Από τα γραφεία των Χρηματιστών (5.11.2024)

*ΚΥΚΛΟΣ Χρηματιστηριακή Α.Ε.Π.Ε.Υ.* (http://www.cyclos.gr/)
Οριακή άνοδο κατά 0,01% κατέγραψε ο Γενικός ∆είκτης του Χ.Α. κλείνοντας στις 1390,65 µονάδες. Παράλληλα, η αξία των συναλλαγών διαµορφώθηκε στα 68,1 εκ. ευρώ. Η συνεδρίαση χαρακτηρίστηκε από συναλλακτική υποτονικότητα µε τη διακύµανση του Γ∆ να είναι µόλις 7 µονάδες µε τα βλέµµατα να είναι στραµµένα στις ΗΠΑ ενόψει των αυριανών προεδρικών εκλογών. Με τις τράπεζες να οδηγούν το Γ∆ στο ενδοσυνεδριακό υψηλό των 1392 µονάδων αλλά τους πωλητές να αντιδρούν οδηγώντας το Γ∆ στο ενδοσυνεδριακό χαµηλό των 1385 µονάδων. Τελικά, στις δηµοπρασίες ο Γ∆ έκλεισε σχεδόν αµετάβλητος. Την ίδια ώρα, οι αποδόσεις των 10ετών τίτλων διαµορφώνονταν στο 3,281%. Έτσι, ο τραπεζικός κλάδος (+0,38%) κατέγραψε κέρδη µε την Πειραιώς (+1,93%) και τη Eurobank (+1,09%) να υπεραποδίδουν. Κέρδη ακόµη κατέγραψε η ∆ΕΗ (+1,26%), η ΕΕΕ (+1,35%), το Jumbo (+0,74%), το ∆ΑΑ (+0,90%) και ο Τιτάν (+1,08%). Στον αντίποδα, απώλειες κατέγραψε ο ΟΤΕ (-1,42%), ο ΟΠΑΠ (-2,80%), τα ΕΛΠΕ (-1,03%), ο Ελλάκτωρ (-1,83%), η Aegean (-1,46%), η Cenergy (-2,12%), η ΓΕΚΤΕΡΝΑ (-0,58%), ο Α∆ΜΗΕ (-0,42%) αλλά και η Intralot (-2,20%) από τη µικρή κεφαλαιοποίηση. Απολογιστικά, 44 µετοχές κατέγραψαν κέρδη έναντι 56 εκείνων που υποχώρησαν. Οι Προεδρικές Εκλογές που διενεργούνται σήµερα στις ΗΠΑ προκαλούν το παγκόσµιο ενδιαφέρον µε ανοικτό το ενδεχόµενο για επικράτηση είτε της Κάµαλα Χάρις είτε του Ντόναλντ Τράµπ. Το Χ.Α. βιώνει συνθήκες οµηρείας µε τις συναλλαγές να υποχωρούν δραστικά εν αναµονή της έκβασης του αποτελέσµατος των εκλογών και της διαφοροποηµένης ρητορικής των 2 υποψηφίων, σκηνικό που δύσκολα θα αλλάξει πριν την ανακοίνωση του τελικού νικητή.
Με τιµή-στόχο στα 8,4 ευρώ ξεκινά κάλυψη για τη µετοχή του ∆ΑΑ η Eurobank
Equities, σε έκθεσή της στην οποία θέτει σύσταση hold. Τα περιθώρια ανόδου που βλέπει
η χρηµατιστηριακή για τη µετοχή ανέρχονται σε 8,5%, ενώ σε συνδυασµό µε την
αναµενόµενη µερισµατική απόδοση 8,9% οδηγείται σε συνολική εκτιµώµενη απόδοση στο
17,4%.∆ΕΣΦΑ: Οµολογιακό δάνειο €810 εκατ. από τις τέσσερις συστηµικές τράπεζες.
Υπογραφή κοινού οµολογιακού για την υλοποίηση επενδυτικού σχεδίου που περιλαµβάνει
τη χρηµατοδότηση έργων πράσινης και ψηφιακής µετάβασης συνολικού κόστους €627,7
εκ.

ΙΟΒΕ: Το οικονοµικό κλίµα επιδεινώνεται τον Οκτώβριο, µε τον σχετικό δείκτη να
διαµορφώνεται στις 107,0 µονάδες, µετά τη σηµαντική άνοδο που είχε σηµειώσει στις 110,2
µονάδες τον προηγούµενο µήνα. Όπως επισηµαίνει στην ανάλυσή του το Ίδρυµα, η
εξασθένιση, όµως, αυτή προέρχεται αποκλειστικά από τη Βιοµηχανία, µε τους υπόλοιπους
τρεις τοµείς και τον δείκτη καταναλωτικής εµπιστοσύνης να βελτιώνονται.

