HelleniQ Energy: Σε καταρχήν συµφωνία για την εξαγορά από το ∆ηµόσιο του µεριδίου της HelleniQ Energy στη ∆ΕΠΑ Εµπορίας φέρεται να έχουν έρθει οι δύο µέτοχοι (∆ηµόσιο 65%, HelleniQ Energy 35%). Με την κίνηση αυτή στόχος είναι αφενός µεν το δηµόσιο να έχει πλήρη ορατότητα και ευελιξία κινήσεων για την εταιρεία αφετέρου η Helleniq Energy να απεµπλακεί από τη συµµετοχή της στην εταιρεία η οποία δηµιουργεί αντικρουόµενα συµφέροντα µε άλλες δραστηριότητες (Elpedison). Σηµειώνεται τέλος ότι παράλληλα µε την υπόθεση της ∆ΕΠΑ Εµπορίας η διοίκηση της HelleniQ Energy τρέχει και την υπόθεση της Elpedison, για το µέλλον της οποίας βρίσκεται σε διαβουλεύσεις µε την ιταλική Edison, όπου αναµένεται διαζύγιο.
Flexopack: Μέρισµα €0,15/µετοχή, από 8 Ιουλίου η καταβολή.
Austriacard: Απέκτησε 100.000 µετοχές από το ταµπλό ο Νικ. Λύκος. Στα 596.284,37 ευρώ η αξία της συναλλαγής µε µέση τιµή κτήσης 5,96 ευρώ.
Motor Oil: Στις 17/7 η έκτακτη ΓΣ για την εξαγορά της Ηλέκτωρ. Μοναδικό θέµα της γενικής συνέλευσης η έγκριση της εξαγοράς της Ηλέκτωρ από την Ελλάκτωρ και η παροχή των σχετικών εξουσιοδοτήσεων στη διοίκηση της εισηγµένης.
Metlen: Τιµή στόχο €49 (από €45 προηγουµένως) θέτει νέο report της EDISON για τη Metlen δίνοντας ανοδικό περιθώριο άνω του 35%, µε οδηγό τη δυναµική που αναπτύσσει η Εταιρεία στο κοµµάτι των ΑΠΕ καθώς και τη σωστή εκµετάλλευση των µοναδικών συνεργειών της που την κάνουν να ξεχωρίζει από τον παγκόσµιο ανταγωνισµό.
Στα 17,80 ευρώ, από τα 13,80 ευρώ, ανεβάζει την τιµή-στόχο για τη µετοχή της Aegean η Eurobank Equities, επιβεβαιώνοντας τη σύσταση αγοράς που έχει εκδώσει. Intercontinental International:
Ολοκληρώθηκε η πώληση ακινήτου επί της Λεωφόρου Βουλιαγµένης 152, στη Γλυφάδα, συνολικής επιφάνειας 2.824 τ.µ., στην BriQ έναντι 4 εκατ. ευρώ.
Η εταιρεία Μύλοι Λούλη αποφάσισε τη διανοµή µερίσµατος για τη χρήση του 2023 ανερχόµενου στο ποσό των 0,12 (µικτό) Ευρώ ανά µετοχή, από το οποίο παρακρατείται φόρος ποσοστού 5%, όπως ισχύει, ήτοι καθαρό πληρωτέο µέρισµα 0,114 Ευρώ ανά µετοχή.
Όµιλος Intrakat: επέκταση του χαρτοφυλακίου Σ∆ΙΤ και Παραχωρήσεων, επενδύσεις σε Ανανεώσιµες Πηγές Ενέργειας (ΑΠΕ), ενίσχυση της παρουσίας στην αγορά της Ρουµανίας, πιθανές εξαγορές, αλλά και ανάπτυξη άλλων δραστηριοτήτων ανέφερε ο Αντιπρόεδρος του ∆.Σ. και ∆ιευθύνων Σύµβουλος του Οµίλου Intrakat, κ. Αλέξανδρος Εξάρχου.
* Greece to expand (allegedly by €0.5bn) state guarantees in Hercules APS so as to complete pending NPE securitisations
* Budget execution continues to handsomely beat in Jan-May 2024, mostly courtesy of stronger-than-expected tax collections; EU Commission sets c3% annual growth cap for Greek 2025-28 primary budget expenditure
* Piraeus Bank (TPEIR GA) unveils strategic partnership with property developer Dimand
* Motor Oil (MOH GA) to host EGM on July 17 to approve Helector (Ellaktor’s waste management unit) buyout – €114.7m bid implying 8.2x trailing EBITDA
* Motor Oil (MOH GA) goes today ex-final €1.43 DPS for FY23 (5.7% yield)
* Metlen Energy & Metals (MYTIL GA) goes today ex-€1.55 DPS (4.3% yield)
* Fourlis (FOYRK GA) trades ex-DPS of €0.12 DPS for FY23 (3.1% div yield)
ATHEX headed south yesterday, reversing earlier gains, outperforming the European markets. In more detail, the General Index narrowed by 0.28% at 1,420.06 units, (FTSE Large Cap: -0.31%, FTSE Mid Cap: +0.46%, Banks Index: -1.10%) and the traded value was shaped at EUR 155.7m, down from Friday’s EUR 242.6m. We expect ATHEX to follow the international markets, dividend cut offs to weigh on today’s session.
