Από τα γραφεία των Χρηματιστών (22.05.2024)

*ΚΥΚΛΟΣ Χρηματιστηριακή Α.Ε.Π.Ε.Υ.* (http://www.cyclos.gr/)
Υποχώρηση κατά 0,43% κατέγραψε ο Γενικός ∆είκτης του Χ.Α. στη χθεσινή συνεδρίαση κλείνοντας στις 1496,35 µονάδες. Παράλληλα, η αξία των συναλλαγών διαµορφώθηκε στα 165,5 εκ. ευρώ. Η διάθεση για κατοχύρωση κερδών ήταν εµφανής από το ξεκίνηµα της συνεδρίασης και µε οδηγό τράπεζες και άλλους δεικτοβαρείς τίτλους ο Γ.∆. οδηγήθηκε σε αρνητικό έδαφος. Με τους αγοραστές ωστόσο να αντιδρούν µετά το ενδοσυνεδριακό χαµηλό των 1493 µονάδων που καταγράφηκε λίγο µετά τις 1µµ για να µειώσουν µέχρι τις δηµοπρασίες τις απώλειες, µε τους ευρωπαϊκούς δείκτες να κινούνται πλαγιοκαθοδικά. Την ίδια ώρα, οι αποδόσεις των 10ετών τίτλων διαµορφώνονταν στο 3,505%. Έτσι, ο τραπεζικός κλάδος (-0,43%) κατέγραψε απώλειες µε την Εθνική (-0,82%) να υποαποδίδει αλλά την Eurobank (-0,42%) να διαφοροποιείται. Απώλειες ακόµη κατέγραψε η Motor Oil (- 3,30%), o ΟΠΑΠ (-1,11%), το Jumbo (-1,45%), η ΕΕΕ (-0,37%), ο Σαράντης (-0,53%), η Aegean (-0,24%), τα ΕΛΠΕ (-0,63%) αλλά και ο ΟΛΠ (-2,39%) από τη µεσαία κεφαλαιοποίηση. Στον αντίποδα, κέρδη κατέγραψε ο Ελλάκτωρ (+2,47%), ο Φουρλής (+1,94%), η Βιοχάλκο (+3,01%), η Infoquest (+0,52%), ο Α∆ΜΗΕ (+3,61%), η Cenergy (+3,28%) αλλά και η ΕΧΑΕ (+0,95%) από τη µεσαία κεφαλαιοποίηση. Απολογιστικά, 35 µετοχές κατέγραψαν κέρδη έναντι 56 εκείνων που υποχώρησαν. Η Elvalxalcor και η Infoquest ανακοινώνουν σήµερα τα µεγέθη τους για το 1ο τρίµηνο. Η διακύµανση του Γ.∆. µεταξύ της πρώτης στήριξης των 1493 µονάδων και της τοπικής κορυφής των 1505 µονάδων δεν προοιωνίζει επικείµενη αλλαγή του σκηνικού στο Χ.Α.
Mytilineos: Σε placement 7,2 εκατ. µετοχών (αντί για 4,5 εκατ. που ήταν το αρχικό πλάνο) προχώρησε η Mytilineos. Οι leading syndicators ήταν η Citi και η Morgan Stanley, ενώ µετείχε και η Euroxx. Η διαδικασία ολοκληρώθηκε µε την τιµή να ορίζεται στα 35,5 ευρώ (discount 8,8% ). Η συνολική αξία της συναλλαγής έφτασε τα 255,6 εκατ. ευρώ. Οι µετοχές ανήκουν στον βασικό µέτοχο της εταιρείας, Ευάγγελο Μυτιληναίο, ο οποίος πριν το placement κατείχε περίπου το 26,54% των µετοχών της εισηγµένης και πλέον θα κατέχει ποσοστό περίπου21,5%.
Φουρλής: Οι πωλήσεις του Οµίλου Fourlis αυξήθηκαν κατά 5% φτάνοντας τα €122,0 εκ. το Α’ τρίµηνο του 2024. Στην τελική γραµµή καταγράφεται ζηµιά €2,5 εκ. στο πρώτο τρίµηνο έναντι ζηµιών €4,5 εκ. πέρσι. Στα €6,5 εκ. το EBIDTA από €2,6 εκ. πέρσι. ∆ηµοπρασία για την επανέκδοση Οµολόγων του Ελληνικού ∆ηµοσίου, σταθερού επιτοκίου 3,375%, λήξης 15 Ιουνίου 2034, για ποσό που θα δηµοπρατηθεί θα είναι έως €250 εκ.
∆ΕΗ: Η Goldman Sachs ουδέτερη σύσταση µε τιµή-στόχο τα €14,5/µετχ. JP Morgan σύσταση υπεραπόδοσης µε τιµή-στόχο τα €15/µετχ.
DFC : έµπρακτο ενδιαφέρον του να συµµετάσχει στη διασύνδεση Ελλάδας – Κύπρου – Ισραήλ Great Sea Interconnector απηύθυνε στη διοίκηση του Α∆ΜΗΕ. H συµµετοχή του θα έχει τη µορφή είτε συµµετοχής στο MK, είτε δανειοδότησης, είτε συνδυασµού των δύο.Optima Bank: Αύξηση κερδών στα 32,7 εκατ. το τρίµηνο, +78%. Η απόδοση ενσώµατων ιδίων κεφαλαίων εκτινάχθηκε στο 25,4%. H τράπεζα το πρώτο τρίµηνο έδωσε νέα δάνεια ύψους €332 εκ. και το guidance για το 2024 προβλέπει νέες εκταµιεύσεις ύψους €700 εκ.

