Έκλεισε η συναλλαγή για την Τέρνα Ενεργειακή, τα σχέδια της Masdar. Η Masdar απέκτησε το 70% των μετοχών. Θα αιτηθεί τις απαραίτητες ρυθμιστικές εγκρίσεις για την έναρξη υποχρεωτικής δημόσιας πρότασης εξαγοράς όλων των υπολοίπων μετοχών. Στοχεύει 6 GW εγκατεστημένης ισχύος ΑΠΕ έως το 2029.
Cenergy: αποκτά πιστοποίηση για δυναμικό καλώδιο ισχύος που υποστηρίζει τους στόχους για την πλωτή υπεράκτια αιολική ενέργεια.
ATHEX headed slightly north yesterday, underperforming the European stock markets. In more detail, the General Index rose by 0.01% at 1,403.83 units (FTSE Large Cap: -0.21%, FTSE Mid Cap: +0.30%, Banks Index: -0.49%) and the traded value was shaped at a record EUR 1.727m, up from Wednesday’s EUR 87.0m due to the sale to Masdar of the 70% stake of Terna Energy. We expect ATHEX to consolidate at current levels.
Macro Headlines
Greek ESI down in November
Greece’s Economic Sentiment Indicator (ESI) eased to 106.1 in November 2024 from 106.9 in October, remaining well above the EU average ESI (rose to 96.5 in November from 96.3 in October).
Total building activity increased in August
According to ELSTAT, total building activity (private-public), as this is measured by the number of building permits issued, increased by 10.5% y-o-y in August 2024. In surface and volume terms, building activity increased by 15.0% and fell by 12.0% y-o-y respectively. In the September 2023- August 2024 period, Greek building activity grew by 13.8% y-o-y in terms of permits, while also increased by 17.2% y-o-y in terms of surface and by 11.5% y-o-y in terms of volume.
Sector Headlines
Facts: According to BoG, total credit to the economy (incl. the general government) came in at EUR 197.4bn in October 2024 (+4.5% y-o-y, positive monthly net flow by EUR 2,775m), on the back of positive monthly net flow by both the general government and the private sector. Loans to the private sector rose by 9.1% y-o-y to EUR ca121.7bn (positive monthly net flow of EUR 1,882m). Net credit expansion stood at EUR 5,471m y-t-d.
Comment: Net credit expansion was positive for a 2nd month in a row thanks to corporate loans that reached EUR 81.4bn (+14.8% y-o-y, positive monthly flow by EUR 2,020m). Loans to sole proprietors stood at EUR 4.33bn (+0.4% y-o-y, negative monthly net flow by EUR 61m). Moreover, household lending was shaped at EUR 35.9bn (-0.7% y-o-y, negative monthly net flow by EUR 78m). Housing loans came in at EUR 27.0bn (-2.8% y-o-y, negative monthly net flow of EUR 73m). Consumer credit reached EUR ca8.74bn (+6.4% y-o-y, negative monthly net flow of EUR 5m). Corporate loans accounted for 67% of private sector loans, household loans for 30% and other loans for 3% respectively.
Facts: BoG announced that system deposits came in at EUR 202.5bn (+2.7% y-o-y, negative monthly net flow of EUR 1,869m) in October 2024. General Government deposits reached EUR 7.04bn (-12.1% y-o-y, positive monthly net flow by EUR 389m) and private sector deposits amounted to EUR 195.5bn (+3.3% y-o-y, negative monthly net flow of EUR 2,258m). Corporate deposits came in at EUR ca48.5bn (+6.3% y-o-y, negative monthly net flow by EUR 2,122m), whilst household deposits reached EUR ca147.1bn (+2.3% y-o-y, negative monthly net flow by EUR 136m). Household deposits accounted for 75% of private sector deposits and corporate for the remaining 25%.
Comment: The monthly drop in private sector deposits (EUR -2,258m) in October is attributed primarily to corporate deposits (EUR -2,122m). Time deposits recorded a marginal monthly net flow of EUR 52m and accounted for 18.4% of system depos vs. 18.2% in September. Liquidity remained ample, with the LDR at 62.2% vs. 60.6% in September and the commercial surplus narrowed to EUR 73.9bn from 77.8bn in September.
