27 Μαΐου 2013 - 9:54 π.μ.
Market Comment ΜΑΝΟΣ ΧΑΤΖΗΔΑΚΗΣ αποτελέσματα ΙΝΛΟΤ - ΕΤΕ και εκτιμήσεις για ΕΧΑΕ Greek stocks ended lower in the Athens Stock Exchange on Friday, extending their decline for the fifth consecutive session. While UK and US markets are closed today, NBG stock remains under suspension of trading due to reverse split, we expect Alpha bank to set the tone for the day as it is the last day for pre-emption rights trading. Short term domestic market is oversold (-10.5%) and this may keep high the probability of a strong reaction. FTSE-25 5 day returns FTSE-25 24/05/2013 17/05/2013 Δ(%) NBG        4.530              18.30   -75.2% Bank of Piraeus           0.28             0.65   -57.8% MIG           0.37             0.45   -18.7% PPA          18.26            21.41   -14.7% Hellnic Exchanges           6.08             6.89   -11.8% JUMBO           7.25             8.20   -11.6% Terna Energy           3.16             3.54   -10.7% Intralot           2.10             2.34   -10.3% ΜΕΤΚΑ          11.23            12.50   -10.2% OPAP           7.41             8.22   -9.9% FRIGOGLASS           5.19             5.70   -8.9% Viochalko           5.10             5.60   -8.9% Ellactor           2.22             2.43   -8.6% Hel. Petroleum        8.500               9.15   -7.1% Motor oil           8.60             9.15   -6.0% Mitilineos        4.900               5.21   -6.0% PPC           8.00             8.40   -4.8% HTO           7.06             7.40   -4.6% Corinthos Pipeworks           2.27             2.37   -4.2% ΤΙΤΑΝ          13.68            14.18   -3.5% Athens Water           5.85             6.01   -2.7% EUROBANK PROPERTIES           6.46             6.53   -1.1% COCA COLA          20.42            20.60   -0.9% Alpha bank           0.58             0.58   0.9% FFGroup          16.15            16.00   0.9%            In the Spotlight Greece/Privatisations: The deadline for the tabling of binding offers in the sale of the Public Gas Corporation and Natural Gas Transmission System Operator (DEPA-DESFA) will be extended, to June 7, according to official sources on Friday. TAIPED approved the final terms of the sale on the same day. As there needs to be a 15- day interval between the approval and the tabling of the binding offers, an extension was given to the original deadline of May 29. Greece/Trade Deficit: Greece’s trade balance deficit shrank by 46.3 pct in March this year, as a decline in the value of imports overshadowed a decline in the value of exports, Hellenic Statistical Authority (ELSTAT) said on Friday. Trade deficit fell by 19.7 pct in the first quarter of 2013. The value of import-arrivals totalled 3.653 billion euros in March, down 29.6 pct from 5.190 billion euros in March last year (excluding oils, the value of imports fell 21.2 pct to 654.4 million euros). The value of export-deliveries totalled 2.071 billion euros in March, down 7.8 pct from 2.248 billion euros in March 2012 (excluding oils, the value of exports dropped 10.8 pct). The trade deficit dropped 46.3 pct to 1.581 billion euros in the January-March period (excluding oils, the trade deficit fell by 31.9 pct). The value of import-arrivals fell 7.6 pct in the first three months of the year to 11.744 billion euros, while the value of exports-deliveries rose 5.1 pct to 6.491 billion euros over the same period. The country’s trade deficit fell to 5.253 billion euros in the first quarter, from 6.542 billion euros in 2012, for a decline of 19.7 pct. Intralot (Results 3M 2013): Intralot announced its 1Q results. Revenues grew 2.5% to €355.8m (net of negative FX of 8.1m 363.9m posting an increase 4.8%). EBITDA increased 32.1% to €55.1m and net profit increased 17.4% to €4.8m. Cash Flow from Operations increased by 23.9% to 18.9 million euro in 1Q 2013. Net Debt in 1Q 2013 decreased by 1.5m compared to 4Q 2012, while capex for 1Q stood at 12.1m euro. Intralot’s management will host a conference