INFORM ΛΥΚΟΣ: Ψηφιοποίηση του δηµοσίου συστήµατος υγείας. Η INFORM, σε συµφωνία πλαίσιο µε άλλες εταιρείες, ανέλαβε την τµηµατική ψηφιοποίηση των αρχείων του ∆ηµοσίου Συστήµατος Υγείας, ένα έργο που χρηµατοδοτείται από το Ταµείο Ανάκαµψης.
Φωτοβολταϊκό πάρκο 171 MW κατασκευάζει η Intrakat για τη ∆ΕΗ ποσού €43 εκατ. Η κοινοπραξία εταιρειών «Intrakat – Ameresco – RES INVEST PV 171MW» (ο όµιλος Intrakat και συµµετέχει µε 45%) υπέγραψε µε θυγατρική της ∆ΕΗ Ανανεώσιµες σύµβαση για την κατασκευή του έργου στο Λιγνιτικό Κέντρο ∆υτικής Μακεδονίας.
Cenergy: Στα σκαριά σχέδιο για µονάδα παραγωγής καλωδίων στις ΗΠΑ. Έλαβε δικαίωµα φορολογικής απαλλαγής IRA 48C για την υπό µελέτη µονάδα παραγωγής καλωδίων στο Μέριλαντ των ΗΠΑ.
Φρέσκα φέσια 1,73 δισ. το πρώτο δίµηνο προς την Εφορία. Συνολικά 3,878 εκατοµµύρια φορολογούµενοι έχουν «ανοικτούς λογαριασµούς» µε την εφορία. Στα 80,8 δισ. ευρώ το πραγµατικό ληξιπρόθεσµο υπόλοιπο, στα €107,1 δις. το σύνολο.
Πρωτογενές πλεόνασµα: έφτασε τα €4,01 δισ. ή 1,9% του ΑΕΠ. Το ΑΕΠ το 2023 αυξήθηκε στα €220,3 δισ. έναντι €206,6 δισ. το 2022. Tο ελληνικό χρέος υποχώρησε στα τέλη του 2023 στα €356,7 δις. έναντι €356,8 δις. στα τέλη του 2022. Ως ποσοστό του ΑΕΠ από το 172,7% του ΑΕΠ το 2022 περιορίστηκε σε 161,9% του ΑΕΠ στα τέλη του 2023.
ATHEX headed north yesterday, outperforming the European stock markets. In more detail, the General Index rose by 1.99% at 1,420.40 units, (FTSE Large Cap: +2.26%, FTSE Mid Cap: +1.68%, Banks Index: +2.99%) and the traded value was shaped at EUR 103.5m, down from Friday’s EUR 127.4m. We expect the positive momentum to continue today.
Macro Headlines
Greek primary surplus at 1.9% in 2023, well above target (ELSTAT)
ELSTAT announced yesterday that the primary surplus of General Government for 2023, (ESA 2010 compliant) was shaped at EUR 4,096m (1.9% of GDP), significantly outperforming the target of 1.1% of GDP. Additionally, the final result of General Government for 2023, (including interest payments), came in at EUR -3.5bn (1.6% deficit), while the gross consolidated General Government debt at year-end 2023 is estimated at a nominal value of EUR 357bn (161.9% of Gross Domestic Product, significantly lower compared to 172.7% in 2022).
Sector Headlines
Inbound travelers and travel receipts up in February (BoG)
According to BoG, travel receipts in February 2024 rose by 22.2% y-o-y to EUR 291m, while in January-February 2024, travel receipts totalled EUR 570m, up by 24.5% y-o-y. The number of inbound travelers in February 2024 rose by 26.0% y-o-y to 721k, while in January-February 2024, the number of inbound travelers jumped by 20.7% y-o-y to 1,459k. Finally, the average spending per traveler in February stood at EUR 401, down by 2.9% y-o-y, while in the January-February period the average spending per traveler rose by 3.3% y-o-y to EUR 387.
Company Headlines
National Bank of Greece 1Q24 results out on 01 May
National Bank of Greece is set to announce 1Q24 results on Wednesday 01 May 2024, before market opening. Management will host a conference call on the same day at 10:30 Athens/08:30 London Time.
