* PPC (PPC GA) reportedly mulls spin-off/listing of renewables arm to unlock value
* Cenergy to be added to FTSE Emerging Europe Large Cap index, as of today’s close
* Greek banks’ ECB funding down €0.1bn m-o-m (down €43bn from peak) to €7.9bn (entirely TLTRO) in August; State cash buffer at €37bn
* Ideal Holdings (INTEK GA) reportedly eyes local player in a €100m-plus M&A deal, acting as third pillar of growth in place of cork producer Astir Vitogiannis
ATHEX headed north yesterday, underperforming the European stock markets. In more detail, the General Index rose by 0.63% to 1,428.39 units (FTSE Large Cap: +0.71%, FTSE Mid Cap: +0.76%, Banks Index: +0.57%) and the traded value was shaped at EUR 125.5m, up from Wednesday’s EUR 69.1m. We expect ATHEX to seek direction, ahead of the derivatives expiration today.
Market Headlines
FTSE Russell Indices semi-annual review effective day today amc
All changes of FTSE Russell’s semi-annual review of its emerging Europe indices are effective from today, after the market close. As a reminder, FTSE Russel has announced that Cenergy Holdings will replace Viohalco in the Large Cap Index. Intralot and Viohalco will be included in the Mid Cap Index and Cenergy Holdings will be excluded. On top of that, Intralot will be also included in the FTSE All-World Index, FTSE All-Cap and FTSE Total-Cap Index. Moreover, Interlife General Insurance will be included in the Micro-Cap Index and the FTSE Total-Cap Index. On the other side, Austriacard, AVAX, Dimand, Elastron, Lavipharm, Premia Properties and Thrace Plastics will be excluded by the FTSE Total-Cap Index.
Company Headlines
Attica Bank 2Q24 results
Attica Bank reported an improved set of 2Q24 results, driven by higher core income and lower LLPs. In more detail, 2Q24 net profit of EUR 8.7m (+770% y-o-y) against a net loss of EUR 3.6m in 1Q24 and EUR 1.0m in 2Q23. NII came in at EUR 20.6m (+6% q-o-q, +15% y-o-y), fee income at EUR 4.2m (+35% q-o-q, 147% y-o-y) and total revenues at EUR 29.4m (+3% q-o-q, +30% y-o-y). OpEx accelerated to EUR 19.2m (+11% q-o-q, -10% y-o-y) and hence PPI dropped by 9% q-o-q to EUR 10.2m, whilst LLPs tumbled by 92% q-o-q to just EUR 1.2m. Net profit was shaped at EUR 5.2m (+160% y-o-y) in 1H2024. The NPE ratio stood at 57.7% and NPE coverage at 54.8%. Net Loans reached EUR 2.6bn with net credit expansion EUR 396m, deposits came in at EUR 3.2bn and equity at EUR 452.0m, with LDR at 56.2%. Finally, CET1 ratio squeezed to 10.4%.
Bank of Cyprus to commence trading on Monday 23 September
The 443,457,297 common shares will commence trading on the main market of ATHEX on Monday 23 September.
PPC to spin-off and list PPCR in ATHEX (press)
According to Mononews.gr, PPC is considering the spin-off of its Renewables business, PPCR and the listing in ATHEX.
Ideal Holdings plans new acquisition-Press
Shareholders approved yesterday the increase of the share capital by capitalizing of EUR 81.606.665,70 of the share premium account and the increase of the nominal value of the shares at EUR 2.10 from EUR 0.40 previously, and the revision of the existing remuneration policy as well as authorized the BoD to increase the share capital of the company in the next two years. Reportedly press, the Chairman stated that Ideal Holdings intends to proceed in the coming months with a new acquisition of more than EUR 100m of a Greek firm that is operating in a different business segment. Recall that Ideal Holdings has a financial firepower of EUR 180m to use for potential acquisitions.
Viohalco 1H24 results out
Viohalco reported 1H24 revenues of EUR 3.25n, down 3.3% YoY, adjusted EBITDA of EUR 273m, up 1.4% YoY and pre-tax Profits at EUR 112m versus EUR 61m in 1H23, supported by strong growth of the cables and pipes segments and also gains from metal inventory. Group net debt stood at EUR 1,928m, slightly higher by EUR 55m y-t-d mainly due to seasonality of the working capital demand and Capital expenditure for the period amounted to EUR 204m vs. EUR 130m a year ago. The Company will hold a conference call today at 15.00 local time (Tel nos: Greek participants: +30 213 009 6000 or +30 210 94 60 800, UK participants: +44 (0) 800 368 1063, UK & International: +44 (0) 203 059 5872, USA participants: +1 516 447 5632).