Αναβαθµίζει τις διασυνδέσεις Κεφαλονιάς, Ζακύνθου και Λευκάδας ο Α∆ΜΗΕ. Ο
διαγωνισµός για το έργο, συνολικού κόστους 99,8 εκατ. ευρώ πλέον ΦΠΑ, ολοκληρώθηκε
επιτυχώς και υπεγράφη στο τέλος Οκτωβρίου η σύµβαση, µε ανάδοχο την εταιρεία
FULGOR Μ.Α.Ε. – Ελληνική Βιοµηχανία Καλωδίων.

Λιµάνι του Βόλου: περνά στον Ιβάν Σαββίδη.

Πωλήθηκε στη UniCredit το 90,1% της Alpha Bank Romania προς €370 εκ. Η
Συναλλαγή ενισχύει την κεφαλαιακή επάρκεια της Alpha Bank κατά περίπου 100 µονάδες
βάσης.

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

ATHEX posted marginal gains yesterday, outperforming the European stock markets. In more detail, the General Index rose by 0.01% at 1,390.65 units (FTSE Large Cap: +0.10%, FTSE Mid Cap: -0.33%, Banks Index: +0.38%) and the traded value was shaped at just EUR 67.4m, down from Friday’s EUR 112.1m. We expect investors to hold a wait and see stance ahead of US elections today.

Company Headlines

Optima Bank 3Q/9M24 results out on Monday 11 November

Optima Bank is set to report 3Q/9M24 results on Monday 11 November, before the opening of ATHEX. Management will host a CC on the same day at 18:00 Athens/16:00 London Time.

Alpha Services and Holdings completed sale of Alpha Bank Romania to Unicredit

Alpha Services and Holdings announced that its wholly owned subsidiary, Alpha International Holdings has completed the sale of 90.1% of Alpha Bank Romania to UniCredit. According to the agreement, Alpha Bank Romania shall be merged with Unicredit Romania and Alpha International Holdings shall hold 9.9% in the combined entity. On top of that, Alpha Services and Holdings will receive EUR 256.0m in cash. The transaction is capital ratio accretive for Alpha Bank by c.100bps in terms of CET1.

Titan Cement || BUY | CP EUR 32.75 | TP EUR 40.60

3Q/9M24e Results Preview | Flattish y-o-y 3Q, Strong 9M24e, points to another record year

Titan Cement International (TCI) is scheduled to release its 3Q24e results on Thursday, 7 November, before the market opening. We expect turnover of EUR 658m (-0.8% y-o-y), EBITDA of EUR 153.4m (-1.4% y-o-y, in line with consensus) and net income at EUR 74.1m, lower by 3.8% than the average consensus estimate of EUR 77m (assuming no one-offs). In 9M24e terms, we expect turnover of EUR 1,981m (+4.7% y-o-y), EBITDA of EUR 434.9m (+9.6% y-o-y) and net income at EUR 222.8m (+12.8% y-o-y). The Company will hold a conference call also on 7 November (16.00 Athens time, Greek participants: +30 213 009 6000 or +30 210 94 60 800 UK participants: +44 (0) 800 368 1063 USA participants: +1 516 447 5632).

 

PPC EGM approves spin-off of “Testing, Inspection & Certification” Business and cancellation of treasury shares

During yesterday’s EGM, PPC approved the spin-off of the “Testing, Inspection & Certification” Business Sector of PPC S.A. and contribution thereof to a new company, a wholly owned subsidiary of PPC, to be established for this purpose and the cancellation of 12,730,000 own shares (3.33% of total). It is noted that following the cancellation of the own shares, total position held by the existing shareholders, EPS and DPS are set to increase by 3.33%

Intralot awarded new project with the British Columbia Lottery

Intralot announced that it undertook the provision of an online lottery platform and the digitalization of the existing land-based network of the British Columbia Lottery Corporation, the sole lottery operator for the Government of British Columbia in Canada. The news is neutral, since the contribution of the new contract is small.

Ideal Holdings in talks to acquire Barba Stathis-Press

Press reports (euro2day) indicate that Ideal Holdings is in talks with CVC Capital Partners to acquire its subsidiary, Barba Stathis. Recall that Ideal Holdings has a minimum firepower of EUR 180m available for new acquisitions.

OPAP Share Buyback

The company announced that during 29/10/2024 – 30/10/2024, it purchased 84,313 own shares at an average price of EUR 15.69 per share and now holds 11,337,297 own shares or 3.06% of the total shares outstanding.

CENERGY amends 3Q24 results release date

CENERGY announced that its Q3’24 trading update will be published on Monday, November 18th, 2024, instead of Thursday, November 21st, 2024, as previously announced.

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

The market finished the day flat, following a notable boost over the last trading hour, on a relatively low EUR 67.4m turnover. Banks finished also flattish, up 0.3%, with Piraeus Bank standing out, gaining 1.9%, followed by Eurobank at +1%, whereas NBG slipped 0.9%. On non-financials PPA rose c.1.4%, PPC recorded 1.2% gains, while Jumbo and ATHEX were both up 0.7%. OPAP marked a 2.8% drop, as the stock trades ex-dividend, Cenergy lost 2.1%, with Aegean and OTE both down 1.4%.

