DOCSLIB.ORG

Greek Market Daily

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Greek Market Daily December 29, 2020 , 2015 Greek Market Daily ` TODAY’S FOCUS The market rose by +2.92% yesterday on higher volumes. Piraeus Bank (+15.06%), Aegean Airlines (+9.60%) and Alpha Bank (+7.18%) were the top outperformers, while ATHEX Data Lamda Development (-0.00%), Coca Cola Hellenic (-0.15%) and Ellaktor (-4.01%) were Close Daily YTD General Index 810.44 2.92% -11.59% the top underperformers. Turnover increased by €18.6m d-o-d to €59.7m with the highest FTSE-Large Cap 1,943.14 3.14% -15.44% trading activity in Alpha Bank (€10.5m), National Bank (€7.6m) and Eurobank (€4.5m). We FTSE-Mid Cap 1,092.77 2.57% -8.57% Euroxx Research Euroxx expect year-end rally to continue, also supported by int’l trends. Market Cap (€m) 53,515 +2.39% -12.6% Turnover (€m) 59.74 45.21% 64.19 MACRO/POLITICS NEWS 835 220 815 200 795 The Greek FinMin said that the Ministry of Finance, in the framework of its public debt 180 775 management programme for 2021, has started the process for a new early repayment of 755 160 IMF loans with maturities in 2021 and 2022, in the near future, amounting to 735 140 715 approximately €3.6bn 120 695 100 According to the official announcement, this It the second early repayment by the current 675 government within a year, thus repaying €6.3bn i.e. c80% of the total IMF loans of c€8bn: 655 80 635 60 "With this new repayment, the Greek State achieves the optimal utilization of its cash 615 40 resources, the reduction of interest rate and FX risk, the reduction of refinancing risk for 595 575 20 the next two years, while the public debt sustainability is further improved. Due to these 555 0 factors, this new early repayment is expected to be positively perceived by both by the 25-Nov 27-Nov 1-Dec 3-Dec 7-Dec 9-Dec 11-Dec 15-Dec 17-Dec 21-Dec 23-Dec Turnover General Index credit rating agencies and the international investment community”. FTSE-Large Cap Movers CORPORATE NEWS Piraeus Bank 15.06% Aegean Airlines 9.60% Alpha Bank 7.18% ➢ Ellaktor <HELr.AT/ELLAKTOR GA, €1.65, U/R, TP: U/R> Announced that National Bank 6.03% PPC 4.90% Reggeborgh Invest with transactions on 18 and 23Dec’20 raised its direct stake Piraeus Port Authority 0.61% in Ellaktor to 14.1761% from 10.3616% previously; remember that it also holds Cenergy 0.59% since 10Sept’20 a call option of 26,882,023 Ellaktor shares, which account for Lamda Development 0.00% 12.5457% of total Coca Cola Hellenic -0.15% Ellaktor -4.01% ➢ Energy Sector – RAE announced that a RES auction is scheduled for 24May’21, Macro Data applications by 22March’21, offering wind (in category I of <50MW) and solar Close Daily (*) YTD (*) energy (in category II of <20MW) capacities of 350MW; moreover, a maximum 3m Euribor -0.54% -0.1 -15.9 price of €53.86/MWh was set 20yr Bond yield 1.02% +0.0 -121.6 10yr Bond yield 0.65% +0.0 -81.7 Greek retail electricity market: IPPs market share dropped to 33.67% in Nov’20 10yr Bond spread +120.1 +0.2 -8 USD / Euro 1.22 0.11% 9.0% (according to data from Greek Energy Exchange - EnEx) – total demand up by 11% Crude Oil 48.17 -0.12% -21.1% y-o-y; Monthly average Clearing Price at €52.66/MWh, up by €5.38/MWh m-o-m, GDP growth -11.7% Q3’20 - down by €2.7/MWh y-o-y CPI -2.1% Nov’20 - Mytilineos’ Protergia ranks first with 7.97%, GEK-Terna’s Heron follows with 6.55%, and (*) in bps unless otherwise stated Hellenic Petroleum-Edison’s Elpedison with 4.67%. As a result, PPC’s retail market share Source: Bloomberg in Nov’20 rose to 66.33%. Remember that the MoU target calls for PPCs’ market share to Corporate/Macro Calendar 29/12/2020: - fall below 50% by 2020e; however, PPC’s management had stated that company’s budget for 2020e assumes a market share of 65%. Regarding the Generation mix traded in the Day-Ahead Market, Natural Gas ranks first with 40% of total, RES follows with 32%, Lignite Plants and Imports contributed 13% and finally, Hydro Plants 2%. 