== sync, corrected by elderman == @elder man
???; 3,000 units remain on the horizon
???; The view of the column, as early as last year, when the General Index was below 2,000 units, was that this upward cycle can be completed near 3,000 units.
???; in fact, just a year ago, on June 2, on the first theme of Black Box titled «The target is 3, not 2,000 units.», we wrote:
???? «They often ask me: can the General Index of the Athens Stock Exchange reach 3,000 units in the next two years? The answer is not an oracle, but depends on a familiar cosmogenic factor: Wall Street.
???; if there is no serious disturbance — either a correction of more than 10%-15% or a vertigoous rise — Then yes, H.A. has the margin to move up.
???; Wall Street is the «mother of all markets». Greek shares, however much we love them, are like the Gulf of the Saronic: if the Atlantic changes, the tide will reach the port of Piraeus.
???; European markets are like the Mediterranean. We're still swimming in brownies...»
???; see: «The target is 3, not 2,000 units.»
The same, more or less, the column believes today, a year later. The calculation is simple.
???; The Greek market, at around 70%, moves foreign funds, which approach us with specific criteria. The reports of foreign houses clearly reflect these criteria.
???; The most important is the discount of the Greek shares they are interested in, compared to the respective Europeans.
???; Indicatively, in HSBC's latest report, things are clearly reflected:
???? «HSBC analysts clearly maintain a positive attitude towards Greek systemic banks, repeating a buy recommendation for the entire industry and seeing significant margins for rise in valuations.
????️ Alpha Bank remains with a target price €4.85 and upside 36%, Eurobank goes up to €4.80 with upside 31%, National Bank of Greece maintains its target €18.45 with a 34% rise, while Piraeus Bank stands out with a target price €12.10 and the highest rise margin, 48%.»
???; If the prices of the Greek banks cover the difference with Europeans, then the General Index will have «3» Forward...
⚠️ This scenario is essentially only at risk of a serious reversal of the international climate.
???????????? Back of the Tablet:
???; ECB: The debate on interest rate increases opens
⚡ The European Central Bank you should consider interest rate increases in June, Even if peace talks with Iran reach an agreement.
????️ According to the Isabel Schnabel, the conflict has lasted longer than expected and high energy prices They now enter the wider economy.
???; she estimates that, based on today's data, the waiting stop is not an option and a response is required from monetary policy.
???; Even if the war ended today, the damage to energy infrastructure In addition, the supply chains They've already left a strong print.
The main problem for the ECB is secondary effects: expensive energy costs can be passed on to goods and services, creating new Inflationary spiral.
???; Markets have already discounted two interest rate increases at the deposit rate, currently at 2%, While giving about 50% probability for a third increase in 2027.
???; Economists appear more restrained, predicting two increases and then possible interest reduction in mid-2027.
???; Société Générale It takes a selective attitude towards European shares as the crisis in Middle East It changes the balance. Its analysts distinguish the branch of medicinal products, who has been left behind in recent months, but now shows attractive valuations and can attract capital again if there is rotation due to profit revisions.
For STOXX 600, the French house maintains its objective 580 units at the end of the year, seeing possible correction about 6% from the current levels. The main cause is expected Attenuation of profitability.
The Court held that the Court of First Instance had held that the Commission had failed to fulfil its obligations under the Treaty. EPS for 2026 will be limited to 8%, against expectations 14% Today. So Europe is in danger of losing much of its profits this year.
➡️Black Box Tips:
???? Investors can monitor defence industries, such as drugs, when the market begins to fear profits
???; Rotation does not mean general growth, but capital transfer to more durable options
?????? In the east yesterday we had joy. The world has warmed up and the growing number of those who are worried that the market will go away.
????
???? ⚡ PPC: The negotiation of new shares with price pressures started at the beginning. To some extent normal over 200 million new shares in price acquisitions by 12-14% lower were those.
Two hours later, whoever made it bought and saw the Lord. The price from the minus was suddenly launched to plus 2+%... The image reminds of short squeeze...
???; That's what: some people bet on a correction and were shorted and then forced to run to buy higher to close their positions with damage...
???; PPC made yesterday over a third of the total value of transactions. Capitalization now reaches 13 billion ECU. Euro and is in the five largest Greek listed companies.
???; The assessment of the column is that it is a matter of time to enter the second place and claim the first in the following years.
???? BELA: The expansion of markets such as Ukraine, Kazakhstan and Uzbekistan dramatically expands the company's potential audience, carrying the development model beyond the Balkans.
???; New markets offer access to tens of millions of consumers, increasing the long-term growth prospects of the brand.
???; A key element of the agreement is considered to be that BALFIN autonomously undertakes the development of the supply chain and logistics hub in China, limiting operational risks and investment needs for Jumbo.