Το α’ τρίµηνο του 2024, το έλλειµµα του ισοζυγίου τρεχουσών συναλλαγών αυξήθηκε κατά 255,3 εκατ. ευρώ σε σχέση µε το α’ τρίµηνο του 2023 και διαµορφώθηκε σε 4,2 δισ. ευρώ. Στα €8,4 δις. το έλλειµµα του εµπορικού ισοζυγίου (+1 δις. ), στα €1,2 δις, το πλεόνασµα του ισοζυγίου υπηρεσιών (+€135 εκ.).

Το νέο κανονισµό ανακοίνωσε το Χρηµατιστήριο µετά την έγκριση της Επιτροπής Κεφαλαιαγοράς. ∆ηµιουργεί νέα δεδοµένα σε ότι αφορά την αναστολή, διαγραφή και επαναδιαπραγµάτευση αξιογράφων. Σε ότι αφορά τη κύρια αγορά θέτει παράλληλα νέο πλαίσιο για την αρχική διασπορά των µετοχών, την κερδοφορία και την κεφαλαιοποίηση. Καταργεί δε το φορολογικό πιστοποιητικό. Μετοχές που δεν πληρούν το κριτήριο της επαρκούς διασποράς θα υπάγονται στην κατηγορία επιτήρησης.

 
*PANTELAKIS SECURITIES* (https://www.pantelakis.gr/)

* Mytilineos (MYTIL GA): majority shareholder places 7.2m shares (5.0% of total) at €35.50/sh, ie 8.8% discount to last close, lowering his stake to 21.5%

* Greece to tap debt markets today, raising €250m through 10-year bond re-opening

* Fourlis (FOYRK GA) Q1 net loss cut to €3.6m (vs €4.5m), with €6.5m EBITDA (2.6x up) more than offset by depreciation/financial costs, in line with estimates; Net debt grew by €11m qoq to €293m

* Ideal (INTEK GA) Q1 proforma net income seen up 27% y-o-y to €5.5m, driven by attica consolidation (adding €1.7m) and solid ICT performance

*Optima bank Research (https://www.optimabank.gr)

ATHEX headed south yesterday, in line with the European markets. In more detail, the General Index slipped by 0.43% at 1,496.35 units, (FTSE Large Cap: -0.44%, FTSE Mid Cap: +0.04%, Banks Index: -0.24%) and the traded value was shaped at EUR 165.0m, up from Monday’s EUR 111.3m. We expect the market to follow the international markets today; private placement in Mytilineos to weigh on the stock today.

Macro Headlines

Current account deficit widens in March (BoG)

According to BoG provisional data, Greece’s current account balance in March 2024 recorded a deficit of 2,963.5m, vs. a deficit of 2,396.7m in the same period a year ago, due to a deterioration in the secondary income account and, to a lesser extent, in the goods and services balances, while the primary income account improved. Additionally, in the 1Q24 period, the current account deficit widened by EUR 255.3m and stood at EUR 4,151.8m. Finally, travel receipts in March 2024 stood at EUR 372.3m, up by 34.2% y-o-y, while in the Jan-Mar 2024 period, travel receipts rose by 28.2% y-o-y to EUR 942m.

Greece taps additional EUR 250m through the 2034 Bond

PDMA announced that it will tap the markets today with EUR 250m through the reopening of the existing 10-year bond with a 3.375% coupon.

Market Headlines

New ATHEX regulation critical dates-Press

Reportedly (euro2day), according to the new regulation, ATHEX will suspend from trading on May 2025 the listed companies that have exceeded the two years stay in the surveillance status. ATHEX will also examine on 01 July 2025 the free float of listed companies, which should be at least 25% for companies with a market cap of EUR <200.0m and 15% for larger companies. Companies that have less than the minimum free float requirement a) they will be given an adjustment period of six months, which can be doubled under conditions, b) if they do not adjust, then will enter the surveillance status for a maximum period of two years and c) if they do not adapt again, then will enter the trading suspension status for a maximum period of 12 months and then they will be deleted.

