ELLAKTOR | Conditional upside, revisited
In our new note on Ellaktor, we provide our thoughts on current trends across the different operating segments. We argue that at these price levels, the end of the “proxy fight†among main shareholders on its own could prove to be beneficial as human resources could now refocus on the group’s operations. Against this backdrop, we believe that post rationalization Ellaktor’s Construction backlog could add some profitability in the next couple of years, rather than being loss making. Their wind farm operation via continuing capacity additions and more conducive operating environment should also contribute to profitability. Finally, the concession business, which continues to be the group’s value anchor, is also expected to grow on the back of increasing traffic volumes.We maintain our Buy rating and €2.00 target price and for Ellaktor, which effectively values the shares at a
Ellaktor operates via its subsidiaries, mainly in constructions and quarrying, real estate development and management, wind power and environment, and concession sectors. Co. operates abroad in the Middle East countries, and specifically in the United Arab Emirates, Qatar, Kuwait, Oman and Jordan, as well as in other countries, such as Germany, Italy, Cyprus, Romania, Bulgaria, Albania, Serbia, Cameroon, Turkey, Croatia, Bosnia-Herzegovina, FYROM, the U.S., the U.K., Chile and Panama. As of Dec 31 2014, Co. was mainly operating in six business segments: construction and quarries; real estate development; concessions; wind farms; environment; as well as other activities.
Eurobank Equities is a Greek-based firm offering research, sales and trading services to institutional, corporate and private clients. The company is wholly owned by Eurobank, one of the 4 systemic banks in Greece.
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