04/01/2021: Piraeus Bank – CoCos Conversion Date 07/01/2021: Ellaktor – EGM ➢ Piraeus Bank <BOPr.AT/TPEIR GA, €1.23, Overweight, TP: €1.55> Announced the 18/01/2021: Eurogroupo Meeting - Brussels signing of a binding agreement with Intrum for the Phoenix NPE portfolio (€1.9bn of residential mortgage NPEs); According to the announcement, the implied valuation of the portfolio based on the nominal value of the senior notes and the sale price of the mezzanine notes corresponds to 50% of the total gross book value of the portfolio; Pro-forma for the transaction, Piraeus Bank’s NPE ratio will be reduced to 44% from 47%, while the NPE coverage ratio will increase to 46% from 45% in Sept’20 ➢ Eurobank <EURBr.AT/EUROB GA, €0.606, O/W, TP: €0.75> According to press reports, Eurobank proceeded with a swap with the Hellenic Republic of GGBs of nominal value of €1.2bn with 30-year GGBs at market value plus cash; Reportedly, Eurobank will realise a capital gain of €155m, hence strengthening its capital ratios by about 40bps Please refer to important disclosures in the Disclosure Appendix December 29, 2020 ➢ PPC <DEHr.AT/PPC GA, €7.50, O/W, TP: €5.50> According to a joint ministerial decision signed by the Ministers of Finance and Energy, PPC will receive a cash injection of €590m as a down payment for the Greek State’s electricity needs for 2021e; first installment of €200m expected by 31Dec’20, and the remaining €390m to be received by Feb’21e Please refer to important disclosures in the Disclosure Appendix December 29, 2020 IMPORTANT DISCLOSURES Analyst Certification The analysts identified on the bottom of this report certify that the written views about each company and security he/she covers reflects only his/her personal opinions and estimates and his/her compensation are not linked to any investment banking services provided by Euroxx. Risks and sensitivity The views and recommendations for all the companies that Euroxx Securities covers or refers to in the report have various levels of risk depending on company, industry and market events. Furthermore, our estimates for each company we cover are affected by various factors such as interest rates, inflation, local economic environment, market volatility, currency, management continuity or other company specific events. Investors should be informed that the investment strategies discussed or recommended in these reports may not be realised and each company may fail to reach its targets or the analyst’s targets. Recommendation System Our recommendation system is based on the unbiased personal views of our analysts. The target prices have a time horizon of one year. Euroxx Securities S.A. aims in updating the covered companies on any new future material that may lead to a different recommendation but does not have a regular policy to update reports. Coverage Universe Coverage Universe % Companies covered that are Rating Explanation (#) in the last (%) investment banking clients quarter Overweight Expected total return >10% 19 86% 0% Equalweight Expected total return betw een -10% and +10% 0 0% 0% Underweight Expected total return < -10% 0 0% 0% Under Review Recommendation and Target Price are subject to revision 3 14% 0% *The target price and rating have a time horizon of one year Investment recommendations are determined by the ranges described above at the time of initiation or review of coverage. Furthermore, the aforementioned ratings and target prices are subject to constant changes. Any unauthorised use, disclosure, copying, distribution, or