Sector Headlines
Government applied for the increase of State guarantees for Hercules III
The Minister of Finance stated yesterday on the Hellenic Bank Association that the government has applied to DG Comp the increase of State guarantees by EUR 500m for Hercules III, the NPE securitization scheme. Recall that State guarantees of Hercules III are currently amounting to EUR 2.0bn and Frontier II (State guarantees of EUR 360m) of National Bank of Greece and Sunrise III of Piraeus Financial Holdings (State guarantees of EUR 143m) have been included hitherto.
The Minister of Finance called on banks to reduce their fees
The Minister of Finance called yesterday on banks to reduce their fees, so that there is no need for legislative intervention.
Company Headlines
PPC to enter the retail Telecom market in 4Q24 (press)
According to Powergame.gr, PPC is set to enter the retail Telecom market in 4Q24, so as to leverage on the fiber optic network it is currently developing with its 100% subsidiary, Fibergrid.
Motor Oil EGM to approve the acquisition of HELECTOR
Motor Oil will hold an EGM on 17 July to approve the acquisition of all the shares (94.4%) held by ELLAKTOR in its waste management arm, ΗELECTOR for EUR 114.7m. As a reminder, during the 1Q24 results conference call, Motor Oil’s management said that the transaction is at a trailing EV/EBITDA of 8.0x and 5.0x for 2024e according to our estimates, HELECTOR will generate EBITDA of EUR 24.3 in 2024e, from EUR 15.2m in 2023.
Motor Oil trades ex-dividend
Motor Oil trades today ex-dividend (DPS: EUR 1.43, DY: 5.8%).
METLEN (Mytilineos) trades ex-dividend
METLEN (Mytilineos) trades today ex-dividend (DPS: EUR 1.553, DY: 4.2%).
INTRAKAT Investor Update
During yesterday’s Investor Update, INTRAKAT’s management presented the company’s medium term strategy and Guidance. In more detail, INTRAKAT expects its turnover and profitability to soar in the medium term, supported by the secured backlog of EUR 4.9bn, the projects to be tendered in Greece and Romania of EUR 18.2bn, the development of 2.7GW RES projects jointly with PPC and also the maturing Concession and PPP projects (Motorways, Waste management, telematics and fiber optics). That said, INTRAKAT guides for EUR 2.4bn by 2026e, (from EUR 412m in 2023), 75% of which from construction, 15% from PPPs and 10% from RES, on 7.5% EBITDA margin (from 3.8% in 2023), with a cumulative capex of c.EUR 1bn of the 2024-26 period. The Management said that its low leverage guarantees that no additional equity will be needed in the foreseeable future, adding that it expects to relaunch dividend distributions from 2025 or 2026. Finally, the management said that it is monitoring certain acquisition opportunities, especially in the concessions sector, with official announcements expected by November.
Piraeus and Dimand announced strategic cooperation in real estate development
Reportedly (newmoney), the CEOs of the two companies announced yesterday their strategic cooperation regarding the recast of four real estate projects in Attica and Thessaloniki with a total surface of 127k sqm and a cost of EUR 500m.
OPAP Share buyback
The company announced that it purchased from 17 to 21 June 325,901 own shares at an average price of EUR 14.694. The company now holds 8,743,750 shares or 2.36% of the total share capital.
Fourlis trades ex-dividend
Fourlis trades today ex-dividend (DPS: EUR 0.12, DY: 3.1%).
AVAX loses the international arbitration case against Lebanon
AVAX announced that the international arbitration dismissed its claim for compensation by the Republic of Lebanon on the basis of the contract signed on 12.04.2013 between the two parties for the construction of the Deir Aamar (Phase II) thermal power station near the city of Tripolis in Lebanon. Following the arbitration court’s decision, AVAX will be required to pay the amount of EUR 1.3m to the Republic of Lebanon for costs incurred during the arbitration proceedings, and a EUR 16m accounting loss will be incurred in the company’s 1H24 financial results.
The market ended the day flattish, down -c0.3%, on a EUR 157m turnover, while banks recorded losses of -1.1%, with Piraeus Bank and NBG both down -2.5%, overshadowing Eurobank’s 1.3% gains. On non-financials Cenergy stood out marking a 4% advance, Motor Oil was up 3.5% and OPAP rose 1.1%. Among worst performers, Titan slipped -2.7%, whereas GEKTERNA and Aegean were down -2.4% and -2.3% respectively.
MACRO – CORPORATE NEWS
BANKS
*The Greek government will request from the EU additional EUR 500m in guarantees under the Hercules III scheme (on top of the currently agreed EUR 2.0bn). Expected.
*Minister of Finance urged banks yesterday to lower commissions on various retail and SME categories.
