Από τα γραφεία των Χρηματιστών (30.10.2024)

Σε αναζήτηση κατεύθυνσης βρίσκεται σήμερα το χρηματιστήριο Αθηνών, προσπαθώντας να διαχειριστεί τις ήπιες κινήσεις κατοχύρωσης των κερδών της χθεσινής ημέρας, αλλά και της επιφυλακτικότητας που παραμένει στην αγορά όσο δεν μπορεί να περάσει με πειστικότητα πάνω από τις 1.400 μονάδες.
Η αγορά αναζητεί τα καύσιμα εκείνα που θα της δώσουν την ώθηση να απομακρυνθεί από τη ζώνη των 1.400 μονάδων και να ενεργοποιήσει περισσότερους αγοραστές που παραμένουν προς ώρας επιφυλακτικοί. Ωστόσο, η εικόνα της δεν είναι αυτή που θα δώσει το έναυσμα, καθώς δεν λείπουν και οι βραχυπρόθεσμοι που σπεύδουν να πάρουν έστω και τη μικρή απόδοση της χθεσινής αντίδρασης.
 Κέρδη 1,05% καταγράφει και ο FTSE 25, στις 3.386,49 μονάδες, ενώ ο τραπεζικός άνοδο 0,30% στις 1.174,82 μονάδες.
*ΚΥΚΛΟΣ Χρηματιστηριακή Α.Ε.Π.Ε.Υ.* (http://www.cyclos.gr/)
 
Άνοδο κατά 0,79% κατέγραψε ο Γενικός ∆είκτης του Χ.Α. στη χτεσινή συνεδρίαση κλείνοντας στις 1401,18 µονάδες. Παράλληλα, η αξία των συναλλαγών διαµορφώθηκε στα 182,1 εκ ευρώ. Οι διαθέσεις των αγοραστών για ανάληψη της υπεροπλίας φάνηκαν από το ξεκίνηµα οδηγώντας το Γ.∆. στο ενδοσυνεδριακό υψηλό των 1410 µονάδων λίγο πριν τις 12µµ. µε οδηγό τις τράπεζες και το ∆.Α.Α. και σε συνέχεια της ανοδικής κίνησης που είχε προηγηθεί τη ∆ευτέρα στις διεθνείς αγορές. Όµως στη συνέχεια οι πωλητές αντέδρασαν και πέτυχαν ως τις δηµοπρασίες να περιορίσουν τα αρχικά κέρδη. Την ίδια ώρα, οι αποδόσεις των 10ετών τίτλων διαµορφώνονταν στο 3,180%. Έτσι, ο τραπεζικός κλάδος κατέγραψε κέρδη (+1,96%) µε την Εθνική (+2,98%) και τη Eurobank (+2,55%) να υπεραποδίδουν. Κέρδη ακόµη κατέγραψε το ∆ΑΑ (+4,09%), η ∆ΕΗ (+1,45%), η ΜΟΗ (+1,15%), ο ΟΤΕ (+1,15%), ο Τιτάν (+1,87%), η Cenergy (+2,57%0, ο Ελλάκτωρ (+1,59%), το Jumbo (+1,38%), η Infoquest (+3,81%) αλλά και τα δικαιώµατα της Τράπεζας Αττικής (+30%). Στον αντίποδα, απώλειες κατέγραψε η ΕΕΕ (-1,57%), η Βιοχάλκο (-1,12%), τα ΕΛΠΕ (-0,87%) και η ΕΛΧΑ (-0,45%). Απολογιστικά, 68 µετοχές κατέγραψαν κέρδη έναντι 33 εκείνων που υποχώρησαν. Το ∆ΑΑ ανακοινώνει τα µεγέθη του για το 9µηνο ενώ ολοκληρώνεται σήµερα η διαπραγµάτευση των δικαιωµάτων της Τράπεζας Αττικής και διενεργείται δηµοπρασία για 3µηνα έντοκα γραµµάτια. Στις ΗΠΑ ανακοινώνεται η αναθεωρηµένη εκτίµηση για το ΑΕΠ και στις Βρυξέλλες η αρχική εκτίµηση για το ΑΕΠ της Ευρωζώνης. Το θετικό momentum διαµορφώνει προϋποθέσεις για συνέχιση της ανοδικής κίνησης του Γ.∆. στο ΧΑ µε τις 1411 µονάδες να αποτελούν την πλησιέστερη αντίσταση.

