Epsilon Net: Αύξηση τζίρου 24% στα 93,2 εκατ. ευρώ το 2023. Στα 20,02 εκατ. ευρώ ανήλθαν τα καθαρά κέρδη της εισηγµένης, εµφανίζοντας άνοδο 58,87% σε ετήσια βάση. Βλέπει αυξηµένες πωλήσεις το 2024 και το 2025.
*PANTELAKIS SECURITIES* (https://www.pantelakis.gr/)
* OTE (HTO GA) extends TV rights for pan-European football competitions until 2027
* GEK Terna (GEKTERNA GA) reportedly the winner in the c€1.8bn tender for Greece’s new flagship highway on the island of Crete
* Greek RES: solar additions continue to outpace wind; load factors increase in January, particularly for wind farms
ATHEX headed north yesterday for a second session in a row, in line with the European stock markets. In more detail, the General Index rose by 0.89% at 1,430.35 units, (FTSE Large Cap: +1.08%, FTSE Mid Cap: +0.53%, Banks Index: +0.16%) and the traded value was shaped at EUR 131.1m, down from Wednesday’s EUR 139.2m. We expect the market to consolidate at current levels today.
Sector Headlines
Bank of Greece sets new limits on mortgage loans
The Bank of Greece will impose limits on mortgage lending from 1 January 2025 in order to mitigate the risks for banks arising from the sharp increase in house prices. In more detail, banks will not be able to finance more than 90% of the property’s value and the annual servicing cost should not exceed 50% of the borrower’s income.
Flight capacity in Greece increased by 24% y-o-y in 11-17 March (press)
According to Kathimerini citing data from the Eurocontrol organization, total flight capacity in the Greek airports was up by 24% y-o-y in the 11-17 March period.
Company Headlines
Mytilineos to proceed with the dual listing of its stock in LSE (press)
Mytilineos plans to proceed with the dual listing of its stock in the FTSE 100index in the LSE. In other related news, Mytilineos and PPC renewables are in talks for a potential partnership for the development of an RES portfolio in Romania, after a similar agreement of 210MW portfolio in Bulgaria.
Latsis to further lower its stake in HELLENiQ ENERGY (press)
Latsis’ Paneuropean, which is the major shareholder of HELLENiQ ENERGY with 40.4% of total, is currently in talks for the private placement of a stake in the company, at a price of EUR >9.00/share. As a reminder, last December jointly sold an 11% stake in HELLENiQ ENERGY.
Motodynamics results out
Motodynamics posted its FY23 results with record revenues and earnings. In more detail, revenues came in at EUR 170m (+29% y-o-y), EBITDA at EUR 29.1m (+16.5% y-o-y), with the EBITDA margin at 17.1% from 18.9% in FY22), EBIT stood at EUR 17.6m (+14.3% y-o-y) and EBT at EUR 15,3 (+7.8% y-o-y). Finaly, net profits posted a 9.7% increase y-o-y and reached EUR 11.5m vs. EUR 10.5m in FY22. The BoD will propose to the upcoming AGM of shareholders, the distribution of a gross dividend of EUR 0.12/share from EUR 0.09/share in 2022, implying a dividend yield of 3.8%.
Motodynamics conference call highlights
During the conference call the management stressed that a)the goal for the coming year is to expand the Yamaha brand to new locations in Romania and Bulgaria to strengthen sales and brand presence b) the management is exploring new opportunities in the automotive sector and with a focus on electric cars from China c) management expects the new Cayenne to boost Porche’s sales this year d) speaking about the new acquisition of Sixt, management said that despite competition the brand managed to increase its sales with lower margins and the goal is to create new locations to further increase its market share.
Epsilon Net results out
Epsilon net posted a strong set of FY23 financial results with revenues came in at EUR 93.2m posting a 24.3% y-o-y increase vs. EUR 75.1m in FY22. EBITDA reached EUR 31.1m with a margin of 33.3% aided by organic growth and by targeted acquisitions implemented during the year (vs. EUR 25.1m in 2022 posting a 24.06% y-o-y increase), while net profit recorded a 58.9% y-o-y increase and reached EUR 20.0m vs. EUR 12.6m in FY22. The net cash of the company also increased by 7.5% to EUR 6.8m vs. EUR 6.3m the previous year despite the acquisitions and investments. In more detail, Epsilon Net acquired majority stakes in Orossimo Pliroforiki, Netera, Diginet & scan, while acquired also minority rights in two of the group’s main subsidiaries Epsilon HR and Epsilon Singularlogic.
Intralot acquired Betting Company Single Member S.A.
The company announced the completion of the merger by Intralot of its fully owned subsidiary under the distinctive name Betting Company Single Member S.A.
Another decent day for ATHEX with the index at +0.9% on a solid EUR 132m turnover. Banking sector performance was mixed with Alpha out-performing (+1.9%) with NBG at -1.2%. Piraeus closed the day slightly below EUR 4.0/share. From the non-banks, a good day for Mytilineos (+2.3%), Jumbo (+2.2%) and refiners (MOH at +2.3%, ELPE +2.2%).