Company Headlines

Optima Bank AGM tomorrow

The AGM of shareholders will take place tomorrow at 11:00 Athens/09:00 London Time. Shareholders will approve among other issues of the agenda, the distribution of a dividend of EUR 0.44 per share (DY: 3.8%). Management reiterated yesterday on the CC that it targets net profit to exceed EUR 124.0m and RoTE to surpass 20% in 2024, assuming YE 3M Euribor at 3.0% and thus there is upside risk in case ECB will decrease interest rates at a slower pace than expected.

Coca Cola HBC to trade ex-dividend on 30 May

The AGM of shareholders approved yesterday the distribution of a gross dividend of EUR 0.93 per share (DY: 2.8%). The stock is set to trade ex-dividend on 30 May and payment will be made on 24 June.

US state fund expresses intention to participate in the Great Sea Interconnection

IPTO (in which ADMIE Holding participated with 51%) announced yesterday that it received a letter of intent from the US state fund DFC to participate in the Greece-Cyprus-Israel interconnection (namely Great Sea Interconnection), either through the participation in the share capital of the project, or with loan financing or with a combination of the two.

Ev. Mytilineos disposes 7.2mio company shares (press)

According to various press reports, the chairman and CEO of Mytilineos proceeded yesterday with the disposal of 7.2mio company shares (c.5.04% of total) to institutional investors from the US for EUR 255.6m or EUR 35.5/share (8.8% discount to yesterday’s closing price). Following the completion of the transaction, Mr. Mytilineos holds 21.5% of the company’s share capital (from 26.54% previously).

Fourlis Holdings results out

The company announced sales of EUR 122.0m for 1Q24 ( +4.7% y-o-y) driven by volume increase in retail business (sales up by 4%) and the contribution of Trade Estates ( rental income up by 68.8% y-o-y) , Operating EBITDA of EUR 6.5m vs. EUR 2.6m or up by 155.6% y-o-y, (improved margin of 5.4% vs. 2.2% a year ago) and net loss of EUR 2.5m vs. EUR 4.3m last year.  Finally, Trade Estates’ NAV stood at EUR 302.7m at the end of March, up by EUR 89.9m y-t-d. Management will host a CC at 17:00 Athens /13:00 London Time. Dial-in numbers- GR: +30 210 94 60 800 or +30 213 009 6000, UK & INTL:+44 (0) 800 368 1063-+44 (0) 203 059 5872, US: +1 516 447 5632.

*Euroxx Χρηματιστηριακή (https://www.euroxx.gr)

The market ended the day flattish (-0.4%) on a relatively high EUR 164.4m turnover, while the banking index was also down -0.2%, with NBG marking the biggest loss (-0.8%), whereas Alpha Bank managed to record a 0.9% gain. Among top gainers ADMIE and Cenergy were up 3.6% and 3.2% respectively, followed by Viohalco rising 3%, Ellaktor +c.2.5% and Fourlis +1.9%. In the meantime, Motor Oil slipped -3.3%, PPA was down -2.4%, while Jumbo and OPAP marked a -1.4% and -1.1% drop.

MACRO – CORPORATE NEWS

MACRO I

According to ELSTAT, the Turnover of Enterprises marked a 1.5% yoy increase in 1Q24, led by a 20% boost in Administrative and Support Service Activities. 

MACRO II

According to press reports, the government will proceed to the issuance of a 10-year bond today, with expiration date 15th of June 2034 and a fixed rate of 3.375%, expected to raise up to EUR 250m, while the settlement date is set for March 29th.

MYTILINEOS <MYTIL GA, OW>

Chairman & CEO Evangelos Mytilineos proceeded yesterday evening with an upsized placement of 7.2m shares (or 5.04% stake) through ABB, at EUR 35.5/share. The value of transaction stood at EUR 255m, while the deal was upsized to 7.2m from 4.5m initially. Demand for the book was driven by both international and local investors, while according to press reports the increase in share’s liquidity should bring the company one step closer to the FTSE 100 inclusion

RES INDUSTRY

Reportedly, deficit in special RES account for the year might could reach EUR 600m, indicating a potential increase in ETMEAR (special levy for RES).

EUROBANK <EUROB GA, OW>

Reportedly, the bank’s management denied press reports claiming its subsidiary, Eurobank Bulgaria, is due to proceed to the acquisition of First Investment Bank, Bulgaria’s fifth largest bank.

AUSTRIACARD <ACAG GA>

The company announced the acquisition of 100% of the shares of LSTech, a research and data analytics company based in the UK, focusing on data analytics solutions for banking, telecommunications and utilities sectors. The transaction was completed at an EV of EUR 1.6m.

