.A.), which own land plots with a total area of approximately 319,000 sq.m., located in the Cambas area, within the Municipalities of Paiania and Pallini.
- The sale of 100% of the share capital of the company GOURNES REAL ESTATE DEVELOPMENT AND MANAGEMENT S.A. (wholly owned by REDS S.A.), which owns a land plot of 346,000 sq.m., located in the Gournes area of the Municipality of Hersonissos, in Heraklion, Crete.
- The sale of a land plot of approximately 4,400 sq.m. and another plot of approximately 1,300 sq.m. along with a preserved building of 700 sq.m. These two plots are located in the Trigono Cambas area of the Municipality of Pallini.
The final total consideration for the Transaction will be determined on the date of transfer of the shares, while the agreed value of the properties amounts to EUR 85.6m. Completion of the Transaction is subject to customary terms and other conditions and is expected to take place by July 31, 2025.
Comment: with the completion of the property sale and also its concessions subsidiary to AKTOR Group (recall that AKOTR and ELLAKTOR are in exclusive negotiations until 30th of April), ELLAKTOR will practically have disposed all its assets; that said, we expect the company to proceed with an additional sizeable dividend distribution to its shareholders.
Alpha Trust FY24 results out
The company announced a good set of results with revenues came in at EUR 9.2m up by 8.53% y-o-y. In terms of profitability, EBITDA increased by 28.5% y-o-y to EUR 2.8m, while net profit reached EUR 1.6m up by 22.2% y-o-y. The management will propose the dividend distribution of EUR 0.578/share up by 5.1% y-o-y.
Prodea Investments FY24 results out
The company posted its FY24 results with revenues up by 34.8% y-o-y, to EUR 227.6m due to the acquisition of the company MHV Mediterranean Hospitality Venture which is now the main investment vehicle for investments in hospitality properties. EBITDA adj. reached EUR 162.0m down by 27.2%, affected by the decrease in rental income due to disposals in the context of the reorganization of the portfolio. Net profit reached EUR 106.9m vs. EUR 73.8 in FY23. Finally, NAV/share is at EUR 5.81/share, at a 0.7% discount to Friday’s closing price.
Athens International Airport AGM today
The AGM of AIA will take place today. Shareholders will approve the dividend distribution of EUR 0.78 /share (Yield: 8.4%). The stock will trade ex-dividend on Wednesday 23 April. Also, shareholders will approve a new four-year scrip dividend programme.
Alpha Trust Andromeda AGM today
The AGM of the company is taking place today at 10:30 Athens/08:30 London Time. Shareholders will approve among others the distribution of a dividend of EUR 0.32/share (DY: 4.9%).
Euroconsultants Financial Calendar
The company announced that will publish its results on Thursday 24 April, while the AGM is scheduled for Friday, 30 May and the ex-dividend date is set for Monday 30 June.
Following a volatile trading session, the market finished on the flatline on Friday, with turnover at EUR 183.6m. The banking index marked 0.7% losses, driven by Alpha Bank slipping 2.4% and Eurobank down 0.9%, while Piraeus Bank was up a modest 0.5% and NBG finished unchanged. On market’s top performers, Helleniq Energy gained 2%, OTE was up c.1.8%, Lamda rose 1.6% and PPC finished with 1.1% gains. Moreover, Jumbo recorded a 0.8% rise on the day, OPAP was up a mild 0.6%, with Metlen and Motor Oil flattish. On red, Cenergy marked a 2.3% drop and Titan was down 1%.
MACRO – CORPORATE NEWS
HELLENIQ ENERGY <ELPE GA, OW>
The company announced it has signed a share purchase agreement for the acquisition of 50% of share capital in Elpedison, pending required approvals from regulatory authorities expected within 2Q5.
News is expected, following relevant announcements on December 9th.
EUROBANK <EUROB GA, OW>
Eurobank announced the completion of the procedure for the acceptance of the mandatory takeover bid for the acquisition of up to 100% of Hellenic Bank.
Expected.
ELLAKTOR <ELLAKTOR GA>
Ellaktor announced that its subsidiary REDS agreed on the sale of real estate properties in Attica and Crete to Dimand for EUR 85.6m.
Market Comment // After a sluggish start to Friday’s session, the ASE index regained momentum after midday to finish flat at 1.582 points (+0.01%). On a weekly basis, the index ended -0.94% lower, largely due to underperformance in Banks (-2.3% week-over-week). Friday’s turnover came in at €183m, slightly below the 100-day MA of €192m. Fourlis (+3.2%) led the way for gainers on Friday, followed by Intralot, Real Consulting and HelleniQ Energy (on >2% gains) as well as OTE. Noval Properties, Lamda, AIA, Papoutsanis, ATHEX, PPC, Elvalhalcor (on >1% gains). On the other hand, Optima (-4.1%) was the standout laggard, followed by Autohellas, Alpha Bank, Cenergy, PPA and Bank of Cyprus (on >2% losses). Global futures point to a sharply positive open today, as markets draw support from further pauses in US tariffs on technology equipment.
Kri-Kri // Kri-Kri is set to announce its FY’24 results on Tuesday 15th April, post market close. We expect revenues to grow by 18% yoy to c€255m, driven by sustained yogurt volume growth in international markets. We anticipate this will translate into EBIT of €41.6m (+3% yoy) and net profit of €38.8m (+20%% yoy). For Q4 we expect revenues of €47.8m, reflecting an impressive +20.5% yoy growth. We model a 1.4pps contraction in gross margin, reflecting a modest uptick in input costs and price/mix pressures, and higher opex leading into a small EBIT decline in the seasonally small Q4.
HelleniQ Energy // The Group announced the official signing of the SPA with Edison for the acquisition of the remaining 50% stake in Elpedison. The transaction is expected to close in Q2 2025, pending regulatory approvals.
Dimand // Dimand has entered into a conditional agreement with Ellaktor and REDS for the acquisition of real estate assets in Attica and Crete, with a total agreed property value of €85.6m. The deal includes large-scale development plots in Kantza (Attica) for mix and residential use and Gournes (Crete) for a hospitality project, as well as two smaller plots in Pallini. An upfront payment of €4.3m has been made, with the remainder due at completion. The transaction is subject to standard closing conditions and is expected to be wrapped up by July 31, 2025.
Piraeus Bank // Piraeus Bank holds its AGM today, with key items including a capital return of €0.298/share (ex-date on 26th May) and approval of a share buyback program for up to 8.33m shares, within a €3.00–€8.00 price range and a maximum outlay of €25m. The program will run for 24 months, subject to regulatory approvals, including from the SSM.
Eurobank // Eurobank has completed the acceptance phase of its mandatory takeover bid for Hellenic Bank, launched on 11 Feb 2025. At the bid’s close on 9 Apr, Eurobank had secured an additional 4.99% stake (20.6m shares), on top of its pre-existing 93.47% (385.8m shares), bringing total ownership to 98.46%. The offer is deemed successful, having exceeded the 50% threshold. Eurobank intends to exercise its Squeeze-Out right to acquire the remaining shares at €4.843/share, completing full ownership. The squeeze-out may be initiated within three months.
Motor Oil // The BoD approved the substitution of MORE by NRG as the counterparty to a contract for difference (CfD) with Thermoilektriki Komotinis (new CCGT) for €11mn, transferring all rights and obligations related to a gas-fired power plant electricity swap.
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