∆ΕΗ µε το Μυτιληναίο καθοδήγησε ανοδικά το Γ.∆. στο ξεκίνηµα καταγράφονταςενδοσυνεδριακό υψηλό στις 1423 µονάδες. Όµως οι γεωπολιτικές ανησυχίες από µία πιθανή εµπόλεµη κατάσταση µεταξύ Ισραήλ και Ιράν κινητοποίησε τους πωλητές µε τιςρευστοποιήσεις να οδηγούν το Γ.∆. στο ενδοσυνεδριακό χαµηλό των 1395 µονάδων, για να κλείσει λίγο ψηλότερα, ενώ παράλληλα απώλειες κατέγραφαν οι διεθνείς αγορές. Την ίδια ώρα, οι αποδόσεις των 10ετών τίτλων διαµορφώνονταν στο 3,255%. Απώλειες για τηνΠειραιώς (-3,01%), τη ∆ΕΗ (-3,24%), την Ελλάκτωρ (-3,54%), τη Cenergy (-2,89%), την Infoquest (-4,01%), την Aegean (-2,80%) και τη Βιοχάλκο (-3,33%). Στον αντίποδα, κέρδη κατέγραψε η ΕΕΕ (+1,73%) και η ΕΥ∆ΑΠ (+1,25%), το Jumbo (+0,53%). Απολογιστικά, 16µετοχές κατέγραψαν κέρδη έναντι 91 εκείνων που υποχώρησαν. Την Τρίτη το ΚΡΙ-ΚΡΙ, η Orilina Properties και η Βιοκαρπέτ ανακοινώνουν τα ετήσια αποτελέσµατά τους, την Τετάρτη ακολουθούν το Jumbo, ο ΟΛΘ, η Lamda & ο Α∆ΜΗΕ και την Παρασκευή η Aloumyl µε την S & P να ανακοινώνει το βράδυ την έκθεσή της για το ελληνικό αξιόχρεο.Στις ΗΠΑ, οι BofA, Goldman Sachs, Morgan Stanley, Blackstone κ.α. ανακοινώνουν αποτελέσµατα 1ου τριµήνου. Προς πιθανό νέο «µαύρο κύκνο» για τις αγορές µετά την επίθεση του Ιράν κατά του Ισραήλ και των εύλογων γεωπολιτικών ανησυχιών για το σκηνικό στη Μ. Ανατολή. Η υπεράσπιση των 1400 µονάδων και της περιοχής των 1380 στη συνέχεια είναι οι εγγύτερες στηρίξεις για το Γ.∆. στο Χ.Α.
Τιτάν: Αύξηση της τιµής-στόχου στα €35,83 από την Alpha Finance. Mytilineos: Τιµήστόχος τα €46 για µετά το deal µε ∆ΕΗ από τη Morgan Stanley. ∆ιερευνά εισαγωγή στο LSE και dual listing
Wood: Nέες εκτιµήσεις και τιµές-στόχοι για τις ελληνικές τράπεζες. Εθνική Τράπεζα, σύσταση Buy, στόχος €9,19. Alpha Βank, σύσταση Buy, τιµή-στόχος €2,06. Eurobank, σύσταση Hold, στόχος €2,08 και την Τράπεζα Πειραιώς, σύσταση Hold, στόχος €4,13.
iDNΑ (Κυπριακή): σχέδια για Nasdaq και εκτίναξη επιδόσεων. ∆ραστηριοποιείται στο χώρο των τεστ DNA που αποκοπούν στην «ιατρική ακριβείας» και κατέχει πλατφόρµα τεχνητής νοηµοσύνης για το σχεδιασµό προϊοντικού χαρτοφυλακίου. Φετινός στόχος για κύκλο εργασιών €4 εκατ. και κέρδη €500 χιλ., ενώ για το 2025 θα επιδιωχθούν πωλήσεις ύψους €17 εκ. και κερδοφορία €5 εκ.!
SunriseMezz: Κέρδη €4 εκατ. το 2023 και €11,2 εκατ. ευρώ για την Phoenix Vega Mezz. Θα µοιράσουν µέρισµα.
