Νο.1 @9:45 πμ – Το χρηματιστηριακό σημειωματάριο του μικρομέτοχου (18 Ιουνίου 2020)

Με έντονη ανοδική τάση οι δείκτες των μετοχών του χρηματιστηρίου Αθηνών μετά τις προηγούμενες πτωτικές συνεδριάσεις, Τρίτη 3 Μαρτίου 2020. ΑΠΕ-ΜΠΕ/ΑΠΕ-ΜΠΕ/Παντελής Σαίτας

Thursday, June 18, 2020

  • Market Monitor 
  • Market Comment

Greece/Budget Execution: Central government cash balance recorded a deficit of €8.87bn in the January-May period compared to a deficit of €2.0bn in the respective period of 2019, data from the central bank showed. In April, the cash balance was negative by €6bn. The primary position was negative by €5.35bn compared to €438mn in surplus in the respective period of 2019. In May alone, the central government cash balance showed a deficit of €2.7bn. Ordinary revenues were €15.3bn, lower from the year-ago figure of €17.7bn while spending stood at €22.1bn versus €21.5bn in 2019. 

Bank of Piraeus: IR and CFO held yesterday a conference call with analysts updating about recent developments. The bank reiterated target of €5bn new loan disbursements for FY:20 stating that final figure may exceed initial target since the bank is also providing lines to support economy under government guarantee. Note that in Q1:20 the bank has disbursed 1.5bn in line with bank’s guidance while in FY:19 the total amount reached €4.1bn. 

  • Piraeus said that currently €4bn loans opted for moratorium and that Q1:20 provisioning has taken the full amount (c€370m) of the Covid-19 impact. Cost of deposits is declining with new repos now at 20bps. Cost savings will continue across the board implying new VRS in the pipeline.
  • CFO reaffirmed that targeted return on T/BV is double digit for the 2021 and 2022. Overall takeaways were positive, despite lowest CET-1 among peers (FL B3 at 10.8% – 6.1% ex CoCo) Piraeus is hands on across major revenue and cost fronts. Piraeus trades at huge discount vs its T/BV (0.14x) reflecting challenging economic environment and higher risk profile vs. peers. 

PPC:  PPC’s market share in the retail segment dropped further in May, with the utility’s market share declining to 66.3% from 67.3% in the previous month, according to data provided by the Energy Exchange. The two largest independent retailers increased their market share with Mytilineos’ Protergia controlling 7.3%, Heron 6.3%. In contrast, Elpedison’s stake slipped to 5.0% from 5.1% in the previous month. Recall that PPC’s management had stated that company’s budget for 2020 assumes a market share of 65%. 

MOH: AGM cleared remaining FY’19 gross dividend distribution €0.80/share. Ex-dividend date set on June 24 and payment on July 1. AGM also approved share buyback scheme of up to 5mn shares at a price range €8-€18. 

OTE: On June 16, the company bought 53,156 own shares at €12.4695/share for a total consideration of €662.829K. OTE now controls 3,824,781 total shares or 0.813% of share capital. 

MYTILINEOS: On June 16, the company bought 45,000 own shares at €8.0385/share and a total consideration of €361.732K. The company now owns 500,029 shares or 0.3499% of share capital. 

TERNA ENERGY: On June 16, the company bought 39,000 own shares for a total consideration of €370.171K (€9.5 avg price per share).

FOURLIS: On June 16, the company bought 1,300 own shares at €3.9070/share for a total consideration of €5.079K. Fourlis now commands 449,695 own shares or 0.8647% of share capital. 

BRIQ PROPERTIES: On June 16, the company bought 3,000 own shares at €1.662/share (total amount consideration €4.984K). 

PIRAEUS PORT AUTHORITY: AGM called for July 17. Dividend ex-date July 28. Dividend payment July 31. Negotiations on new Labor Collective Agreement still pending. 

CRETAN PLASTICS: AGM clears FY’19 gross dividend distribution €0.3652/share (net €0.34694/share, DY 2.8% based on yesterday’s close €13.2). Ex-dividend date July 3. Dividend payment July 10. 

SUNLIGHT: As of today, following the decision of the company to prepay the total nominal value of the corporate bond issued €50mn, the bond of the company is removed from the trading systems of ATHEX. The company issued a new syndicated bond loan €50mn with Alpha Bank and Eurobank in order to fully finance the repayment of its aforementioned bond. 

B&F: BOD decided on the cancellation of 1,533 own bonds on June 22. Total outstanding bonds stand now at 22,727. 

GEKTERNA: The company calls its AGM on JULY 8. No dividend distribution for FY’19. Share buyback to be decided. 

INTRALOT: The company introduced its new digital LOTOS XI platform for lottery operation. 

PASAL: The company trades ex-right for the upcoming €10mn rights issue tomorrow. The company will issue 14,967,936 new shares that will be placed to existing and new shareholders at €0.67/share at an issue rate of 8 new shares for each old one. Rights trading period June 24 to July 2. Rights issue exercise period June 24 to July 7. 

Other FY:19 results: 

EVROFARMA

2018

2019

Y-o-Y

EUR thous.

FY

FY

(%)

Sales

32,535

33,481

2.9%

EBITDA

3,318

3,647

9.9%

EBITDA Mrg

10.2%

10.9%

+69 bps

Net Income

979

157

-84.0%

Net Mrg

3.0%

0.5%

-254 bps

Kind regards,

Manos Chatzidakis

Head of research

29 Alexandras Avenue

11473 Athens,Greece

Tel: +30 210 6478755/754

Fax:+30 210 6410139

Email: [email protected]