Όµιλος Revoil: έκλεισε µε κέρδη €2,10 εκατ. από κέρδη €5,77 εκατ. τη χρήση του 2022. Πωλήσεις €844,44 εκ. (-11,84%) αλλά κατ’ όγκον -5%.
ΟΛΘ: Σε ΜΕΤΚΑ – ΤΕΚΑΛ η επέκταση του προβλήτα 6. Στα 20,3 εκατ. ευρώ αυξήθηκαν τα καθαρά κέρδη του εισηγµένου οµίλου, που ανακοίνωσε και την πρόταση για διανοµή µερίσµατος 1,3 ευρώ ανά µετοχή. Στα €85,9 εκ. ο Κύκλος Εργασιών.
Στα 27 εκατ. ευρώ διαµορφώθηκαν τα καθαρά κέρδη της Lamda Development το 2023, έναντι ζηµιών 31 εκατ. ευρώ την προηγούµενη χρήση. Τα ενοποιηµένα λειτουργικά αποτελέσµατα του οµίλου εµφάνισαν άνοδο κατά 69% σε ετήσια βάση, στα 206 εκατ. ευρώ (τα 81 εκ. από τα εµπορικά κέντρα, τα 18 εκ. από τις µαρίνες, τα 65 εκ. από το έργο στο Ελληνικό). Στα 641εκ. οι εισπράξεις από οικιστικές αναπτύξεις.
Jumbo: Κέρδη 303 εκατ. το 2023. Οι πωλήσεις του εισηγµένου οµίλου ξεπέρασαν το φράγµα του 1 δισ. ευρώ. Άνοδος 21,8% στα καθαρά κέρδη, στα 398 εκατ. ευρώ τα ΕΒΙTDA. Τα καθαρά κέρδη ανήλθαν σε 303,00 εκατ.€, +21,88% σε σχέση µε το 2022, διανοµή µερίσµατος € 1,00 (µικτό) ανά µετοχή. Στο +17% οι πωλήσεις το 1ο τρίµηνο.
Έσοδα 14,2 εκατ. ευρώ για την Παπουτσάνης το 1ο τρίµηνο. Προς βελτίωση και της κερδοφορίας λόγω χαµηλότερων τιµών πρώτων υλών. Εκτίναξη κερδών στα 116 εκατ. ευρώ για τον Α∆ΜΗΕ, +100,3%.Το συγκρίσιµο EBITDA του Οµίλου διαµορφώθηκε στα 278,1 εκατ. ευρώ, έναντι 189,6 εκατ. ευρώ το 2022.
Απόδοση 3,61% στην επανέκδοση οµολόγου λήξης 2035. Οι συνολικές προσφορές για τα 200 εκατ. ευρώ ανήλθαν σε 714 εκατ. ευρώ.
*PANTELAKIS SECURITIES* (https://www.pantelakis.gr/)
* Greece taps debt markets, raising €200m through February-2035 bond re-opening
* IMF ups primary surplus forecasts by 10bps, to 2.1% from 2024 onwards
* Alpha Bank (ALPHA GA) and UniCredit eye more joint acquisitions in Romania
* Mytilineos (MYTIL GA) clinches c€170m project to expand Thessaloniki’s port
* Jumbo (BELA GA) FY net profit up 22% to new €303m (beat) record-high; March sales +17% (-3% in Feb); declares DPS €1.00 (PSe €0.735); to review 2024 guidance in May
* Lamda Dev. (LAMDA GA) Ellinikon cash inflows jumped to €641m in 1Q24, only some weeks away from meeting >€650m guidance; switched to €132m EBITDA ex-revaluations (€145m y-o-y delta) on upbeat Ellinikon revenue in FY23
Macro Headlines
IMF sees high primary surpluses in 2024-29e for Greece
IMF,in its Spring fiscal monitor says that Greece recorded primary surplus of 1.1% in 2023, which expects to expand to 2.1% in 2024 (previous estimate at +2.0%), and to remain at +2.1% in 2025-29e, which in turn should lower the gross debt/GDP ratio from 179.5% in 2022 to 168.8% in 2023, to 158.8% in 2024 and further down to 138.8% by 2029.
Greece taps additional EUR 200m through the 2035 Bond
PDMA successfully raised yesterday EUR 200m with the reopening of the existing 1.875% 11-year bond, at a final yield of 3.61%, with total amounts offered reaching 714m, at a coverage ratio of 3.57.