???? MTLN: With yesterday's upward move, the stock left behind the psychological agon of 40 Euros. The image is slowly changing...
???? ALWN: Good move yesterday. It creates expectations but will need continuity to reverse the trend in recent months.
???? HAPPS: Among the distinguished yesterday with a new high. Some attribute it to the increase in tariffs but the most cunning expect a move of strategic importance...
???? WEARS: The stock with yesterday's move confirmed market expectations. About €It now sees the high of 8 last summer in close proximity.
???? IPTO: New high for the stock. But the stock is a bond and not a racehorse...
???? LABI: Young man with high promises of continuity...
???? AVE: AVE acquired 24.98% of PROBOTEK for 150,000 euros, entering a rapidly growing industry: drones, AI and autonomous operations.
???? The PROBOTEK It is not just drone operator, but creator of integrated ecosystem with software, cloud, IoT and mission-critical services.
???? The investor is good to see the deal as an option in technological-defensive goodwill. Watch out for this buyer's name. We'll meet again.
???; Piraeus: Bank's most aggressive move
???; Piraeus is currently showing the most aggressive share of the four systemic banks, as it is the first to approach them again. high year.
???; The stock had reached 9 EUR in February and now again One breath I would like to thank the rapporteur for his excellent report. Alpha Bank is about 15% of its own high of 4.46 euros.
???; Yesterday's meeting confirmed Piraeus' dynamics after the previous meeting Anode decay. The share continued upward, closing in EUR 8,90; with highly increased turnover, over 5 million shares.
???; From now on, the first technical objective is located at 9,90 euros, while nearby support is at 8.60 euros.
???; It is recalled that on Tuesday 9 June the return of a capital of EUR 0,40 per share is expected, with a return of almost 4.5% on current levels, which can function as an additional catalyst.
➡️ Black Box Tips:
???? The reader deserves to watch if the share can secure 9 euros, because that is where the continuity of the upward movement is judged
???; The zone of EUR 8,60 acts as a key point of defence for the short-term trend
???; Capital return may enhance investment interest, but real confirmation will come from maintaining high turnover
⚡ GEK TERNA: Key project for the Southeastern Attica electricity network
????️ GENTER, through TERNA S.A., it adds another important infrastructure project to its portfolio, taking over the construction of the new 150/20 kV Keratea Distribution Centre, worth EUR 29.5 million more VAT.
???; The project, to be implemented by the turn-key method, concerns a joint TEN and IPTO infrastructure and will substantially enhance the reliability of electricity in South East Attica. With 150 MVA power, three transformers and a new underground line 150 kV, will decongest substations to Markopoulos, Vari and Lavrio.
➡️ Black Box assessment:
???; The importance of the project grows due to increased demand from data centers, industrial installations and cold ironing in Lavrio.
????Credia Bank: A landmark for joining the FTSE Large Cap
In the semi-annual review of FTSE indicators, CrediaBank is part of the FTSE Large Cap index, a development expected after the increase in the spread after the ARM, capitalization and significant volume of transactions it makes every day. This upgrade translates into an influx of additional institutional long-term portfolios with the bank achieving another significant milestone in its development.
???; Motor Oil: From Refinery to Energy Infrastructure Group
⛽ Motor Oil has one of the strongest periods of profitability in recent years, with the refining environment remaining favourable and the margins in diesel and jet fuel supporting the results.
???? The first quarter is highly valued as the refinery operates at high levels of utilisation after full restoration of production capacity.
⚡ At the same time, the group acquires a more multidimensional energy profile, with electricity, gas, RES and waste management support, gradually reducing the dependence on the cyclicity of refining.
The FSRU «Gas Canal» acquires greater geopolitical and commercial importance following the agreement with Mercury Energy Group.
????️ The new power plant in Komotini and the propylene plant, which enhance verticalisation, are also positively operational.
➡️ Black Box Tips:
???; Motor Oil now shows more as an energy and industrial infrastructure group than as a simple refining company.
???; Kri Kri: Strong Q1, but with measure in expectations
???? The Kri It dynamically enters the use of 2026, with Beta Securities predicting a strong first quarter, maintaining a neotral recommendation and a new target value of EUR 23.75.
???; Key growth lever remains yoghurt, with increased volumes in Greece, the United Kingdom and Italy, but also a positive effect from reviews and a better mix of products.
???; For Q1, Beta estimates sales of EUR 84,88 million, EBITDA EUR 14,43 million and net profits of EUR 10,53 million.
⚠️ However, the image of the first quarter should not be mechanically extended throughout the year, as margins will likely be smoothed out.