MACRO – CORPORATE NEWS
MACRO I
Reportedly, Minister of Labor to submit today to the ministerial counsel the official proposal for increase in minimum wage. Prime Minister is expected to announce the increase on March 27th, with April 1st as effective date. This is the fourth consecutive minimum wage increase and is applicable to 600,000 employees.
MACRO II
Ministry of Finance presented yesterday the changes to the Golden visa program, increasing the minimum investment required. For popular areas, such as Attica and Thessaloniki, threshold has increased to EUR 800,000.
INTRALOT
General Secretariat of Trade of the Ministry for Development (Market & Consumer protection division) approved the merger by Intralot of its wholly owned subsidiary ‘’Betting Company Single Member S.A.’’
AEGEAN AIRLINES <AEGN GA, OW>
The company announced that Alnesco Enterprises (controlled by Mr Panagiotis Laskarides) purchased 3.07m shares (3.41% of outstanding) and now owns a stake of 12.02% in Aegean Airlines. Following the above transaction, Siana Enterprises (controlled by Mr Athanasios Laskarides) reduced its stake in Aegean Airlines to 3.3%.
AUSTRIACARD <ACAG GA>
The company reported FY23 revenues of EUR 351.3m (+13.2% yoy) with adj. EBITDA at EUR 49.3m (+12.5%). If we exclude the one-off Kenyan election project in 2022, the revenue and adj. EBITDA growth in 2023 reached 23% and 50.6% respectively. Net income in 2023 stood at EUR 17.0m vs. EUR 5.3m in 2022. The main driver for the strong performance was CEE and DACH regions which posted revenue growth of 35.2% on the back of solid growth in payment cards, digitalization projects and postal business consolidation in Romania. Recurring growth was also strong in Turkey and Middle East (top line like for like growth at +76% yoy). On the flipside, Western Europe, Nordics and the US was flattish on a yoy basis affected by 2022 re-carding comparison and US regional banks crisis. The net debt at a group level increased to EUR 95m due to higher W/C needs (supply chain disruptions led to abnormally low 2022 inventory) but the net debt to EBITDA remained at a low 1.9x. The management will propose a DPS of EUR 0.10 / share to the AGM with a dividend policy of 20-25% going forward. On the 2023 adj. EBITDA the shares trade at c.6.6x EV/EBITDA.
Market Comment // The Greek market recorded gains for the second consecutive session, with the main index advancing 0.9% and settling at 1.430,4. Trading activity continued to wane, with turnover settling at €131mn, landing 8% lower than the 100-day avg of €142mn. Ideal Holdings and PPC led the rally, soaring 4.0% and 3.5% respectively, followed by HTO (+2.5%), Hellenic Exchanges (+2.4%), Mytilineos (+2.3%), Motor Oil (+2.3%), HelleniQ Energy (+2.2%) and Jumbo (+2.2%). Alpha Bank (+1.9%), Coca Cola HBC (+1.9%), Ellaktor (+1.6%) and Thrace Plastics (+1.6%) also finished on >1% gains. On the contrary, Epsilon Net plunged 5.4%, with Motodynamics (-1.3%), AIA (-1.2%), NBG (-1.2%) and Fourlis (-1.1%) also finishing in the red. Today, markets are poised for a negative opening as investors wade through the latest economic data and reassess the policy path.
Greek Banks // The BoG introduced macroprudential measures for mortgages, setting debt service-to-income ratio caps at 50% for first-time buyers and 40% for subsequent properties. Loan-to-value ratio limits are 90% for first-timers and 80% for others. Lenders can exempt up to 10% of new loans from these rules, effective 1 January 2025. Given such provisions are already common practice by Greek banks, we do not envisage any notable impact.
Austriacard // Austriacard reported solid results for FY’23, just above our estimates, on account of higher-than-anticipated volume growth in cards and revenues from Greek public sector projects. FY’23 Revenue shaped at €351.3m (up +13% yoy, EEe €346.5m) majority-driven by organic growth, with an additional inorganic contribution from the acquisition of the postal business. FY’23 Adj. EBITDA thus reached €49.3m (+27% vs. FY’22, EEe €46.4m) on c1.6pps higher margins, fueled by pricing/mix in cards. This translated to FY’23 PBT of €21.2m (vs. €8.7m in 2022) and Net profit of €17.0m (vs. €5.3m the previous year).
Aegean // Aegean announced changes in its shareholder structure. Alsenco Enterprises Co Ltd (controlled by Panagiotis Laskaridis) raised its stake to 12.02% (from 8.61% previously) buying 3.07m shares (3.41%) from Siena Enterprises Co Ltd (controlled by Athanasios Laskaridis), which reduced its stake to 3.3% (from 6.71% previously).
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