Cenergy secures a $58m tax credit for potential investment for a cables factory in the US
Cenergy announced that its US subsidiary intends to build a new Offshore Wind and Grid cable manufacturing facility in Baltimore, Maryland, of approx. value $ 300m, which has already received a $58m tax credit. To this end, Hellenic Cables Americas intends to acquire a 38-acre waterfront property at Wagners Point, with completion of transaction expected to be completed within the next 8 weeks. As a reminder, during FY23 results conference call, Cenergy’s management stated that the company explores investment opportunities for a cables plant in the US, and had already invested EUR 7.4m in FY23 to support the construction of a submarine cables factory in the country.
TITAN America has been awarded an up to $ 61.7m grant by the U.S. Department of Energy, for funding its innovative technology for low-carbon cement
TITAN’s Roanoke cement plant, in Virginia, USA, has been selected for negotiations by the U.S. Department of Energy for an up to $61.7m award to support the deployment of a calcined clay production line, which will substantially reduce CO2 emissions.
Macquarie exits the Ariadne interconnection tender process (press)
According press, Macquarie exited the tender process for the acquisition of 20% in the Ariadne interconnection, and was replaced by the French Meridiam Europe. As a reminder, last October, four qualified investors (namely GEKTERNA, TERNA SpA, Macquarie and Phaethon Holdings JV and State Grid International) were invited by IPTO to submit their binding offers for the acquisition of a 20% stake of Ariadne interconnection.
Intralot interested for lottery license in Brazil-Press
Press reports indicate that the Brazilian government announced that it will proceed with tenders to grant licenses for four lotteries in the country and that Intralot has expressed its interest. The licenses have a ten-year duration with the option of renewal for another ten years. The same reports suggest that the results of the tenders will be announced in May. Recall that Intralot had a presence in the country in the region of Minas Gerais.
Intrakat FY23 Results & Conference call today amc
Intrakat is set to release the FY23 Results today after the market close, with a conference call scheduled also for tomorrow at 18.00 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). In other related news, according to Energypress.gr, Intrakat, in the context of its strategic partnership with PPC in which INKAT participates with 45%, is set to commence the construction of a 171MW solar portfolio for PPC, for EUR 43m, with completion expected in 14 months.
Alpha Trust FY23 Results out today
Alpha Trust is set to release the FY23 Results today, after the market close.
Real Consulting FY23 results out
Real consulting posted its results yesterday with revenues coming in at EUR 30.2m vs. EUR 24.4m in FY22 recording a 24% y-o-y increase, driven by increased performance in all segments. EBITDA reached EUR 5.0m vs. EUR 3.6m in FY22 or up by 39%, while profit before tax increased by 40% at EUR 3.97m vs. EUR 2.83m last year. During the year, the company implemented several projects in the private sector for large enterprises, while expanding its activities in the wider public sector, undertaking projects to modernize the processes of the Greek State. Management guided for double digit growth for the next year, because of the digital transformation of the public sector and the business transformation of private sector companies while stated that the transfer of Real Consulting to the main market of the Stock Exchange is a priority for the company.
Greek equities finished the day with strong gains with the General Index up c.2%, at a low EUR 103 m turnover, as a result of S&P’s upgrade of economic outlook. Banks outperformed with the banking index rising c.3%, led by Eurobank up 4.69% and Piraeus +2.94%. On non-financials Aegean Airlines marked a 4.3% advance followed by Ellaktor +2.7% and Lamda, +2.6%. Good day also for Mytilineos, +2.1%, Jumbo +1.9% and PPC +1.5%. On red, Intrakat down 1.6%.
MACRO – CORPORATE NEWS
MACRO
According to ELSTAT, in alignment with ESA 2010 for the System of National Accounts, the General Government’s deficit came in at EUR -3.5 bn in 2023, while the gross consolidated debt slightly declined to EUR 357 bn, at a 161.9% level of Gross Domestic Product. The primary surplus stood at 1.9% in 2023, considerably better than initial forecasts (c.1.1%).
MACRO II
According to BoG data, travel receipts Feb’24 rose by 22.2% yoy and by 24.5% in Jan-Feb’24.
CENERGY HOLDINGS <CENER GA, OW>
The company announced that its subsidiary, Hellenic Cables Americas, was awarded by the Internal Revenue Service a transferable tax credit up to USD 58 m for its intended cables manufacturing facility in Baltimore, Maryland. In the context of their new investment, the US subsidiary prepares to acquire a 38-acre waterfront property in Baltimore, with the deal set to be completed within 8 weeks.
We remind that Cenergy plans to build a new manufacturing facility in the US with a value of c. USD 300m, subject to a final investment decision. The new plant will be dedicated to manufacturing underwater and underground cables for offshore wind and grid modernization applications.