➡️Black Box Tips:
???? The Kri remains a quality development history, but valuation requires attention
???? The big bet is international extension and in particular the agreement with Kroger
???; Geopolitical risks can push costs, energy and transport
???; JUMBO: Opening to new markets at low risk
???; JUMBO's agreement with BALFIN Group is an important strategic move as it extends the mark to six new markets: Ukraine, Georgia, Armenia, Azerbaijan, Kazakhstan and Uzbekistan.
???; The critical element is that BALFIN undertakes the development of an autonomous network of logistics, with a hub in China. JUMBO thus widens its presence without overburdening its own balance sheet.
???; This is a model of growth with limited capital risk, which exploits the strength of the brand and the experience of existing Balkan markets.
???; Strong liquidity, zero bank lending and stable organic development further enhance the investment account.
➡️Black Box Tips:
???; JUMBO shows that it can grow internationally without aggressive borrowing
???; The franchise model reduces risk and increases optional value
???; The stock remains quality development paper with defensive features
???; Greek shipping remains a global superpower
⚓ The Annual Report 2025–2026 of the Union of Greek Shipowners confirms the strategic role of Greek shipping in international trade, energy security and global supply chains.
???; With almost 5,800 ships, over 19% of the world's capacity and 61% of the EU's commercial fleet, Greece maintains the top position internationally.
⚙️ At the same time, the industry invests in coalification and new technologies, while contributing 7%-8% of GDP and about 200,000 jobs.
???; Strong remains the social footprint, with works in Thessaly and 365 scholarships.
???? Turkey in Economical Destabilization Spiral
???; What the charts show is not just a difficult economic situation. It is the image of an economy that has almost completely lost market confidence. The Turkish pound has collapsed almost completely against the dollar in recent years, reflecting the constant erosion of purchasing power and the inability to stabilise the currency.
???? At the same time, Turkey's 10-year state bond performance was launched over 33%, at historically high levels. This means that investors now require a huge risk premium to lend the Turkish state, fearing inflation, monetary destabilization and increased risk of crisis.
???; The picture is reminiscent of a classic emerging market crisis: currency collapse, return ejecting, loss of credibility and constant need for support through interest rates and interventions. As the pound continues to weaken, the pressure on businesses, banks and households that have exposure to foreign currency increases.
⚠️ The most worrying element is that this crisis is not suddenly developing. It is played slowly, publicly and in real time in front of the eyes of the markets.
???? «Let me lose with Buffet...»
Warren Buffett's Berkshire Hathaway now subsidises against S&P 500 at nearly the same level as it had been found just before the 2008 Great Financial Crisis. The graph shows that the BRK.A/SPY performance ratio returned to a historical support zone, where the market in the past had essentially punished Buffett's conservative strategy before the collapse of overpriced assets ensued.
???; Ironically, every time the market considered Buffett «outdated», a period of excessive euphoria, high valuations and extreme risk appetite had usually been preceded.
???; Today Wall Street hunts again growth, AI and momentum, while Berkshire keeps huge liquidity and more defensive attitude. The market seems to say that «The old man lost the trade». The question is whether we are again in a situation where discipline seems wrong just before it turns out right.
➡️Black Box Tips:
???; The periods the market leaves defense often coincide with peaks of optimism
???; Berkshire's great liquidity can function as a strategic weapon in the next crisis
???? Οι ιστορικές αποκλίσεις Buffett έναντι S&P συνήθως αποκτούν σημασία σε βάθος χρόνου και όχι βραχυπρόθεσμα
???? Η αγορά σπάνια ανταμείβει την υπομονή πριν εμφανιστεί ο πραγματικός κίνδυνος
???? Εξοχική κατοικία: Η Ελλάδα ακριβαίνει, αλλά παραμένει στο ραντάρ των ξένων αγοραστών
????️ Ισχυρή άνοδο 10,8% καταγράφει η μέση τιμή ανά τετραγωνικό μέτρο των εξοχικών ακινήτων στην Ελλάδα το διάστημα Ιανουαρίου-Απριλίου 2026, σύμφωνα με έρευνα της Elxis – At Home in Greece.
???? Η μέση τιμή διαμορφώθηκε στα 3.398 ευρώ/τ.μ., από 3.067 ευρώ/τ.μ. την αντίστοιχη περίοδο του 2025, με τις μεγαλύτερες αυξήσεις να εντοπίζονται στις νεόδμητες κατοικίες.
???? Βασικός μοχλός είναι η αυξημένη ζήτηση από το εξωτερικό, κυρίως από Βόρεια Ευρώπη και ΗΠΑ, που συνεχίζει να στηρίζει τις τιμές στις ποιοτικές εξοχικές κατοικίες.