Η Intrakat γίνεται όµιλος AKTOR και επενδύει 2 δισ. ευρώ. Στόχος κύκλος εργασιών €3,2 δισ. και EBITDA €430 εκατ. το 2030. Αύξηση Μετοχικού Κεφαλαίου €200 εκατ. για τη χρηµατοδότηση επενδύσεων. Tιµή διάθεσης θα είναι €4,60. Ολικός Εταιρικός Μετασχηµατισµός του νέου oµίλου: AKTOR ΑΚΙΝΗΤΑ, AKTOR ΑΝΑΝΕΩΣΙΜΕΣ, AKTOR ΚΑΤΑΣΚΕΥΕΣ, AKTOR ∆ΙΑΧΕΙΡΙΣΗ ΕΓΚΑΤΑΣΤΑΣΕΩΝ.

Intrakat: Αναλαµβάνει πρόεδρος του ∆Σ ο Αλέξανδρος Εξάρχου. Ανασυγκροτήθηκε σε σώµα το ∆.Σ. της Intrakat. Ο κ. Εξάρχου διατηρεί και τη θέση του διευθύνοντα συµβούλου. Ακίνητα 600 εκατ. αγοράζει από Prodea η Intrakat, προχωρά σε ΑΜΚ. Το χαρτοφυλάκιο αποφέρει ετήσιο εισόδηµα από µισθώµατα 41,5 εκατ. ευρώ. Παράλληλα, αγοράζει πλήθος ΑΠΕ, την κατασκευαστική Εντελέχεια, αλλά και εταιρείες διαχείρισης εγκαταστάσεων.

Performance Technologies: Σε συζητήσεις για εξαγορά 5% σε ιρλανδική εταιρία λογισµικού. Το συνολικό ποσό της επένδυσης στο κεφάλαιο της εταιρείας ανέρχεται στις 500 χιλιάδες ευρώ.

Νάρκη από Ε.Α. στο deal της για την Ηλέκτωρ. Η Ανεξάρτητη Αρχή εκτιµά ότι προκύπτουν σοβαρά προβλήµατα ως προς τις απαιτήσεις λειτουργίας του ανταγωνισµού σε επιµέρους αγορές και ξεκινά πλήρη διερεύνηση. Εντός τριµήνου η απόφαση.

Μοτοδυναµική: Με αύξηση 14,2% στον κύκλο εργασιών έκλεισε το ενιάµηνο του 2024 µε τις πωλήσεις να ανέρχονται σε €144,5 εκ. (ενοικιάσεις αυτοκινήτων, πωλήσεις δίκυκλων και προϊόντων θάλασσας, δραστηριότητα Porsche). Στα 16,9 εκατ. ευρώ τα λειτουργικά κέρδη. Χαρδαλιάς:

Σε τροχιά υλοποίησης το πάρκο στον Φαληρικό Όρµο. Το πάρκο, που εντάσσεται στο Νέο Ευρωπαϊκό Bauhaus, θα έχει έκταση 541 στρεµµάτων, ενώ ο συνολικός προϋπολογισµός του έργου ανέρχεται σε 370 εκατ. ευρώ. 

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

ATHEX headed north yesterday after five sessions in the red, outperforming the European stock markets. In more detail, the General Index climbed by 0.79% at 1,401.18 units (FTSE Large Cap: +0.99%, FTSE Mid Cap: +0.09%, Banks Index: +1.96%) and the traded value was shaped at EUR 181.1m, up from Friday’s EUR 130.0m. We expect the positive momentum to continue today, with Intrakat and Athens International Airport in the spotlight.

