GEK TERNA receives positive coverage from Jefferies and NBG Securities

Financial institutions Jefferies and NBG Securities have initiated coverage of GEK TERNA with positive outlooks, citing the company's strong position in the Greek infrastructure sector.

Jefferies has issued a ‘Buy’ recommendation with a target price of €55. The firm highlights a potential pipeline of new projects valued between €8 billion and €10 billion over the next two years, which is comparable to the group's current €8.8 billion backlog. Jefferies expects the company's EBITDA to increase by approximately 50% by 2030.

NBG Securities has issued an ‘Outperform’ rating with a higher target price of €60, suggesting a 38% upside from current levels. The brokerage describes the group as a ‘great opportunity’ due to its integrated platform of concessions and construction. Key revenue drivers include highway concessions such as Attiki Odos and Egnatia Odos, as well as projects involving airports, water management, and waste management.

NBG Securities forecasts that adjusted EBITDA will grow at an average annual rate of 7% between 2026 and 2030, reaching €883 million. Additionally, adjusted net profits are expected to grow at an average annual rate of 20%, supported by increasing contributions from subsidiaries and improved free cash flows to shareholders.