FOURLIS <FOYRK GA>

The company announced its 1Q24 results, reporting a 4.7% yoy consolidated revenue growth to EUR 122m, with operating EBITDA at EUR 6.5m, up 155.6% yoy and a net loss of EUR 3.6m vs a loss of 4.5m last year. The Retail business (excluding Trade Estates) marked a 3.7% increase in turnover, reaching EUR 116.2m, while operating EBITDA came in at EUR 0.8m from -0.3m losses a year ago. Specifically, operating EBITDA for Retail Home Furnishings (IKEA), showed significant improvement at EUR 3.8m (+c.96%), with a EUR 78.2m (+4.6%) turnover, whereas the Retail Sporting Goods sector (INTERSPORT) stayed on red territory, with a loss in operating EBITDA of EUR 1.4m. and revenue nearly unchanged at EUR 37.5m (+1.1%), due to the seasonality of the Easter period.

LAMDA DEVELOPMENT <LAMDA GA>

The company will report 1Q24 results on June 12 with a conference call the following day (June 13).

*Eurobank Equities (https://www.eurobankequities.gr)

Market Comment // Greek stocks succumbed to profit-taking on Tuesday, with the ASE index falling to 1,496 points (-0.43%), emulating the weak performances across EU markets. Trade activity jumped to €164m (vs the 100-day moving average of €137m) buoyed by Banks, which accounted for c60% of turnover. Motor Oil (-3.30%), Profile (-2.69%) and AIA (-2.44%) were among the main underperformers, followed by Jumbo, Autohellas, Papoutsanis and OPAP (on >1% losses). On the positive side, ADMIE Holding (+3.61%), Cenergy (+3.28%) and Viohalco (+3.01%) led gainers, trailed by Ellaktor, Optima, Fourlis and Austriacard (all on >1% gains). We anticipate a somewhat muted opening today as global futures indicate investors are tempering their enthusiasm ahead of the April FOMC minutes release and NVDA Q1 results announcement.

Mytilineos // The majority shareholder and President of the Group proceeded with the placement of 7.2mn shares (5.04% of the share capital) at €35.5 per share, representing a 9% discount to the closing price and a 4% discount to the 30-day moving average. The initial intention was to offer 4.5mn shares, but the offered size increased due to high demand. Press reports indicate that the placement is a step towards a listing on the LSE.

Fourlis // Strong Q1 €1.5m above our estimates at EBITDAaL level, with healthy OpCo performance further propelled by REIC numbers. Overall, group sales increased 4.7% yoy to €122m, EBITDAaL rose to €6.5m from €2.6m last year while net losses narrowed to €3.6m from €4.5m in Q1’23.

Aegean Airlines // Aegean is scheduled to release Q1’24 results on Friday 24th May, pre-market opening. We forecast that strong Q1’24 traffic figures (+11% already announced) will enhance Aegean’s top line performance and underpin operating profitability, in a traditionally soft winter quarter. We forecast Q1’24 EBITDA at €31m, up by an impressive +60% yoy, on +15% revenue growth.

Quest // Quest is due to release its Q1’24 results today after market. We expect a soft start to the year, with our Q1 EBITDA forecast at €19m (-2.5% yoy), weighed by a drop in commercial activities profitability (on tough comps and declining electronics sales). We estimate group revenues will settle at €301m, up by 5% yoy, aided by double digit growth in IT services’ sales. Despite the soft start, we remain confident on our FY’24 forecast for €90m EBITDA (+8% yoy), assuming easing comps as we move ahead.

IDEAL Holdings // IDEAL Holdings is scheduled to publish its Q1’24 results tomorrow, before the market. We anticipate pro forma revenues at €94.6m (+12% vs Q1’23) and pro forma Adj. EBITDAaL at €11.4m (+16% yoy), driven by accelerated project execution in IT and improved overall foot traffic in Specialty Retail. Our calculations lead to a pro forma Q1’24 PBT of €7.6m (vs €6.6m a year ago). We expect a strong start to the year to underpin our FY’24 EBITDA (pro forma) forecast of c€54m and see optionality from the reinvestment of the proceeds of the Astir sale.

Austriacard // Austriacard announced the acquisition of LSTech, a UK-based research and data analytics firm, for a consideration of €1.6m. We view the transaction as a strategic step towards enhancing the existing offering with value-added solutions.

Coca-Cola HBC // CCH shareholders approve all items on the agenda, among which a DPS of €0.93. as a reminder the ex-dividend date is set for May 30th and payment starts 24th June.

* Tα παραπάνω σχόλια μπορείτε να τα διαβάσετε πρώτοι στο viber του mikrometoxos.gr

ΓΙΝΕΤΕ ΜΕΛΟΣ ΕΔΩ

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.