{"id":9183,"date":"2026-06-05T15:25:00","date_gmt":"2026-06-05T12:25:00","guid":{"rendered":"https:\/\/en.tomanifesto.gr\/?p=9183"},"modified":"2026-06-05T15:25:00","modified_gmt":"2026-06-05T12:25:00","slug":"gek-terna-mediobanca-raises-its-price-target-to-eur-53","status":"publish","type":"post","link":"https:\/\/en.tomanifesto.gr\/?p=9183","title":{"rendered":"GEK TERNA: Mediobanca raises its price target to EUR 53"},"content":{"rendered":"<p><strong>Mediobanca raises its target price<\/strong> to EUR 53 for GEK Terna, maintaining an &#8220;Outperform&#8221; recommendation. <\/p>\n<p>The target price upgrade reflects, according to the Italian bank, <strong>the ongoing transformation of GEK Terna<\/strong>, which is characterised by increased cash flow predictability and enhanced profitability margins.<\/p>\n<p>GEK Terna&#8217;s medium-term growth, and interest from companies such as Medioblanca, is fuelled by the <strong>increasing contribution of the concessions portfolio<\/strong> (especially highways), the improved operating performance of the construction business and the expanded pipeline of projects in Greece and the Southeast Europe.<\/p>\n<p>Financial results for the first quarter of 2026<strong> exceeded forecasts,<\/strong> with an operating profitability (Ebitda) of EUR 166 million (+22% y\/y) and a net profit of EUR 35 million (<strong>+66% y\/y<\/strong>), thanks mainly to a significant contribution from the highways segment and improved profitability in construction. The <strong>Highways segment recorded revenue growth of around 38% with a strong contribution from the Egnatia Highway<\/strong>, driving the improvement in the quality mix of revenues (recurring\/regular). At the same time, the construction sector shows a significant operating profitability margin, confirming the Group&#8217;s strategic shift towards high-yield projects.<\/p>\n<p>For the period 2026-2028, <strong>Mediobanca puts Ebitda between \u20ac700-816 million,<\/strong> while net profit is expected to reach up to \u20ac192 million, as the concessions portfolio gradually matures and profitability margins stabilise. GEK TERNA&#8217;s growth prospects <strong>are further strengthened by the expanded pipeline of new infrastructure projects<\/strong> (road projects, PPPs, etc.), as well as by strategic placements in new growth sectors. These include water management, with GEK TERNA having acquired 13% of EYDAP, securing access to a sector where \u20ac8-10 billion of investments are expected<\/strong>as well as energy storage<\/strong>, where the Group is involved in projects with regulated returns, such as the Amfilochia pumped storage project.<\/p>\n<p>According to Mediobanca, <strong>GEK TERNA&#8217;s financial profile is shielded<\/strong>, with around 95% of its borrowings directly linked to specific projects (project finance, non-recourse), drastically limiting risk at the parent company level.<\/p>\n<p>In conclusion, the investment grade (BBB-\/Baa3) and strong liquidity reinforce the credibility of GEK Terna&#8217;s investment narrative.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mediobanca raises its target price to EUR 53 for the share of GEK Terna, maintaining its &#8220;Outperform&#8221; recommendation. The upgrade of &#8230;<\/p>\n","protected":false},"author":1,"featured_media":9184,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-9183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"acf":[],"_links":{"self":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts\/9183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9183"}],"version-history":[{"count":0,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts\/9183\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/media\/9184"}],"wp:attachment":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}