Την Τετάρτη 26 Ιουνίου 2024 θα διενεργηθεί ∆ηµοπρασία Εντόκων Γραµµατίων διάρκειας 26 εβδοµάδων του Ελληνικού ∆ηµοσίου, σε άυλη µορφή, ποσού 500 εκατ. ευρώ, λήξεως 27 ∆εκεµβρίου 2024.
Άνοδο εσόδων και κερδών αναµένει στην τρέχουσα χρήση η διοίκηση της Fourlis. Ειδικότερα, σύµφωνα µε το guidance της εισηγµένης, οι πωλήσεις αναµένεται να ενισχυθούν φέτος κατά 5,5% στα 550 εκατ. ευρώ, µε τα κέρδη προ φόρων και τόκων να ενισχύονται 23,3% στα 26 εκατ. ευρώ. Παράλληλα, στη Γ.Σ. εγκρίθηκε και η διανοµή µερίσµατος ύψους 0,12 ευρώ ανά µετοχή.
Mevaco: Πάνω από τα 50 εκατ. ευρώ οι υπογεγραµµένες συµβάσεις. Το µεγαλύτερο τµήµα των εσόδων της Mevaco προέρχεται από την κατασκευή βάσεων για φωτοβολταϊκά πάρκα. Παράλληλα, όµως, διευρύνεται σταδιακά η παρουσία της εταιρείας στον χώρο των αµυντικών εξοπλισµών.
ELTON: το πρώτο φετινό πεντάµηνο ξεκίνησε για τον όµιλο µε αύξηση του όγκου των πωλήσεών του κατά 7,6%, µε µειωµένο ύψος κύκλου εργασιών λόγω της συνεχιζόµενης υποχώρησης των τιµών των πρώτων υλών και µε σταθερή κερδοφορία.
* OPAP (OPAP GA): domestic gaming market GGR +7% yoy in Jan-April 2024 (online +12%, offline +5%)
* HelleniQ Energy (ELPE GA) reportedly agrees to dispose its 35% stake in Depa Commercial to the Greek State
* Alpha Bank (ALPHA GA) denies negotiations for 15% stake in Bank of Cyprus
* GEK Terna (GEK GA) rules out extra cash return from Terna Energy (TENER GA) sale proceeds – strong focus on construction/concessions
* Fourlis (FOYRK GA) guides for FY24e retail business EBIT growth of 23% y-o-y to €26m (in line), implying +16% for the Apr-Dec period; AGM approves €0.12 DPS for FY23 (3% DY)
* OPAP (OPAP GA) goes today ex-€0.25/sh capital return (1.7% yield)
* Cenergy (CENER GA) goes today ex-€0.08/sh 2023 ordinary dividend (0.8% yield)
* Optima bank (OPTIMA GA) goes today ex-€0.44/sh 2023 ordinary dividend (3.5% yield)
* Titan Cement (TITC GA) shares trade ex-dividend today. DPS adjusted for treasury stocks stands at €0.85/sh, implying 2.7% dividend yield on Friday’s closing price
* ATHEX (EXAE) trades ex-DPS of €0.25 DPS for FY23 (5.1% div yield)
ATHEX headed north on Friday and the General Index rose marginally by 0.16% at 1,424.04 units (FTSE Large Cap: +0.15%, FTSE Mid Cap: +0.68% Banks Index: -0.43%) and the traded value was shaped at EUR 242.6m, up from Thursday’s EUR 159.5m. On a weekly basis, the General Index advanced by 1.22% w-o-w (FTSE Large Cap: +1.23%, FTSE Mid Cap: +0.90%, Banks index: +0.05%). We expect ATHEX to consolidate at current levels today, with Optima Bank, Titan Cement, OPAP and Viohalco in the spotlight.
Macro Headlines
Current account deficit widens in April (BoG)
According to BoG provisional data, Greece’s current account balance in April 2024 recorded a deficit of 2,687.8m, vs. a deficit of 1,865.8m in the same period a year ago, due to a deterioration in the goods balance, while the primary and secondary income accounts were flattish y-o-y. Additionally, in the 4M24 period, the current account deficit widened by EUR 1,077.3m and stood at EUR 6,839.6m. Finally, travel receipts in April 2024 stood at EUR 844.5m, up by 15.9% y-o-y, while in the Jan-Apr 2024 period, travel receipts rose by 22.0% y-o-y to EUR 1,786.5m.
Company Headlines
Optima Bank trades ex-dividend today
The stock is trading ex-dividend today (DPS: EUR 0.44, DY: 3.5%) and payment will commence on Monday 01 July.
Alpha Services and Holdings denied press reports on Bank of Cyprus
Alpha denied on Friday as untrue electronic press article suggesting that it has embarked into negotiations for the acquisition of a stake in Bank of Cyprus from existing shareholders.
HELLENiQ ENERGY to disinvest from DEPA Commercial (press)
According to Kathimerini citing government officials, HELLENiQ ENERGY has agreed with the Greek State (major shareholders of DEPA with 65%) to transfer its 35% stake in DEPA commercial, with the officials announcements expected soon, possibly during the former’s AGM this Thursday.
Motor Oil ex-dividend tomorrow
Motor Oil is set to trade ex-dividend (DPS: EUR 1.43, DY: 5.8%) tomorrow.
METLEN (Mytilineos) ex-dividend tomorrow
METLEN (Mytilineos) is set to trade ex-dividend (DPS: EUR 1.50, DY: 4.2%) tomorrow.
OPAP trades ex-capital return
OPAP trades today ex-capital return (CR: EUR 0.25, DY: 1.7%).
Titan Cement trades ex-dividend
Titan Cement trades today ex-dividend (DPS: EUR 0.85, DY: 2.9%).