ESM and EFSF waive Greece’s prepayment of GLF loans (expected)
The European Stability Mechanism (ESM) and European Financial Stability Facility (EFSF) agreed today to waive the mandatory repayment obligation by Greece of EUR 7.9bn ESM/EFSF loans, following a relevant request from the Greek Government. In other related news, ESM and EFSF gave their consent to the merger of the Hellenic Financial Stability Fund (HFSF) with the Hellenic Corporation of Assets and Participations (HCAP). The Greek government’s merger plan also includes the merger of Hellenic Republic Asset Development Fund (HRADF) with HCAP, which does not require consent by the ESM or EFSF.
Government to impose a EUR 100m special tax on electricity generators (press)
According to Kathimerini, the government is set to impose a special tax on the electricity generators of EUR 100m, so as to subsidize the retail and business tariffs, aiming to keep them <EUR 150/MWh.
Company Headlines
Masdar completes the acquisition of 70% of Terna Energy
Masdar completed the acquisition of 70% of the outstanding shares of Terna Energy from GEK TERNA and other major shareholders at EUR 20/share. Additionally, Masdar will seek regulatory approvals from the Hellenic Capital Markets Commission for the launch of a mandatory tender offer to acquire the remaining 30% of outstanding shares of Terna Energy at the same price (according to press reports, the mandatory tender offer will be launched next week).
CENERGY’s gets a new certification for 66kV cables
Hellenic Cables, the cables segment of Cenergy Holdings, announced the successful certification of its dynamic power cable (66kV), which will support the electrical connection of offshore wind turbines in areas where the traditional fixed bottom offshore wind turbines cannot be installed. Moreover, the dynamic cables will pave the way for electrification of offshore platforms using power from floating renewable energy sources, thereby significantly reducing carbon footprints.
Jumbo Share buyback
The company announced that it purchased on 27 November, 34,917 own shares at an average price of EUR 24.8136. The company now holds 554,580 shares or 0.41% of the total share capital.
Market Comment // Greek stocks remained flat on Thursday, with the benchmark ASE index closing at 1,403 points (+0.01%) amidst unenthusiastic sentiment across EU exchanges and the holiday in the US. Excluding the Terna Energy transaction blocks, trading activity was muted at c€61m, less than half the 100-day moving average level (€136m). Real Consulting (+2.7%), Motor Oil (+2.5%) and Motodynamics (+2.2%) set the pace for gainers, followed by Thrace Plastics, PPA, Trade Estates, AIA, Titan Cement, and IDEAL Holdings (booking gains >1%). On the other side, Lamda Development (-1.8%) led laggards, followed by Eurobank and PPC (on >1% losses). The market looks headed for a somewhat tepid opening today, as investors brace for key Eurozone inflation data later in the day.
GEK Terna-Terna Energy // Masdar successfully completed yesterday the acquisition of 70% of Terna Energy shares at the agreed price of €20 (valuing Terna at an EV of €3.2bn). Following the completion of the deal, Masdar will initiate the process required for the Mandatory Tender Offer, seeking the necessary regulatory approvals.
Energy // In sync with recent press reports, Kathimerini suggests today that the govt is close to finalizing a new intervention in the energy sector, in an attempt to address the resurgence in wholesale electricity prices since October. The govt is reportedly planning a tax on generation targeting proceeds near €100m to be channelled to subsidies in supply, initially for 3 months.
Banks // Private sector deposits decreased by €2.26bn m/m in October (with term deposits in the mix flattish at 25.6%); flow of credit to the private sector remained positive at €1.88bn (+5.5bn ytd).
Lamda // Lamda is in the final stages of appointing the contractor for the development of the Ellinikon mall, according to Kathimerini. The construction cost of the Ellinikon mall is estimated at €600-650m, excluding infrastructure, financing and land costs.
IDEAL Holdings // In a presentation to the local press yesterday, Attica Department Stores mgt shared that company sales grew to €179.6m (+10% yoy) over the 10-mth period, with EBITDA at €19.6m (+16% yoy). Mgt also announced a c€15m capex plan over 2025-27 for the optimization of existing stores.
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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.
