(Part2) Χ.Α+ Markets: Πολλά, μικρά και μεγάλα ενδιαφέροντα (1/10)

ΑΠΑΝΤΗΣΗ

ΣΗΜΕΡΑ ΤΟ ΠΡΩΙ ΣΤΟ ΚΕΝΤΡΙΚΟ ΘΕΜΑ

  • ΠΡΟΣΕΧΟΥΜΕ

ΔEH
LAMDA DEVELOPMENT
AUTOHELLAS
INTRACOM
SPACE

  • ΓΙΑ ΜΙΚΡΟΕΠΕΝΔΥΤΕΣ

ΕΛΑΣΤΡΟΝ
ΤΖΙΡΑΚΙΑΝ
ΚΟΡΔΕΛΛΟΥ
ΜΕΝΤΙΚΟΝ
ΦΙΕΡΑΤΕΞ
ΜΕΒΑΚΟ
ΣΙΔΜΑ

******

ΦΥΣΙΚΑ, δεν είναι μόνον αυτές

Υπάρχουν άλλες (60) εταιρείες τουλάχιστον…

ΟΛΕΣ ΘΑ ΠΑΡΕΛΑΣΟΥΝ

ΔΕΝ ΕΙΝΑΙ ΤΟ Χ.Α μη επενδύσιμο, ίσα ίσα μάλιστα. Αρκούν πέντε δράμια γνώσης…

ΤΑ ΚΑΛΥΤΕΡΑ έρχονται, τα πολύ… καλυτερότερα θα λέγαμε… Με τις αναταράξεις ενδιάμεσα… Για να αλλάζει τσέπες το χρήμα

  • ΠΡΟΣΟΧΗ στο ΙΑΤΡΙΚΟ ΑΘΗΝΩΝ, επιτέλους δείχνει ξανά ζωντανό… 

TZIΡAKIAN

 
Το Καθαρό Αποτέλεσμα (κέρδη) μετά από φόρους κατά το Α’ εξάμηνο του 2021, ανήλθε σε 1,84 εκατ. έναντι κερδών 125 χιλ. € το αντίστοιχο διάστημα του 2020. Το τελικό αποτέλεσμα επιβαρύνθηκε και από προβλέψεις για επισφαλείς απαιτήσεις ποσού -414 χιλ. ευρώ. EBITDA: Ανήλθαν σε +2,33 εκατ.€ έναντι κερδών +116 χιλ. € την αντίστοιχη περίοδο του 2020.
ΕΜΦΑΝΙΖΕΙ μεγάλη υστέρηση από τις υπόλοιπες του κλάδου σε απόδοση, διαπραγματεύεται με πολλαπλασιαστή κερδών 5(!) με βάση τα κέρδη του 6μηνου, η διοίκηση (ιδιαίτερα φιλόδοξη) δηλώνει ότι η κερδοφορία συνεχίστηκε στους ίδιους ρυθμούς στο 9μηνο, ενώ δεν έχει ξεδιπλώσει τα χαρτιά της για το τι (προ)ετοιμάζει μελλοντικά. Εκτιμώμενο Ev/Ebitda 2021 πέριξ του 5.
ΑΝ ΗΤΑΝ Blue Chip και το κάλυπταν οι αναλυτές, θα έδιναν τιμές στόχου από 6 μέχρι 7, πάντα αναλογικά και συγκριτικά. Αντιλαμβάνεσθε, ελπίζουμε, τι ακριβώς εννοούμε.

MEDICON
ΔΕΝ έκανε, λέει, κομμάτια… Λες και τον μικροεπενδυτή τον ενδιαφέρει το μέσα έξω των παικταράδων. Ενα 35% με 40% προσδοκά σε κάθε κίνηση του και του αρκεί… Και με πέντε έξι κινήσεις τον χρόνο μια χαρά τα πηγαίνει. Είναι υπερευχαριστημένος, άσχετα τώρα αν το Χ.Α του χαρίζει πολλά περισσότερα. Οι φίλοι του μ/μ το αντιλαμβάνονται, για τους υπόλοιπους δεν μας ενδιαφέρει.


ΛΑΜΔΑ – απάντηση: Αντε τώρα να εξηγήσεις σε ένα απαίδευτο επενδυτικά κοινό, το πόσο θα αξίζει η μετοχή της σε ένα και δύο χρόνια…
AΠΑΝΤΗΣΗ: Ο,τι και να γίνει του λοιπού, έχουμε αρκετά χαρτιά και χαρτάκια για να ασχοληθούμε με βάση τα θεμελιώδη τους. Ολα, σας είναι γνωστά. Και σε όλα υπάρχουν φιλεύσπλαχνοι πωλητές. Προσθέστε σε αυτά και το ΙΑΤΡΙΚΟ ΑΘΗΝΩΝ…




AthEx: First half of 2021 had a strong economic footprint in listed companies.

