Το χρηματιστηριακό σημειωματάριο του μ/μ (Ι)- Τετάρτη 12/2/2020

ΚΑΠΟΙΑ ΣΤΙΓΜΗ ΘΑ ΞΥΠΝΗΣΟΥΝ και τα… ζωντόβολα. Με μηδενικό επιτόκιο στις καταθέσεις, με το 10ετές κάτω και του 1% και δεν συμμαζεύεται η εγκεφαλική αρτιοσκλήρωση της μάζας και της λαμογιοαρπαχτής.

  • ΜΕΓΑΛΥΤΕΡΗ ΑΝΟΔΟΣ
ΣΥΜΒΟΛΟ ΤΙΜΗ ΜΕΤ.% ΔΙΑΦ. ΟΓΚΟΣ
ΣΠΙ – μπράβο κίνηση…. 0,5550 18,59 % 0,0870 21.984
ΛΑΝΑΚ 1,2000 8,11 % 0,0900 75
ΒΙΟΚΑ 1,3700 7,03 % 0,0900 280
ΕΛΒΕ 4,2800 6,47 % 0,2600 250
ΟΠΤΡΟΝ 3,3800 4,97 % 0,1600 50
ΠΑΙΡ 0,4320 3,35 % 0,0140 2.012
ΚΕΠΕΝ 2,4800 3,33 % 0,0800 10
ΑΔΜΗΕ – αυτό είναι σωστό… 2,5300 3,27 % 0,0800 579.132
ΔΡΟΜΕ 0,4700 3,07 % 0,0140 1.800
ΠΡΟΦ – Πριγκίπισσα και τι να λέμε τώρα. 4,0900 2,76 % 0,1100 13.259
ΚΥΡΙΟ 2,2400 2,75 % 0,0600 71
ΤΖΚΑ 3,9000 2,63 % 0,1000 504

***

Το φράγμα του 1% έσπασε το επιτόκιο του ελληνικού δεκαετούς ομολόγου, σημειώνοντας νέα ιστορικά χαμηλή επίδοση. – Ιστορικό ρεκόρ όλων των εποχών καταγράφεται σήμερα στην ελληνική αγορά ομολόγων καθώς το επιτόκιο στο ελληνικό δεκαετές ομόλογο έσπασε το φράγμα του 1% και υποχωρούσε στο 0,992%.
..

Πρόκειται για μια πολύ σημαντική εξέλιξη για την ελληνική αγορά χρέους που βρίσκει με ταχύ ρυθμό το βηματισμό της μετά από δέκα χρόνια κρίσης και τον πολυετή αποκλεισμό της χώρας από τις διεθνείς αγορές. Η πορεία των ελληνικών ομολόγων ακολουθεί την τάση στην αγορά της ευρωζώνης, το οποίο είναι και αυτό ένα σημαντικό στοιχείο για την επιστροφή της οικονομίας σε συνθήκες κανονικότητας.

Πρέπει να σημειωθεί ότι οι εξελίξεις αυτές, εκτός του ότι βελτιώνουν το ευρύτερο κλίμα στην αγορά, συμπιέζοντας περαιτέρω το κόστος δανεισμού για την πραγματική οικονομία και τις επιχειρήσεις διευκολύνουν και τη διαπραγμάτευση της Ελλάδας με τους Ευρωπαίους για την εξασφάλιση όσο το δυνατόν περισσότερου δημοσιονομικού χώρου για ελαφρύνσεις και φιλοαναπτυξιακά μέτρα.

ΠΑΡΑΤΗΡΗΣΕΙΣ: Μερικοί έχουν παρεξηγήσει την ΕΚΤΕΡ… Δηλαδή όλα καλά στις Τράπεζες, στις κατασκευαστικές, στην ΦΡΙΓΟ, στη σάρα και στη μάρα και αυτή μόνον να λοιδωρείται; Και επειδή γράφονται και διάφορα μυθιστορήματα, θα σας τα αναλύσω απόψε τα μεσάνυχτα. Με το ΝΙ και με το ΣΙΓΜΑ… με την κ/φση στα 13,5 εκατ. ευρώ. ΤΙΠΟΤΑ ΑΛΛΟ ΓΙΑ ΤΗΝ ΩΡΑ…

Market Comment – ΒΕΤΑ ΑΧΕΠΕΥ

Stocks ended higher led by upbeat banks, which clawed back some of the recently lost ground. Optimism in foreign markets may assist to a follow up in yesterday’s rise. 

In the Spotlight – ΒΕΤΑ ΑΧΕΠΕΥ

Greece/New Car Registrations: New car registrations grew 8.3% y-o-y in January with the number of new or imported second had cars amounting to 20,634, the statistics office of ELSTAT said on Tuesday. Sales of new cars alone rose 3.6%. Sales of new or imported second-hand motorcycles-over 50cc- increased 28.1% y-o-y in January, reaching 2,505, with the sales of new motorcycles rising 29.1%. 