taking of any action in reliance on these reports is strictly prohibited. Euroxx Securities S.A. and its employees are neither liable for the proper and complete transmission of these reports nor for any delay in their receipt. Euroxx Securities S.A. and its employees do not guarantee the accuracy of the research reports or daily report, while they are not responsible for any possible errors or omissions. Under no circumstances Euroxx suggests any buying or selling activity through this document. In producing its research reports, Euroxx Securities SA research departments may have received assistance from the subject company such as access to the company’s sites, visits to certain operations of the subject company, meetings with management or employees and the handing by them of historical data regarding the subject company, as well as of all the publicly available information regarding strategy and financial targets. Other Important Regulatory Disclosures The information and opinions in this report were prepared by Euroxx Securities S.A., which is member of the Athens Exchange S.A. and regulated by the Hellenic Capital Market Commission. There is a separate location of analysts from Investment Banking, Capital Markets and Sales and Trading employees and research reports are produced away from them. The communication between the Research Department and the other departments of Euroxx Securities S.A. is restricted between the different departments. Note that "EUROXX Securities S.A. is regulated in Greece by the Hellenic Capital Market Commission, License No. 45/23.06.95/3”. Finally, ratings and target prices for companies mentioned in this report are based on already published research reports by Euroxx Securities S.A. Disclosure checklist for companies mentioned in this report 1.
Load more

Recommended publications
  • ELLAKTOR Presentation March 5Th, 2020 Table of Contents
    ELLAKTOR Presentation March 5th, 2020 Table of contents 1 Executive summary 2 Business Overview 3 Capital Structure 4 9M 2019 Financials 1 1 Executive summary 2 Business Overview 3 Capital Structure 4 9M 2019 Financials 2 Executive Summary ELLAKTOR history 1950s-1990s 1990s-2000s 2000-2009 2010-2018 2018 - forward 1950s: Establishment of 1999: Led domestic 2007: Acquisition of TEB, ELLINIKI construction sector Pantechniki, leading to Industry TECHNODOMIKI and consolidation (Merger of controlling stake in Attiki consolidation AKTOR TEB, Elliniki Odos (59%) Technodomiki & AKTOR) 1996: Signed first 2003: Entry into concession projects environment segment Diversification (Attiki Odos and Rio- 2008: Signed 3 out of 5 of activities Antirrio Bridge) major concession projects awarded in Greece 2004: First international 2012: c. €600m of construction contracts in projects in the Balkans Romania and Kuwait Geographic 2014: €3.2bn Doha metro 2005: Internationalisation diversification project in Qatar of HELECTOR through acquisition of Herhof GmbH 2010-2012: Sale of gold 2018: Sale of Athens Resort assets Casino (€13.5 ml) Focus on core 2014: ELTECH ANEMOS 2018: Increased stake in IPO Attiki Odos by 6.5% competencies 2019: Sold Corporate Headquarters (€25.5 ml) and stake in Elpedison (€ 18 ml) 2015: 1st Waste PPP in July 2018: Newly elected Greece Board post 1st proxy fight in Renewed 2016: Moreas completed Greece opportunity / in full operation July 2019: Group 2017-18 :Olympia Odos rationalization / ELTECH & Maliakos completed ANEMOS absorption 4 The ELLAKTOR group led the construction sector consolidation in Greece H’ (Highest) grade construction companies in 1998 (€m) 7th grade(1) construction companies in 2018 (€m)(2) Thessaliki SA Etep SA Parnon SA Themeli SA Odon & Odostromaton SA Ekter SA INTRAKAT SA Gekat SA Europaiki Techniki SA I.G.