Αναπτυξιακός: ∆ιπλασιάζεται στα €300 εκατ. ενίσχυση για 256 επενδυτικά σχέδια συνολικού προϋπολογισµού €632 εκ. (καθεστώς «Μεταποίηση – Εφοδιαστική Αλυσίδα του νόµου 4887/2022), για κονδύλια επιδότησης και φορολογικών απαλλαγών. ΕΛΣΤΑΤ: στο – 2,8% οι τιµές εισαγωγών στη βιοµηχανία τον Φεβρουάριο.
Macro Headlines
Import Price Index in Industry (MPI) down in February
According to ELSTAT, the Overall Import Price Index (MPI) in Industry in February 2024 recorded a decrease of 2.8% y-o-y, while in February 2023, the MPI had recorded a y-o-y drop of 5.6%. The 2.8% y-o-y decrease of the MPI was mainly driven by the 5.1% y-o-y decrease of the Energy products sub index, while on the contrary the Capital Goods sub-index rose by 1.4% y-o-y. Over the twelve-month March 2023-February 2024 period, the MPI decreased by 12.6% compared to the March 2022-February 2023 period
Sector Headlines
SSM asked from banks to take provisions on loans with State guarantees-Press
SSM has asked from systemic banks to take provisions in the range of 20%-30% on loans with State guarantees over a three year period. The same reports suggest that the aforementioned loans are estimated at EUR 2.5bn.
International passenger traffic up in March (Fraport Greece)
According to Fraport Greece (operator of the 14 regional Greek airports), international passenger traffic in Greek airports in March 2024 rose by 16.1% y-o-y, while in 1Q24, international passenger traffic increased by 13.2% y-o-y to 806k travelers.
No Russian metal produced from April 13 onwards will be eligible for delivery to the LME (Bloomberg)
According to Bloomberg, the London Metal Exchange banned delivery of new Russian metal from 13 April onwards, following sanctions imposed by the US and UK, but left the door open for a wave of old stocks to hit the market and raise the risk of pricing dislocations. Following the ban, Aluminum jumped as much as 9.4%, the most since the current form of the contract was launched in 1987 (positive for Mytilineos).
Company Headlines
Mytilineos explores London listing (press)
According to Skynews, Mytilineos, has picked two US investment banks to advise it on switching its primary listing to London, which would be expected to take place later this year.
GEKTERNA calls its bondholders to approve the amendment of certain bonds covenants
GEKTERNA will hold on 23 April a meeting with its bondholders of the EUR 120m note issued in 2018 and the EUR 500m note issued in 2020 to a) extend their consent, for an additional 24 months, regarding the utilization of net proceeds from the sale of an Excluded Asset, b) approve the abolishment of the undertaking to maintain the “Total Debt to Equity Ratio” for the “Calculation Periods” after 31.12.2023 and (c) to approve the increase of the maximum amount of the Company’s “Financial Liabilities” from EUR 1.1bn to EUR 1.9bn.
Profile 2023 results in line with Optima estimates
Profile delivered a strong set of results that came in line with our estimates. Group revenues came in at EUR 30.1m (+20% y-o-y), in line with Optima estimate of EUR 29.8m, group EBITDA at EUR 7.3m (+18% y-o-y), in line with Optima estimate of EUR 7.7m and net profit at EUR 3.85m (+18% y-o-y), in line with Optima estimate of EUR 3.86m. Management expects growth to accelerate further in 2024, aiming to doubling the key figures within the next three years. We reiterate our Buy rating and TP of EUR 5.60/share.
Sunrise Mezz plc 2023 results
Coupon payments reached EUR 19.7m and net profit came in at EUR 4.0m in 2023 against a net loss of EUR 700k in 2022. Cash was shaped at EUR 10.9m from EUR 2.1m in 2022, investments at EUR 6.8m vs. EUR 22.4m in 2022 and total assets at EUR 17.8m. The BoD intends to propose to the upcoming AGM a cash distribution to the company’s shareholders.