Greece/PrivatizationsThe future of troubled nickel company Larco depends on the success of the complex undertaking of its privatization, which will start immediately. A bill submitted on Monday in Parliament by the Energy Ministry sets a specific timetable for the sale of the state company’s assets and clearly provides for the obligation to submit a bankruptcy application in case the transfer of at least 75% fails.

The legislative intervention provides for the appointment of an administrator next month and the coverage of Larco’s operating costs through one last injection by the state until the completion of the privatization. The cost of that injection will be deducted in advance from the price. The administrator will immediately implement initiatives to reduce expenditure, including slashing salary costs by an average of 25%.

  • Cuts will mainly affect older and highly paid employees earning more than 2,000 euros per month, while the salaries of new and low-paid employees will remain unchanged. Average annual salary costs at the troubled mining enterprise approach 44,000 euros per worker, while salary costs for the highly paid top 73,000 euros per annum.

The bill further provides for a fast-track arbitration process to resolve any differences between the corporation and the state so as to clarify the ownership of the Larymna smelting plant, which is a prior action required for the tender to concede the assets.

The administrator will also perform the international tender for all or part of the assets within 15 days of the arbitration decision and will proceed rapidly so that it is completed within 12 months.

  • If no proper bid is submitted, the tender will be repeated within 30 days, and if that proves fruitless too, the Larco assets that will not be sold will be auctioned in part or in full through free negotiations following a public invitation. The bill also relieves Larco board members from any liability during the privatization process or in case the tender procedure ends up in a bankruptcy application. 

Coca Cola (results FY:19): Coca Cola will announce FY:19 results tomorrow before the opening of the market.  FY19 consensus forecasts call for revenues of €7.0bn, +5.2% y-o-y, adjusted EBITDA of EUR 1.135m, up 12.8% y-o-y, with the respective margin +110bps y-o-y to 16.2%, and adjusted net profit at EUR 519m, +8% y-o-y. Note that ordinary dividend in 2018 stood at 0.57 eur/share. 

The following table summarise consensus estimates: 

COCA COLA

2018

2019

Y-o-Y

EUR thous.

FY

FY

(%)

Sales

6,657,100

7,003,000

5.2% 

Adj. EBITDA

1,006,000

1,135,000

12.8% 

EBITDA Mrg

15.1% 

16.2% 

+110 bps 

Adj. Net Income

480,400

519,000

8.0% 

Net Mrg

7.2% 

7.4% 

+19 bps

MSCI: Tonight MSCI will announce the quarterly changes to MSCI indices. Effective day will be March 2, 2020.

Piraeus Bank: The issue of the new €500mn TIER II bond expected to launch today. Consensus estimates for coupon in the 6% area.

PPC:  PPC said its subsidiary PPC Renewables signed a memorandum of understanding with Portugal’s EDP. The two companies will explore potential cooperation in the field of RES development in Greece. The two companies aims at developing RES projects of at least 400 MW. 

Aegean Air: the company presents today 3 two new Airbus 320 neo that will gradually replace existing fleet. 

ElvalHalcor:  The Company has initiated the second phase of its five-year investment plan of its aluminum rolling Division. Increasing environmental awareness and global strategies towards the use of more sustainable, recyclable, lightweight and energy efficient materials in important sectors, such as packaging and transportation, are driving the growth of the aluminum products market.

  • In response to the increased demand for aluminum products from the company′s customers, the Company has ordered a 6-high aluminum cold rolling mill, as the initial stage of a wider €100mn investment plan to be implemented in the course of the next two years for production equipment and R&D infrastructure.

This investment will allow the Company to utilize up to an extra 150 thousand tons of the additional hot rolling capacity at the Oinofyta plant, which will more than double, following the installation of the new four-stand tandem hot rolling finishing mill by April 2020.

  • Furthermore, it reinforces ElvalHalcor′s commitment to provide more sustainable world-class aluminum products and solutions, contributing towards a circular economy. The Company intends to finance the investment by a combination of free cash flows, bank debt, and supplier credit financing. 

Audiovisual: The company revealed the terms for the upcoming share capital increase €8mn. The company will issue 26,666,665 new shares at €0.30/share with 7new shares for every 27 old held. 

AVAX: Share capital increase was partially covered by 52.9% with the remaining 42.1% being subscribed by major shareholders. As a result, 66.66mn new shares will be issued. 

Lampsa: The company concluded the sale of Excelsior hotel in Beograd to BMP AD NOVI BEOGRAD for €5.628mn 

Frigoglass: Avenue Capital stake in the company drops below the 105 threshold to 9.963% (35,412,858 shares)

 

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