Company Headlines
Alpha and Unicredit commited on Romania, Unicredit has no plan to increase its stake
The CEOs of Unicredit and Alpha Bank stated on a joint interview that they are committed to Romania and when there were to be an opportunity, they would also consider acquisitions in cooperation. The two CEOs said they are confident that the cooperation between the two banks can go beyond initial expectations and involve payments, trade finance and capital markets activities. Finally, the CEO of Unicredit reiterated that the Italian bank has no plan to increase its stake in Alpha Services and Holdings. Recall that Unicredit controls a 9.6159% stake.
Mytilineos secures priority terms on a 1.4GW solar portfolio in Greece
According to Mononews.gr, Mytilineos gained licensing priority to develop a large solar portfolio of 1.4GW in central and North Greece, an investment of EUR 850m. Additionally, as per the same peess report, Mytilineos is close to dispose the 1.4GW sola portfolio in Canada. As a reminder, Mytilineos in June 2023, purchased a portfolio of solar projects OF 1.4GW in Alberta, Canada, an investment budgeted CAD$ 1.7bn or EUR 1.16bn over the 2023-27 period, which was eligible for 30% tax credit (up to CAD$ 430m) from the Clean Technology Investments framework. Both developments are aligned part of Mytilineos’ Asset Rotation strategy in the Renewables, i.e. maturing and development of RES projects in Greece and worldwide with the aim to operate for own portfolio or dispose at an attractive price.
Jumbo || BUY | CP: EUR 25.7 | TP: EUR 31.10
Record profitability, above our call; Extra dividend of EUR 1/share; strong start in 2024e on tough comparisons.
Facts: Jumbo released a strong set of financial results, with sales (already announced in early January) increased by +13.9% YoY, driven by Greece (+14% y-o-y) and Romania (+15%), and to lesser extent Bulgaria (+13%) and Cyprus (+11%). Regarding profitability, Jumbo’s EBITDA expanded to EUR 398.1m (up by 18.2% YoY) and Net Profit shaped at EUR 303.0m, up by 21.9%. The company declared to distribute an additional dividend of EUR 1 per share.
Details: Turning to key balance sheet items, Jumbo’s net cash remained positive at EUR 370.41m, down by EUR 152.1m y-o-y, despite the record high dividend distributions of EUR 2.947 per share by the three distributions during FY23 and the fully repayment of the ordinary bond of EUR 200m.
1Q24 Trading Update: The Company also released strong growth for March 2024, with group sales up by +17% y-o-y, driven by parent net sales (up by 18% y-o-y), Cyprus (+27%), and followed by Bulgaria and Romania (+10% and +14% respectively). Additionally, in 1Q24, Group’s sales recorded an overall increase of c. +6% YoY, on tough comparable. In more detail, during the same period, Greek sales recorded a 4% YoY increase, Cypriot sales were also up by +4%, Bulgarian sales gained +10%, while Romanian sales were also up by +13%. Management announced that in April the restored hyper store in Karditsa that was closed due to the floods from September 2023 reopened, while one more owned store was added in Oradea Romania. Also, Jumbo’s strong cash position allows the company to proceed with its investment plan for 2024e, with the opening of a hyper-store at Nicosia, Cyprus, two hyper-stores in Timisoara and Bucharest, Romania, and the reopening of the store in Larissa.
Comment: Jumbo, following a strong FY23 both in sales and profitability terms, stepped in 2024 with strong momentum, which in turn allowed the management to reiterate the strong sales guidance for the year (8%-10% increase in sales and net profits). In our view, Jumbo is set to once again meet or even outperform its guidance, which will support its high dividend distribution trend.
Conference call: Management will host a CC today at 15:30 Athens/13:30 London Time. Tel nos: Greek participants: +30 213 009 6000, UK & International: +44 (0) 203 059 5872, USA participants: +1 516 447 5632.
Aegean Airlines invests in 4 Airbus A321neo with extended Range Capabilities
The airline announced its strategic decision to invest in an A321neo version with extended range and upgraded cabin quality to create a fleet of four aircraft capable of reaching further and better serving markets outside the EU. The A321 neo will have a capacity of 180 seats vs. 220 seats in the standard version and will be able to fly for 7.5 hours. It is noted that the aircraft are part of the investment plan already announced by the company.
