PASOK: Officially, things are clear. The Congress of PASOK decided on an autonomous course and ruled out cooperation with ND. Nikos Androulakis repeated it last Sunday at the TIF. The decision of the 5,000 delegates was unanimous and “the strategy does not change”.
Unofficially, however, in and around the party three different views have long been discernible -three strategies, we would dare say- for the next day.
The first is that of those who do not want any post-election door to be closed in advance -even toward ND, if the need for a programmatic agreement arises. With their intra-party opponents, of course, arguing that this is exactly what they seek, also because of the… sweetness a coalition government has for those who land good posts.
The discussion was recently opened publicly by Panagiotis Louskos, a party official and interlocutor of Anna Diamantopoulou, essentially saying that congress decisions are not “holy scriptures”.
To be fair and precise, Anna Diamantopoulou herself immediately rushed to clarify that she rules out cooperation with both Mitsotakis and Tsipras. The tendency, however, for post-election options to remain open has now also been expressed publicly.
The second view is the official Androulakis line. Autonomy, battle for first place, PASOK program and no discussion about the next day. “The decision is a compass”, the party president said a few days ago.
PASOK II: We should note that this view is shared by quite a few top-ranking officials (even some who do not think very highly of leader Nikos), some of them even taking it one step further.
No cooperation either with Mitsotakis, nor with Tsipras, whom several of them view much more hostilely.
Not so much as an “insulter”, but because, as they say, he tried and is trying to usurp the ideological space of PASOK and the political “legacy” of Andreas Papandreou.
Mitsotakis, who simply usurped a series of strong cadres from the space, may even bother them less emotionally.
The third… tribe is clearly looking to the left, with the most characteristic case being Haris Doukas.
The mayor of Athens has ruled out ND, without hiding his preference for channels with the “progressive forces”, while he has spoken directly even about the possibility of governmental cooperation with EL.A.S., if the appropriate electoral correlations arise.
So, we are talking about three different “tribes” within PASOK, which have completely different views.
However, in practice, it is the… ballot box that will trigger developments. Something that is highly likely all tribes understand.
Not only as to the percentage and position the Movement will receive, but also in relation to the… crossword puzzle of governability.
The ballot box is what will judge the future, but also who may, at a later time, find themselves outside the Movement, due to “political differences”.
It is no coincidence that several observers estimate that, in the most likely scenario, that of a more or less “mandatory” coalition government with ND, some high-ranking officials of the Movement will prefer to… defect to the left.
BALLOT BOX: Now notice how “sensitive” all this is, in relation to the current juncture reflected in the polls, on the occasion of yesterday’s one by Opinion Poll for Action 24, which -note this- includes neither a Samaras party nor the possibility of Kasidiaris.
ND gets 31% and in an eight-party Parliament takes 126 seats. Which means it needs 25 more for a marginal majority, while PASOK gets 38.
As we wrote above, however, it is not necessary that all its MPs will agree to something like that, even with a prime minister who will not be Mitsotakis.
Moreover, if Samaras cuts 1-2 points from ND and enters Parliament with a percentage of 5%, the arithmetic will change again. In short, the famous “governability” may also require a triple coalition government ND-PASOK-Samaras. A mess, as they say, may happen…
All this of course if there is no second ballot, something that is not as unlikely as it sounds at first glance, because of the risks it hides for the first party. Quite a few in ND remember very clearly what happened in the second round, in the Athens local elections.
PARLIAMENT: As expected, the second (and last) vote in Parliament on the Constitutional Revision proved fruitless: no article up for revision received 180 votes, so that in the next, Revising, Parliament only 151 “yes” votes would have been needed for ratification of the process.
This means that all revisable articles must be voted by at least 180 MPs after the elections and, therefore, any new governing majority must secure the consent of one or even two more parties.
Yesterday’s development was decided by the “no” of PASOK, since it counts 33 MPs who could, theoretically, be added to the 156 of ND.
Except that behind this stance of the official opposition there is something deeper than the classic opposition clash: a serious deficit of institutional trust.
Beyond the trick used by ND in the previous Constitutional Revision to ultimately pass its position on the method of electing the President of the Republic, PASOK links its distrust to the government’s handling of the wiretappings, OPEKEPE and “article 86”, where it had its MPs vote by mail while they were in Athens, so that the referral of Voridis-Avgenakis to a Preliminary Investigation committee would not be voted through.
PARLIAMENT II: There is, however, one more characteristic example. In 2023, for the selection of members of independent authorities, 3/5 of the Conference of Presidents was required. Out of a total of 27 members, 3/5 makes 16.2. The government considered that 16 votes were enough. The opposition argued that 17 were required - and the Fourth Chamber of the CoS later moved toward this interpretation.
In common terms, the logic of PASOK, as the column has mentioned many times, is simple: we agree that certain articles must change, but we are not giving you today a blank check to determine their content on your own tomorrow.
The government replies that PASOK is turning the Constitutional Revision into party tactical maneuvering and refuses consensus, even where there are convergences.
Except that it itself made sure through its actions that there would be no room for convergence, when the exact content of each article can be changed by the next Parliament with only 151 votes.
ANDROULAKIS: The proposal of the leader of the official opposition, as formulated (also) yesterday in Parliament, did not go unnoticed: come let us all agree to vote for the change of “article 110” of the Constitution regarding the way it is revised.
That is, in the Revising Parliament 180 “yes” votes should be required for all articles, regardless of whether in the previous (Proposing) Parliament an enhanced or simple majority was given.
So that there are no “games” of usurping the vote in the first Parliament in order for whatever the government of the day wants to pass in the next one.