    [Show full text]
  • Elteb Annual Report 2003
    22000033 A N N U A L R E P O R T TABLE OF CONTENTS IMPORTANT NOTICE………………………………………………………..5 1. COMPANY SUMMARY FINANCIAL FIGURES…………………………..5 2. CONSOLIDATED SUMMARY FINANCIAL DATA………………………..9 3. INFROMATION ON THE PERSONS RESBONSIBLE FOR THE ANNUAL REPORT AND THE COMPANY AUDITORS…………………………… 12 4. SHAREHOLDERS’ RIGHTS……………………………………………… 19 4.1 General………………………………………………………………………… 19 4.2 Taxation of dividends……………………………………………………………… 21 4.3 Shareholders’ obligations……………………………………………………… 21 5. STOCK EXCHANGE INFORMATION ON COMPANY SHARES…… 22 6. INFORMATION ON THE SHARES…………………………………… 24 7. INFORMATION ABOUT THE COMPANY………………………… 24 7.1 General Information …………………………………………………………… 24 7.2 Brief History………………………………………………………………… 26 7.3 Outline of Operations ………………………………………………………. 27 7.4 Co-financed projects…………………………………………………………….... 30 7.5 Fixed Assets …………………………………………………………………… 36 7.6 General Information on the Company’s Share Capital………………………… 38 7.7 Shareholders………………………………………………………………….........41 7.8 Management – Administration …………………………………………………....42 7.9 Participation of Elliniki Technodomiki Teb’s main Shareholders and members of the Board of Directors in the capital or management of other companies………………48 7.10 Organizational Chart……………………………………………………………… 52 7.11 Personnel……………………………………………………………………… 53 7.12 Investments ………………………………………………………………… 53 7.13 Use of capital raised through the last share capital increase…………………… 56 8. FINANCIAL HIGHLIGHTS……………………………………………… 59 8.1 Activity………………………………………………………………………… 59 8.2 Profit/Loss for 2001-2003……………………………………………………
    [Show full text]
  • Interim Condensed Financial Information in Accordance with International Accounting Standard 34 for the Period from 1 January to 30 September 2020
    Interim condensed financial information in accordance with International Accounting Standard 34 for the period from 1 January to 30 September 2020 ELLAKTOR S.A. 25 ERMOU ST - 145 64 KIFISIA Tax Registration No: 094004914 ATHENS TAX OFFICE FOR SOCIÉTÉS ANONYMES Société Anonyme Registration No: 874/06/Β/86/16 – File No: 100065 General Electronic Commercial Registry (G.E.MI.) Reg. No: 251501000 (1) / (53) ELLAKTOR SA Interim condensed financial information in accordance with International Accounting Standard 34 for the period from 1 January to 30 September 2020 All amounts are in € thousand, unless stated otherwise Contents of Interim condensed financial information Statement of Financial Position .................................................................................................3 Income Statement for the 9-month period 2020 and 2019 .........................................................4 Income Statement Q3 2020 and 2019 ........................................................................................5 Statement of Comprehensive Income of the 9-month period 2020 and 2019 ..............................6 Statement of Comprehensive Income Q3 2020 and 2019 ...........................................................7 Statement of Changes in Equity ................................................................................................8 Statement of Cash Flows ......................................................................................................... 10 Notes to the interim condensed financial information
    [Show full text]
  • Opening Ceremony in Athens Exchange for the Commencement of Trading Announcement of GEK TERNA Group Corporate Bond
    Athens, 6 July 2020 Opening ceremony in Athens Exchange for the Commencement of Trading Announcement of GEK TERNA Group Corporate Bond Chairman and CEO of GEK TERNA Group, Mr. George Peristeris extends his gratitude Good morning. On behalf of GEK TERNA Group, I would like to express our warm thanks to all those who contributed to the truly great success of our bond issue, especially in this very special period. Let's not forget that this is the largest bond issue for the Greek market and the first after the public health crisis, which changed so many things in the lives of all of us. In this context, I would like to thank the competent authorities of the Stock Exchange and the Hellenic Capital Market Commission for the excellent cooperation, our Advisors and Underwriters for the valuable support they offered us, all our employees within the Group who have been working hard for fifty years to get us where we are today, our executives who gave their best for the success of the bond issue and of course and above all the thousands of investors, private as well as institutional ones, that once again showed in practice how much they trust us. We believe that this trust is our greatest success, the greatest reward and recognition for the hard work we put in every day and we are truly grateful that it is expressed over time. Thousands of people show their trust towards our Group by placing their savings and this is both fascinating and really moving. At the same time, however, it is for us a very big responsibility and a moral commitment for the future.
