To 28 euros from 26 euros increases the target price of its stock GEK TERNA or Euroxx Researchmaintaining its upward forecasts for the Group, after the release of the results for the use of 2024. According to its latest analysis, the stock market sends an increase of 53%, setting the target for customized operating profits (EBITDA) at 700-800 million euros by 2028.
According to Euroxx Research, GEK TERNA is suitable to seize the opportunities offered by the infrastructure sector in Greece, with an attractive valuation (EBITDA 8.2X based on estimated sizes for 2028).
Concessions
According to analysts, the contribution of Attica Odos (consolidated with the Group in October 2024) is expected to boost EBITDA of concessions from € 41 million in 2024 to € 177 million in 2025, exceeding 200 million euros by 2028.
In addition, the Egnatia Odos is estimated that, since the beginning of 2026, it will contribute to operating profits of € 86 million. If the participation in Olympia Road, IRC and Kasteli are taken into account, the total EBITDA of concessions are estimated to exceed € 600 million in 2028.
Constructions
Despite the co -host delays, in 2024, the EBITDAs of the sector doubled compared to 2021. The group shows a relentless of EUR 6.9 billion, a size that does not include BOAK and the railway project in Romania of around 200 million euros.
As mentioned in recent teleconferences of analysts, the backlog is expected to be implemented in a five -year period and is estimated to generate annual revenue of over € 1.4 billion and EBITDA around € 140 million.