MACRO – CORPORATE NEWS

ALPHA BANK <ALPHA GA, OW>

Alpha Bank announced the completion of the sale of 90.1% of Alpha Bank Romania to UniCredit, as well as its merger with UniCredit Romania.

CENERGY <CENER GA, OW>

Cenergy amended the publication date of its 3Q24 trading update for November 18th, while management will host a conference call on November 19th. Details to follow.

PPC GROUP <PPC GA, OW>

AGM approved the cancelation of 12.7m shares (3.33% of share capital), corresponding to a total value of EUR 31.6m (EUR 2.48/share).

TERNA ENERGY <TENERGY GA, OW>

According to press reports, Terna Energy was selected as the provisional contractor for the Independent Authority’s for Public Revenue project, regarding the inspection of containers, in an effort to combat smuggling. The project’s total value approaches EUR 80m, funded by the RRF.

INTRALOT <INLOT GA, OW>

Intralot announced that its subsidiary in the US undertook a new project with British Columbia Lottery Corporation, regarding an online lottery platform, as well as the digitalization of the existing network.

NOVAL PROPERTY <NOVAL GA>

Noval announced that Mr. Μichail Panagis was appointed as the company’s CEO, following the resignation of Mr. Panagiotis Kapetanakos.

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

Market Comment // Despite trading in negative territory for most of Monday’s session, the Greek market gained momentum towards the close ending flattish at 1,390.65 points. Trading activity dropped significantly, with turnover settling at just €67mn, marking a more than 50% decline from recently established levels. Papoutsanis topped the leaderboard with a 3.5% rise, followed by a strong performance from Piraeus Bank (+1.9%). PPA, CCH, PPC, Dimand, Eurobank, and Titan all posted gains of over 1%. On the downside, OPAP shed 2.8% trading ex-dividend (3.7% yield) followed by losses in Real Consulting (-2.6%), Intralot (-2.2%) and Cenergy (-2.1%). Ellaktor, Aegean, OTE, Austriacard, and Fourlis also closed in the red. Today, markets are poised to open mixed in what is likely to be a jittery session ahead of the US elections.

IDEAL Holdings // According press IDEAL is reportedly in discussions with CVC-Vivartia to acquire Barbastathis, a leading Greek frozen vegetable producer. The potential deal, estimated between €170-200m, would be financed through proceeds from the recent sale of Astir and available credit lines.

AIA (Athens International Airport S.A.) // ΑΙΑ has a defensive earnings profile offering inflation-indexed regulated returns for the air-segment, which is effectively de-risked from traffic volatility. Further optionality is embedded from the uncapped upside from non-air activities, which are set to grow strongly in the coming years as AIA implements its capex plan. In the short-term, air profits are boosted by the carry forward mechanism which allows AIA to recover prior year returns which were below the regulatory level. That said, the stock is less geared to traffic growth than widely perceived, while facing a rather muted profit outlook through 2026e as air activity earnings normalize (when the carry forward balance gets depleted). At 9.1x 2025e EV/recurring EBITDA (i.e. based on “normalized” air activity profits) we see less scope for material upside on a 12-month basis than for the rest of our coverage universe, thus initiating with a Hold. The thesis is underpinned mainly by a c9% dividend yield in 2024-25e and c7% in 2026-27e, post the normalization of air profits.

MSCI // The MSCI November index review announcement is scheduled for Wednesday 6th November after market. As a reminder, the MSCI Greece Standard Index currently consists of 9 stocks, namely OTE, OPAP, Jumbo, PPC, Eurobank, Alpha Bank, NBG, Piraeus Bank and Mytilineos.

Cenergy – ADMIE Holding // Cenergy’s Fulgor has successfully secured a €99.8mn contract from ADMIE to enhance energy reliability in the Ionian Islands by upgrading the electrical interconnections between Kefalonia, Zakynthos, and Lefkada. The construction phase is expected to last 12 months, with completion slated for 2025.

Noval Property // Noval has announced the resignation of the CEO Mr. Kapetanakos and his replacement by Mr. Michail Panagis.

Alpha Bank // Alpha Bank has completed the sale of a 90.1% stake in Alpha Bank Romania S.A. to UniCredit S.p.A., as part of a strategic partnership announced in October 2023. Following this transaction, Alpha Bank Romania will merge into UniCredit Bank S.A., creating a combined banking entity in which Alpha International Holdings (AIH) will retain a 9.9% stake. This move is expected to enhance Alpha Bank’s CET1 capital ratio by approximately 100bps, which was already reflected on a pro-forma basis in the Q2 2024 results.

  

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ΓΙΝΕΤΕ ΜΕΛΟΣ ΕΔΩ

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.