Από τα γραφεία των Χρηματιστών (15.10.2024)

Σημάδια ανάκαμψης παρουσιάζει το ελληνικό χρηματιστήριο, το οποίο έχει καταγράψει μόλις δύο ανοδικές συνεδριάσεις εντός του Οκτωβρίου. Το κλίμα εσωστρέφειας παραμένει, με τους επενδυτές να αναλώνονται σε επιλεκτικές τοποθετήσεις, με αποτέλεσμα να μη δίνεται το περιθώριο για πειστική αντίδραση.

Υποχώρηση κατά 0,37% κατέγραψε ο Γενικός ∆είκτης του Χ.Α. στη χτεσινή συνεδρίαση κλείνοντας στις 1411,49 µονάδες. Παράλληλα, η αξία των συναλλαγών διαµορφώθηκε στα 81,7 εκ. ευρώ. Η συνεδρίαση ήταν συναλλακτικά υποτονική µε τους αγοραστές να επιδιώκουν από νωρίς να αποκτούν την υπεροπλία οδηγώντας το Γ.∆. στο υψηλό της ηµέρας των 1424 µονάδων περί τις 11πµ. Όµως στη συνέχεια οι πωλητές ανέλαβαν την υπεροπλία και µετά τις 2.30µµ οδήγησαν το Γ.∆. σε αρνητικό έδαφος, µε το κλείσιµο στις δηµοπρασίες να γίνεται λίγο ψηλότερα από το ενδοσυνεδριακό χαµηλό. Με τις ευρωπαϊκές αγορές να κινούνται ανοδικά , σε αντανάκλαση της ανοδικής κίνησης στη Wall Street στη συνεδρίαση της Παρασκευής. Την ίδια ώρα, οι αποδόσεις των 10ετών τίτλων διαµορφώνονταν στο 3,179 %. Έτσι, ο τραπεζικός κλάδος (-1,43% ) κατέγραψε απώλειες µε την Εθνική (-2,47%) να υποαποδίδει. Απώλειες ακόµη κατέγραψε η ∆ΕΗ (-2,06%), η ΜΟΗ (-0,96%), η Cenergy (-2,78%), η Βιοχάλκο (-0,89%) και ο Σαράντης (-0,92%). Στον αντίποδα, κέρδη κατέγραψε η ΕΕΕ (+1,40%), το Jumbo (+0,86%), η Aegean (+1,89%), η Autohellas (+1,13%), η Metlen (+0,30%) αλλά και η Αττικής (+3,05%) από τη µικρή κεφαλαιοποίηση. Απολογιστικά, 49 µετοχές κατέγραψαν κέρδη έναντι 50 εκείνων που υποχώρησαν. Στις ΗΠΑ ανακοινώνουν σήµερα τα αποτελέσµατα του 3ου τριµήνου η Bank of America, η Goldman Sachs, η Citigroup και η Johnson & Johnson, ενώ οι δείκτες στη Wall Street συνεχίζουν την ανοδική τους κίνηση. Η ανακατάληψη των 1417 µονάδων, απλού ΜΚΟ 200 ηµερών δεν συντελέστηκε αφήνοντας ανοικτά όλα τα ενδεχόµενα για την κίνηση του Γ.∆. στη σηµερινή συνεδρίαση.

Attica Bank: Οι όροι και το χρονοδιάγραµµα της ΑΜΚ. Σήµερα τελευταία ηµέρα διαπραγµάτευσης της µετοχής πριν το reverse split, στις 21/10 η διαπραγµάτευση των νέων µετοχών και των δικαιωµάτων.

Eurobank ΑΧΕΠΕΥ: ανεβάζει τον στόχο για την Alpha Bank στα 2,56 από 2,41 ευρώ, για την Εθνική Τράπεζα στα 10,97 από 10,37 ευρώ και για την Τράπεζα Πειραιώς στα 6,24 ευρώ από 5,78 ευρώ.

Alumil: Ροµποτική αποθήκη €15 εκατ. στο Κιλκίς. Στο Κιλκίς ροµποτική αποθήκη συνολικής επένδυσης 15 εκατ. ευρώ, ενταγµένη στο Ταµείο Ανάκαµψης. Η εταιρεία προχωρά σε ενίσχυση καθετοποιηµένων δοµών engineering και υποστήριξης έργων σε κοµβικά σηµεία.