Sector Headlines

BoG Governor to meet with the four systemic banks tomorrow-Press

Reportedly (insider), the Governor of Bank of Greece will meet with the CEOs of the four systemic banks tomorrow in order to discuss about the acceleration of DTC amortization. The same reports indicate that the four systemic banks have proposed to the SSM to distribute 50% of net profits to shareholders and 29% of the remaining 50% to accelerate the DTC amortization so that to reach EUR 350m-400m per annum against the current EUR 150m-200m pa and to complete it by 2034 instead of 2041. Recall that the four systemic banks aim to distribute 35% of net profits in 2024e and 50% in 2025e and 2026e respectively.

Company Headlines

Greek competition authority initiates an in-depth assessment of the notified concentration concerning the acquisition of HELECTOR by MOTOR OIL.

The Hellenic Competition Commission initiated the procedure to assess the market concentration concerning the acquisition of ELLAKTOR’s waste management arm, HELECTOR by Motor Oil. The HCC’s decision on the concentration shall be issued within ninety days from the date of initiation of the in-depth assessment procedure. The initiation of the above procedure does not prejudice the final outcome of the assessment. As a reminder, already back in July 2024, Motor Oil and ELLAKTOR agreed on the acquisition of all the shares (94.4%) held by ELLAKTOR in its waste management arm, ΗELECTOR for EUR 114.7m.

INTRAKAT announces a EUR 200m SCI

INTRAKAT will hold an EGM on 19 November to approve a EUR 200m share capital increase and the change of the corporate name of the company to AKTOR Group. The new shares will be offered with a proposed price of EUR 4.60/share and with preemptive rights in favor of the existing shareholders at a ratio of 0,270853462305055 New Shares for each old share of the Company.

INTRAKAT announced four significant business agreements

INTRAKAT announced yesterday four significant agreements, at a total value according to our estimates of EUR 832.6m. In more detail, INTRAKAT announced:

  1. a)the signing of a binding agreement with Prodea REIC, for the acquisition from the latter of a EUR 600m property portfolio which generates annual rental income of c. EUR 41.5m. The transaction is expected to be completed by May 31st, 2025.
  2. b)the signing of two MoUs for the acquisition of RES portfolios, both under construction and of varying degrees of development and licensing maturity. In more detail, INTRAKAT will acquire Solar projects of 347.9MW total capacity at an aggregate consideration of 133.2m and win projects at various stages of development of 214.8MW total capacity, at an aggregate consideration of 55.4m. The completion of the transaction is expected by February 15, 2025.
  3. c)the signing of a MoU with the construction company ENTELECHEIA, a company specializing in the construction of network infrastructures, regarding the acquisition of a 50.1% equity share, for a total consideration of up to EUR 30.06m, which will be paid in three equal annual installments. The acquisition is expected to be completed by the end of 1Q25.
  4. d)the signing of a MoU with société anonymes and private companies within the Oceanic Group of Companies, which operate in the sector of security and facility management services for the acquisition of 55% of the Companies’ share capital for a total price of EUR 7.7m, with an option to acquire the remaining 45% over a three-year period from the signing date for EUR 6.3m. A corresponding put option is also provided to the sellers, allowing them to sell their remaining shares at the same valuation. The proposed transaction is expected to be completed by 20/12/2024. The repayment of the total price for the above acquisition is expected to take place by the end of February 2025.

INTRAKAT to hold an Investor Day event today

INTRAKAT will hold an Investor Day event today, during which the management will present the medium-term strategy of the Group and also its financial targets (during another special event held yesterday, the management reportedly set sales and EBITDA target for 2025e at EUR 1.4bn and EUR 184m respectively and further up to EUR 3.2bn and EUR 430m respectively by 2030e, while total investments over the same period are expected to reach EUR 2bn).

Coca Cola HBC 3Q24 trading update out tomorrow

Coca Cola HBC is set to report 3Q24 trading update tomorrow, before the opening of ATHEX. According to Vuma, consensus forecasts group revenues to reach EUR 2.95bn (+5.5% y-o-y), driven by higher volume (+2.6% y-o-y) and net revenue per unit case (+2.8% y-o-y).

