Hello, in yesterday’s news, I believe there is only one issue concerning our internal affairs. The disgrace of the pharmacy on Alexandras Avenue, where EOPYY-insured individuals obtain medications for severe conditions like cancer and many others. Yesterday, the unbelievable happened when this pharmacy didn’t open in the morning because the three pharmacists didn’t show up. But as you can understand, that’s not the real issue. This public pharmacy faces enormous queues every day, with patients waiting up to four hours to get the medications they are entitled to and have paid for dearly as insured citizens their whole lives. I say this: of course, the solution is not for the minister to act as a locksmith. Despite his good intentions, such actions are perceived as third-world behavior in a European country. The issue is to “grab” the responsible EOPYY official by the ear, so to speak, and send her home because the ND government hasn’t been in power for five months but for five years. By now, they should have found a way not only to ensure the pharmacy opens in the morning but simply to allow people to obtain their vital medications either from all public hospital pharmacies or from large, central private pharmacies. Greece is not the Soviet Union. And yes, there was an immediate government intervention yesterday, which reduced the queues and eased the system, but why did it have to come to this? And let’s see how effective this intervention will be. Still, if no one gets “thrown out the window,” what will happen is that the everyday problems, which are inevitably numerous under any government, will undermine any sound political initiative by Mitsotakis himself. Simply put, another incident like this could cost the government the 2.5 percentage points it gained in recent months. And people wouldn’t be wrong to think so, would they?

Mitsotakis’ Response to Androulakis

A question Androulakis had submitted to Mitsotakis about agricultural issues before the holidays remained unanswered because the PASOK leader withdrew it due to a personal obligation. I hear there was communication between Maximos Mansion and Harilaou Trikoupi, and the question, which must have been resubmitted to the Parliament’s services, will be answered by K.M. at 12:00 p.m. on Friday. I imagine Mitsotakis won’t stick solely to agricultural issues, judging by the current climate.

An MP in Washington

An unexpected Greek presence was noted at Trump’s inauguration, even inside the Capitol. It was ND MP from Evia, Konstantina Karampatsoli, who has a longstanding personal relationship with Florida Senator Gus Bilirakis, who had tickets at his disposal and distributed them. Karampatsoli, a lawyer and former legal advisor at EAB before her election, has strong personal and professional ties across the Atlantic. Among others, she met the new U.S. ambassador to Greece, Kimberly Guilfoyle, and observed that she is sharp and active. We’ll see for ourselves, of course.

Didn’t Ask to Leave…

I wrote recently that the cabinet reshuffle is scheduled for summer and that at least three ministers are already on their way out. Regarding the one facing a family—not personal—issue, I correct myself: despite enduring tough times over the past three years due to the illness of a close relative, the individual neither asked to resign nor plans to. What the Prime Minister decides during the reshuffle is, of course, another matter entirely.

Panos Reload

And since this column got a bit heavy, here’s an exclusive scoop. Yes, according to reliable information (from a mutual friend of his and mine), Panos Kammenos is ready to return to politics. Renewed, slim, fit like never before, radiant, and stylish, he’s telling everyone that the time for his comeback has arrived. He also hints meaningfully that he has strong business backing from prominent names in the market. It makes sense, doesn’t it? Trump became a world leader, Musk is preparing for his turn—so what, we’ll stick with Velopoulos or Latinopoulou’s juniors? We’ll never be bored, I’m telling you…

The Public Power Corporation (PPC), Goldman Sachs, and CVC

Moving to market news, we start with PPC’s stock, for which there is some reporting. Recently, the stock seems to have “woken up” after a long period of liquidations/stabilization. This activity is due to the involvement of Goldman Sachs. The American bank’s interest appears to stem from CVC, which strongly believes in PPC’s prospects and the new operational model being promoted by CEO Stassis. CVC, which already holds 10% of PPC, initially planned to increase its stake to 30%. However, this plan was abandoned due to the difficulty of an exit at such a level. Nonetheless, CVC’s decision to increase its equity stake in PPC remains active, and it is expected to move in the market (if it hasn’t already) to acquire an additional share. The critical question now is how much more will it increase its stake? Scenarios suggest an additional 10% or even 5% of PPC, with the latter considered much more likely than the former.

The Time for (Strong) Investors in Lavrio

Soon, perhaps even in February or at least within the first quarter, the signal will be given for binding offers to be submitted for the sale of a majority stake in the Lavrio Port Authority (Lavrio Port Organization – LPO). This is one of the major tenders from the Superfund (which has absorbed TAIPED) and expectations are for a high price as at least 50% of LPO plus one share will be sold. As the third-largest port in Attica, with significant development prospects for the wider area, the process has attracted strong interest. In the second phase of the tender—submission of binding offers—the contenders include GEK TERNA, INTRAKAT (Papayiannou Group), the joint ventures Jet Plan Shipping (M. Iliopoulos) – Aktor Concessions (Reggeborgh), GPH Cruise Port Finance – Promarine, Olympic Marine (Prokopiou) – MSC Cruises (the world’s third-largest cruise company), and Israel Shipyards Industries. It remains to be seen who will fight for the LPO till the end. As mentioned, the port has great growth potential, including activities such as cruises and yacht berthing, while Lavrio overall is a major investment hub, with future projects like the extension of Attiki Odos, expansion of the Suburban Railway, etc. Let’s also recall the planned €300 million development on a 100-acre site near the port, where the Aegean Spinning Mill once operated, involving Piraeus Bank and Dimand, with participation from Kekrops, GEK TERNA, and Intracom.