    [Show full text]
  • Building the Future December 2020
    Building the future December 2020 CONFIDENTIAL 1 Disclaimer This presentation including the information and opinions presented therein (‘Information’) is confidential and is not to be circulated to any person or entity without the prior written consent of Reggeborgh. References to Reggeborgh should be interpreted to include any of its affiliates or subsidiaries. The Information has been obtained or derived from sources believed by Reggeborgh to be reliable at the date of publication of this presentation. Reggeborgh’s opinions and estimates constitute Reggeborgh’s judgement and should be regarded as indicative, preliminary and for illustrative purposes only. In preparing this presentation, we have relied upon and assumed, without independent verification thereof, the accuracy and completeness of all Information available. The Information may be subject to change, and Reggeborgh assumes no undertaking to revise or amend the Information provided, or to provide any update in respect of any change related thereto. No representation or warranty express or implied, is or will be made in relation to, and no responsibility or liability is or will be accepted by Reggeborgh (or any of its respective directors, officers, employees, advisers, agents, representatives) as to or in relation to, the accuracy or completeness of this presentation or any further written or oral information made available to you or your advisers. Reggeborgh expressly disclaims any and all liability for loss which may be based on the Information contained in this presentation, errors therein or omissions there from. In particular, no representation or warranty is given as to the accuracy of any Information (financial or otherwise) contained herein, or as to the achievement or reasonableness of any forecasts, projections, management targets, prospects or returns.
    [Show full text]
  • Corporate Presentation
    Corporate Presentation Viohalco at a glance Diversified metals processing leader providing a wide range of products and solutions tailored to international customers’ needs. Listed holding company 7 business Serving Investments 2020 Focused on 80+ years of leading metal segments 21 markets EUR 283 million technology history processing companies and innovation across Europe Sales across the globe Sales revenue in EUR million Aligned with European Green Deal principles through low carbon operations and circular products 4,406 4,198 Product line supporting the transition to a 3,850 3,721 climate neutral economy 3,119 Strong environmentally focused investment Revenue 2020 a-EBITDA 2020 EBT 2020 programme with annual expenditures in EUR 3.9 billion EUR 295 million EUR 59.5 million excess of EUR 26 million Highly skilled personnel with industrial 2016 2017 2018 2019 2020 experience in secondary metals production Corporate Presentation | 2 Segments Operating through distinct business segments, Viohalco companies provide quality, innovative products and services Segmentsto a diverse range of industries. Aluminium Copper Cables Steel pipes Steel Real estate Technology and R&D&I Viohalco and Cenergy Holdings are listed on the Euronext Brussels and the Athens Stock Exchange ElvalHalcor is listed on the Athens Stock Exchange Corporate Presentation | 3 Markets Diversified portfolio of businesses serving dynamic markets, such as building and construction, beverages and food packaging, sea, road and rail transportation, automotive, telecommunications,
    [Show full text]
  • Competition & Regulation Report
    C&RR, ISSUE 2018/ 5 Competition & Regulation Report N o v e m b e r – D e c e m b e r 2 0 1 8 BY VASSILIS KARAG IANNIS, DR. JURA, PARTN ER, PENNY VRETTA, LLM ASSOCIATE HIGHLIGHTS HCC fined companies FRISLANT CAMPINA HELLAS AE and GALAKTOKOMIKA MANDREKAS AE for forming cartel through horizontal agreement Commission clears the merger between Pizza Hut and Telepizza HCC was notified that OPAP A.E. is about to obtain control over GML Interactive Limited in cooperation with Deep Investment Ltd and Padian Ltd. Commission adopts prolongation of de minimis Regulation for services of general economic interest (SGEI) Commission approved public support for natural gas interconnector between Greece and Bulgaria Notification to the HCC of the acquisition of control over ETAIREIA PAROXIS AERIOY ATTIKIS AE and ETAIREIA DIANOMIS AERIOY ATTIKIS AE by DIMOSIA EPIXEIRISI AERIOY AE HCC approved the exclusive control of GEK TERNA AE on companies NEA ODOS AE and ODOS KENTRIKIS ELLADAS AE. SECTIONS Antitrust Electronic Communications & Post Mergers Pharmaceuticals State Aid Transport Energy News of the Markets © KLC Law Firm. The content of this Issue is designated only for general information purposes and should not be construed as legal advice in general or in any specific case neither as business or investment advice. Clients wishing to have legal advice on behalf of our Firm on a specific factual context should contact appropriately the Lawyers of the Firm. Editorial Antitrust proceedings and Access to file: Negotiated disclosure agreements & confidential rings Access to file in antitrust proceedings is essential for safeguarding the rights of defense of the accused undertakings.
