Friday, May 06, 2022 – Beta Sec: Μarket Monitor- Market Comment- In the Spotlight

Beta Sec: Μarket Monitor- Market Comment- In the Spotlight

Market Comment

AthEx bucked the upward trend seen in most of Europe following the interest rate hike by the Fed, with the banks index sliding for the seventh session in a row. Despite the upbeat opening cautiousness prevailed with index close new day lows.

General index closed at 888.47 points, shedding 1.32% from Wednesday’s 900.35 points. The large-cap FTSE-25 index contracted 1.42%, as it ended at 2,150.20 points. The banks index dropped 2%, as National slumped 3.79%, Alpha sank 1.84%, Piraeus parted with 1.57% and Eurobank surrendered 0.82%. Quest Holdings plunged 5.20% and Jumbo gave up 3.49%, while Motor Oil advanced 3.27%. In total 26 stocks posted gains, 95 recorded losses and 40 remained unchanged. Turnover amounted to €72.1m, up from Wednesday’s €61.8m.

Session starts negatively following yesterday’s sell-off in US Markets. Trend will be dictated by foreign exchanges as risks remain elevated.


¢    In the Spotlight


Greece/ Construction Sector: Greece’s privatization fund or TAIPED said it has received eight expressions of interest for the extension of the existing concession agreement of the Attica Motorway ring road for 25 years.  The current concession contract is due to expire in 2024. The interested parties are 1) ABERTIS INFRAESTRUCTURAS 2) Consortium composed of the companies “MACQUARIE ASSET MANAGEMENT MOTORWAY HOLDINGS S.AR.L.” and “FINCOP INFRASTRUCTURE LTD 3) Consortium composed of the companies “VAUBAN”, “DIF”and “EGIS” 4) GRUPPO FININC – INC SpA 5) Union of entities composed of the companies “GEK ΤΕRΝΑ S.A.” and “FS ARK HOLDCO Sarl.” 6) Union of entities “AKTOR CONCESSIONS S.A. – AVAX S.A. – ADRIAN INFRASTRUCTURE” 7) Union of entities “VINCI HIGHWAYS S.A.S. – VINCI CONCESSIONS S.A.S. – MYTILINEOS S.A. – MOBILITY PARTNER S.A.S. 8) Consortium composed of the companies “BRISA – AUTO ESTRADAS de PORTUGAL S.A.” and “RUBICONE BIDCO S.A.”


Greece/Banking Sector: Greece’s weighted average interest rate on new deposits remained unchanged m-o-m in March at 0.04% while the weighted average interest rate on new loans increased by nine basis points to  3.82%, the Bank of Greece said. The spread between loan and deposit rates stood at 3.78%. The interest rate spread between outstanding amounts of deposits and loans remained unchanged at 3.46%. Also, the average interest rate on deposits placed by households with an agreed maturity of up to one year stood at 0.14%, almost flat m-o-m.


Greece/Energy Sector: Further energy subsidies in a bid to help households and enterprises to shoulder the rising cost of electricity and natural gas bills were announced yesterday by Prime Minister Mr. Mitsotakis which are expected to be ratified today. Among others measures include a 90% taxation on energy producers of excess earnings recorded between September 2021 to May 2022 period.

JUMBO: During its AGM the company said that 4m 2022 sales advanced, on a consolidated level, by 25% whereas April 2022 sales came in 32% higher y-o-y. Greek April sales were up by 47% and +48% for the Jan-April period. Sales in Cyprus (April 2022) were 30% higher (+28% in Jan-April 2022). Bulgarian sales also came in strong at +41% (April) and +0.9% (Jan-April). Finally, Romanian sales were weak at -2% (April) and -9% for the 4m 2022. The company warned that disruptions in supply chain and increased transportation costs will impact profitability for the remainder of 2022. FY:22 shareholders’ compensation will reach €0.77/share (flat y-o-y) implying a further €0.3850 (gross) dividend distribution within the next 2 months on top of the €0.3850 already announced in Jan 2022.


SPACE HELLAS: On May 5, the company bought 885 shares at €9.5/share for a total consideration €8.408K. Total treasury at 99,288 shares or 1.537792% of share capital.


HELLENIC EXCHANGES: On May 5, the company bought 8,600 shares at €3.6889/share for a total consideration of €31.724K. Total treasury at 441,765 shares or 0.7320% of share capital.

IDEAL HOLDINGS: €11mn new bond loan with Piraeus Bank to finance further acquisitions.


QUEST HOLDINGS: AGM on June 15. Ex-dividend date (€0.15/share) June 17, dividend record date June 20, dividend payment June 23. On May 4, the company bought 6,000 shares at €5.46/share for a total consideration of €32.767K.

ALOUMIL (Q1:22 results): Q1:22 sales up 51.2% to €97.5mn vs €64.5mn in Q1:21. EBITDA up 96.5% to €19.9mn vs €10.1mn in the respective period last year. EBT +179.4% to €15.6mn (€5.6mn in Q1:21).

KEKROPS: Final court decision allocates 242.25Km2 to Greek state (out of the total 292Km2) leaving (in our understanding) 50Km2 to the company for RE development.

INTRAKAT: The company was awarded a new railway project in Central Greece budgeted €42.4mn. This enhances further company’s backlog to €1.15bn. Remains OW with TO €3.53/share.

KARELIAS: CEO Mr A.Karelias bought on May 4 1,884 shares at €289.89/share for a total consideration of €546.154K.

MYTILINEOS: On May 4, the company bought 17,000 shares at €17.7332/share for a total amount of €301.464K. Total treasury 4,228,431 shares or 2.9592% of share capital.

LAMDA DEVELOPMENT: On May 4, the company bought 30,000 shares at €6.273/share for a total consideration of €188.191K. Total treasury at 1,738,933 shares or 0.984% of share capital.

Kind regards,

Manos Chatzidakis

Head of research

29 Alexandras Avenue

11473 Athens,Greece

Tel: +30 210 6478988/754