Motodynamics 9M24 results out

The company posted o good set of results with revenues came in at EUR 144.4m vs. EUR 126.4m in 9M23, posting a 14.2% y-o-y increase. Per product category Yamaha sales increased by 17.9% to EUR 70.1m, Porsche sales increased by 29.6% to EUR 33.7m, Sixt rental revenues reached EUR 39.8m, up by 14.0% y-o-y, while fleet sales decreased by 87.6% to EUR 0.74m as secondhand car market normalized. On the profitability front, EBITDA increased by 4.3% y-o-y to EUR 26.1m vs. EUR 25.01m in 9M23 (with EBITDA margin reduced to 18.1% vs. 19.8% a year ago on higher operating costs and lower pricing due to high competition) while, net profit of the group increased by 1.1% y-o-y to EUR 10.6m vs. EUR 10.5m in 9M23.  Finally, the group’s net debt reached EUR 53.9m down by 7.2m vs. its seasonal peak in 1H24 (due to heavy CaPex needed for Sixt’s fleet increase).

Athens International Airport 9M24 results out today

AIA is set to report its 9M/3Q24 results today, after the market close.

Attica Bank pre-emptive rights trading ends today

According to the official timetable, the trading of the pre-emptive rights ends today, the exercise period of the pre-emptive rights will end on Monday 04 November and the new shares from the SCI will commence trading on Wednesday 13 November.

OPAP Share Buyback

The company announced that during 21/10/2024 – 25/10/2024, it purchased 211,019 own shares at an average price of EUR 15.766 per share and now holds 11,252,984 own shares or 3.04% of the total shares outstanding.

OTE Share Buyback

The company announced that during 21/10/2024 – 25/10/2024, it purchased 296,695 own shares at an average price of EUR 15.853 per share and now holds 4,236,138 own shares or 1.026% of the total shares outstanding.

Intracom Holdings increased its stake to 10.004% in Intralot

Intralot announced that Intracom Holdings increased on 25 October 2024 its stake to 10.004% (60,434,501 voting rights) from 9.976% previously.

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

The market ended Tuesday’s trading session with 0.8% gains, demonstrating signs of recovery, while value stood at EUR 181.1m. Following banks’ steep losses the week prior, the banking sector rebounded, marking 1.9% gains, with NBG up c.3%, Eurobank rising 2.5% and Alpha +1.5%. Among market’s top gainers, Cenergy finished 2.5% higher, Titan rose 1.8%, followed by Jumbo gaining 1.3% and OTE +1.1%. In the meantime, Helleniq Energy recorded 0.8% losses, while GEK Terna, Sarantis and Aegean finished just below the flatline at -c.0.2%. Today, AIA is due to report its 3Q24 trading update, after the market close.

MACRO – CORPORATE NEWS

INTRAKAT <INKAT GA>

Intrakat announced yesterday the transformation of the group to include 1/ a capital increase via a rights issue of up to EUR 200m; 2/ a binding framework agreement for the acquisition of real estate and RES assets; and 3/ the rebranding of the group to Aktor from Intrakat.

Capital increase: Intrakat will issue 43.47m new shares at a price of EUR 4.6 per new share. The holders of pre-emptive rights will be entitled to acquire new shares at a ratio of 0.27 new share for each old share. Reportedly, existing shareholders (free float is c.26.7%) will participate in the rights issue, covering a substantial amount out of the EUR 200m.

Acquisitions: Intrakat announced a binding framework agreement with Prodea to acquire a portfolio of properties with a value of EUR 600m which general annual income of EUR 41.5m. In addition, the company announced two binding MoUs for the acquisition of multiple sellers of RES projects which include photovoltaic power stations and wind parks. Finally, Intrakat will acquire a company specialized in the construction of network infrastructure and a company which operates in security and facility management.

