Εισηγμένες: Μοιράζουν μερίσματα «με το καλημέρα», στα 5 δισ. ο πήχης. Ποσό 362 εκατ. ευρώ ανακοίνωσαν ότι θα μοιράσουν στους μετόχους τους τρεις εισηγμένες εταιρείες μέσα μόλις στις πρώτες δεκαπέντε μέρες της νέας χρονιάς, γεγονός που αποτελεί μια πρόγευση για το τι θα μπορούσε να συμβεί μέσα σε ολόκληρο το 2025: η Ελλάκτωρ ανακοίνωσε την επιστροφή κεφαλαίου 0,85 ευρώ ανά μετοχή, η Hellenic Energy προμέρισμα 0,20 ευρώ ανά μετοχή και η Ideal θα δώσει 0,1 ευρώ ανά τεμάχιο.
ATHEX headed north yesterday for a 2nd session in a row and in line with the European stock markets. In more detail, the General Index jumped by 0.67% at 1,503.18 units (FTSE Large Cap: +0.78%, FTSE Mid Cap: +0.07%, Banks Index: +1.21%) and the traded value was shaped at EUR 125.6m, up from Tuesday’s EUR 115.6m. We expect the positive momentum to continue today.
Sector Headlines
Natural Gas Consumption in Greece up by 30% in 2024 (DESFA)
According to the national natural gas system operator DESFA, total natural Gas consumption in Greece was up by 30% in 2024, driven by thermal generation (up by 7.1%), while household consumption was up by 4.8%.
European Commission to gradually limit the Aluminium Imports from Russia (press)
According to Bloomberg, the EC aims at gradually limiting the imports of Aluminium in Europe. It is noted that Europe is a deficit market in Aluminium, hence such a development is expected to further support Aluminium prices (positive for METLEN).
Gross Gaming Revenues increased by 11.7% in 11M24
According to the Hellenic Gaming Commission total gaming revenues (TGR) of gambling providers increased by c. 8.9% y-o-y in the first 11M of the year. Total bets amounted to EUR 14.12bn in the period Jan-Nov 2024 vs. EUR 12.97bn in the corresponding period last year, while GGR amounted to EUR 2.6bn in 11M24 vs. EUR 2.31bn in 11M23 recording a y-o-y increase of 11.7%. In more detail, Opap stores and Vlt’s GGR increased by 5.6% y-o-y reaching EUR 1.29bn, Lotteries revenues decreased by 3.0% reaching EUR 100.2m, horse racing revenues decreased by 23.4% reaching EUR 6.2m, casino revenues increased by 9.7% reaching EUR 227.4m while online casino increased by 24.2% y-oy, reaching 955.7m.
Motor Vehicle Licenses December (ELSTAT)
According to ELSTAT, total passenger cars registered in December 2024 recorded an increase of 5.7% y-o-y and reached 13,173 units. The number of new cars registered reached 8,699, recording a 5.7% y-o-y increase, compared to 27.2% increase in December 2023, while used cars that put into circulation also increased by 5.8% y-o-y to 4,474 units. Over the twelve-month January 2024- December 2024 period, total passenger cars that put into circulation reached 214,769 units, up by 3.5% y-o-y, while new registered cars increased by 1.9% y-o-y, to 135,984 units and used cars increased by 6.4% y-o-y to 77,785 units.
Company Headlines
New Large-Scale Mining, Metallurgical, and Industrial Investment by METLEN amounting to EUR 295.5m
METLEN announced its FID to proceed with the implementation of a new large-scale investment in the production of bauxite, alumina, and Gallium. The EUR 295.5m investment plan aims to achieve a total production capacity of 2 million tonnes of bauxite p.a. 1,265,000 tonnes of alumina (up from 865,000 tonnes currently), and 50 MT of Gallium for the first time. As a reminder, METLEN has submitted the investment project under Greece’s Strategic Investments Law. Furthermore, the project recently received the European Commission’s STEP SEAL (so called “Sovereignty Seal”), recognizing its significant contribution to the EU’s self-sufficiency in critical raw materials (CRM). METLEN is committed to keeping investors informed of the project’s progress. Completion of the works and production start-up is scheduled for 2026 for bauxite, with alumina and Gallium production beginning gradually from 2027 and full-scale operation by 2028.