call today at 17:00. In order to participate in the teleconference, please use one of the following telephone numbers:                      ¡         + 44 (0) 800 3769 250 (UK) ¡         +30 211 180 2000 (GR) ¡         +1 866 288 9315 (US) Intralot Results Q1 2013 In thous. Euro 2012 2013 Δ Sales 347.224  355.800  2,5% EBITDA 41.689  55.070  32,1% (% of sales) 12,01%  15,48%  +347 bps Net Income 4.106  4.810  17,1% (% of sales) 1,18%  1,35%  +17 bps Hellenic Exchanges (Results 3M 2013): Despite the improved trading activity in the spot market in 1Q13 (+6.5%) revenues will be lower due to the PSI exchange one off revenues last year. Consensus expects EBITDA down 19% and net income down 16.2%.  A conference call with financial analysts will take place today at 17:30 Athens time. To join the call, you may dial in 0800953 0329 (UK) or 00800 4413 1378 (GR) or +44 1452 542 301 (US). Hellenic Exchanges Estimates Q1 2013 In thous. Euro 2012 2013 E Δ Sales 10.425  8.900  -14,6% EBITDA 5.739  4.650  -19,0% (% of sales) 55,05%  52,25%  -280 bps Net Income 4.832  4.050  -16,2% (% of sales) 46,35%  45,51%  -84 bps National Bank (Results 3M 2013/Conferece Call): National Bank Group on Friday said it remained profitable for the second consecutive quarter, with net profits totaling 186 million euros in the January-March period, after a loss of 265 million euros in the corresponding period last year. Finansbank contributed significantly in its profitability, with profits totaling 155 million euros, while its subsidiaries in Southeastern Europe also had a positive contribution after five quarters of decline. The bank said the creation of new bad debt provisions slowed in the first quarter at 616 million euros, from 662 million euros in the fourth quarter of 2012 and 1.244 billion euros –the peak in the second quarter of 2012. National Bank said provision/bad debt rate was 54 pct in the first quarter, while its pro-forma capital adequacy rate was 9.3% In Greece, net profits totaled 20 million euros, after losses of 384 million euros last year, reflecting a 10 pct cut in operating spending and a drastic cut in trading losses. An increase in domestic deposits, which began at the end of the second quarter of 2012, continued during the first three months of 2013.. Option and time deposits grew by 18 pct compared with the same period last year, while saving deposits fell 7.0 pct in the same period. Deposits grew by 9.0 pct in general. National Bank Results Q1 2013 In mi. euros 2012 2013 Δ Net Interest Income 909,1 772,4 -15,0% Fees 126,8 135,0 6,4% Operational Income 804,6 913,0 13,5% Operational Cost 247,1 345,7 39,9% Provisions 577,0 310,9 -46,1% Net Income (730,6) 26,8 -103,7% Thrace Plastics (Results 3M 2013): Thrace Plastics on Friday said its consolidated turnover totaled 62.2 million euros in the first quarter of 2013, down 2.4 pct from last year, with gross earnings falling 10.3 pct to 11.4 million euros. Consolidated pre-tax earnings totaled 2.5 million euros in the January-March period, down 27.9 pct from last year, while EBITDA dropped 34.7 pct to 4.8 million euros. Consolidated after tax and minorities earnings fell 49.6 pct to 1.3 million euros in the three-month period. The company said its bank debt was 35.8 million euros at the end of March. Thrace Plastics Results Q1 2013 In thous. Euro 2012 2013 Δ Sales 64.543  62.266  -3,5% EBITDA 7.428  4.848  -34,7% (% of sales) 11,51%  7,79%  -372 bps Net Income 2.769  1.394  -49,7% (% of sales) 4,29%  2,24%  -205 bps Other Q1 results : Revoil Results Q1 2013 In thous. Euro 2012 2013 Δ Sales 275.210  194.877  -29,2%  EBITDA 3.447  1.584  -54,0%  (% of sales) 1,25%  0,81%  -44 bps  Net Income 626  -1.292  -306,4%  (% of sales) 0,23%  -0,66%   -89 bps  Nexans Results Q1 2013 In thous. Euro 2012 2013 Δ Sales 24.438  31.064  27,1% EBITDA -591  1.520  -357,2% (% of sales) -2,42%  4,89%  +731 bps Net Income -1.001  598  159,7% (% of sales) -4,10%  1,93%  +602 bps