ADMIE Holding FY23 results out
ADMIE Holding (IPTO) announced revenues of EUR 391.9m (+33% y-o-y), adjusted EBITDA of EUR 278.1m (+46.6% y-o-y) and net profits of EUR 116.6m (+100.3% y-o-y) for 2023. Group net debt shaped at EUR 950.5m, up by EUR 175m y-t-d, driven by heavy capex of EUR 644m (cash and cash equivalents EUR 245.7m). Consequently, ADMIE Holding’s Revenue and Net profit for 2023 rose to EUR 59.4m and EUR 58.8m, up 100.3% and 102.0% YoY respectively. It is noted that, that the under recovery of EUR 13m of the new System Usage Charges during 2022 will be fully redeemed in 2025. Finally, it is reminded that ADMIE has already distributed an interim dividend of EUR 0.058/share last October.
Lamda Development FY23 results out
LAMDA Development announced FY23 retail (Malls) EBITDA (excluding revaluation gains of EUR 95.4m) of EUR 81.2m (+18% y-o-y), EBITDA from the Ellinikon project of EUR 64.8m (from negative EBITDA of EUR 66.5m a year ago and Group EBITDA of EUR 132m from losses of EUR 13m in 2022 and net profits (i.e. including the expenses related to the development of The Ellinikon and revaluation results) of EUR 27.0m vs. losses of EUR 55.2m a year ago. The Net Asset Value (NAV) of the Group amounted to EUR 1,392m as of 31 December 2023 (EUR 8.02/share, implying a 20.4% discount to yesterday’s closing price) compared to EUR 1,357m or EUR 7.78/share as at 31 December 2022. Finally, total cash proceeds from property sales/leases in the Ellinikon reached EUR 641m, EUR 162m of which collected in 2023, with the group total cash balance approaching EUR 488m. The management will hold conference call today at 16.00 local time.
Revoil results out
The company posted its results yesterday, with revenues of EUR 844.4m in FY23 vs. EUR 957.9m in FY22, posting a 11.8% y-o-y decrease, reflecting the drop in international fuel prices and the decline in the Group’s heating oil sales volume. Total fuel volumes sold amounted to 719m liters down by 5% y-o-y with heating oil sales down by 36% y-o-y and motor fuel sales up (gasoline +8.45% and diesel +4.21%). On the profitability front, EBITDA reached EUR 13.2m vs. EUR 14.1m in FY22, down by 6.3% y-o-y, while net profit also posted a significant decrease at EUR 2.1m vs. EUR 5.8m in FY22, down by 63.6% y-o-y. For the year ahead, management stated that in the 1Q24 total fuel volumes sold are up by 4.9% compared to the same period in 2023 and that foul year performance could be impacted by current geopolitical instability and the possible lower interest rates. Management also noted that the 130MW renewable energy target is under development and already a 1.1MW photovoltaic farm in Evia has been electrified and is contributing revenue to the Group, while a 3.34MW photovoltaic farm in Arcadia and a 10MW farm in Thebes are expected to be connected to the grid in the next two months. Finally, management will propose to the BoD a dividend distribution of EUR 0.048 per share same as last year implying a DY of 3%.
Papoutsanis 1Q24 trading update
The company announced that revenues came in at EUR 14.2m in 1Q24 vs. EUR 15.3m in 1Q23, down by 7.2% y-o-y, with exports accounting for 58% of total turnover. In terms of profitability, management expects improved performance compared to 1Q23, due to the rebalancing of material and energy prices to lower levels. Management has also projected increased revenue performance for FY24, particularly in 2H24, when new partnerships will be in full swing as the company is in negotiations with multinationals and other companies for new projects.
Bank of Greece ex-dividend today
The stock is trading ex-dividend today (DPS: EUR 0.6720, DY: 4.5%).
Galaxy Cosmos 2023 results out on 26 April
The company is set to announce 2023 results on Friday 26 April and the AGM will take place on Monday 10 June 2024.
Greek Equities finished the day with gains with the General Index up 0.6%, on a relatively lower EUR 124.59 m turnover, while banks rose a modest 0.22%, led by Alpha Bank up 1.15%, overshadowing Eurobank’s (-0.11%) and NBG’s (-0.25%) losses. Among the top gainers stood ADMIE rising 5.02%, followed by Cenergy up 2.05%, whereas Jumbo slipped -0.92% and Fourlis fell -0.75%.
MACRO
According to BoG, the primary surplus on a cash basis in 1Q24 stood at EUR 2.42bn vs. EUR 2.6bn in the same period last year. On other news, based on the IMF Fiscal Monitor, Greece’s primary surplus in 2024E is expected at 2.1% with the public debt to GDP at 155%. The IMF forecasts a primary surplus in the 2% region up to 2028E leading to a public debt to GDP of 141.5% (lower than Italian at 144.7%.
