Το χρηματιστηριακό σημειωματάριο του μικρομέτοχου – Παρασκευή 03 Ιουλίου 2020

Friday, July 03, 2020

Market Monitor

 

 Market Comment 

With Greek corporate bonds and treasury bills out of the way and the US jobs data feeding growth across European bourses, the Greek stock market enjoyed a day of strong gains on Thursday, although turnover remained low. 

The Athens Exchange (ATHEX) general index ended up at 662 points, adding 3.21% to Wednesday’s 641.43 points. The large-cap FTSE 25 index expanded 3.47% to 1,603.12 points while FTSEM accelerated at a slower pace by 1.95% to 862.30 points. The banks index grew 3.13%, as National jumped 5.79%, Piraeus moved up 3.38%, Alpha ascended 2.64% and Eurobank improved 1.70%. GEK Terna soared 7.17%, OPAP climbed 6.61%, Public Power Corporation advanced 6%, Mytilineos augmented 4.67%, Jumbo earned 4.33%, ADMIE Holdings closed 4.14% better off, Sarantis rose 4.09% and OTE telecom was up 3.91%. In total 76 stocks recorded gains, 27 suffered losses and 21 closed unchanged. Turnover amounted to €45.9mn, up from Wednesday’s €45mn. 

In today’s session, we expect selective buying interest to continue dragging GI further higher on hopes for COVID19 vaccine and international markets euphoria.

Yet prevailing low liquidity will continue as US markets will be closed due to 4th of July celebration. 

 In the Spotlight 

TITAN: Titan Cement’s offering of 7-year €250mn guaranteed notes was covered over two times, while it carried an annual coupon of 2.75%. The bond will be issued by its wholly-owned subsidiary Titan Global Finance and will be admitted for trading on the Euronext Dublin. Proceeds will be used to buy back in cash some or all of 3.5% guaranteed notes due June 2021 of an outstanding principal amount of €300mn, general corporate purposes and pay back bank debt. 

LAMDA DEVELOPMENT: Prime Minister Mitsotakis to inaugurate today 1st phase of construction works in Helliniko project. 

EPSILON NET: Public offer of 2,224,560 new shares for Public offer to ASE Main Market (from E.NA) to run from July 8 to July 10.  

TERNA ENERGY: On July 1, the company bought 30,401 own shares for a total consideration of €293.116K (€9.64 avg price per share). 

MYTILINEOS: On July 1, the company bought 30,000 own shares at €7.3739/share and a total consideration of €221.216K. The company now controls 890,029 shares or 0.6229% of share capital. 

OTE: On July 1, the company bought 55,140 shares at €12.0076/share for a total consideration of €662.100K. OTE now controls 4,419,611 own shares or 0.94% of its share capital. 

BRIQ PROPERTIES: On July 1, the company bought 3,000 own shares at €1.66/share for a total consideration of €5K. 

THESSALONIKI WATER: The company trades ex FY’19 gross dividend €0.268/share (net €0.2546/share) on July 9. Payment to be concluded on July 16. 

PASAL: As of today the trading of the right ceases following the recent share capital increase carried out in the form of a rights issue. The expiration date of the pre-emption right’s subscription period is set on July 7, 2020. 

CRETAN PLASTICS: The company trades ex FY’19 gross dividend €0.3653/share (net €0.347). 

SARANTIS: The company announced that it controls a total of 2,750,073 own shares or 3.94% of share capital. 

TRASTOR REIC: 41,350,798 new shares resulting from the completion of the company’s recent rights issue as of 06/07/2020. Rights issue was partially covered and total issue proceeds amounting to €37.22mn will finance company’s real estate asset portfolio expansion. 

THRACE PLASTICS: On July 1, the company bought 3.965 shares at €1.8739/share for a total consideration of €7.4K. 

JUMBO (H1’20 trading update): The company issued a trading update yesterday’ regarding H1’20 financial performance. Following a national lockdown from arch 13 onwards March sales retreated by 51% after an impressive +13% and +23% hike in January and February respectively. During April, with company’s retail network in all operating markets under suspension sales collapsed by 86% (due to Easter turnover loss effect).

  • Partial lift of mobility restrictions in May brought consolidated sales heading north by +13.6% y-o-y with a milder increase by +5.8% concluding June. Summing up, H1’20 consolidated sales came in 17% lower y-o-y to €278.8mn. The company reaffirmed its planning for distributing FY’20 gross dividend €0.47/share meeting initial announcement for 2020 dividend equaling to FY’19 (end June 19).

Having in mind that the company has already distributed half of the aforementioned dividend gross €0.235/share as interim distribution, remaining FY’20 amount for the shareholder stands at €0.235/share (gross) implying a DY for H2’20 of 1.5%. Jumbo trades at a projected FY’20 PE ratio 14.7x and EV/EBITDA (2019) 7.9x. 

Other Results: 

PRODEA REIC: NAV as of end March 20 stood at €5.62/share vs €5.56/share on 31-12-2019. 

PRODEA

2019

2020

Y-o-Y

EUR thous.

Q1

Q1

(%)

Sales

33,075

42,064

27.2%

EBITDA

40,261

25,082

-37.7%

EBITDA Mrg

121.7% 

59.6% 

-6,210 bps 

Net Income

26,481

15,770

-40.4%

Net Mrg

80.1% 

37.5% 

-4,257 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]

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