Industrials

Report by ResearchGreece

While ResearchGreece is still struggling to comprehend the premium on Terna Energy’s speculated €22-23/share M&A price, it does not change the fact that GEK is reportedly close to selling its 37% stake in the company. If GEK pockets ~€1.0bn from the sale, what does that mean for the implied valuation of the remaining major assets / investments in its portfolio? It means they are seriously undervalued! GEK is a great stock pick for long-term investors favouring infrastructure plays. TP €15.00 (40% upside).