Lavipharm 1H24 results out
The company posted a great set of result with revenues reached EUR 30.6m vs. 29.1m in 1H23 posting a 5.3% y-o-y increase while sales excluding rebates and clawback reached EUR 26.3m vs. 25.9m in 1H23. Adj. EBITDA decreased by 2.1% and reached EUR 5.9m vs. EUR 6.1m affected by the stock option and stock awards plan, while net profits reached EUR 7.7m vs. EUR 2.2m in 1H23 recording a y-o-y increase of 249%. Net debt reached EUR 22.5m.
The market finished 0.6% higher, on a EUR 125.4m turnover, while the banking sector rose c0.6%, supported by Alpha Bank at +1.5% and Eurobank +1.1%. Among top gainers, Lamda and PPC stood out rising 3.3% and 3.1% respectively, while Metlen recorded 1.8% gains, OTE marked a 1.6% increase and PPA rose 0.9%. On red, OPAP and Noval were down -0.5%, whereas GEKTERNA finished at -0.3%.
MACRO – CORPORATE NEWS
MACRO
According to the press, the government will submit the updated National Energy and Climate Plan (NECP) to the EU Commission by the end of October.
ATTICA BANK <TATT GA>
Attica Bank posted a net profit in 2Q24 of EUR 8.7m vs. a net loss of EIR 3.6m in 1Q24 on the back of higher total income (recurring income +7% qoq), cost containment (recuring C/I ratio of 67% in 1H24 vs. 89% in 1H23) and lower provisions. We remind that the results do not include the merged entity with Pancreta Bank. The new entity is currently in the process of a transformation plan (merger with Pancreata and capital increase) to clean up the balance sheet and enhance capital ratios.
VIOHALCO <VIO GA>
The company published its consolidated 1H24 results, reporting revenues of EUR 3.2 bn compared to EUR 3.3 bn in 1H23, driven by weaker demand in the manufacturing and construction sectors in Europe. Group’s a-EBITDA grew 21% yoy to EUR 273m, supported by organic growth in the cables (+38% yoy) and steel pipes (+47.8% yoy) segments, while profit before tax doubled during the period, reaching EUR 106m, positively affected by the metal effect in the copper segment. Viohalco profits after tax and minorities rose c90% yoy to a total of EUR 68.8m, while net debt slightly increased to EUR 1.92 bn vs EUR 1.87 bn in 1H23, due to working capital seasonality.
PAPOUTSANIS <PAP GA>
The company announced that the company’s CEO, Mr. Menelaos Tassopoulos, holds a total stake of 23.1%, both directly, owing 1m shares and indirectly through the company “Sapon Monoprosopi”, that holds 5.2m of Papoutsanis shares.
Bank of Cyprus to commence trading on Monday 23 September
The 443,457,297 common shares will commence trading on the main market of ATHEX on Monday 23 September.
PPC to spin-off and list PPCR in ATHEX (press)
According press, PPC is considering the spin-off of its Renewables business, PPCR and the listing in ATHEX.
Ideal Holdings plans new acquisition-Press
Shareholders approved yesterday the increase of the share capital by capitalizing of EUR 81.606.665,70 of the share premium account and the increase of the nominal value of the shares at EUR 2.10 from EUR 0.40 previously, and the revision of the existing remuneration policy as well as authorized the BoD to increase the share capital of the company in the next two years. Reportedly (euro2day), the Chairman stated that Ideal Holdings intends to proceed in the coming months with a new acquisition of more than EUR 100m of a Greek firm that is operating in a different business segment. Recall that Ideal Holdings has a financial firepower of EUR 180m to use for potential acquisitions.
Viohalco 1H24 results out
Viohalco reported 1H24 revenues of EUR 3.25n, down 3.3% YoY, adjusted EBITDA of EUR 273m, up 1.4% YoY and pre-tax Profits at EUR 112m versus EUR 61m in 1H23, supported by strong growth of the cables and pipes segments and also gains from metal inventory. Group net debt stood at EUR 1,928m, slightly higher by EUR 55m y-t-d mainly due to seasonality of the working capital demand and Capital expenditure for the period amounted to EUR 204m vs. EUR 130m a year ago. The Company will hold a conference call today at 15.00 local time (Tel nos: Greek participants: +30 213 009 6000 or +30 210 94 60 800, UK participants: +44 (0) 800 368 1063, UK & International: +44 (0) 203 059 5872, USA participants: +1 516 447 5632).
Lavipharm 1H24 results out
The company posted a great set of result with revenues reached EUR 30.6m vs. 29.1m in 1H23 posting a 5.3% y-o-y increase while sales excluding rebates and clawback reached EUR 26.3m vs. 25.9m in 1H23. Adj. EBITDA decreased by 2.1% and reached EUR 5.9m vs. EUR 6.1m affected by the stock option and stock awards plan, while net profits reached EUR 7.7m vs. EUR 2.2m in 1H23 recording a y-o-y increase of 249%. Net debt reached EUR 22.5m.
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