    [Show full text]
  • Gek Terna Societe Anonyme Holdings Real Estate Constructions
    GEK TERNA SOCIETE ANONYME HOLDINGS REAL ESTATE CONSTRUCTIONS 85 Mesogeion Ave., 115 26 Athens Greece General Commercial Registry No. 253001000 (former S.A. Reg. No. 6044/06/Β/86/142) ANNUAL FINANCIAL REPORT for the period 1 January to 31 December 2017 In accordance with article 4 of L. 3556/2007 and the relevant executive Decisions by the Board of Directors of the Hellenic Capital Market Commission GEK TERNA GROUP Annual Financial Statements of the financial year 1 January 2017 - 31 December 2017 (Amounts in thousands Euro, unless otherwise stated) CONTENTS I. STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS .............................................. 4 II. INDEPENDENT AUDITOR'S REPORT .................................................................................. 5 III. REPORT ON SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS .............................. 5 IV. ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE FINANCIAL YEAR 2017 ............ 12 V. ANNUAL FINANCIAL STATEMENTS SEPARATE AND CONSOLIDATED OF 31 DECEMBER 2017 (1 JANUARY - 31 DECEMBER 2017) ........................................................................................ 51 STATEMENT OF FINANCIAL POSITION.................................................................................... 52 STATEMENT OF COMPREHENSIVE INCOME ........................................................................... 54 STATEMENT OF CASH FLOWS ................................................................................................ 56 STATEMENT OF CHANGES IN EQUITY ...................................................................................
    [Show full text]
  • PRESS RELEASE Athens, June 11, 2021 MOTOR OIL – GEK TERNA
    PRESS RELEASE Athens, June 11, 2021 MOTOR OIL – GEK TERNA Joint Venture The two Groups jointly proceed with a EUR 375 million energy investment project at the Komotini area The Groups of MOTOR OIL and GEK TERNA hereby announce their joint cooperation for the development, construction, and operation of a new modern Combined Cycle Gas Turbine (CCGT) power plant fueled with natural gas of 877 MW capacity located in the industrial area of Komotini. The EUR 375 million project is one of the largest investments in the Greek energy market set to create approximately 500 new job positions during the construction phase and 100 permanent job positions during the commercial operation of the plant. The main equipment to be used for the construction of the plant will be of the most advanced technology leading to peak performance. The construction of the power plant is scheduled to commence within the year 2021 and is expected to be commissioned for commercial operation early in the year 2024. TERNA will undertake the construction works of the plant. The two groups will participate with a 50% stake each in the joint scheme which will develop the power plant. The above agreement is subject to approval by the Competent Authorities. MOTOR OIL Group is a modern energy group with a leading role in the crude oil refining and marketing of petroleum products in Greece and the wider Eastern Mediterranean region. The Group has presence in the energy and natural gas supply sector through its subsidiary NRG Supply and Trading S.A. which is an integrated energy provider offering energy solutions to household, commercial and industrial customers.
