GEK Terna: buy now, get paid later (stays BUY) (resend)
We have updated our estimates for GEK Terna Group and calculated the anticipated dividend stream of the parent company from its concession portfolio, renewables arm (Terna Energy) and power segment. The Group is involved in major infrastructure projects in Greece, with the latest addition being Egnatia Odos (where it is the preferred bidder), the largest motorway domestically, which should provide noteworthy dividends in the medium term, in our view. To value GEK Terna we use a sum-of-the-parts (SOTP) valuation and derive a 12M PT of EUR 18.2/share, offering attractive 68% upside potential. The foundations of GEK Terna’s investment case lie in its secure, long-term concessions (30-35 years) and the predictability of cash flows, especially in the motorways division, generating a solid revenue stream for GEK Terna in the long term. We remain BUYers of the stock. (Resend with correction)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.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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