???? Στις υφιστάμενες κατοικίες, η μέση συνολική τιμή πώλησης μειώθηκε κατά 13,3%, ενώ η τιμή ανά τετραγωνικό αυξήθηκε κατά 8,9%. Αυτό δείχνει στροφή σε μικρότερα ακίνητα, όχι όμως και υποχώρηση των αξιών.
???? The Crete παραμένει σταθερά ισχυρή αγορά, με μέση τιμή κατοικίας στις 456.600 ευρώ, αυξημένη κατά 3,3%.
➡️Black Box Tips:
???? Η άνοδος των τιμών δείχνει ότι η εξοχική κατοικία στην Ελλάδα μετατρέπεται σταδιακά σε διεθνές επενδυτικό προϊόν
???? Η στροφή σε μικρότερα ακίνητα φανερώνει ότι η ζήτηση παραμένει ισχυρή, αλλά οι αγοραστές γίνονται πιο επιλεκτικοί
???? Η Κρήτη διατηρεί χαρακτηριστικά αγοράς-πυλώνα, με σταθερή ζήτηση και χαμηλότερη μεταβλητότητα
????️ Η Δυτική Μακεδονία περνά στη μεταλιγνιτική εποχή
???? The Western Macedonia γυρίζει σελίδα με τον νέο αγωγό φυσικού αερίου υψηλής πίεσης του ΔΕΣΦΑ, ένα έργο άνω των 188 εκατ. ευρώ και μήκους 157 χιλιομέτρων, που ενισχύει την ενεργειακή ασφάλεια της Βόρειας Ελλάδας.
⚙️ Ο αγωγός συνδέει τη Θεσσαλία με τη Μακεδονία, περνώντας από Ημαθία, Πέλλα, Κοζάνη και Φλώρινα, δημιουργώντας νέες δυνατότητες τροφοδοσίας για βιομηχανίες, αγροτικές δραστηριότητες, τηλεθερμάνσεις και νοικοκυριά.
???? Το μεγάλο στρατηγικό στοιχείο είναι ότι πρόκειται για τον πρώτο hydrogen-ready αγωγό στην Ελλάδα, με δυνατότητα μεταφοράς έως και 100% υδρογόνου στο μέλλον.
???? Για τη Δυτική Μακεδονία, που επί δεκαετίες στηρίχθηκε στον λιγνίτη, το έργο δεν είναι απλώς ενεργειακή υποδομή. Είναι γέφυρα προς τη νέα οικονομία, με πράσινα αέρια, διασυνδέσεις και επενδύσεις στον Κάθετο Διάδρομο.
☀️???? Valorem: Γαλλικό αποτύπωμα στην ελληνική αποθήκευση ενέργειας
☀️ Η Valorem ενισχύει σταθερά την παρουσία της στην ελληνική αγορά ΑΠΕ, εξασφαλίζοντας νέα έγκριση για φωτοβολταϊκό έργο με ενσωματωμένη αποθήκευση ηλεκτρικής ενέργειας.
???? Το έργο προβλέπει φωτοβολταϊκό σταθμό ισχύος 15,375 MW, με 26.400 πάνελ Jinko, καθώς και μονάδα αποθήκευσης συνολικής χωρητικότητας 57 MWh. Το στοιχείο της μπαταρίας είναι κρίσιμο, καθώς αυξάνει την ευελιξία διαχείρισης της παραγωγής και περιορίζει τις απώλειες από περικοπές ενέργειας.
???????? Η γαλλική εταιρεία δραστηριοποιείται στην Ελλάδα από το 2017, ενώ μέσω της REN Valorem Hellas έχει χτίσει pipeline άνω των 700 MW σε ΑΠΕ και αποθήκευση.
⚡ Η κίνηση δείχνει ότι η ελληνική αγορά περνά σε δεύτερη φάση ωρίμανσης: δεν αρκεί πλέον μόνο η παραγωγή πράσινης ενέργειας, αλλά απαιτείται αποθήκευση, σταθερότητα δικτύου και τεχνολογική διαφοροποίηση.
*Αποποίηση Ευθύνης: Το υλικό αυτό παρέχεται για πληροφοριακούς και μόνο σκοπούς. Σε καμιά περίπτωση δεν πρέπει να εκληφθεί ως προσφορά, συμβουλή ή προτροπή για την αγορά ή πώληση των αναφερόμενων προϊόντων. Παρόλο που οι πληροφορίες που περιέχονται βασίζονται σε πηγές που θεωρούνται αξιόπιστες, ουδεμία διασφάλιση δίνεται ότι είναι πλήρεις ή ακριβείς και δε θα πρέπει να εκλαμβάνονται ως τέτοιες.
