ΣΙΔΜΑ, 2024: Ο κύκλος εργασιών ανήλθε στα 221,6 εκατ., – 8,8%. Ωστόσο, αύξηση κατά 15,1% καταγράφηκε στα κέρδη προ φόρων, τόκων και αποσβέσεων. Ζημιές προ φόρων 3,5 εκατ. ευρώ.
ATHEX rebounded yesterday, in line with the European stock markets. In more detail, the General Index jumped by 2.73% at 1,625.77 units (FTSE Large Cap: +3.23%, FTSE Mid Cap: +1.34%, Banks Index: +3.93%) and the traded value was shaped at EUR 150.3m, down from Friday’s EUR 183.6m. We anticipate ATHEX to move in line with the European stock markets today.
Company Headlines
Piraeus Financial Holdings AGM approved capital return, mgt reiterated targets
The AGM of shareholders approved yesterday the distribution of a capital return of EUR 0.2980/share (Yield: 6.4%) and 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 shall not exceed EUR 25.0m. The stock will trade ex-capital return on Monday 26 May and payment will commence on Friday 30 May. The Chairman of the bank cited that 2024 trends continue and intensify. On top of that, the CEO reiterated that the acquisition of a 90.01% stake in Ethniki Insurance is EPS accretive by ca5%, widens RoaTBV by ca1pp and elevates fee generation to international best-in-class levels (NFI/revenues at 28%). Piraeus intends to achieve a Financial Conglomerate status and pursue the application of Danish Compromise, which, if attained, would expand further CAD ratios by ca50bps. Finally, he reiterated that Piraeus targets net profit to reach EUR 1.1bn in 25e-26e and EUR 1.3bn in 28e (excluding Ethniki Insurance) as well as to distribute more than EUR 2.0bn to shareholders by 28e. Recall that the new guidance that encompasses Ethniki Insurance calls for net profit of EUR 1.13bn in 26e, EUR 1.25bn in 27e and EUR 1.5bn in 28e. Piraeus is one of our top picks in the sector with TP of EUR 6.50/share (excluding Ethniki Insurance), a 40% upside potential.
Eurobank acquired 25% in digital real estate agent Prosperty
Eurobank announced that it acquired a 25.0% stake in Prosperty, a start-up digital real estate agent. Eurobank will propel 800 properties and goals to increase them to 2k by the end of the year. We reiterate our Buy rating and TP of EUR 3.00/share, a 29% upside potential.
Bank of Cyprus acquired Ethniki Insurance Cyprus
Bank of Cyprus announced that it acquired 100% of Ethniki Insurance Cyprus for a cash consideration of EUR 29.5m. Ethniki Insurance Cyprus Ltd grasps a market share of 2% in life and 4%in non-life insurance. The transaction is expected to be completed in 2H25. Management estimates that the group’s gross written premiums and the net insurance result will increase by 15% and 10% respectively, thereby increasing the non-NII contribution to top line.
TITAN Group: Acquisition of aggregates quarry in Greece
TITAN announces the acquisition of LATEKAT, an established, family-owned quarry business in the Thessaly region of Central Greece, expanding its reserves and strengthening its business model in the country. Latekat, with reserves exceeding 100 million tons, is already an important supplier in the region of Central Greece.
PPC in talks with Romania’s DTEK for potential cooperation in Ukraine (press)
According to Energypress.gr, PPC is in talks with Romanian utility, DTEK aiming to jointly develop battery and storage projects in Ukraine.
AIA AGM approvals
The company approved the dividend distribution of a gross amount of EUR 0.7862/share with ex-dividend date set for Wednesday 23 April (DY: 8.6%). Additionally, the new optional FY25-28 dividend reinvestment programme was approved, for up to EUR 240m, for the entire duration of the programme, while the share capital increase will be determined by the BoD, based on the VWAP of the company’s share over one or more days. According to press reports, management didn’t refute the potential entrance of Aegean Air’s major shareholder, Mr. Vasilakis in the share capital of AIA, while management also stated that it is possible to participate in the share capital of other airports.
Real Consulting EGM on 05 May
The company has called for an EGM of shareholders on Monday 05 May at 14:00 Athens/12:00 London Time. Shareholders will approve the transfer of shares from the alternative market (ENA) to the main market of ATHEX as well as will authorize the BoD to proceed with a share capital increase.
Alpha Trust Andromeda AGM approved dividend
The AGM of shareholders approved the distribution of a dividend of EUR 0.32/share (DY: 4.9%). The stock is set to trade ex-dividend on 19 May and payment will commence on 13 June 2025.
A strong day for Athens yesterday (+2.7%) on c.EUR 152m turnover driven by banking stocks (+3.9% with Alpha taking the lead at +6.7%). Solid performance also for the non-financials, with Metlen standing out (+7.8%) ahead of the CMD on April 28.
MACRO – CORPORATE NEWS
BANK OF CYPRUS <BOCHGR GA, OW>
Bank of Cyprus announced the acquisition of 100% of Ethniki Insurance Cyprus for EUR 29.5m in cash, subject to regulatory approvals. Ethniki Insurance Cyprus has market shares of 2% in life and 4% in non-life and will further complement the already string market position of Bank of Cyprus in the insurance space. According to management, it is estimated that the group’s gross written premiums and the net insurance result will increase by 15% and 10% respectively following the transaction.
