Hellenic Exchanges SA

The Hellenic Exchanges is engaged in the following business sectors: trading, clearing, settlement, data feed, IT, exchange services, depository services, clearinghouse services, and other.
  • TickerEXAE
  • ISINGRS395363005
  • SectorFinancial Services
  • CountryGreece
Research Team

The Rear-View Mirror – EME markets: Rebound continues, all indices in the black on lower volumes

EME Equity Market – May 2020 Market performance – the rebound that started in April continued across the board, with the Romanian BET Index gaining the most in EUR terms (+8.9% mom). The MSCI EM Europe Index gained 6% in EUR terms and 7.5% in local currency; while the Romania BET Index grew 8.9% in EUR terms and 9.1% in RON terms, the best performer for the month. The MOEX Index added 7.5%, while the Polish WIG20 Index was up 6.6%. The Turkish benchmark, the ISE30 Index, added 4.5%, and the Greek ASE Index gained 3.9%, while the Hungarian BUX recorded an increase of 3.7%. The weakest performer...

Research Team

WOOD Daily: TKFEN TI; EXAE GA; HU Macro; CAI AV; ENA PW; PGE PW; PL Banks; MTSS RX; SPI AV; BOCH LN; WPL PW

HEADLINES: • Tekfen Holding: cheap, despite COVID-19 headwinds (stays BUY) • Athens Exchange Group: risk-reward finally appealing (upgraded to BUY) • Hungary macro: MNB keeps rates unchanged • CA Immo: 1Q20 - limited impact; stellar balance sheet, collection rate at c.80% in April • Enea: strong preliminary 4Q19 numbers • PGE: 1Q20 results in line with prelims NEUTRAL • Polish banks: government still pushing through credit holiday legislation NEGATIVE • Mobile TeleSystems: 1Q20 results - neutral, OIBDA up 2% yoy, in line with the consensus NEUTRAL • Mobile TeleSystems: key takeaways from...

Alex Boulougouris, CFA ...
  • Fani Tzioukalia

Athens Exchange Group: Risk-reward finally appealing (upgraded to BUY)

Athens Stock Exchange’s share price is down 26% ytd, following the weak performance of the ASE (-32% ytd), the removal of half of the Greek stocks from the MSCI Index, and the soft outlook for volumes going forward. In our view, however, the current valuation levels reflect all the bad news, with the cash on the balance sheet amounting to c.35% of the current market cap and the stock trading at an EV/EBITDA discount of c.10% vs. its peers and its 10-year average. Its turnover velocity and market cap to GDP are also below historical averages and the median levels for the European exchanges. We ...

Research Team

WOOD Daily: GPW PW; CZ Macro; WPL PW; TEN PW; SPI AV; EXAE GA; JMT PL; ALR PW; PEO PW; GR Banks

HEADLINES: • Warsaw Stock Exchange: expecting dividends and high opex (stays HOLD) • Czech Republic macro: first look at the recovery • Wirtualna Polska: weak 1Q20 results, with adjusted EBITDA down 7% yoy, 3% below our forecast NEGATIVE • Ten Square Games: 1Q20 in line, aggressive user acquisitions in 2Q20E NEUTRAL • S Immo: 1Q20 - revaluation loss of 1.3% of the portfolio value, limited impact on recurring figures NEUTRAL • Athens Stock Exchange: 1Q20 slightly weaker due to higher cost growth • Jeronimo Martins: another Antimonopoly Office investigation, potentially leading to a fine NEG...

Research Team

WOOD Daily: CCH LN; UKR Macro; BFT PW; PETG SV; DPEU LN; PGN PW; EXAE GA

HEADLINES: • Coca-Cola HBC: looking beyond 2020 (upgraded to BUY) • Ukraine macro: moving forward bumpily • Benefit Systems: 1Q20 in line, profit consumed by FX, details on COVID-19 impact NEGATIVE • Petrol Group: 1Q20 results - weak, as expected, new 2020E guidance better than expected • DP Eurasia: problems in Russia, according to local press NEGATIVE • PGNiG: books additional LNG regasification capacity • Athens Exchange Group: 1Q20E results (due out today, after the close) • Short News (RTKM, POSR)

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EU and UK Financials remain actionable Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. Below we highlight several new developments which give us additional confidence in our outlook, including but not limited to continued price and RS improvements for UK/European Financials. • Actionable Sector: Financials. Today's stock recommendations go beyond UK and European Financials, however these regions are the primary focus due to a plethora of attractive setups. In today's report we reiterate our 3/21...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Europe & the UK remain in focus The MSCI ACWI ex-U.S. is breaking topside its nearly 14-month downtrend and above key resistance. The move is being fueled by improvements throughout most of Europe and the UK, along with strength in China over the past 2-3 months. We believe these positive developments are supportive of higher equity prices moving forward. As a result of these and several other observations highlighted below, our outlook on global equities is positive. • Europe & the UK. As has been the case over the last several weeks, a major focus of ours within global equities (ex-U.S.) h...