Sales came up 18.4% while EBITDA soared 77.6% at 4.8bn. Net income excluding financials stood at €1.66bn while accounting for financial sector net income is a loss of 2.3bn on the back of scheduled securitizations. Of the 153 companies 106 are profitable with a record breaking figure of 37 turnarounds in the quarter.

  • Easy comps; lower taxation and an improving Q2:21 period in Retail, Metallurgy. IT and tourism are the main reasons for this strong performance. In total companies succeeded in producing more EBITDA (+15.9%) than 2019 a period that could be seen as a benchmark enhancing also their respective margin by 344bps at 15.2%.

H1:21 results constitute a solid base for the FY, of course there positive and negative one-offs yet improvements can be seen across the board reflecting the strong bounce in the economy.

Distribution of Profitable/Loss making companies in ASE

p

Profitable

106

q

Loss

47

pp

Profits Increase

55

qq

Loss Increase

17

p

Profits reduction

14

q

Loss Reduction

23

M

Turn arround

37

L

Loss Reverse

7

Results Η1:21

2020

2021

Y-o-Y

EUR thous.

Η1

Η1

(%)

Sales

26,696.0

31,611.2

18.4%

EBITDA

2,707.2

4,806.9

77.6%

EBITDA Mrg

10.1%

15.2%

+507 bps

Net Income

-1,103.8

-2,346.0

-112.5%

Net Income x-Financials

-221.7

1,666.0

851.3%

Net Mrg

-0.8%

5.3%

+610 bps

Greece/Retail sales: Retail sales growth remained robust in July, with the turnover rising 13.3% y-o-y and volumes 11.6%, National Statistics Service of ELSTAT said. In June, the respective rises were revised to +12.2% and 11.6%. On a monthly basis in July, retail sales were up 1.0%% and 3.9% in turnover and volume terms respectively. On a seasonally-adjusted basis, retail sales were up 0.8% m-o-m but dropped 5.2% in volume terms.

  • Greece/ PPI: Greece’s producer price index (PPI) in industry continued its upward trend in August, rising 13.1% y-o-y compared with a 13% increase in the previous month, the National Statistics Service of ELSTAT said. On a monthly basis, PPI declined 0.1%. In August 2020, the respective annual change of PPI was -6.6%. PPI in the non-domestic market rose 21.6% while the index in the domestic market advanced 10.5%.

Greece/Economy: European Commissioner for Cohesion & Reforms Ferreira praised Greek efforts for the timely submission of its plan for the National Strategic Reference Framework funds. Greece “was truly a pioneer and worked very hard,” she told a meeting with Prime Minister Mitsotakis. Ferreira noted that Greece was the first country that received approval for its NSRF allocations. Mitsotakis underlined the country’s improved performance in absorbing NSRF funds, saying Greece “now appears to be at the top of the European ranking” in terms of utilizing the European funds.

***

GEKTERNA/TERNA ENERGY (H1:21 Results): 

Consolidated sales amounted to €439.4mn compared to €419.9mn in the corresponding period of 2020, +4.6%. Operating profits (adjusted EBITDA) settled at €136.3mn compared to €114.8mn in the corresponding period of 2020. Net results from continuing operations attributed to shareholders amounted to -€8.85mn compared to earnings of €2.28mn in the corresponding period of the previous year. Reported net income -€44.05mn owing to loss recorded form Terna Energy operations in the USA. Construction backlog at €4.5bn.

With regards to TERNA Energy the company reported a fair set of H1:21 performance on an adjusted (for USA discontinued operations basis). In more specific:

•              Continuing sales up 19.6% to €139.6mn, Comparable EBITDA +0.7% to €68.3mn, Net Income

•              Net Operating Cash Flow at €93mn

•              CAPEX in H1 reached €69mn (€+2.5% to €29.1mn89mn in H1:20)

•              Net Debt at €436.5mn, Gross Cash €374mn

•              H1:21 load factor 27.5% (-4.5% vs H1:20)

•              Installed Capacity 895MW (excluding USA) with 763MWs in Greece, 102 MWs in Poland and 30Mws in Bulgaria.

•              Under construction or ready to built capacity 400MWs, all in Greece

•              Long Tern target for 3,000 MWs installed capacity

An investor’s say is scheduled for October 5

GEKTERNA

2020

2021

Y-o-Y

EUR thous.

Η1

Η1

(%)

Sales

419,907

439,376

4.6%

EBITDA

155,474

116,401

-25.1%

EBITDA Mrg

37.0%

26.5%

-1,053 bps

Net Income

1,368

-44,046

-3319.7%

Net Mrg

0.3%

-10.0%

-1,035 bps

TERNA ENERGY

2020

2021

Y-o-Y

EUR thous.

