With an “outperform” recommendation and a target price of 49 euros
With an “outperform” recommendation and a target price of 49 euros per share for 2026, implying an upside potential of more than 90%, Santander on Wednesday initiated coverage of GEK TERNA, while stressing that current share prices do not reflect the company’s true value.
The Spanish banking group said GEK TERNA is currently the largest Greek transport infrastructure development and concession group, and is undergoing a phase of profound corporate restructuring. This transformation began with the sale of TERNA ENERGY in the fourth quarter of 2024 and continues with the rapid addition and development of new transport infrastructure in the period 2026–2030.
Although the GEK TERNA stock has performed strongly over the past five years, Santander assessed that the market is far from ascribing the true value prospects of the group’s infrastructure portfolio.
Motorways: The group’s ‘value locomotive’
GEK TERNA’s motorway concession portfolio is the central axis of its investment potential. Taking advantage of the third wave of privatizations in Greece, GEK TERNA has built up a
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