.png)
Αυξημένες απώλειες είδε ο ΓΔΧΑ την Παρασκευή, αλλά η εβδομάδα παρέμεινε οριακά θετική. Παρόμοια ήταν η εικόνα και στην υπόλοιπη Ευρώπη καθώς ενδεχομένως βιαστήκαμε να κλείσουμε το κεφάλαιο ‘’τραπεζική κρίση’’.
Τα πιστωτικά spread ανέβηκαν εκ νέου τις τελευταίες δύο συνεδριάσεις με παράλληλη μείωση των κρατικών ομολογιακών αποδόσεων. Ήτοι, η νευρικότητα στις αγορές πιθανότατα να είναι παρούσα για το επόμενο χρονικό διάστημα.
Εντός εβδομάδας βαρύτητα θα δοθεί στον δείκτη τιμών προσωπικής κατανάλωσης Δ΄ τριμήνου (PCE deflator) την Πέμπτη, τον οποίο παρακολουθεί στενά η FED.
Για σήμερα, το κλίμα ίσως είναι βελτιωμένο σε σχέση με το τέλος της περασμένης
εβδομάδας, ενώ μεταξύ των σημαντικότερων μάκρο έχουμε τον δείκτη επιχειρηματικού κλίματος Μαρτίου στη Γερμανία.Υπενθυμίζουμε ότι αποτελέσματα ανακοινώνουν οι ΕΧΑΕ σήμερα (μσ) και ο Σαράντης αύριο (μσ).
HELLENIC EXCHANGES (FY:22 results preview): The company will report FY:22 results today after market close. Amid higher ADTV transactions in FY:22 (€73.72mn vs €71.318mn in 2021) coupled with enhanced corporate actions in 2022 and other (apart from personnel) cost containment we expect a continuation of the pattern observed in the previous quarters concerning all P&L Lines with higher EBITDA and Net profit margin as a result of operational leverage. In more specific:
§ Sales are projected to rise by 7.3% to €37.319mn from €34.790mn a year earlier
§ EBITDA is forecasted to land at €14.54mn, an 11.1% hike y-o-y (€13.1mn in 2021)
§ Finally, net income should be up 5.6% y-o-y to €8.67mn vs €8.2mn in 2021.
§ FY:22 dividend flat y-o-y to €0.15/share.
The following table summarise our estimates:
HELLENIC EXCHANGES | 2021 | 2022 | Y-o-Y |
EUR thous. | FY | FY Est. | (%) |
Sales | 34,790 | 37,319 | 7.3% |
EBITDA | 13,083 | 14,540 | 11.1% |
EBITDA Mrg | 27.9% | 28.4% | +55 bps |
Net Income | 8,207 | 8,670 | 5.6% |
Net Mrg | 8.2% | 10.7% | +257 bps |
INTRAKAT-ELLAKTOR: Intrakat announced last Friday that it submitted a letter of intent regarding the acquisition of ELLAKTOR’s construction arm subsidiary AKTOR. According to weekend reports negotiations are pending conclusion with estimated acquisition cost in the tune of €215mn (EV). If the deal pans out, Intrakat – initially established within the Intracom group – will reach a catalogue of unfilled projects worth near four billion euros. Any final transaction will require approval by Greece’s Competition committee.
ATTICA BANK: As of today, the shares of the company are traded on the ATHEX ex-rights in terms of 3.51640385951927 new (CR) shares for every 1 old (CR) share held - with issue of 35,062,731 new CR shares - at an issue price of €13.50 per share. The rights’ trading period is set from March 30, 2023, to April 19, 2023 (included). The rights’ subscription period is set from March 30, 2023, to April 24. It is clarified, that the fluctuation price limits of the share price only for the trading session on March 27, 2023, are set as follows: +10% at the theoretical adjusted start share price: €13.3400 and -10% at the closing share price of the ATHEX last trading session (24/03/2023): €12.74.
Results (4Q22/FY22)
27/03/23 | Hellenic Exchanges
28/03/23 | Sarantis
29/03/23 | Motodynamiki
12/04/23 | ADMIE Holding
EGM / AGM
31/03/23 | PPC (EGM)
07/04/23 | Bank of Greece (AGM)
10/04/23 | Mytilineos (EGM)
Share Capital Increase
27/03/23 | Attica Bank (ex-rights date)
ATHEX Companies Presentations (Hellenic Fund & Asset Management Association)
28/03/23 | ElvalHalcor
30/03/23 | Piraeus Port Authority