Νο.1 @11:10 πμ – Το χρηματιστηριακό σημειωματάριο του μικρομέτοχου (12 Ιουνίου 2020)

Friday, June 12, 2020

Market Monitor

Fed’s decision on Wednesday to hold the key US interest rates unchanged inflicted losses on most European stock markets on Thursday; the Greek bourse followed suit, with its benchmark heading south for the third day in a row, on the lowest daily turnover in 11 sessions. General index ended at 644.90 points, shedding 2.68% from Wednesday’s 662.67 points.

The large-cap FTSE 25 index contracted 3.04% to 1,557.48 points. The banks index lost 6.26%, as National slumped 9.19%, Alpha fell 5.77%, Piraeus dropped 5.29% and Eurobank gave up 4.98%.

• Aegean Air declined 7.03%, Coca-Cola HBC parted with 5.29% and GEK Terna shrank 4.93%. OTE telecom rose 1.75%. In total 22 stocks recorded gains, 83 suffered losses and 21 remained unchanged.  Turnover amounted to €69.2m, down from Wednesday’s €84.8.

Sharp drop in international markets does not leave much room for optimism in today’s session. Volatily and wide negative price movements the scenario of the day. 

Greece/Eurogroup: Eurozone finance ministers discussed and greenlighted yesterday, the sixth enhanced surveillance report and the release of €748mn in SMP/ANFA profits to Greece. Moreover, Eurogroup, did not discuss the deferral of Greece’s commitment of achieving a primary surplus target of 3.5% for 2020 and 2021. 

Greece/Unemployment: Greece’s unemployment growth rate dropped slightly to 14.4% in March from the downwardly revised reading of 15.9% in February, seasonally-adjusted data from statistics office ELSTAT showed. In March 2019, the respective rate was 18.1%.

• Still, ELSTAT warned that the data may be revised due to exceptional circumstances. The number of unemployed persons decreased by 203,288 persons compared with March 2019 (a 23.7% rate of decrease) and by 79,397 persons compared with February 2020 (a 10.8% rate of decrease).

OPAP (Q1:20 CC key takeaways): OPAP held yesterday its Q1:20 conference call commenting on online business development and the impact in the three months’ lockdown. In more details: 

§   Management stated that in the three-month period EBITDA remained positive thus in the Q2:20 the Group will post a positive underline figure. Before the lockdown and based network contributed the bulk of the GGR (c99%). In the lockdown period the picture was reversed with online gaming contribution reaching 79.3%. Note that GGR reduction is estimated to 96% in the lockdown. After the lift of restrictions there is a gradual return to the pre-covid status with land based GGR contribution at 95.8%.

§   Cost savings efforts are seen better that the initial estimate in FY:19 CC (€4.5m) coming at €7.5m per month related to IT, Marketing and other. CapEx is also seen lower the initial €25m estimate while any other potential interim/ordinary dividend/capital return distribution should be excluded within 2020. Note that OPAP has a €163.4m payment to Stoiximan shareholders before the end of the year which will require to build and maintain cash given the 0.30 eur/share dividend distribution in July.

§   Stoiximan transaction (51% of the Greek Cypriot operations) is expected to take place in the next few weeks. In Q1:20 Stroiximan generated 82.3m vs. 50.5m a year ago with casino revenues soaring 91% vs. Q1:19. Customer base is now at 194K, flat vs. Q4:19 and up from 148K in Q1:19.

§   In the Online business active players are now 201% up vs. the pre-lockdown period at 105.5K per week. Joker online penetration reached 10.4% vs. 2.9% in 2019.

§   With regards to debt OPAP said that secured a bridge loan to finance the call of the €200m corporate bond. Subject to market conditions OPAP is aiming to relist a corporate bond while it came to an agreement with banks with regards to specific EBITDA covenants for H1:20.

§   Management also commented that various restrictions and changes in consumer behavior (i.e. lower visiting time in OPAP shops) seems to affect negatively turnover.

§   Overall we see a positive response to a very challenging environment, OPAP’s EBITDA posts a resilient performance and the online business gains momentum as OPAP extends its customer base.

The following table summarise Q1:20 results: 

B&F: The company will report FY’19 financial results on June 25. AGM scheduled for July 15. 

OTE: On June 10, the company bought 54,775 own shares at €12.1122/share for a total consideration of €663.447. OTE now controls 3,608,711 total shares or 0.768% of share capital. 

TERNA ENERGY: On June 9, the company bought 48,523 own shares for a total consideration of €457.125K (€9.42 avg price per share). 

MYTILINEOS: On June 10, the company bought 55,000 shares at €7.9090/share for a total consideration of €434.997K. Treasury stock now amounts to 410,000 shares or 0.2869% of share capital. 

FOURLIS: On June 10, the company bought 4,748 own shares at €3.8097/share for a total consideration of €18.088K. Fourlis now commands 437,402 own shares or 0.8411% of share capital. 

BRIQ PROPERTIES: On June 10, the company bought 3,000 own shares at €1.701/share (total amount consideration €5.1K). 

LOULIS MILLS: The company goes ex gross dividend FY’19 €0.07/share (net €0.0665/share) as of today. 

IASO: The company trades ex dividend gross €0.04/share from previous years undistributed profits (net €0.038/share). 

AUTHELLAS: Major shareholder Mr Vassilakis purchased 20K shares (through Main Stream SA) for a total consideration of €80.2K 

NIREUS: As of today and following the approval of the request of the company ANDROMEDA for squeeze out right, the trading of the shares of the company on ATHEX cease trading. 

SELONDA: As of today and following the approval of the request of the company ANDROMEDA for squeeze out right, the trading of the shares of the company on ATHEX cease trading. 

KARATZIS: As of today and following the approval of the request of the company ANTKAR SA for squeeze out right, the trading of the shares of the company on ATHEX cease trading. 

INTRALOT: The company appointed new USA CEO 

ENTERSOFT: AGM scheduled for July 7th. 

MIG: Deadline for the submission of binding bids for the sale of Singular subsidiary expires today. 

IKTINOS (FY 2019 results): AGM scheduled for July 3. No FY’19 dividend distribution. Net Debt up by 20.7% to €40.28mn (€33.36mn in FY’18). 

 Kind regards,