EUROBANK <EUROB GA, OW>
Eurobank announced the acquisition of a minority stake (255) in Prosperty, a one-stop-shop digital real estate platform.
PIRAEUS BANK <TPEIR GA, OW>
Piraeus Bank hosted its AGM yesterday with the CEO re-iterating the business plan targets (updated post acquisition of Ethiniki Insurance) and the target to apply for the Danish Compromise.
GEK TERNA <GEK GA, OW>
Reportedly, the Ministry approved the public sector contribution for the financing of the North Cretan Motorway (EUR 592m out of the project cost of EUR 2.0bn).
TITAN CEMENT <TITC GA, OW>
Reportedly, Titan acquired Latekat Sourlas, a quarry in central Greece.
Market Comment // Trading in positive territory intraday, the Greek market rallied +2.73% on Monday (at 1,625.77 points) in line with movements across EU exchanges. Trade activity came in a bit below recent levels at €150m, below the 100-day MA of €193m. Metlen (+8.0%), Titan Cement (+6.8%) and Alpha Bank (+6.7%) led the way for gainers, followed by Eurobank (+5.4%), while Bank of Cyprus, Cenergy and Aktor all posted gains >3%. On the other hand, Kri Kri (-2.4%) and Fourlis (-2.1%) were among the few standout laggards. EU futures point to a mixed opening today, as markets look to stabilize following the recent period of reshuffling amid constant tariff policy swings that are rattling investor confidence.
Kri-Kri // Kri-Kri is set to announce its FY’24 results today, 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. We expect the results to catalyse earnings upgrades for FY25.
BOC // Bank of Cyprus announced yesterday it has signed a binding agreement to acquire 100% of Ethniki Insurance Cyprus Ltd for €29.5m in cash, with completion expected in 2H25, subject to regulatory approvals. Ethniki Cyprus holds a 2% market share in life and 4% in non-life insurance locally. The deal is expected to increase the Group’s gross written premiums by 15% and net insurance result by 10%, enhancing the non-NII contribution and supporting BoC’s strategy to further diversify revenues.
Eurobank // Eurobank acquired a 25% minority stake in Prosperty RE Ltd, a leading PropTech firm (through a capital increase), marking the start of a broader strategic partnership. The collaboration aims to deliver integrated, digital-first property solutions—covering search, financing, legal, and insurance—at a time when housing availability is a growing priority. The bank has already listed 800 owned properties on the Prosperty platform, many eligible for the “Spiti Mou II” scheme, with the total expected to reach 2,000 by year-end.
Piraeus Bank // AGM approved yesterday, among other items, 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 clearance from the SSM.
EU Banks // SSM Chair Claudia Buch flagged rising funding leverage as a real risk, to be assessed bank-by-bank. While U.S. tariffs pose limited direct NPL risk, weaker EU demand remains a concern. Dividend plans are now under standard supervisory review—unlike COVID-era deferrals—with decisions left to banks and shareholders. No liquidity stress seen so far. Ms. Buch confirmed the Danish Compromise applies strictly to insurance holdings, not asset managers.
AIA // At the AGM held yesterday shareholders approved a gross DPS of €0.7862 (€235.9m). The ex-dividend date is set for 23rd April, with payment starting 16th May. Shareholders also approved a reinvestment option for up to €100m out of the 2024 dividend and a 4-year optional dividend re-investment program (for up to €240m cumulative). A 2-year buyback plan for up to 1% of the company’s capital was also approved (price range €1 to €15 per share).
Profile Software // New note where we reiterate our Buy on Profile following on from its solid FY’24 results, while also pushing through incremental upgrades to our mid-term forecasts on account of stronger uptake across financial software (FS) and greater visibility in the large-scale solutions (LSS) activity. Our updated estimates point to c12% revenue CAGR and c16% EBITDA CAGR over 2025-28e, underpinned by the solid FS recurring base, ongoing FS SaaS transition plan, and improved terms on LSS contracts. While LSS remains relatively lower-margin compared to FS, we anticipate continued margin expansion at group level, as profitability in the latter continues to improve through SaaS-led mix optimization. Our forecasts thus call for EBITDA margin growing to the tune of c4.5pps over 2025-28e, reaching c31% by 2028e. We base our valuation on Profile on a blended methodology, combining our DCF (at 8.9% WACC) with an M&A-based component. Our updated estimates, arrive at a PT of €6.7, valuing PROF at c12.1x 1-yr fwd EV/EBITDA, still at c15% discount vs. the EU IT sector.
Titan Cement // The Group has acquired LATEKAT SOURLAS S.A., a quarrying company in Thessaly, Greece, securing >100mn tons of aggregates and enhancing its supply chain and business model in Greece.
Real Consulting // The company is scheduled to hold an EGM on 5th May to approve the transfer of all shares to the Main Market of the Athens Stock Exchange. Among other agenda items, shareholders will also discuss granting the BoD the authority to call for a share capital increase.
GEK Terna // The Group is advancing toward contract finalisation for the Chania–Heraklion section of the Northern Road Axis of Crete, with the concession agreement currently under review by the Court of Audit. Subject to approvals by the European Commission and the Hellenic Parliament, the agreement is expected to be signed by May.
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