GEK TERNA | Infrastructure spending picks up
In our new note we discuss current trends in terms of EFSI-led investments in infrastructure projects in Greece and how GEK TERNA’s Construction arm is well positioned to capitalize on a pick-up in infrastructure spending, as one of the leading Greek construction groups. We also focus on the Concessions activity, which is gradually becoming an important cash flow contributor and finally emphasize that the Renewables activity delivers on its ambitious capacity expansion program and consistently outperforms the market, both in terms of load factors as well as EBITDA generation per MW.We revise our estimates to reflect year-to-date trends and an improved outlook going forward, setting our new target price for the shares at EUR6.70 from EUR4.80 previously, which places the shares at a c. 5.0x EV/EBITDA target multiple on 2019e numbers.
GEK Terna Holding Real Estate Construction is a real estate development group based in Greece. Co.'s main activity is the development and management of investment property, the construction of any kind, the management of self-financed or co-financed projects, the construction and management of energy projects, as well as its participation in companies having similar activities. Co. has a significant and specialized presence in construction, energy as well as in the development, management and exploitation of investment property having a strong capital base. Co. is also active in construction and quarry, the industrial segment, metal constructions, and producing skids from armed concrete.
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.
Research is the backbone of Eurobank Equities' platform, with a team of 4 professionals committed to generating actionable investment ideas by providing timely research products. We are committed to offering value-added services to clients by filtering market noise and providing insights on the multiple sectors that we cover. Our universe includes 26 - large, medium and small cap - companies whose market capitalization amounts to 80-85% of the total market capitalization of the Athens Stock Exchange. Our research team also maintains the capacity to generate ad-hoc research for micro-cap listed companies.
Our team has consistently gained recognition among institutional investors for its quality research, having ranked No. 1 team in Greece at the Extel Surveys of 2013-2016 and 2018. We have also been named Leading Brokerage Firm in Greece over 2014-2016 and in 2018.
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