CENERGY Holdings trades ex-dividend
CENERGY Holdings trades today ex-dividend (DPS: EUR 0.08, DY: 0.9%).
VIOHALCO trades ex-dividend
VIOHALCO trades today ex-dividend (DPS: EUR 0.12, DY: 2.0%).
ElvalHalcor trades ex-dividend
ElvalHalcor trades today ex-dividend (DPS: EUR 0.04, DY: 2.2%).
Hellenic Exchanges trades ex-dividend today
The stock is trading ex-dividend today (DPS: EUR 0.25, DY: 5.1%) and payment will commence on Monday 01 July.
Fourlis AGM approves EUR 0.12/share dividend
The shareholders approved among others the distribution of a EUR 0.12/share dividend (ex-date: 26 June, DY: 3.05%).
Fourlis plans to double profit margins
During Fourlis’ AGM, the chairman of the BoD Mr. V. Fourlis stated that the company expects an improvement in profit margin in 2024 from the group’s retail sector, even though IKEA is continuously cutting prices. Management stated that EBITDA margin Is expected to reach 7.5% vs. 6.9% in FY23 and EBIT margin will double to 8% from 4% last year. Finaly, management plans to expand its retail activities in the sportswear with the aim to enter to the athleisure market in Greece, Bulgaria and Romania.
Intracom Holdings ex-dividend today
The stock is trading ex-dividend today (DPS: EUR 0.05, DY: 1.5%) and payment will commence on Monday 01 July.
INTRAKAT to hold an investor day today
INTRAKAT is set to hold an investor day to Analysts and Investors
The ASE Index ended Friday’s session flattish, up 0.1%, on a high EUR 242.6m turnover, while banks finished lower, down -0.4%, with Alpha Bank recording -1.2% losses. Among top gainers, PPA and Fourlis rose 3.8% and 3.5% respectively, Titan was up 3.2%, followed by Cenergy +c2.3% and Metlen +1.4%. On red, Hellenic Exchanges slipped -3.2%, Sarantis was down -2.3% and Motor Oil marked a 1.7% drop. OPAP trades ex-capital return rights today.
MACRO – CORPORATE NEWS
MACRO
According to ELSTAT, turnover in retail trade rose 12.1% yoy in April, while excluding vehicles, fuel and food, the corresponding figure marked a 13% yoy advance.
FOURLIS <FOYRK GA>
In the AGM that took place on Friday, the management provided guidance for the retail business for 2024E (excluding Trade Estates) with revenue growth of 5.5% to EUR 550m, EBITDA growth of 14.4% to EUR 41.1 (EBITDA margin 7.5% vs. 6.9% in 2023) and EBIT growth of 23.3% to EUR 26m. The AGM also approved the distribution of FY 23 DPS of EUR 0.12 (gross).
BANK OF CYPRUS <BOCH LN, OW>
According to press reportsPiraeus Bank is also not interested in entering negotiations for a potential stake in Bank of Cyprus. We remind that according to a Bloomberg article last week, two large investors in Bank of Cyprus (CarVal and Caius Capital) with a combined holding of c.15% are working with an advisor to gauge interest for a potential sale of their stake. Reportedly, they also approached Alpha Bank. Alpha Bank also issued an announcement on Friday denying that it has entered into any negotiations for a potential stake in Bank of Cyprus.
PPC <PPC GA, OW>
According to press reports (Euro2day) PPC is not interested in acquiring a 35% stake in DEPA Commercial (currently owned by Helleniq Energy) or Elpedison (the JV between Helleniq Energy and Edison).
Market Comment // The ASE benchmark index edged +0.16% higher on Friday, at 1,424 points, trading lower intraday before returning to gains in the closing hours. On a weekly basis, the index rose +1.22%, driven by non-financials. Friday’s turnover jumped to €243m, boosted by flows from the MSCI rebalancing, with the 100-day MA at €148m. Piraeus Port (+3.8%), Dimand (+3.61%), Fourlis (+3.55%) and Titan Cement (+3.20%) stood out among gainers, followed by Cenergy and Real Consulting (on >2% gains). Autohellas, Metlen, Optima Bank, Intralot, OTE, AIA and Ellaktor all booked gains >1%. On the other hand, ATHEX (-3.19%), EYDAP (-3%) and Sarantis (-2.33%) underperformed laggards, followed by ADMIE Holding, Motor Oil, Austriacard, Quest Holdings, Alpha Bank and Piraeus Bank (all on >1% losses). EU markets look headed for a mixed opening today, with sentiment on Eurozone monetary policy helped by recent macroeconomic releases but with some caution spilling over following yesterday’s tech rout in the US.
HelleniQ Energy // According to Kathimerini, the Group has entered into an agreement to dispose the remaining 35% stake in DEPA Commercial (DC) to the State, with the latter set to take full ownership of DC following the deal. According to the article, the transaction is likely to be completed by next month.
OPAP // Ex-capital return today, €0.25/share (1.7% yield). Payment commences on 1st July.
Dividends // This week will see several stocks trading ex-div. 1) Today: ATHEX (€0.25), Cenergy (€0.08), OPAP (€0.25 capital return), Quest (€0.22), Titan (€0.85), ICI (€2.21), ELHA (€0.04), Optima (€0.44), Viohalco (€0.12). 2) On Wednesday: Fourlis (€0.12), MOH (€1.40), Mytilineos (€1.50).
Fourlis // Mgt provided guidance for FY24 OpCo headline figures at last Friday’s AGM, calling for OpCo revenue growth of 5.5% (to €550m), EBITDA growth of 14% (to €41m) and EBIT growth of 23% (to €26m). Although the numbers indicate sequentially accelerating growth vs Q1’24 (when revenues rose <4%), the degree of operating leverage looks in broad sync with market expectations, we believe.
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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.
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