ΒΙΣ: Τρίτη κατά σειρά κίνηση για την τόνωση της ρευστότητας. Η νέα κίνηση που ανακοίνωσε σήµερα η εισηγµένη είναι η απόφαση πώλησης του 1,3199% που κατέχει στην Hellenic Quality Foods έναντι 1,64 εκατ. ευρώ, µειώνοντας ισόποσα τις υποχρεώσεις της ΒΙΣ προς την HQF.
Αναπτυξιακή Τράπεζα: Συµβολή €8,5 δισ. στο ΑΕΠ 2019-2022. Τα σύγχρονα χρηµατοδοτικά εργαλεία της Ελληνικής Αναπτυξιακής Τράπεζας HDB αποδεδειγµένα πλέον συµβάλλουν στον πράσινο µετασχηµατισµό της µικροµεσαίας επιχειρηµατικότητας, την διατήρηση και αύξηση θέσεων εργασίας και στην ποιοτική αλλαγή του παραγωγικού µοντέλου της χώρας. Αυτό είναι το συµπέρασµα της τακτικής επιµέτρησης της συνεισφοράς της HDB που ολοκλήρωσε πρόσφατα το Ίδρυµα Οικονοµικών και Βιοµηχανικών Ερευνών (ΙΟΒΕ).
Αποστολή στην Ινδία µε 70 ελληνικές επιχειρήσεις. Οι κλάδοι αιχµής που εκπροσωπούνται στην αποστολή είναι: ενέργεια, ναυτιλία, φαρµακοβιοµηχανία, τεχνολογία, βιοµηχανικός εξοπλισµός, τρόφιµα και ποτά, τουρισµός, αγορά ακινήτων, κατασκευές και οπτικοακουστική βιοµηχανία.
*PANTELAKIS SECURITIES* (https://www.pantelakis.gr)
* Motor Oil (MORr.AT – MOH GA) and Ellaktor (ELLAKTOR GA) deny deal over waste management Helector
* Mytilineos (MYTIL GA): North Macedonia reportedly gets cold feet over €211m project for new cogeneration power plant
* Greek RES jumps by 18% or 1.7GW in 2023, spearheaded by solar
*Optima bank Research (https://www.optimabank.gr)
ATHEX headed north yesterday, for 2nd session in a row, outperforming the European stock markets. In more detail, the General Index jumped by 1.22% at a 13-year high of 1,422.41 units, (FTSE Large Cap: +1.40%, FTSE Mid Cap: +1.41%, Banks Index: +1.18%) and the traded value was shaped at EUR 86.9m, down from Friday’s EUR 99.5m. We expect ATHEX to try to move higher today, with some profit taking in place.
EXXON MOBIL-HELLENiQ ENERGY close to approve exploratory drilling SW of Crete (press)
According to Kathimerini, the EXXON MOBIL-HELLENiQ ENERGY 70%/30% JV, is close to decide to proceed with an exploratory drilling, possibly in 2025, in the two offshore blocks west and SW of Crete, in which has already performed seismic surveys with encouraging results.
Motor Oil and ELLAKTOR deny any offer for the acquisition of ILLEKTOR
Motor Oil and ELLAKTOR, in response to a relevant inquiry by the HCMC, jointly denied any agreement or offer for the acquisition of ILLEKTOR, from the former.
Intralot-Public offering of common bond loan to commence tomorrow
The company will announce today the yield range of the common bond loan, while the public offering of the common 5yr bond loan of up to EUR 130m will take place between 21 and 23 February. The bonds will commence trading in the Fixed Income Securities market of ATHEX on 28 February.
ENVIRTUS INVESTMENTS lowers its stake in INTRAKAT below 5%
INTRAKAT announced that as of 15/2 ENVIRTUS INVESTMENTS LTD, controlled by Mr Dimosthenis Stasinopoulos and Loukas Lazarakis reduced its stake below the 5.0% reporting threshold.
Entersoft EGM today
The EGM will be held today at 11:30 Athens/09:30 London Time. Shareholders will approve a share buyback program of up to 600.000 shares (2% of share capital) at a minimum price of EUR 2.00/share and a maximum of EUR 12.0/share. Recall that the company will announce FY2023 results on Thursday 29 February.
Gains of 1.2% for the ASE benchmark index yesterday but on low turnover (EUR 87m) in view of the US public holiday. Performance in the banks was close to the ASE Index while from the non-banks, Jumbo, Ellaktor and Hellenic Telecom posted gains of >3%. Motor Oil also recorded gains close to 3%. On the flipside, the Athens International Airport closed with losses of 1.25% reaching EUR 8.6/share.
