Euronext confirmed it has entered discussions with Hellenic Exchanges (Helex) about a possible offer to acquire up to 100% of the Greek stock exchange. The proposed deal would be structured as an all-share transaction, valuing Helex at E6.9 per share -or E399m, excluding treasury shares- based on a fixed exchange ratio of 1 Euronext share…
Q4 sales/EBITDA/net grew by +13%/+11%/+22% yoy on ADV of E169m (+25% yoy) but higher costs (+15% yoy, third party consulting fees) made sure EBITDA came in -7% below our estimates. DPS at E0.29 reflects a 100% payout and a 5.6% yield. The above is old news. 2025 has started off remarkably well with Q1 ADV…
This is our BoP Greek equities briefing. We have not made many changes compared to our semi-annual one in July: we downgraded Alpha and Helex; and upgraded Eurobank. Plus, we re-visited GEK, reiterating OI and replacing its soon-to-be-delisted RES subsidiary, Terna Energy.
Based on YTD trading data (Jan-Nov), we do not expect trading velocity will rise >35% in the coming years anymore. Unless market cap/GDP overshoots >40%, we fail to see how earnings will grow materially post 2024…
What’s new? Q2 2023 sales/EBITDA/net income came in E10.8m/E4.3/E3.2/ or +16%/+23%/+54% yoy, on ADV (already known) of E109m (+22% yoy). Trading velocity went down qoq at 32% (from 39% in Q1), despite the avg market cap rising by E8bn/+12% qoq (c.35% against mkt cap), partially attributed to the fewer trading in the quarter (59 from…