Ο Όµιλος Frigoglass επεκτείνει το αποτύπωµά του στην Αίγυπτο. Στρατηγική συνεργασία µε τη Fresh S.A.E. για διάθεση των επαγγελµατικών ψυγείων της Frigoglass στην ευρύτερη περιοχή ΜΕΝΑ.Ελτον: Στα 6,3 εκατ. ευρώ το τίµηµα εξαγοράς της Λέκος Χηµικά.Η χρηµατοδότηση έγινε κατά €5,5 εκ. µέσω κυρίως του πενταετούς οµολογιακού δανείου από την τράπεζα Alpha Bank.

Μπενρουµπή: Εξαγόρασε το 70% της Μπενρουµπή η Quest. Η συνολική επένδυση ενδέχεται να ανέλθει έως τα 29,2 εκατ. εντός του 2025. Ενίσχυση των οικονοµικών αποτελεσµάτων της Quest (πωλήσεις €25 εκ., κέρδη 3,8 εκ. το 2023), πηγή συνεργειών/οικονοµιών κλίµακας.

Συµφωνία για είσοδο του αιγυπτιακού ∆ιαχειριστή Συστήµατος Μεταφοράς (πέραν του Α∆ΜΗΕ) στην διασύνδεση Ελλάδας-Αιγύπτου µετά τις συναντήσεις Σκυλακάκη και οµίλου Κοπελούζου στο Κάιρο.

Χατζηδάκης: Καταργείται το τέλος επιτηδεύµατος στα «µπλοκάκια».

ATHEX headed south yesterday, underperforming the European stock markets. In more detail, the General Index slipped by 0.37% at 1,411.49 units (FTSE Large Cap: -0.47%, FTSE Mid Cap: +0.27%, Banks Index: -1.43%) and the traded value was shaped at EUR 81.0m, down from Friday’s EUR 111.1m. We expect ATHEX to try to move higher today.

Sector Headlines

Greece and Egypt agree on the GREGY interconnection (press)

According to press reports, the energy ministers of Greece and Egypt and Mr. Kopelouzos agreed on the construction of the ‘GREGY’ power interconnection between the two countries. Additionally, the agreement also envisages the development of up to 9.5GW of Renewables capacity in Egypt aiming to import to Greece and Europe cheap electricity through the new interconnection.

International passenger traffic up in September (Fraport Greece)

According to Fraport Greece (operator of the 14 regional Greek airports), international passenger traffic in Greek airports in September 2024 rose by 3.8% y-o-y, while in 9M24, international passenger traffic increased by 5.8% y-o-y to 23,532k travelers.

Company Headlines

Attica Bank | Share capital increase timetable

CP: EUR 2.70

Attica Bank announced the timetable of the impending share capital increase of up to EUR 735,114,841, of which, EUR 672,207,703 in cash and in favour of existing shareholders and up to EUR 62,907,138 through the exercise of warrants. The new shares outstanding of Attica Bank post the SCI and the exercise of warrants will amount to 1,618,142,764 common shares, with a nominal value of EUR 0.05 each.

Trading of existing shares will cease today  

According to the timetable, the last day of the existing common shares (53,064,387 common shares) prior to the Reverse Split and the pre-emptive rights is Tuesday 15 October.  The reverse split ratio is one hundred (100) existing shares to one (1) new share of the bank and therefore the new number of existing shares will be 530,644 common shares of a par value of EUR 0.05 each. (53,064,387/100=530,644, Closing price on Tuesday*100). The shares will cease trading from 16 October to 20 October, for the purpose of completing the replacement thereof pursuant to the above.

Trading of new shares (post reverse split)  

The trading of the new common shares post reverse split (530,644 shares) will commence on Monday 21 October.

Pre-emptive rights, trading and exercise period  

The bank aims to raise up to EUR 672,207,703 through the issue of up to 359.469.360 new, common shares, with a nominal value of EUR 0.05 each at an offer price of EUR 1.87/share in favour of existing shareholders and at a ratio of 677.4209451157461 new shares for each old share at EUR 1.87/share.

Ø  The trading of the pre-emptive rights has been scheduled from Monday 21 October to Wednesday 30 October.

Ø  The exercise period of the pre-emptive rights has been set from 21 October to Monday 04 November.

Ø  The new shares from the SCI will commence trading on Wednesday 13 November.