INTRAKAT <INKAT>
Intrakat, via its 45% owned JV ‘Intrakat – Ameresco – RES Invest PV 171 MW’ will proceed with the construction of a 171 MW solar plant in the former PPC lignite center in Western Macedonia. The budget for the project is EUR 43m with completion in 14 months.
The company is also due to post FY23 results today after the close with a conference call at 18:00 Greek time. Dial in numbers: + 30213 009 6000 (GR); +44 800 368 1063 (UK); +44 203 059 5872 (UK & International); +1 516447 5632).
TITAN CEMENT <TITC GA, OW>
The company announced that Titan America has been selected by the US Department of Energy for funding its first innovative technology for low carbon cement, awarding USD 61m to support the deployment of a calcined clay production line.
NBG <ETE GA, OW>
NBG will report 1Q23 results on Wedsday, May 1 with a confernece call at 10:30 Greek time (9:30 CET).
CVC CAPITAL PARTNERS
The private equity firm announced its intention to float at Euronext (Amsterdam). CVC holds significant stakes in several Greek companies, including a 10% stake in PPC Group, along with Skroutz, NBG Insurance, Hellenic Healthcare Group and others.
Market Comment // Trading in positive territory throughout Monday’s session, the Greek market advanced 1.99%, with the main index settling at intra-day highs of 1.420 points. Trading activity was thinner than last week, however daily turnover remained above the €100mn mark. Quest Holdings stood out among gainers, surging 5.7%, closely tracked by Eurobank (+4.7%) and Aegean Airlines (+3.4%). Optima (+3.9%), ELHA (+3.1%), Piraeus Bank (2.9%), Ellaktor (+2.8%), Lamda Development (+2.6%) and Alpha Bank (2.6%) were also among the session’s top performers, with Titan Cement, Motor Oil, Mytilineos, CCH and HTO all finishing on >2% gains. On the other hand, Autohellas shed 4.3% (as it traded ex-div), with Kri-Kri (-1.8%) and Intrakat (-1.6%) also in the red. Today, EU futures suggest a continuation of the positive momentum, driven by an easing of concerns about the Middle East and optimism about forthcoming earnings releases.
Jumbo // New note (“Patience you must have”) where we retain our 10% sales and EBIT growth estimate for 2024e, while raising slightly our estimates for outer years. We reiterate the stock as one of our top picks flagging its emergence as a dividend play. On the latter, we see scope for recurring high cash returns given our >€2 per share FCF forecast (Buy, PT to €33.4).
Sarantis // Q1’24 results out tomorrow pre-market opening. We estimate a robust Q1 with EBIT at €13.1m (+48% yoy, or +28% like-for-like ex Stella Pack which was acquired in January 2024), driven by solid 10% organic top line growth (€139.5m) and strong operating leverage.
Thrace Plastics // Thrace FY23 released this morning were c€1-1.5m better than our numbers at operating level on better gross margins. FY23 sales shaped at €345m (-12% yoy) while EBITDA shaped at €44m, -10% yoy on an adjusted basis but +4% higher than our estimates. Net profit amounted to €17.8m, -31% yoy but also better than our €14.1m estimate.
Quest // New note where we raise our EBITDA forecasts by 5-6%, filtering through the FY23 results and the positive outlook, embracing a more optimistic view for IT services. We envisage EBITDA of €90m in 2024 (+8% yoy), rising to €104m by 2026e, implying an 8% 3-year CAGR. Our indicative valuation range is set between €6.6 and €8.0 per share, with our baseline (€7.2) placing Quest at c9x 12-mth forward EV/EBITDA, a level we reckon is reasonable given the growth profile and the diversified mix.
Cenergy // Following a successful application to the US Department of Energy, Hellenic Cables was granted a $58m IRA 48C tax credit for an intended cable production facility in Maryland, US. Cenergy mgt estimates the total investment for this facility near $300m, with the main production lines being dedicated to the production of subsea and underground cables with applications in offshore wind farms and transmission grid replacement projects.
Titan Cement // The Group’s cement plant in Virginia, USA, has been selected for negotiations by the US Department of Energy for an up to $61.7mn grant to support the development of a low-carbon calcined clay production line.
Sarantis // Sarantis AGM is scheduled for today where, among other issues, shareholders are called to approve a gross DPS of €0.224 (c1.9% div. yield). The ex-dividend date is set for 2nd May (payment starts 13th May).
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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.