BANKS
According to press reports any discussion regarding faster resolution of the DTC issue is very pre-mature and challenging to implement.
Expected.
ATHENS EXCHNAGE GROUP <EXAE GA, EW>
We initiate coverage on the Athens Exchange Group with an Equal weight rating and a PT of EUR 6.5 per share. We like the long-term potential of the Athens Exchange Group with strong operating leverage, a low market cap to GDP, the prospect from new listings and the catalyst from an upgrade into MSCI developed status. In the short term, however, we would prefer to wait for a larger discount to enter the shares, which trade at a rather fair P/E of 20.8x and an EV/EBITDA of 11.4x on 2024E (P/E in line, EV/EBITDA at a c.15% discount vs. peers), assuming average daily turnover (ADTV) of EUR 135m in 2024E (vs. EUR 110m current YTD averages).
BANK OF CYPRUS <BOCH LN, OW>
Bank of Cyprus reported another record beating quarter with a very re-assuring guidance ahead. We think this is a strong message in a declining rate environment and highlights the solid underlying profitability with a huge dividend potential. 4Q23 net profits reached EUR 138m, above our forecast of EUR 121m on the back of another solid performance in top line, aided by the peak NII supported by high rates. Bank of Cyprus also updated the NII guidance for 2024E at >EUR 670m (vs. EUR 792m in 2023). This is based on an average ECB DFR deposit rate of 3.4% (average 6M Euribor at 3.2% from 3.7% in 2023), 40% time deposit passthrough and deposit mix at 45% (from c.32% in Dec 2023). The overall targets for 2024E and 2025E (ROTE on 15% CET1 ratio of >17% and >16% respectively) remained unchanged. Management re-iterated guidance for building progressively towards a 30-50% pay-out ratio. Our current NII forecast for 2024E stands at EUR 705m, declining to EUR 596m by 2026E (a reduction of c.EUR 200m to the peak 2023 NII).
The shares are up c.18% since our initiation (Dividend play at a discount, dated 27/11/2023) but Bank of Cyprus is still of the cheapest banking stocks in Europe. The stock currently trades on a P/E of below 5.0x on normalized net earnings for 2026E (assuming ECB rates closer to 2.0%) and a P/TBV of <0.7x on a sustainable ROTE of c.14%, on our numbers.
MOTOR OIL <MOH GA>
In reply to the query by the Hellenic Capital Markets Committee Motor Oil stated that no agreement exists, nor any offer (binding or not) has been submitted by the Company to ELLAKTOR S.A. for the acquisition of the stake the latter holds in HELECTOR S.A.
Market Comment // Greek stocks advanced on Monday, with the benchmark index rising 1.22% to 1,422.41 points, marking a new 13-yerar high. Trading activity dropped to €86m, as anticipated due to the US holiday, with banks accounting for c28% of the total traded value, and OTE and AIA for another c8-9% each. Jumbo soared 3.97%, followed by significant gains of >3% in Ellaktor, Entersoft Kri-Kri and OTE. ADMIE, MOH, Ideal and Alpha also rose by more than 2%. On the flipside, PPA (-3.1%) and AIA (-1.25%) were among the laggards, while Sarantis, Cenergy and Fourlis all posted mild losses. Markets look poised to open lower today as risk-on sentiment wanes as investors take a more measured approach to policy easing.
OTE // Q4/FY23 results on Thursday 22nd Feb pre-market open. We expect EBITDAaL to finally inflect in Q4 given the easy comps (EEe €341m, +2.7% yoy following -1.5% in 9M), but all eyes will be on the shareholder remuneration policy. Following €425m announced in 2023 (following €500m distributed in 2022), we argue that anything below €450m in terms of shareholder returns is not likely to support a further re-rating of the shares. We caveat that the focus will be on total returns (EEe €1.15) rather than the dividend per se (EE €0.60).
Banks // The Secretary General of the Financial Sector at the Ministry of Finance argued that there is no immediate need to expand the €2bn H-APS III guarantees (c€0.8bn allocated for the Sunrise III, Frontier II, and Solar projects). The same official stressed that if these guarantees are exhausted after the completion of the securitization processes for Attica Bank and Pancreta Bank, a proposal will be made to boost the guarantee volume.
Motor Oil – Ellaktor // In response to a relevant inquiry received by the HCMC, both Groups publicly refuted recent press reports which had pointed to an agreement being sealed or an offer being submitted by Motor Oil for the acquisition of Ellaktor’s stake in Helektor.
Entersoft // EGM today for the approval of a share repurchase program for up to 2% of the total share capital (namely 600K shares) at a price range between EUR 2 and EUR 12 per share for a 24 month period.
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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.