Warrants   

The bank will also offer up to 359,469,360 Warrants, each of which will entitle the warrantholder to acquire three and a half (3.5) new common shares at EUR 0.05 per new share.

The Warrants will not be admitted to trading on the Regulated Market of the ATHEX or any other trading market, and are being offered without consideration to investors who subscribe for and will be allotted new SCI Shares in the context of the Share Capital Increase.

Ø  The offering period of the warrants will commence on 21 October and will end on Monday 04 November.

Ø  The exercise period for the warrants will begin on Friday 08 November and will end on Thursday 28 November.

Ø  The trading of the warrant exercise shares will commence on Wednesday 04 December.

National Bank of Greece to announce new VES in mid-November-Press

Press reports (mononews) indicate that National Bank of Greece will announce a new VES in mid-November, targeting the exit of 400-500 employees. Recall that NBG had 6.800 employees in Greece in 1H2024 as well as management hinted on 2Q24 CC that it might need to proceed with a new VES. The same reports cited that more than 200 employees participated in the VES of Piraeus and more than 300 employees participated in the VES of Alpha Bank.

PPC set to issue a new Green Bond (press)

According press PPC is set to tap EUR 300m from the international bond markets with the issuance of a new 5-year Sustainability-Linked Senior Bond, which will include a co2 emission reduction target linked with 50bps coupon-step up provision.

Titan Cement 3Q24 Results Release date

Titan Cement is set to release its 3Q24 Results on 7 November, before the market opening, with a conference call scheduled for the same day at 16.00 local time.

Alpha Services and Holdings Share Buyback

Alpha announced that during the period 7.10.2024 – 11.10.2024, it purchased 2,700,000 own shares, with an average price of EUR 1.4907/share and a cost of EUR 4,024,776.24. Alpha holds 23,668,775 own shares, representing 1.01% of shares o/s. Recall that the total cost of the share buyback program amounts to EUR 61.0m.

Jumbo Share buyback

The company announced that it purchased on 11 October, 10,000 own shares at an average price of EUR 25.486. The company now holds 195,592 shares or 0.14% of the total share capital.

OPAP Share buyback

The company announced that it purchased from 7 to 11 October 135,844 own shares at an average price of EUR 15.859. The company now holds 10,895,080 shares or 2.94% of the total share capital.

Intracom Holdings bought Intralot shares

Intralot announced that Intracom Holdings purchased on 14 October, 100,000 common shares of Intralot at an average price of EUR 1.097 and for a total value of EUR 109,716.04.

The benchmark Index finished flattish at -0.3%, following a steep decline during mid-session, with ADTV standing at EUR 81m. Banks retreated 1.4%, with NBG marking the biggest drop down 2.4%, Eurobank slipped 1.8%, while Bank of Cyprus finished flat (-0.2%). Fourlis and Aegean stood out rising 2.1% and 1.9% respectively, ATHEX was up 1%, followed by Jumbo gaining 0.8%. On red, Cenergy lost 2.7%, PPC was down 2%, while GEK Terna, Motor Oil and Titan all recorded a 0.9% decline.

MACRO – CORPORATE NEWS

ATTICA BANK <TATT GA>

The Hellenic Capital Market Commission approved the prospectus for the Share Capital Increase. According to the expected indicative timeline the process for the SCI will start tomorrow with the Last day of trading of Existing Ordinary Shares before the 2024 Reverse Split and Share Capital Reduction and with pre-emptive rights and will end on November 28 with the last day of the exercise period (exercise period from November 8 to November 28).

ALPHA BANK <ALPHA GA, OW>

Alpha Bank announced that in the context of its share buyback program, the bank currently holds a total of 23.6m own shares, representing 1% of its total share capital.

METLEN < MYTIL GA, OW>

Aluminium prices jumped more than 2% in LSE after EGA’s bauxite exports in Guinea were halted, also causing a surge in alumina prices (we remind that bauxite is a key ingredient in aluminium and alumina production). Following the Imerys bauxite mines acquisition last December, Metlen is currently the biggest bauxite producer in Europe, with security of supply for own operations and 500k of exports of excess alumina at spot.

PPC GROUP <PPC GA, OW>

Reportedly, PPC will proceed with the issuance of a EUR 300m 5-year green bond.

