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Investeerime Kreeka aktsiaturule

Investeerime Kreeka aktsiaturule

Külastasime esmakordselt Kreeka ettevõtteid aastal 2015, kui Kreekas oli veel sügav kriis – kõrge tööpuudus, kehv seis majanduses. Esimesi paranemise samme nägime aastal 2017, kui tegime Avaron Areneva Euroopa Fondiga esimesed investeeringud. Täna oleme investeeritud 10 Kreeka ettevõtte aktsiatesse, mis moodustavad ligi 25% fondi varadest.

Miks meile Kreeka meeldib? Kreeka majandus on Eesti majandusest kuus korda suurem, aktsiaturu kogu-kapitalisatsioon on Kreekas võrreldes Eestiga üle 9 korra kõrgem. Kreeka börsil on noteeritud 128 ettevõtet. Erinevalt Eesti majandusest, mis aastatel 2022-2024 igal aastal kahaneb, näitab Kreeka positiivset majanduskasvu kõigil neil aastail. Kui peale suurt finantskriisi oli Kreeka majandus ja poliitiline elu savijalgadel, siis viimastel aastatel on Kreekas toimunud suured positiivsed muudatused. Aastal 2013 lokkas Kreekas tööpuudus, mis on tasemelt 27% langenud 10% peale. Oluliselt on langenud ka noorte tööpuudus, ligi 60% pealt 30% juurde. Kreeka riigivõlg on oma tipust 210% juurest aastal 2020 langenud tänaseks 160% juurde. Samuti on Kreeka korda saanud riigi finantsid ning sel aastal näidanud eelarve ülejääki. Kreekal on ka veel üks väga suur eelis. Nimelt on Kreeka üks suurimaid võitjaid Euroopa taasterahastu programmist, mis koos struktuurfondide eraldistega suunab aastatel 2024-2028 Kreeka majandusse investeeringuid mahus 65 miljardit eurot, mis moodustab 30% Kreeka eelmise aasta SKT-st. Seega, Kreeka majandus on täna pärituules, ettevõtete valik börsil on suur ning hinnatase on soodne. Kreeka turg kaupleb täna 7x järgmise 12 kuu kasum, mis on oluliselt odavam võrreldes viimase 10 aasta keskmise 12 korraga. Samuti Euroopa muude turgude kontekstis on 7x kasum soodne.

Fondi suurim investeering on täna Kreeka ettevõte Coca Cola HBC, kuhu oleme paigutanud 6,4% fondi varadest. Ettevõte on maailma üks suurimaid ja Euroopa suurim Coca-Cola toodete pudeldaja ja tarnija. Coca Cola HBC teeb koostööd ka teiste joogifirmadega nagu Monster Energy, Edrington, Brown-Forman ja Campri. Ettevõtte portfellis on rohkem kui 100 brändi ja 4000 erinevat toodet, mida toodetakse firma 62 tehases üle regiooni. Ettevõttel on eksklusiivne õigus müüa Coca-Cola tooteid 29 riigis kus kokku elab 715 miljonit inimest. Ettevõte on ka palju laienenud, näiteks 2022. aastal osteti Egiptusesse Coca-Cola pudeldaja, sest seal turul nähakse suurt kasvuvõimalust. Nimelt on Egiptuse elanikkond 111 miljonit ja tänane jookide tarbimine on kaks korda madalam, võrreldes teiste arenevate riikidega. Ettevõte kaupleb 11x järgmise aasta kasum, viimase viie aasta omakapitali tootlus on 18%.

Loe Avaron Areneva Euroopa Fondi kohta lähemalt

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