Το χρηματιστηριακό σημειωματάριο του μικρομέτοχου – Πέμπτη 02 Ιουλίου 2020

Thursday, July 02, 2020

Market Monitor

Manos Chatzidakis

Head of research 

 Market Comment 

July started positive for AthEx after a volatile session despite low volumes. Banks and a few select large caps held firm in the end to keep the benchmark afloat.

General index ended at at 641.43 points, adding 0.40% to Tuesday’s 638.90 points. The large-cap FTSE 25 index expanded 0.47% to 1,549.362 points. The banks index enjoyed a 1.66% rise, with Alpha growing 3.17%, National advancing 2.48% and Eurobank climbing 2.18%, while Piraeus declined 3.76%. Motor Oil improved 3.81% and Aegean Air earned 1.88% on the day tourism reopened its doors in Greece. Fourlis Holdings gave up 5.65%. In total 48 stocks recorded gains, 44 took losses and 15 remained unchanged.  Turnover amounted to €45m, up from Tuesday’s €40m.

Selective interest to keep market in touch with current levels in today’s session. 

 In the Spotlight 

Greece/PDMA: Greece raised €812.5mn on Wednesday through the offering of 26-week Treasury-bills at a falling yield, of 0.13% compared to 0.25% at a previous similar sale in early June, the debt office said. Demand was strong, with the bid-to-cover ratio coming in at 2.81 versus 1.89 in the previous sale. The government has accepted non-competitive bids of 30% of the initially offered amount of €1bn during the auction and may accept another 30% by Thursday, July 2. Settlement will take place on July 3.

 

Greece/PMI: Greece’s factory activity showed only a fractional deterioration in June as downturns in output and new orders softened substantially. Still, employment fell further amid spare capacity, IHS Markit said. Markit’s PMI for manufacturing stood at 49.4 in June, up from 41.1 in May, “and indicating a notably slower contraction in overall conditions across the sector compared to April’s nadir.”

 

Greece/Economic Sentiment Index-Consumer Confidence: Economic sentiment index deteriorated to 87.6 in June compared to 88.5 in May data from IOBE showed. Consumer confidence sub-index stood at -27.7 points versus -33.0 in the previous month.

 

ALPHA BANK: Alpha Bank said it has entered into a binding agreement for the sale of €1.1bn portfolio of secured non-performing loans extended to SMEs to debt purchaser Fortress. The aggregate consideration for the so-called Neptune portfolio amounts to 24% approximately of the total on-balance sheet gross book value, and can be increased up to 30% of the total on-balance sheet gross book value through a contingent consideration (earnout). The transitional servicing of the Neptune portfolio will be undertaken by Cepal. The completion of the transaction is expected to take place within Q3 2020.

 

GEK TERNA: New 7-year €500mn bond oversubscribed 1.4x with total bids amounting to €686.7mn and coupon set at 2.75%. Allocation was 43.5% to special investors and 56.5% to private investors.

 

TITAN: New €250mn 7-year bond loan coupon range 2.875%-3.125% covered by Titan Cement International SA.

 

COCA COLA HBC: As of today, the company trades ex FY’19 gross dividend €0.62/share (net €0.589/share).

 

ADMIE HOLDING: The company enters a €400mn loan agreement with Eurobank for the funding of the interconnection between Crete island and Greek mainland (Attica region) budgeted some €1bn.

 

INTERCONTINENTAL REIC: The company goes ex FY’19 gross dividend €0.36/share as of today.

 

PERSEAS: Following the completion of the squeeze out option from Andromeda the company’s shares cease trading as of today.

 

Autohellas (Q1:20 Treading update): The group posted a 2% increase in the consolidated turnover, which amounted to €114.3m vs.  €112.1m in 2019. Car rentals, in Greece and abroad increased by 4.2% in Q1:20 and reached €37.8m from €36.3m a year ago. In contrast, used cars sales, coming from rental activity, reached €10.2m, recording a -18% decline. Auto Trade activity contributed a total of € 66.3m to the Group’s turnover from € 63.3m in 2019 and adding positively to the operating result despite the fall in turnover of March.

EBITDA decreased by -1.1%, reaching € 27.4m from € 27.7m in 2019, with operating profits (EBIT) amounting to € 3.7m with a reduction of -48.2%. Consolidated Losses after taxes amounted € 1.1m vs. € 1.9m profits in the corresponding period last year.

Autohellas said that the gradual lockdown played an important role in shaping the results of the first quarter. This effect will be undoubtedly intensified in the second quarter, during which, mobility restrictions were in place for a longer period of time, commercial stores were shut down and arrivals were drastically reduced due to the pandemic.

Fortunately, both long-term rentals (operating leasing) and auto trade, are showing a dynamic recovery after the end of the lockdown restrictions. However, as far as the activity that is closely related to tourism (short-term rentals), the forthcoming months will be challenging since arrivals will be drastically reduced, even after the gradual restart of flights, with the uncertainty that stems from the pandemic to be hindering international arrivals.

 

2019

2020

Y-o-Y

EUR thous.

Q1

Q1

(%)

Sales

112,083

114,278

2.0% 

EBITDA

27,720

27,407

-1.1% 

EBITDA Mrg

24.7% 

24.0% 

-75 bps 

Net Income

1,903

-1,100

-157.8% 

Net Mrg

1.7% 

-1.0%  

-266 bps 

 

PLAISIO: As of today the company trades ex FY’19 gross dividend €0.02/share (net €0.019/share after applying 5% tax rate).

 

THESSALONIKI PORT: AGM clears FY’19 gross dividend distribution €1.17/share (net €1.1115/share). Ex dividend date set on July 6. Payment on July 13.

 

OPTRONICS: AGM clears FY’19 gross dividend distribution €0.059/share (net €0.05605/share). Cut-off date set on July 13. Payment on July 20.

 

TERNA ENERGY: On June 30, the company bought 19,043 own shares for a total consideration of €181.678K (€9.54 avg price per share).

 

OTE: On June 30, the company bought 54,493 shares at €12.1006/share for a total consideration of €659.399K. OTE now controls 4,364,471 own shares or 0.928% of its share capital.

 

MYTILINEOS: On June 30, the company bought 45,000 own shares at €7.3238/share and a total consideration of €329.571K. The company now controls 860,029 shares or 0.6019% of share capital.