Market Comment // The Greek market failed to hold onto early gains on Monday, ending the session 0.37% lower at 1411.49 points, near its intraday low. Turnover was subdued at just €81m, significantly below the 100-day moving average of €127m. Cenergy (-2.8%), National Bank (-2.5%) and PPC (-2.1%) stood out among laggards, followed by Eurobank and Austriacard (on >1% losses), while Motor Oil, Sarantis, Titan, Gek Terna, Viohalco, Piraeus Bank, Premia, and Motodynamics also posted mild losses. On the flipside, Quest (+5.1%) led gainers, followed by Fourlis (+2.13%), Aegean Airlines (+1.9%), CCH (+1.4%), Autohellas (+1.1%) and Hellenic Exchanges (+1%). EU futures point to a positive opening today, facing an updraft from yesterday’s U.S. rally which drove indices to fresh records.

Greek Banks // In our latest note “Technical factors mask dividend growth and earnings resilience”, we argue that Greek banks’ underperformance stems from technical factors, rather than weak fundamentals, as they have been consistently beating profit estimates. Concerns over NIM in a lower-rate environment and potential DTC-related caps on shareholder returns are easing to an extent. NIM compression has started but is slower than expected, leading to upward revisions in FY24 guidance. With a DFR of 3.6%/2.6%/2.1% for 2024-2026e, a gradual shift to term deposits (29% by 2026), and deposit betas of 19% in 2024, we now expect NII to grow 1% YoY in 2024 (previously -2%), followed by a -6% drop in 2025 and ~2% decline in 2026. Regarding dividend distribution, even with accelerated DTC amortization, CET1 will continue to strengthen, supporting a 50% payout by 2025. Overall, we have raised our 2024-26 adjusted EPS by 9%/9%/4% and increased price targets, reaffirming Buy ratings on all banks: Alpha Bank at €2.56, NBG at €10.97, and Piraeus at €6.24. Piraeus remains our top pick for its strong execution and best risk/reward.

Quest // Quest announced the signing of an agreement for the acquisition of 70% of Benrubi S.A. for a consideration of €27.2m, subject to regulatory approvals; an earnout (€2m) has also been agreed upon depending on the achievement of targets, while there is also an option for the remaining 30% stake. Benrubi is set to contribute >€5m (>15%) annualized EBITDA in Quest’s Commercial activities , pointing to an implied EV/EBITDA multiple for the transaction at c8x.

Attica Bank // Attica Bank is proceeding to a €671mn Share Capital Increase (SCI) through the issuance of 359.5mn shares at €1.87 per share, with preemptive rights granted to existing shareholders. Additionally, €62.9mn will be raised through the exercise of 359.5mn warrants. Each warrant entitles the holder to acquire 3.5 new shares at a conversion price of €0.05. Upon completion of the SCI and warrant exercises, the Bank’s share capital will amount to €81m, divided into 1,618m shares (€0.05 nominal value). Key dates are as follows: Cut-off date for preemptive rights: 16 October 2024; Exercise period for preemptive rights: 21 October 2024 to 4 November 2024; Trading period for preemptive rights: 21 October 2024 to 30 October 2024;  Offer period for warrants: 21 October 2024 to 4 November 2024.

Cenergy // Share allocation details for the €200m capital raising to be announced today, with a total of 22.2m new shares being issued in the context of the capital increase. The shares are to commence trading tomorrow 16^th October.

Metlen // Bauxite supply has been seeing rising supply challenges lately following recent shipping suspensions from Guinea. The same has been the case for alumina, with various disruptions in Australia. The supply tightness is likely to continue driving higher alumina prices and is positive read-through for Metlen, which has its own bauxite supply.

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ΓΙΝΕΤΕ ΜΕΛΟΣ ΕΔΩ

ΑΠΟΠΟΙΗΣΗ ΕΥΘΥΝΩΝ: Το περιεχόμενο και οι πληροφορίες της στήλης προσφέρονται αποκλειστικά και μόνο για ενημερωτικούς σκοπούς και σε καμία περίπτωση δεν μπορούν να εκληφθούν ως συμβουλή, πρόταση, προσφορά για αγορά ή πώληση των κινητών αξιών, ούτε ως προτροπή για την πραγματοποίηση οποιασδήποτε μορφής επένδυσης. Κατά συνέπεια δεν υφίσταται ουδεμία ευθύνη για τυχόν επενδυτικές και λοιπές αποφάσεις που θα ληφθούν με βάση τις πληροφορίες αυτές.