Phoenix Vega Mezz plc 2023 results
Coupon payments stood at EUR 20.0m and net profit was shaped at EUR 11.2m (+133% y-o-y) in 2023. Cash reached EUR 14.4m from 13.2m in 2022, investments at EUR 26.5m vs. EUR 32.7m in 2022 and total assets at EUR 47.7m. The BoD intends to propose to the upcoming AGM a cash distribution to the company’s shareholders.
OTE Share Buyback
The company announced that during 08/04/2024 – 12/04/2024, it purchased 151,492 own shares at an average price of EUR 14.1047 per share and now holds 3,496,015 own shares or 0.836% of the total outstanding shares.
Intracom Holdings bought 50k Intralot shares
Intralot announced that Intracom Holdings acquired on 12 April, 50,000 shares at an average price of EUR 1.091 per share and a total value of EUR 54,545.08.
Petropoulos trades ex-dividend
Petropoulos trades today ex-dividend of EUR 0.8644 (DY 8.9%).
The ASE Index lost early gains on Friday and ended the day down 1.1% on EUR 130m turnover, The banking sector under-performed (down 2.1%) with losses across the board. A soft day also for the larger cap non-financials with only OPAP and Jumbo bucking the trend.
MYTILINEOS <MYTIL GA, OW>
According to press reports, MYTIL is assessing the possibility of a dual listing in London Stock Exchange within the year. MYTIL has reportedly mandated CITI and Morgan Stanley to explore the potential of a dual listing which could lead to potential inclusion in FTSE 100.
Market Comment // The Greek market tapered off initial gains of +0.50% to finish -1.12% lower on Friday, at 1,401 points. On a weekly basis, the ASE General index ended 1.2% higher, rising to higher levels mid-week but reverting lower on Friday, majority-driven by a slide in Banks (-2.1% on Friday, +3.2% for the week). Friday’s turnover improved to €130m, though still below the 100-day moving average of €143m. Quest Holdings (-4.01%) stood out among laggards, followed by Fourlis, Ellaktor, Viohalco, PPC, Intralot and Piraeus Bank (on >3% losses), with Elvalhalcor, Cenergy, ATHEX, Aegean, Papoutsanis, Alpha Bank and Eurobank also retreating >2%. On the other hand, CCH (+1.73%) and EYDAP (+1.25%) were among the few names offering support, with Trade Estates, Sarantis, Kri Kri, Optima, Jumbo and OPAP also finishing in the green. EU futures point to a mixed opening today, as investors assess recent developments in the Middle East and the prospect of further escalation.
Mytilineos // According to Sky News, Mytilineos is working with two global banks on a listing at the LSE likely to take place later this year. As per Sky News, the Group intends to switch its primary listing to LSE, while retaining its listing on ATHEX.
Kri-Kri // FY’23 results tomorrow post market close. We expect FY’23 sales to settle at €214m (+24%) and EBITDA at €48m (vs. just €9m in 2022) marking a historic record for the group thanks to increased volumes, favorable price/mix dynamics and reduced input costs. We expect a dividend of €0.40 per share, translating to a c3.5% yield.
Lamda // Lamda is scheduled to release FY’23 results on Wednesday after market. Looking into Lamda Development EBITDA from the properties under operation (malls, marina, other operating assets) we estimate adj. EBITDA ex revaluations and ex Ellinikon at €77m (up from €54m in 2022), of which EBITDA stemming from the 4 malls at €82m in FY’23 (+20% yoy or 11.2% lfl). Having in mind the delays caused by the notaries’ strike at year-end 2023, we believe Ellinikon related flows and the related flow-through the P&L will be negatively impacted vs what we were expecting. In terms of organic bottom line, we estimate c€47m net result ex-Ellinikon, which points to a fairly flat NAV for 2023 (near €7.8/share).
Quest // Quest is mulling the expansion into e-mobility through its strategic partnership with Xiaomi, according press. In specific, Xiaomi has unveiled its first electric car model (SU7), with the launch in Greece anticipated in 2027. This move would be in line with the group’s strategy of exploring new opportunities, especially in niche segments.
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