Hellenic Exchanges Holdings: 1 director bought

A director at Hellenic Exchanges Holdings bought 8,600 shares at 4.393EUR and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The n...

Research Team

The Rear-View Mirror – EME markets: Rebound continues, all indices in the black on lower volumes

EME Equity Market – May 2020 Market performance – the rebound that started in April continued across the board, with the Romanian BET Index gaining the most in EUR terms (+8.9% mom). The MSCI EM Europe Index gained 6% in EUR terms and 7.5% in local currency; while the Romania BET Index grew 8.9% in EUR terms and 9.1% in RON terms, the best performer for the month. The MOEX Index added 7.5%, while the Polish WIG20 Index was up 6.6%. The Turkish benchmark, the ISE30 Index, added 4.5%, and the Greek ASE Index gained 3.9%, while the Hungarian BUX recorded an increase of 3.7%. The weakest performer...

Alex Boulougouris, CFA ...
  • Fani Tzioukalia

Athens Exchange Group: Risk-reward finally appealing (upgraded to BUY)

Athens Stock Exchange’s share price is down 26% ytd, following the weak performance of the ASE (-32% ytd), the removal of half of the Greek stocks from the MSCI Index, and the soft outlook for volumes going forward. In our view, however, the current valuation levels reflect all the bad news, with the cash on the balance sheet amounting to c.35% of the current market cap and the stock trading at an EV/EBITDA discount of c.10% vs. its peers and its 10-year average. Its turnover velocity and market cap to GDP are also below historical averages and the median levels for the European exchanges. We ...

Research Team

WOOD Daily: GPW PW; CZ Macro; WPL PW; TEN PW; SPI AV; EXAE GA; JMT PL; ALR PW; PEO PW; GR Banks

HEADLINES: • Warsaw Stock Exchange: expecting dividends and high opex (stays HOLD) • Czech Republic macro: first look at the recovery • Wirtualna Polska: weak 1Q20 results, with adjusted EBITDA down 7% yoy, 3% below our forecast NEGATIVE • Ten Square Games: 1Q20 in line, aggressive user acquisitions in 2Q20E NEUTRAL • S Immo: 1Q20 - revaluation loss of 1.3% of the portfolio value, limited impact on recurring figures NEUTRAL • Athens Stock Exchange: 1Q20 slightly weaker due to higher cost growth • Jeronimo Martins: another Antimonopoly Office investigation, potentially leading to a fine NEG...

Panagiotis Kladis, CFA

ATHENS EXCHANGE | All-weather

We upgrade our recommendation to ‘Buy’ despite the downward revision of our estimates and our TP (to EUR 4.60 from EUR 5.40 previously) in view of the ensuing uncertainty about Greece’s economic prospects. We believe the recent weakness offers a good entry point and an attractive risk-reward profile, taking into account the merits of the investment case. In this note we examine a couple of scenarios to show that the downward risks are rather limited, while the upside potential offers scope for higher returns than our current estimates imply. AthEx currently trades at an attractive valuation,...

Research Team

The Rear-View Mirror – EME markets: BET Index the best performer, despite 16.7% drop

EME Equity Market – March 2020 Market performance – all stock indices in the region were down in March, with the BET the best performer in EUR terms (-16.7%). The MSCI Emerging Markets Europe Index lost 25.8% in EUR terms, while the Czech PX Index was down 24.8%. Other regional stock markets were not far behind, with the BUX Index losing 22.8% in EUR terms, followed by the ASE Index (-22.5% mom), the Russian MOEX (-22.4% mom), the Polish WIG20 (-18.5% mom) and the Turkish ISE30 (-19.8% mom). The best performance was seen in Romania, with the BET Index losing “only” 16.7%. In local currency ter...