Η1

Η1

(%)

Sales

116,744

139,594

19.6%

EBITDA

67,771

68,253

0.7%

EBITDA Mrg

58.1%

48.9%

-916 bps

Net Income

26,071

-65,263

-350.3%

Net Mrg

22.3%

-46.8%

-6,908 bps

CC Details: Monday October 4 4pm GR time

§  GR: + 30 213 009 6000

§  UK: + 44 (0) 800 368 1063

§  INTL: + 44 (0) 203 059 5872

§  USA: + 1 516 447 5632

****

LAMDA DEVELOPMENT (H1:21 CC highlights): The potential future revenues of Lamda Development from the first few residential projects at the Elliniko plot in southern Athens are already estimated at €685mn, after the company paid the first tranche of €300mn to acquire Elliniko SA, the vehicle for the development project.

  • The listed company announced that it has already received deposits from buyers for 75% of the property for sale at the Marina Tower landmark building the company presented on paper in July. This will amount to revenues of €338mn upon the completion of the transactions.

At the same time, Lamda has received down payments for all 27 luxurious villas to be developed on the Elliniko seafront, with potential revenues from that coming to €345mn. Recall that Lamda Development’s H1 2021 results, show record profits of €224mn, mostly due to the boost from the consolidation of its fully owned subsidiary Hellenikon S.A.

  • A revaluation, by an independent valuer (Savills), of part of the assets held by Hellenikon, improved the property developer’s results by €306mn. Other real estate revaluation gains amounted to €6.3mn. Consolidated net result, after taxes and minority interest, reached €224.6mn, compared with a €5.7mn loss in the corresponding period in 2020. In terms of operational profitability, recurrent EBITDA reached €15.9mn, up by 4% compared to H1 2020.

EBITDA of the three shopping centers managed by Lamda – The Mall Athens, Golden Hall και Mediterranean Cosmos – reached €16.1mn, down 17% from the corresponding period of 2020 due to the suspension of operation for the greater part of the period because of pandemic restrictions in Q1:21. The company’s net asset value (NAV) at the end of June 2021 totaled €1.392bn, or €7.88/share, an increase of 26% compared to the figure on Dec. 31, 2020 due to the consolidation of the Hellenikon SA.

LAMDA DEVELOPMENT

2020

2021

Y-o-Y

EUR thous.

Η1

Η1

(%)

Sales

31,185

29,733

-4.7%

EBITDA

76,737

315,700

311.4%

EBITDA Mrg

246.1%

1061.8%

+81,571 bps

Net Income

-5,659

224,600

4068.9%

Net Mrg

-18.1%

755.4%

+77,354 bps

***

Piraeus Port Authority: Greek lawmakers on Thursday approved an amended deal with Chinese shipping group Cosco that will allow it to raise its stake in Greece’s biggest port of Piraeus, paving the way for Greece to secure a major investment. Under a 2016 Greek privatization deal, Cosco Shipping bought a 51% stake in Piraeus Port Authority (OLP) for 280 million euros.

It then committed to mandatory investments worth about €294 million over five years to purchase an additional 16% stake for €88 million. Cosco was due to fulfill this key condition by August, but it ran out of time, blaming delays beyond its control, and has been in talks with the Greek government to resolve the issue. Last week, Cosco and Greece agreed to amend their 2016 agreement, which they said would “settle effectively” all issues which arose during the implementation of the mandatory investments.

Shipping Minister Giannis Plakiotakis acknowledged that Cosco has concluded only a third of the mandatory investments or about €99 million so far, but this was partly due to litigation and bureaucracy.

****

PPC: PPC will maintain a majority of seats on the board and in management of Hellenic Electricity Distribution Network Operator, known as DEDDIE, which in turn will have the option of listing its shares in the stock market and implementing an already approved business plan for the period until 2028, according to a shareholders’ agreement reached between PPC and Macquarie -the preferred investor in a tender to buy 49% of DEDDIE’s share capital. The sale is expected to be approved by an extraordinary shareholders’ meeting scheduled for October 19. According to the shareholders’ agreement, DEDDIE’s board will have 11 seats, six taken up by PPC, four by the investor and one by the utility’s labor union.

  • PPC will appoint the CEO and COO while the investor will appoint the CFO. The investor will have the right to veto decisions that neither significantly affect the operation of the company nor prevent PPC from controlling the company. Dividend payments will be the larger sum between either €85 million euros or 95% of net profits for the previous year, while the investor will not be allowed to transfer its shares for a period of three years.

After five years, the investor can require the listing of HEDNO’s shares in the stock market. In other news PPC has installed 14 e-vehicle charging points at the Eleftherios Venizelos Athens International Airport (AIA). The infrastructure was installed by PPC subsidiary DEI-Blue. The development marks the first time that a fully-fledged charging hub has been installed at a Greek airport, with AIA being the largest facility in the country.