JUMBO <BELA GA, OW>
Jumbo reported a solid set of results, with management proposing the distribution of EUR 1.00/share, (ex-DPS date July 10th). We. Sales for the year increased +13.9%, with gross margin reaching 55.7%, in line with our forecasts. EBITDA for the year stood at EUR 396m, up 18% yoy, beating our expectations by 2.9%, while net income came in at EUR 303m, +21.9% yoy and 2% above Euroxx estimates. Balance sheet remains strong, with Jumbo recording a net cash position of EUR 370m.
On 1Q24 performance, sales stood at +6.0% yoy. Due to the strong seasonality of sales in Greece and Cyprus, whereby the Carnival celebration has shifted back on, Jumbo Group’s sales in March 2024 were up by c.17% yoy. With regards to network rollout, during April the company launched one store in Romania and reopened the one in Greece that was affected by the Sept23 floods. Until the end of 2024, the company plans to open three more stores, two in Romania and one in Cyprus.
Conference call scheduled for today, April 18th at 15:30 GR time. Conference call dial ins: GR: +30 213 009 6000, +44 (0) 203 059 5872, US: + 1 516 447 5632 ( Live webcast: https://87399.themediaframe.eu/links/jumboFY23.html ).
The solid numbers coupled with the strong dividend proposal should please investors, in our view. Despite macro and geopolitical headwinds the retailer manages to retain a strong brand name, which is evident in the published numbers. We remind that for 2024, management guides for +8-10% yoy with a corresponding increase in profitability.
AEGEAN AIRLINES <AEGN GA, OW>
The company announced the investment in 4 Airbus A321 neo’s with extended range capabilities and a new high comfort configuration to serve non EU markets between 4 and 7.5 hours of flight time. The target is to cover existing regional routes in the middle east but also expand into additional destinations in the region.
We remind that Aegean’s order from Airbus is 50 aircraft (21x A320 and 29x A321). Out of the 29 A321neo, 25 will be with the current standard configuration while an initial four will be upgraded with the new longer range and higher comfort configuration for Non-EU, longer flight time destinations. We also remind that out of the 50 currently 28 Airbus 320/321 neo aircraft have been delivered to date while the remaining 22 are to be received during the period 2024-2028.
LAMDA DEVELOPMENT <LAMDA GA>
Lamda Development reported group EBITDA of EUR 206m (+69% yoy) and net profits of EUR 27m (vs. loses of EUR 31m in 2022). On a segment basis, the malls reported another solid 18% yoy increase in EBITDA (before valuations) to EUR 81m with Marinas up 5% yoy to EUR 18m. On the Ellinikon project EBITDA (before valuations) reached EUR 65m with total cash proceeds from project inception at EUR 641m. The NAV as of 31/12/2023 reached EUR 8.02/share (+3% yoy) with the shares currently trading at 0.8x P/NAV.
A conference call is schedule for today (April 18) at 16:00 CET. Dial ins: GR: +30 213 009 6000, +44 (0) 203 059 5872, US: + 1 516 447 5632
MYTILINEOS <MYTIL GA, OW>
MYTIL announced a collaboration, through Protergia, for clean energy tracking and smart sourcing with Powerledger. With the Powerledger platform, MYTILINEOS and Protergia’s consumers can now track and manage their energy. Simultaneously, they can take action on their energy consumption and sourcing.
PAPOUTSANIS <PAP GA>
The company announced its 1Q24 revenue trading update, reaching EUR 14.2 m, down -7.2% from a year ago, with exports amounting to nearly 60% of its total sales. Despite such a downturn management is anticipating positive revenue growth for the 2024, while also foreseeing higher profitability for the first quarter compared to 1Q23 driven by lower energy and raw material costs, as well as collaborations with other companies ahead of new investments.
Market Comment // Mirroring movements across EU markets, the ASE General index ended Wednesday +0.6% higher at 1.365 points, to break a streak of 4 consecutive negative sessions. Trade activity amounted to just €124m though, below both the 100-day MA of €134m and recently established levels. ADMIE Holdings (+5.02%) outshone gainers, followed by Quest Holdings, Autohellas Cenergy, CCH and EYDAP (on >2% gains). Elvalhalcor, Viohalco, Thrace Plastics, Lamda Development, Aegean Airlines, Motor Oil, Terna Energy, Papoutsanis and Alpha Bank also ended on gains of >1%. On the flipside, Jumbo (-0.92%), Kri Kri (-0.89%) and Fourlis (-0.75%) were among the few notable laggards. EU futures point to a slightly positive opening today as investor sentiment is soothed by positive Eurozone inflation data.