Research Team

WOOD Daily: TKFEN TI; EXAE GA; HU Macro; CAI AV; ENA PW; PGE PW; PL Banks; MTSS RX; SPI AV; BOCH LN; WPL PW

HEADLINES: • Tekfen Holding: cheap, despite COVID-19 headwinds (stays BUY) • Athens Exchange Group: risk-reward finally appealing (upgraded to BUY) • Hungary macro: MNB keeps rates unchanged • CA Immo: 1Q20 - limited impact; stellar balance sheet, collection rate at c.80% in April • Enea: strong preliminary 4Q19 numbers • PGE: 1Q20 results in line with prelims NEUTRAL • Polish banks: government still pushing through credit holiday legislation NEGATIVE • Mobile TeleSystems: 1Q20 results - neutral, OIBDA up 2% yoy, in line with the consensus NEUTRAL • Mobile TeleSystems: key takeaways from...

Research Team

WOOD Daily: CCH LN; UKR Macro; BFT PW; PETG SV; DPEU LN; PGN PW; EXAE GA

HEADLINES: • Coca-Cola HBC: looking beyond 2020 (upgraded to BUY) • Ukraine macro: moving forward bumpily • Benefit Systems: 1Q20 in line, profit consumed by FX, details on COVID-19 impact NEGATIVE • Petrol Group: 1Q20 results - weak, as expected, new 2020E guidance better than expected • DP Eurasia: problems in Russia, according to local press NEGATIVE • PGNiG: books additional LNG regasification capacity • Athens Exchange Group: 1Q20E results (due out today, after the close) • Short News (RTKM, POSR)

Research Team

WOOD Daily: TLV RO; EXAE GA; LPP PW; PGN PW; PL Retail Real Estate; TPEIR GA; CIE PW; FROTO TI; KER PW; RICHT HB; TELEC CP; LWB PW; BFT PW

HEADLINES: • Banca Transilvania: 2020E budget • Athens Exchange Group: weaker 4Q19 on higher costs, but better distribution proposed at the AGM • LPP: management recommends no dividend from the 2019 profit NEUTRAL • PGNiG: wins USD 1.5bn final award against Gazprom • Polish retail real estate: rent relief granted by the government • Piraeus Bank: conference call highlights • Ciech: two businesses suffering due to the coronavirus NEGATIVE • Ford Otosan: halt in production extended further NEGATIVE • Kernel: Ukrainian parliament passes land reform bill POSITIVE • Richter: signs deal to comm...

Research Team

Focus: keeping our BUY on PZU, with lower PLN 49.9 PT; keeping our BUYs on Georgia Capital (PT GBp 1,547) and Georgia Healthcare Group (PT GBp 228); S Immo’s 3Q19 – on track to deliver another record year

HEADLINES: • PZU: good whatever the weather (stays BUY) • Georgia Capital / Georgia Healthcare Group: long-term value and near-term opportunity (GCAP and GHG stay BUY) • S Immo: 3Q19 - on track to deliver another record year, but ownership end-game remains unclear NEUTRAL • Athens Exchange Group: 3Q19 - higher due to one-off revenue • Bank of Cyprus: 3Q19 numbers solid at first glance • Polish banks: newsflow on CHF mortgage court verdicts continues, not fully supportive for clients NEUTRAL • Yapi Kredi: our three scenarios on UCG exit • Mobile TeleSystems: key takeaways from the invest...

Research Team

Focus: Turkey macro – going bold; EME Macro/Strategy – ECB – another wall of money coming; Akbank’s 2Q19 results highlights; Jeronimo Martins’ 2Q19 results (a notch) ahead of expectations on strong lfl in Poland

HEADLINES: • Turkey macro: going bold • EME Macro/Strategy: ECB - another wall of money coming • Akbank: 2Q19 results highlights • Jeronimo Martins: 2Q19 results (a notch) ahead of expectations on strong lfl in Poland POSITIVE • AmRest: 2Q19 preliminary sales up 33% yoy, 18% excluding M&A POSITIVE • Athens Exchange Group: small miss in 2Q19, but volume recovery improves bottom line • Magnit: 2Q19 numbers a touch above consensus POSITIVE • KAZ Minerals: 2Q19 trading update - immaterial cut in zinc guidance NEUTRAL • Novatek: 2Q19 conference call • Orange Polska: key takeaways from 2Q19 ear...

A double requalification allows HELLENIC EXS.HDG.SA to improve to Positive

HELLENIC EXS.HDG.SA (GR), a company active in the Investment Services industry, has received a double requalification by the independent financial analyst theScreener. Its fundamental valuation is now 3 out of 4 stars while its market behaviour can be considered as defensive. theScreener believes that the gain of a star(s) and an improvement in the market risk perception allows upgrading the general evaluation to Positive. As of the analysis date December 17, 2019, the closing price was EUR 4.63 and its potential was estimated at EUR 5.10.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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