Piraeus Bank: 7% Dividend Yield

Piraeus Bank’s stock offers a dividend yield of approximately 7%, with a dividend of about €0.30 per share for the 2024 financial year, to be paid in 2025. This will occur after approval by shareholders at the annual general meeting, which the bank has scheduled earlier this year, in April. The formal process for its issuance and payment is expected to start immediately thereafter, likely in May. Thus, anyone entering Piraeus Bank’s stock today can expect to receive a dividend of about €0.30 no later than June. Based on the current price, this represents a 7% yield, one of the highest among listed companies. If the average price since the beginning of the year is considered, the yield is 7.3%.

Record Highs for TITAN, PPC, and AVAX

In the stock market, the upbeat sentiment persists, with the General Index of the Athens Stock Exchange closing at its highest level since April 7, 2011 (1,552.20 points). The 9+ year high extended to the banking index, with its next milestone at 1,682 points (November 24, 2015). At the same time, PPC set a new multi-year high (as mentioned earlier), closing at €12.81 after peaking at €12.93 during the day. It is now approaching the €13 mark, a price not seen since February 2011 intraday and August 2010 at closing. Meanwhile, TITAN continues to scale new heights, reaching €44.5. Year-to-date gains stand at +10.7%, following an impressive +87.4% in 2024, showing that for the cement company, the sky’s the limit. Lastly, buyers flocked to AVAX, pushing the stock past the €1.8 barrier and close to €1.9, a level last seen in early April 2014.

Aegean’s +5.75% and 110,000 Americans

Transactions on the Athens Stock Exchange yesterday reached €112.87 million, with only €5 million in block trades. The General Index marked its 6th consecutive January rally session, with cumulative gains of +3.3%. One of the session’s highlights was Aegean’s stock, which climbed +5.75% to €10.66, with over €4 million in trades. Many attribute this surge to November arrival data, showing that 111,000 Americans visited Greece during the month, highlighting a rising trend in tourism from the US.

Pressure on Cenergy…via Denmark

It all started Monday evening in Copenhagen. Ørsted, currently the world’s largest offshore wind farm developer, announced that it was further scaling back its US operations. The company cited high interest rates, supply chain challenges, and “market uncertainties” affecting seabed lease values. Then came Trump, signing an executive order withdrawing the US from the Paris climate agreement, signed in 2016. Ørsted’s shares collapsed, falling 17% when the Copenhagen Stock Exchange opened. The Financial Times reported that Ørsted’s two major offshore projects in the US, Revolution Wind and Sunrise Wind, already have federal permits. Ørsted’s CEO, Mads Nipper, told the FT about the “complexities and uncertainties” facing Ørsted in a fledgling offshore industry in the US market. These developments inevitably impacted the Greek stock market. Cenergy’s shares opened at €9.7, dropped to €9.5, and closed at €9.58 (-1.44%). The truth is that Cenergy’s factories in the US produce cables and pipes—products that could easily find use in more “traditional energy markets.”

The Time for Results

Until yesterday, we expected that Piraeus Bank would be the first bank to announce its 2024 results earlier than ever, on February 24. Yesterday, the order changed as Bank of Cyprus will announce its results a week earlier, on Tuesday, February 18. Alpha Bank has announced it will present its results on February 28. The management of all listed banks are eager to showcase the strong results of 2024 and the improved prospects for 2025. Regarding the issue of dividend distributions by banks, the Frankfurt supervisors have given their approvals earlier, and during the visit to Athens by the heads of the SSM and SRB, the decisions will simply be formalized.

How the Euro-Dollar Exchange Rate Affects the Valuations of Listed Companies

Donald Trump has returned to the White House with an “America First” policy. The U.S. Federal Reserve now appears much more cautious about rate cuts, and the dollar is soaring to multi-year highs. Investors in the stock market are wondering how this impacts the value of shares in Athens. There is the general rule that the stronger the dollar, the cheaper the shares in Athens. Beyond that, however, the analyses become somewhat more complex. Listed companies that rely on imports of products and raw materials will obviously face higher costs. Commodity producers and, naturally, refineries will benefit. Their cost structure is in euros, they pay euro-denominated interest, but they receive revenues in dollars, as is the case with refining margins, which are calculated in dollars. What is considered “certain” is that the new trade and tariff policies Trump has committed to will support the dollar in the short term and put pressure on other currencies and economies. A strong dollar could also spark currency wars, with all that entails for international money and capital markets. Since last September, when the outcome of the November elections became increasingly clear, until yesterday, the dollar’s exchange rate against the six major currencies of the world strengthened by about +10%.

Javier Milei at Davos With a New “Air”

Last year, he was seen as a curious political phenomenon, a soccer player-turned-President who promised to cut unnecessary spending with a chainsaw. Today, Argentine President Javier Milei arrives at Davos after attending Donald Trump’s inauguration ceremony, as a distinguished guest, carrying the impressive results of his policies in his briefcase. Argentina closed 2024 with a historic trade surplus of $18.89 billion, the largest ever recorded in the country’s history. In December alone, Argentina added a surplus of $1.66 billion, marking 13 consecutive months of positive trade balances. Milei reduced taxes, cut public spending and public employees, and slashed bureaucracy. Today, at Davos, he appears as a winner.