Το χρηματιστηριακό σημειωματάριο του μικρομέτοχου – Παρασκευή 26 Ιουνίου 2020

Friday, June 26, 2020 Market Monitor

Market Comment

Stocks extended their losses on Thursday amid light volumes, in line with European markets, amid signs that the COVID-19 pandemic is far from over, following a surge in the number of coronavirus cases globally. General index ended at 650.60 points, shedding 2.17% from Wednesday’s 665.01 points. The large-cap FTSE 25 index contracted 2.51% to 1,569.23 points. The banks index dropped 2.33%, with Piraeus decreasing 2.70%, Alpha shrinking 2.69%, Eurobank losing 2.10% and National easing 1.96%. Aegean Air sank 4.71%, OTE telecom parted with 4.35%, OPAP gave up 3.87% and Sarantis conceded 3.85%, as Motor Oil and Coca-Cola HBC each fell 3.31% and Ellaktor improved 2.80%. In total 26 stocks posted gains, 61 took losses and 24 remained unchanged. Turnover amounted to €48.8 million, down from Wednesday’s €49.4 million.

A bounce in the cards after two days of sharp losses, banks in the spotlight. 

  • In the Spotlight

Greece/Budget Execution: Greece slightly revised its January-May budget execution figures from the preliminary data which were released on June 15. On a modified cash basis, state budget posted a primary deficit of €4.84bn at the end of May against a target which was for €43mn in surplus, due to the impact from the lockdown measures and the state’s aid package which included deferral of tax and VAT payments. State net revenues underperformed the target by 14.5% or €2.7bn, amounting to €16.0bn. Moreover, the Ministry said it has yet to book €79mn in its financial accounts due to technical discrepancies. In May alone, net revenues underperformed the monthly target by €1.42bn due to tax reductions and deferrals of VAT and tax payments. Ordinary revenues, which exclude receipts from social security organizations and local governments, underperformed the target by €2.5bn, amounting to €17.8bn. Tax revenues fell short of the target by €2.2bn, amounting to €15.47bn. May tax revenues reached €2.2bn, down €1.2bn compared to the monthly updated budget target. However, May tax revenues were lower €287mn compared to the updated targets as included to the Stability Program. Public Investment Budget revenues stood at €1.3bn, €117mn above the budgeted target, while state spending amounted to €23.5bn, €2.27bn above target, due to COVID-19 related payments and higher Public Investment Budget spending by €1.76bn. 

ALPHA BANK: Alpha Bank is close to finalizing a deal to sell a portfolio of bad loans worth over €1bn (Neptune portfolio) to US investment manager Fortress Group, according to press reports . 

PIRAEUS BANK: Piraeus Bank said it has financed Henderson Park and Hines in their recent acquisition of five hotels in resort locations in the island of Crete. 

HELLENIC PETROLEUM: AGM clears remaining Fy’19 gross dividend distribution €0.25/share. Ex-dividend date June 29. Payment on July 6.

PPC: AGM decides on no FY 2019 dividend distribution. 

MYTILINEOS: On June 24, the company bought 40,000 own shares at €7,7323/share and a total consideration of €309.291Κ. The company now controls 725,029 shares or 0.5074% of share capital. 

JUMBO: Extraordinary Gm approved interim gross dividend distribution €0.235/share (net €0.2235/share). Ex-dividend date on June 30. Payment on July 6. 

GEKTERNA: Coupon range for the upcoming €500mn 7-year bond loan issue (June 29 to July 1) to be announced today. 

OTE: On June 24, the company bought 52,961 shares at €12.4215/share for a total consideration of €657.854Κ. OTE now controls 4,145,442 own shares or 0.882% of its share capital. 

BRIQ PROPERTIES: On June 24, the company bought 2,665 own shares at €1.651/share for a total consideration of €4.4Κ. 

TERNA ENERGY: On June 24, the company bought 41,958 own shares for a total consideration of €394.235K (€9.4 avg price per share). 

NBG: Reportedly CVC Capital is said to submit a binding offer for the 80% of NBG Insurance. 

LAMDA DEVELOPMENT: The company’s CEO Mr Athanasiou said that Lamda is close to clinch an agreement with a foreign group for the partial development of Elliniko project, expected to kick in by the end of the year. 