Of course the proposal was not accepted…
EZA: The market is waiting to see whether and when the brewery will change hands. For the time being, it changed… head. Since August, in the position of chairman of Hellenic Brewery of Atalanti is Georgios Kanakaris, with Athanasios Syrianos moving to the position of member and Nikitas Aspiotis remaining chief executive officer.
Petros Giannakakos, the financial director, also joined the Board, raising the members to eight.
As for the scenarios of change of shareholder, much ink has been spilled, but so far the smoke has not been proven to hide fire underneath. Although some from the market argue that the countdown for the next act at EZA has begun.
SOUROTI: Fewer chairs are now envisaged at the company’s management table. Shareholders approved on September 9 the change of article 11, limiting the Board of Directors to five members. Until recently, the articles of association provided for a Board of Directors of seven to nine members, who were elected by the General Assembly.
As for the term, however, the basic formula remains the same. Five years, with the possibility of extension until the next regular G.A., without exceeding six years in total, and with the possibility of re-election.
STAR BULK: Strong as expected was the turnover in the debut of Petros Pappas' shipping company on the board, with many investors rushing to reap a quick profit, taking advantage of the difference between the offering price (24.5 euros) and the opening price (27.05 euros).
The column warned in time about this possibility, as well as about the fact that some would rush to complete their position, given the high oversubscription (six times).
The stock hit a high of 26.98 euros and a low of 26 euros. In the end it closed at 26.65 euros. Transactions reached 8.8 million euros.
Market capitalization is touching 3.1 billion euros and, as Axia Ventures notes, with its expected inclusion in the FTSE 25 index during the upcoming semiannual review, it will become the first international shipping company to be included in the index.
SAFE BULKERS: The column was reminded of the proverb about the basil and the flowerpot while watching the course of the other shipping company traded on Euronext Athens.
The stock won first place in returns in yesterday’s session, closing at 7.5 euros or 4.97% higher with turnover at 2.13 million euros. It even made trades higher, up to 7.56 euros.
The record for the title is 8.5 euros from September 7. Subsequently pressure emerged as on September 9 the placement was made for 12 million shares at a price of 6.7 euros.
Market capitalization at 853 million euros.
AEGEAN: Pressure continues for the airline’s stock, which completed seven declines in the last eight sessions, closing down 1.43% at 11.05 euros.
The stock is flirting dangerously with the year’s low at 10.84 euros that it had recorded on May 18, due to the new surge in oil prices and the evident deadlock in the Persian Gulf crisis.
Solidus is betting on the stock, speaking of temporary pressure on profitability and an excessive discount. It gives a target price of 15 euros, identifying upside potential of more than 33% from current levels.
The brokerage notes two positive elements for the airline, which support its positive stance:
The first is the steady rise in revenues. First-half turnover has been increasing continuously over the last four years, from 705.4 million euros in 2023 to 816.6 million euros this year, that is almost 16% higher.
The second is the reduction of debt. Loan obligations fell to 518.3 million euros on June 30, from 664.2 million euros at the end of 2025. Cash reserves were maintained at 956 million euros.
According to Solidus, the improvement in yield per passenger shows that the company passed on part of the increased cost to ticket prices. In addition, the recovery in traffic in July and August was shared evenly between the domestic and international network, while in the half-year the international segment had remained stagnant.
As regards the fleet, Aegean received five new A321neo aircraft during the half-year. It now has 21 A320neo and 22 A321neo, something which according to the brokerage will improve in the medium term fuel and maintenance costs.
Finally, Solidus considers the upgrade of the Athens Stock Exchange to a Developed Market, on September 21, a catalyst for capital inflows into the stock, which has a market capitalization of about 1 billion euros.
LAVIPHARM: A strong increase in sales of Lavipharm in the first half of 2026 is expected by Optima Bank, ahead of the announcement of results today.
More specifically, the brokerage forecasts that consolidated sales from continuing operations, before rebate and clawback, will amount to 38.4 million euros, up 24% year-on-year. For the second quarter it estimates a rise of 34.1%, to 21.85 million euros, with the main drivers being antiseptics (including Betaoctine) and medical cannabis.
Recurring EBITDA is estimated at 7.06 million euros, up 5%, despite the increase in operating expenses, mainly due to higher personnel costs. Recurring net profits are forecast at 2.3 million euros, marking an increase of 38.6%.
Optima points out that Durogesic had no contribution in the half-year, as the acquisition was approved in July, with the related sales expected from the beginning of the fourth quarter. At the same time, it estimates an acceleration of growth in the second half and in 2027, due to Durogesic and cannabis.
The brokerage’s recommendation remains Buy, with a target price of 2.08 euros, versus a current price of 1.58 euros and upside potential of 34.2%.
PROFILE: The listed company is expected to present today, after the close of the session, its half-year results, with Eurobank Equities forecasting a significant strengthening of the key figures.
More specifically, the house estimates that group revenues will amount to 30.8 million euros, up 53% year-on-year. The rise is attributed mainly to the consolidation of Algosystems, combined with the continuation of organic growth in the Financial Solutions sector.
EBITDA is estimated to amount to 7.7 million euros, marking an increase of 29%, with the margin shaping at 25%, versus 29.7% last year. The decline in the margin mainly reflects the lower profit margin of the acquired activities, namely Algosystems and Contemi.
At the profitability level, pre-tax profits are forecast at 4.9 million euros (+33%), while net profits after minority rights at 3.8 million euros (+24%).
The stock moved upward in yesterday’s session, despite the ex-capital return of 0.24 euros per share. It is noted that the column has conveyed information about an even more significant increase in figures than what analysts expect.