MOTOR OIL <MOH GA>

The Hellenic Competition Authority announced the initiation of an in depth assessment on the acquisition of ‘’Helector Energy & Environmental applications’’, a waste management facility, in order to examine the concentration of market share in comparison with the compatibility with competition rules. The final decision shall be issued within 90 days as of yesterday.

ATHENS INTERNATIONAL AIRPORT <AIA GA, OW>

Athens International Airport will issue a trading update for the 9M24 period today after the close. We expect a very strong quarter as the company has already pre-announce passenger traffic data (+13.3% yoy in the 9M24 period)

BANK OF CYPRUS <BOCHGR GA, OW>

Bank of Cyprus announced that the conference call for its 3Q24 results will be held on November 12th at 12:00 GR time (10:00 UK).

INTRALOT <INLOT GA, OW>

Intralot announced that Intracom now holds a 10% stake in the company’s total voting rights.

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

Market Comment // Trading in positive territory throughout Tuesday’s session, the ASE index advanced 0.79% (settling at 1,401.18 points) although it pared intraday gains of as much as 1.4%. Trading activity surged to €181mn, above the 100-day moving average of €118mn. AIA and Papoutsanis led the rally, surging 4.09% and 3.65% respectively, followed by NBG (+2.98%), Cenergy (+2.57%), Eurobank (+2.55%) and Fourlis (+2.45%). Meanwhile, Titan, Real Consulting, Ideal Holdings, Alpha Bank, PPC, Kri-Kri, Jumbo and Motodynamics all recorded gains of over 1%. On the other hand, CCH shed 1.57%, trailed by Optima Bank (-1.41%) and Austriacard (-1.26%), while HelleniQ Energy, ELHA, Briq and Thrace Plastics registered moderate losses (<1%). EU futures indicate a negative opening today due to caution ahead of this week’s US macro data and next week’s U.S. elections.

Coca-Cola HBC // Coca-Cola HBC will release its Q3’24 trading results tomorrow pre-market opening. We estimate solid Q3 organic top line growth (+11%, €2.9bn) driven by efficient price/mix execution (+8pps yoy) and +2.8% organic volume growth despite the challenging backdrop across CCH’s territories. Overall, we expect slightly moderating price/mix across developing and emerging markets owing to the macro & consumer environment and sustained price/mix in established markets, with overall performance aided by easy volume comps in many key markets

Intrakat // Intrakat has announced a restructuring of the group and diversification beyond construction, aiming to reduce its economic-cycle exposure. The group plans €2bn investments through 2030, primarily debt-financed, targeting acquisitions in real estate, renewable energy, and facility management. The group aims to increase EBITDA to €180m by 2030 from €109m in 2025e, while improving the mix (with 30% stemming from RES). The group has also called an EGM for 19th Nov to approve a €200m capital increase. The group intends to rebrand to “Aktor Group of Companies” while holding an investor day this morning to present its strategic goals.

Motodynamics // Motodynamics announced 9M’24 results yesterday, with revenue +14.2% yoy at €144.5mn. Growth was largely fueled by higher volumes for Yamaha and Porsche, while sales of used cars are set to be more backloaded this year. Q3 saw significant sequential improvement, with sales +17.5% yoy vs +12% in H1. 9M’24 EBIT shaped at €16.9m—€0.9m higher yoy, on tough comps. Q3 EBIT increased c€2m yoy to c€12.9m, more than fully offsetting the H1 EBIT decline of c€1m. Net profit remained little-changed at €10.8m (vs. €10.6m in 9M’23).

Attica Bank // Last day of trading for Attica Bank’s 530,644 rights today, while the subscription period for the rights’ exercise will continue to run until November 4th.

Banks // FinMin has asked banks to raise the IRIS payment system’s daily transaction limit to €1,000, split into €500 for person-to-person transfers and €500 for purchases via POS. Additionally, the Ministry aims to expand IRIS payment capability to all business POS terminals by Q1 2025, promoting instant payments as a safer, faster, and cost-effective method.

Επιμέλεια: Μπάμπης Πολίτης
[email protected]

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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.