In a bourse filling Helikon’s Fund stake in the company amount to 6.48% from 5.01% previously.

***

OTE: OTE said it concluded the sale of its 54% stake in Telekom Romania Communications to Orange Romania. The final equity consideration reached €295.6mn. OTE said it will distribute to shareholders approximately €174mn, in the form of extraordinary dividend (up to €0.38/share) and incremental share buybacks. The dividend distribution, subject to appropriate corporate approvals, is expected to take place within 2021. OTE will proceed with a new announcement with the relevant details.

***

QUEST HOLDING: The company announced the conclusion of sale of its 85% subsidiary CARDLINK to French Worldline for €93mn recording a capital gain of €85mn approximately. W eexpect the company to distribute around €50-€60mn of the aforementioned amount in the form of extraordinary dividends to its shareholders in the next 2 to 3 years (min €1.4/share).


Other Results:

INTRAKOM CONSTRUCTION (H1:21 results):

INTRAKAT

2020

2021

Y-o-Y

EUR thous.

Η1

Η1

(%)

Sales

86,996

87,000

0.0%

EBITDA

2,734

-5,700

-308.5%

EBITDA Mrg

3.1%

-6.6%

-969 bps

Net Income

-3,614

-13,525

-274.2%

Net Mrg

-4.2%

-15.5%

-1,139 bps

INTRAKOM (H1:21 results): Net Debt at €176.2mn (+33%).

INTRAKOM

2020

2021

Y-o-Y

EUR thous.

Η1

Η1

(%)

Sales

216,629

220,000

1.6%

EBITDA

12,623

2,200

-82.6%

EBITDA Mrg

5.8%

1.0%

-483 bps

Net Income

-2,049

-9,323

-355.0%

Net Mrg

-0.9%

-4.2%

-329 bps

VOYATZOGLOU (H1:21 results):

VOYATZOGLOU

2020

2021

Y-o-Y

EUR thous.

Η1

Η1

(%)

Sales

10,387

14,113

35.9%

EBITDA

691

1,575

127.9%

EBITDA Mrg

6.7%

11.2%

+451 bps

Net Income

-22

726

3400.0%

Net Mrg

-0.2%

5.1%

+536 bps

  • DELTA TECHNIKI (H1:21 results):

DELTA

2020

2021

Y-o-Y

EUR thous.

Η1

Η1

(%)

Sales

2,611

4,618

76.9%

EBITDA

1,805

1,077

-40.3%

EBITDA Mrg

69.1%

23.3%

-4,580 bps

Net Income

538

147

-72.7%

Net Mrg

20.6%

3.2%

-1,742 bps


*****

ΣΤΕΦΑΝΟΣ ΚΟΤΖΑΜΑΝΗΣ 


Στέφανος Kοτζαμάνης

kotzamanis@euro2day.gr


ΠΑΡΑΤΗΡΗΣΗ

  • Το παρόν δεν αποτελεί σύσταση επενδυτικής στρατηγικής αναφορικά με χρηματοπιστωτικά μέσα ή εκδότες χρηματοπιστωτικών μέσων και δεν περιέχει την οποιαδήποτε γνώμη σχετικά με την παρούσα ή μελλοντική αξία χρηματοπιστωτικών μέσων. Οι πληροφορίες και οι απόψεις στο συγκεκριμένο έγγραφο είναι για ενημέρωση του αναγνώστη και μόνο.

Στο παρόν έγγραφο υπάρχουν πληροφορίες και εκτιμήσεις οι οποίες ενδεχομένως να αναθεωρηθούν σημαντικά μετά την κυκλοφορία του συγκεκριμένου εγγράφου είτε λόγω αναθεώρησης των οικονομικών μεγεθών από τις αρμόδιες αρχές, είτε επειδή οι εκτιμήσεις αναθεωρούνται με βάσει νέες εξελίξεις και τάσεις στις οικονομίες και τις αγορές.

  • Στο παρόν έγγραφο ενδεχομένως να γίνεται αναφορά σε συγκεκριμένα χρηματοοικονομικά στοιχεία τα οποία μπορεί να μην είναι συμβατά με τον επενδυτικό ορίζοντα+ το προφίλ συγκεκριμένων επενδυτών. Η επένδυση σε ορισμένα χρηματοοικονομικά στοιχεία μπορεί να ενέχει σημαντικούς κινδύνους και κόστος ευκαιρίας.

Οι αναγνώστες του συγκεκριμένου εγγράφου είναι αποκλειστικά υπεύθυνοι στο να επιβεβαιώνουν την εγκυρότητα των παρεχομένων πληροφοριών καθώς επίσης και να ενημερώνονται για τυχόν αναθεωρήσεις οικονομικών μεγεθών και εκτιμήσεων που λαμβάνουν χώρα.