Economy // Ministry of Finance submitted yesterday a request to Brussels for the first portion of the 4th tranche of the Recovery Fund, specifically targeting loans totaling €2.3bn. This request was made possible after successfully contracting €4.52bn in loans, showcasing Greece’s ongoing commitment to meeting its financial recovery targets set by the European Union.
Economy // In its World Economic Outlook published on Tuesday, the IMF is now forecasting 2.0% growth for Greece, compared with its previous forecast for 2.1% (and 0.8% for the euro area as a whole). This compares with the govt’s estimate for +2.9% and BoG’s at 2.3%, with most institutions now converging to a number near 2.5% in the light of a solid tourism year. For 2025e it now expects growth in Greece of +1.9% (vs. +2.5% for BoG).
Jumbo // Jumbo reported blowout numbers again, in line with our estimates for FY23 EBITDA of €398m, but beating consensus by c3-4%. Jumbo delivered FY’23 sales of €1,081m (+14%), suffered just a marginal drop in gross margins, delivered 18% EBITDA growth and saw net profit surpass the €300m mark, popping 22% yoy. Massive positive surprise is the announcement of final dividend of €1.0 per share (3.9% yield) and vs €0.4 expected. On the outlook, mgt intends to provide an update along with the April trading release in early May, but seems to point to positive indications.
Lamda // Lamda reported adj. EBITDA pre revaluations at €132m, switching from a negative €12.6m in 2022. This includes some €58m Ellinikon related EBITDA (Ellinikon projects adjusted to include Ellinikon malls costs), thus implying an adj. EBITDA pre Ellinikon of €74m (EEe €77m). Group reported EBITDA post revaluations stood at €206m in 2023 (incl. revaluations of €68m plus €6m in sales gains), vs €121.8m reported EBITDA in 2022. Group net profit shaped at €27m in 2023, mainly weighed by €130m net financial costs, and comparing to 2022 losses of €31m. Group NAV totaled to €1,392m, €8.02 per adj. share, up from €1,357m (€7.78/share) a year ago.
ADMIE Holding // Released FY’23 results in-line with our estimates, recording a significant uplift vs last year, on account of the increased unitary transmission charges. Affiliate IPTO’s FY’23 Revenue increased by 33% yoy and settled at €392mn, with the respective EBITDA rising to €278mn, namely +47% yoy. As a result, ADMIE Holding’s net income surged to €58.8mn, implying an EPS of €0.25. On a quarterly basis IPTO reported Q4’23 EBITDA of €64mn (+25% yoy), filtering through to ADMIE Holding’s Q4’23 EBITDA of €12.7mn (+47% yoy). On the back of the record level €644mn capex (+92% yoy), FY’23 RAB was boosted by 9% yoy to €2.3bn.
Alpha Bank // According to Bloomberg, six months following the announcement of their deal, UniCredit SpA’s CEO and Alpha Bank’s CEO Vassilios Psaltis discussed the successful progression of their cooperation, which may extend beyond the initial distribution agreement. Both CEOs expressed optimism about expanding their collaboration to include payments, trade finance, and capital markets activities, indicating a broader scope than initially planned. In a joint interview, they also revealed potential plans for another joint venture in Romania post the successful integration of their units there, positioning them as the No. 3 lender in the country. UniCredit’s CEO confirmed there are no plans to increase its stake in Alpha Bank.
Aegean Airlines // Aegean announced its strategic decision to invest in an extended range and upgraded quality version of A321neos with 4 aircraft able to serve non-EU markets in the SE of Greece up to 7.5 hours of flight time. This lies in sync with Aegean’s strategy to expand coverage and the 4 new ‘special purpose’ A321neo’s fall within Aegean’s re-fleeting plans (in the deal for 50 Airbus Family neos).
Autohellas // Autohellas is scheduled to hold its AGM today, where shareholders are called to approve, among other issues, a proposed DPS of €0.70 (5.3% div. yield). As a reminder the ex-dividend date is set for Monday 22nd April and payment starts 26th April.
Papoutsanis // Q1 sales shaped at €14.2m, marking a 7% decrease vs. Q1 of 2023 which had experienced robust sales activity, unaffected by post-COVID adjustments. Management issued guidance for a top-line growth surpassing revenue of 2023. As a reminder, Papoutsanis is set to distribute €0,04 dividend (1,5% yield), with the shares trading ex-div tomorrow, 19th April.
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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.