AEGEAN AIR (5M ’20 trading update): Aegean Airlines said that its first quarter losses stood at €85.4mn compared to net losses of €35.2mn in the year-ago period, due to the COVID-19 impact and a fuel-hedging hit. “First quarter 2020 result was burdened with €38.7mn due to hedging ineffectiveness deriving mainly from oil derivatives originally in place to hedge volumes which will eventually not be consumed following the suspension of the largest part of network operations in the second quarter,” it said in a statement. Revenues in the first quarter dropped 15% y-o-y lower to €147.0mn. The load factor declined to 76.0% from 82.3% in the year ago period. “Passenger traffic reached 2.1mn., 15% lower, with the company operating 6% fewer flights compared to the same quarter last year. The decline in passenger traffic was driven entirely by March performance, reversing the positive course of the previous two months of the year,” the carrier said in the same statement. The company reported cash and cash equivalents at the end of the period of €464.9mn against €537.9mn in the year-ago period. 

Key Fugures

Q1:19

Y-o-Y (%)

4Q:19

Y-o-Y (%)

Q1:20

Y-o-Y (%)

Revenue

172

4.0%

276.9

11.60%

147

-15%

Total OpEx

-185.4

7.7%

-243.9

4.20%

-186.4

1%

Total OpEx ex-fuel

-142.5

5.6%

-180.5

3.20%

-141

-1%

EBITDAR

-8.4

186.0%

39.6

99.60%

-33.1

296%

EBITDAR Margin

-4.90%

14.3%

-22.50%

Hedging ineffectiveness

-38.7

PBT

-48.7

14.2%

0.1

-12.3

131%

Net profit/(loss )

-35.2

14.2%

1.3

-85.4

143%

Total ASK  (m)

3,014

4%

4,158

7%

2,764

-8%

Total RPK (m)

2,482

6%

3,536

7%

2,088

-16%

Average load factor

82.30%

              85.0%

              75.5%

Revenue  Yield (€cents )

7.1

-1%

8.1

6%

7.3

3%

Total Passengers (m)

2.525

7%

3.359

7%

2.135

-15%

Domestic passengers (m)

1.12

4%

1.393

5%

0.982

-12%

International Passengers (m)

1.405

9%

1.966

8%

1.153

-18%

 

Other FY:19 Results: 

MATHIOS

2018

2019

Y-o-Y

EUR thous.

FY

FY

(%)

Sales

14,099

17,137

21.5%

EBITDA

416

1,100

164.4%

EBITDA Mrg

3.0% 

6.4% 

+347 bps 

Net Income

-885

-244

72.4%

Net Mrg

-6.3% 

-1.4% 

+485 bps 

FIERATEX

2018

2019

Y-o-Y

EUR thous.

FY

FY

(%)

Sales

29,299

28,353

-3.2%

EBITDA

1,568

903

-42.4%

EBITDA Mrg

5.4% 

3.2% 

-217 bps 

Net Income

101

-635

-728.7%

Net Mrg

0.3% 

-2.2% 

-258 bps 

BSB

2018

2019

Y-o-Y

EUR thous.

FY

FY

(%)

Sales

75,977

80,241

5.6%

EBITDA

14,798

8,742

-40.9%

EBITDA Mrg

19.5% 

10.9% 

-858 bps 

Net Income

7,832

-651

-108.3%

Net Mrg

10.3% 

-0.8% 

-1,112 bps 

 FY 2019 results. Extraordinary loss of €11.5mn from the valuation of own operating assets (building headquarters).

  

 

AVE

2018

2019

Y-o-Y

EUR thous.

FY

FY

(%)

Sales

39,726

104,628

163.4%

EBITDA

-9,357

1,780

119.0%

EBITDA Mrg

-23.6% 

1.7% 

+2,526 bps 

Net Income

-5,982

-13,214

-120.9%

Net Mrg

-15.1% 

-12.6% 

+243 bps 

VIS

2018

2019

Y-o-Y

EUR thous.

FY

FY

(%)

Sales

16,824

14,263

-15.2%

EBITDA

-1,142

-979

14.3%

EBITDA Mrg

-6.8% 

-6.9% 

-8 bps 

Net Income

-2,911

-2,808

3.5%

Net Mrg

-17.3% 

-19.7% 

-238 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]