Μotor Oil proceeds with the completion of the acquisition of Helector
The BoD decided to grant a special permission allowing its subsidiary MANETIAL LIMITED to proceed with the acquisition of 94.44% of the share capital of HELECTOR for EUR 114m. As a reminder, Motor Oil and Ellaktor have reached an agreement for the transfer of Helector already from last July, and the transaction is subject to the approval of the competition authority which is expected by the end of the current month. In other related news, Motor Oil competed the acquisition of 24 Shopen, a retailer operating 25 stores in Greece.
Eurobank Holdings FY24 results out on 27 February
Eurobank Holdings announced that it will report FY24 results on Thursday 27 February 2025 and the AGM will be held on Wednesday 30 April 2025.
Coca Cola HBC FY24 results out on 13 February
Coca Cola HBC is set to report FY24 results on Thursday 13 February at 09:00 Athens/07:00 London Time. Management will host a CC on the same day at 11:30 Athens/09:30 London Time.
Cosmote to be renamed to T-Press
Reportedly the management of OTE has decided to rename Cosmote to T, which is the logo of Deutsche Telekom.
Greek equities followed a steady upward trajectory yesterday, up c.0.7%, with banks outperforming, while turnover stood at EUR 122m. The banking sector recorded 1.2% gains, driven by Piraeus Bank rising 2.1%, Alpha Bank up 1.7% and NBG +1.3%. The broader market showed momentum, with PPC gaining 2%, Cenergy and Titan both marking a 1.2% advance, followed by Metlen up 0.8%, OTE and Motor Oil both at +0.6%. On red, Jumbo retreated 1.1%, Sarantis lost 0.5%, with GEK Terna and PPA finishing just below the flatline.
MACRO – CORPORATE NEWS
POLITICS
Prime Minister Kyriakos Mitsotakis announced his nomination of Konstantinos Tasoulas for Greek President. The first round of voting in Parliament will be held on January 25th.
METLEN <MYTIL GA, OW>
According to press reports, Metlen is due to announce a deal related to the company’s metals segment.
MOTOR OIL <MOH GA>
Motor Oil announced that its BoD granted a special permission to its subsidiary MANETIAL to proceed with the acquisition of 94.44% of the share capital of HELECTOR, owned by Ellaktor, for a total amount of EUR 114.7m.
EUROBANK <EUROB GA, OW>
Eurobank announced that the publication of its FY24 results will take place on February 27th.
Market Comment // The Greek market continued on an upward trajectory (+0.67%) for a 2nd consecutive day on Wednesday, with the General Index closing near its intraday high at 1,503.18 points. Turnover remained below the 100-day MA of €146m at €125.6m. Elvalhalcor led gainers, surging 3.75%, followed by Thesalloniki Port Authority (+3.30%), and Motodynamics (+3.04%) while Admie, Piraeus Bank and PPC posted gains >2%. On the other hand, Autohellas dropped 2.15%, followed by Jumbo (-1.1%) and Hellenic Exchanges (-1.1%) while Intralot, Optima Bank, Fourlis, Thrace Plastics, Papoutsanis, Gek terna, Profile and PPA were among the names posting losses <1%. European futures point to a positive opening today, following yesterday’s softer-than-expected U.S. inflation data which has rekindled bets for Fed rate cuts.
Politics // PM has nominated Konstantinos Tasoulas, the Speaker of Parliament, as Greece’s next president, signaling an intention to seek stronger connection with the country’s center-right base. The parliamentary vote will begin on 25th January, but the process will most likely require 4 rounds (with the last one requiring a simple majority). Mr. Tasoulas is thus likely to secure his election around 12th February.
OPAP // Gaming data for the 11 months to end November indicate quite a strong Oct-November period, with OPAP retail +5% yoy. Online performance was also very impressive with revenues +39% yoy, a positive read-through for OPAP’s Stoiximan subsidiary, which accounts for c50% of the market. The data increase our confidence that OPAP can exceed guidance for €750-770m FY24 EBITDA, with our numbers standing at €785m (implying a flat Q4).
Motor Oil // The BoDs of Motor Oil and Helector granted authorisation for the latter to acquire 94.44% of the share capital of Helector for a consideration of €114.7mn. The completion of the transaction remains subject to the approval of all other legally required consents and authorizations, including clearance from the Hellenic Competition Commission.
HelleniQ Energy // The Hellenic Competition Commission has been notified of HelleniQ Energy’s acquisition of 100% of Elpedison’s shares, as announced by the Commission.