HELLENIQ ENERGY <ELPE GA, OW>
According to press reports HELLENiQ ENERGY has reached an initial agreement with the Greek stake on the acquisition of HELLENiQ’s 35% stake in DEPA Commercial. In a separate press report, HELLENiQ ENERGY and Edison to commence negotiations on the new shareholding structure of ELPEDISON, their 50/50 JV active in generation and supply of electricity/natgas. HELLENiQ is due to hold its AGM on June 27th.
METLEN <MYTIL GA, OW>
Stock to trade today ex-dividend of EUR 1.50/share (EUR 1.55/share excluding treasury shares). Payment of the dividend to the beneficiaries to commence on July 2nd.
INTRAKAT <INKAT GA>
Intrakat, Greece’s second largest construction company, hosted an investor update yesterday, guiding for consolidated turnover for 2026E of EUR 2.5bn (from EUR 0.4bn in 2023) with an EBITDA margin of c.7.5% i.e. an EBITDA of around EUR 200m (from EUR 16m in 2023). The main driver in the short run is the booming construction segment with significant order flow expected within 2024E and 2025E on the already high backlog (Dec 2023 at EUR 4.9bn). Management anticipates construction turnover at EUR 2.4bn in 2026E with an 8-9% gross margin. Visibility on the guidance is high as 55% of the 2026E target is based on already contracted projects vs. future pipeline. Management targets to invest the strong free cash flows from the construction space over 2024-26E into PPPs (Public Private Partnerships), concessions and RES with a investment budget of c.EUR 1bn in the three year period. The target portfolio mix is 40% construction, 30% RES and 30% PPPs.
PIRAEUS BANK <TPEIR GA, OW>
The company announced a strategic cooperation with Dimand to renovate and better exploit real estate property worth c.EUR 0.5bn.
TERNA ENERGY <TENERGY GA, OW>
The company announced that the AGM approved the dividend distribution of EUR 0.38/share (subject to withholding tax of 5%), with the ex-dividend date set on July 8th.
Market Comment // Greek stocks treaded water on Tuesday, with the ASE benchmark closing -0.28% lower at 1,420 points, held back by underperformances across Banks and ex-div trading for a number of blue chips. Trade activity was a tad higher for the day, at c€157m vs. the 100-day MA of €148m. Titan Cement (-5.39%, ex-div), ATHEX (-4.12%, ex-div) and Papoutsanis (-3.69%) stood out among laggards, followed by Motodynamics, Piraeus Bank, NBG, GEK Terna, Autohellas, Aegean Airlines, Ellaktor and Piraeus Port (all on >2% losses). On the flipside, Intralot (+5.5%), Motor Oil (+3.54%), Cenergy (+3.18%) and Optima Bank (+3.17%) led gainers, followed by Kri Kri (+2.82%), and CCH, Quest Holdings, Eurobank, OTE, and Sarantis (on >1% gains). EU futures point to a positive opening today as markets seek to reclaim some of their recent losses, with yesterday’s US close adding a bullish pulse to the region.
Banks // The Minister of Economy and Finance, Mr. Kostis Hatzidakis, reiterated his call for Greek banks to lower transaction fees for both retail and corporate customers. He also mentioned the possibility of introducing new legislative measures should the banks fail to adhere. Transaction fees represent approximately 40% of the total fees generated by Greek banks.
Aegean Airlines // In our update report “Flying High” we lift our 2024e EBITDA by c14% to €415m (a fresh historic record), now anticipating c+4% yoy growth given the strong demand and reasonable capacity additions in the remainder of the year. Looking ahead we see c5% annual EBITDA growth on similar revenue growth. Our DCF-based valuation returns a 12-month PT of €17.8 per share (from €13.8 previously), which effectively places the stock at c5.5x 1yr fwd EV/EBITDA, in sync with the mid-cycle levels. We thus reiterate our Buy rating.
Metlen // Ex-div today, €1.50 final dividend (4.3% yield) with payment commencing on 2nd July.
Motor Oil // Ex-div today, €1.40 final dividend (5.9% yield) with payment commencing on 3rd July. Including the interim dividend of €0.40 (already paid), the total dividend for FY23 stands at €1.80/share.
Fourlis // Ex-div today, €0.12 per share. The net amount post 5% withholding tax stands at €0.114 (2.9% yield) and will be paid on 3rd July.
Dimand // Strategic partnership with Piraeus Bank announced yesterday for the development of urban spaces in Attica and Thessaloniki. The partnership relates to 4 projects with gross development value near €500m including office space, the redevelopment of the FIX industrial complex, the redevelopment of high-street property in the center of Athens, and the restoration and development of urban infrastructure and building facilities in Lavrio (Attica).
PPC // AGM scheduled for tomorrow with investors set to vote on standard AGM items including the approval of a dividend of €0.25/share (ex-div on 22/07) and the renewal of the Group’s share buy-back program.
HelleniQ Energy // AGM scheduled for tomorrow, during which investors will vote on standard AGM items, including the distribution of dividend (€0.90/share total dividend, with final DPS of €0.60, ex-div on 10/07), the establishment of a share buyback program up to 1mn shares as well as the institution of a long-term program of free distribution of shares to Company executives.
* Tα παραπάνω σχόλια μπορείτε να τα διαβάσετε πρώτοι στο viber του mikrometoxos.gr
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.