    [Show full text]
  • P R E S S R E L E A
    P R E S S R E L E A S E November 25, 2016 TERNA ENERGY: Financing of its Investment Plan in the US TERNA ENERGY, member of GEK TERNA Group, signed a cooperation agreement with Copenhagen Infrastructure Partners (CIP) regarding the investment plan of TERNA ENERGY in the market of Renewable Energy Sources in the USA. The first phase of the agreement’s implementation concerns the 155.4MW Fluvanna I wind farm that TERNA ENERGY is currently constructing in Scurry County, Texas. CIP will contribute $61 million to cover part of the development cost. The total cost of the project is expected to be approximately $250 million. Goldman Sachs will, subject to satisfaction of certain conditions precedent, make an equity investment in a holding company that owns the project following the commencement of commercial operations of the project. Financing during construction will be covered, in part, through loans by a group of banks including [HSBC, NordLB, Morgan Stanley and Rabobank. Fluvanna I uses GAMESA wind turbines and is expected to commence commercial operations in Q4, 2017. It is reminded that TERNA ENERGY already operates a wind park of 138MW in Elmore County, Idaho, whereas it pursues additional investments in the US renewables market including the construction of another wind park (Fluvanna II, 130 MW), for the construction of which CIP has also expressed interest to invest in. The total installed capacity of TERNA ENERGY Group accounts for 738 MW. The Group has installations of 468 MW in Greece, 138 MW in the USA, 102 MW in Poland and 30 MW in Bulgaria.
    [Show full text]
  • Asset Development Plan 31 January, 2017
    Asset Development Plan 31 January, 2017 Table of Contents 1. Regional Airports ................................................................................................................................................................................................................. 3 2. Hellinikon ............................................................................................................................................................................................................................. 4 3. Afantou, Rhodes .................................................................................................................................................................................................................. 5 4. Hellenic Gas Transmission System Operator (DESFA) ......................................................................................................................................................... 6 5. Piraeus Port Authority (OLP) ................................................................................................................................................................................................ 7 6. Thessaloniki Port Authority S.A. (OLTH) .............................................................................................................................................................................. 8 7. 10 Port Authorities ..............................................................................................................................................................................................................
    [Show full text]
  • Terna Energy – Company Update
    Terna Energy – Company Update Terna Energy S.A. Renewable Energy / Greece Reuters/Bloomberg: TENr.AT / TENERGY GA October 16, 2018 Rating Buy Raising expectation and TP Previous Buy Terna Energy (TE) has posted a stellar performance, being one of the best performing names of the Greek market for 2018. The combination of sector dynamics, company fundamentals and management initiatives, Target Price 8.50 has driven TE’s share price up by 18.0% since our previous Buy recommendation (May 14th) and 36% ytd (EUR)Previous 6.50 (compared to Athex ytd losses of 21.0 %). During 1H18 results, management raised cash distribution guidance, Current Share Price* (EUR) 6.01 *15/10/ 2018 announcing EUR 0.30/sh capital return for Jan’19 (pending EGM approval) and pointing to annual cash distributions of EUR 50m (EUR 0.44/sh) in the coming years. At the same time 2018 is shaping, as we Stock Data highlighted in the beginning of the year (here), to an important period for the Greek RES sector, with maturing Market Cap (EUR m) 682.1 market conditions providing better clarity over the longer term and with the sector attracting significant Free Float 31% investment interest. Amid this environment we review our estimates and valuation on TE and we now raise EV (EUR m) 1,212 our TP to EUR 8.50/sh (vs. EUR 6.50/sh previously) and reiterate our Buy recommendation with a targeted Num. of Shares (m) 113m upside of 46% (including announced capital return). Having said that, we view the recent stock price decline due to the volatility in the domestic and global markets as an excellent opportunity to buy into the company.
    [Show full text]