GEK TERNA is a grossly overvalued company, and efforts are being made... through manipulable reports such as Spain's Santander—what a coincidence—or other investment firms to justify the unjustifiable.
Let's look at the facts.
GEK TERNA, backed by substantial cash flows—thanks to how it secures motorway concessions or the Kastelli project—presents net profits of 150 million euros while holding 4.5 billion euros in debt, against a market capitalization of approximately 5 billion euros.
This represents an extreme distortion, as the debt level of the GEK TERNA group matches its entire market capitalization. Based on earnings of 150 million euros relative to a market capitalization of 5 billion euros, the P/E ratio stands at 33, which poses a global provocation when a realistic P/E for the construction sector sits at 12.
At the same time, GEK TERNA's leverage at 4.5 billion euros is 30 times greater than its annual net profits. Such a company represents an extreme stock market bubble that cannot be justified. Which company in Greece has borrowed 30 times its annual earnings? There is no doubt that even if net profits reach 250 million euros under numerous conditions, GEK TERNA will still remain extremely overvalued.
BN Revelation
And we ask the banks: How do they grant him loans under these conditions?
And specifically a systemic bank that loaned him 110% of the equity capital of Attiki Odos. A concession project with 110% debt financing does not exist even in Uganda.
Does the Bank of Greece know about this? Is the SSM aware? Could there be a systemic risk here for the Greek banking system?
BN is launching a major investigation into the matter because the stock market must know.
Cheap Aktor
Aktor, with a market capitalization of 2.5 billion euros and its stock at 9.5 euros, is extremely cheap. The Net Debt/EBITDA ratio for 2025, adjusted for two transactions, forms at approximately 1.3x, a level that ranks among the lowest in the European infrastructure sector and is multiple times lower than that of most domestic competitors. From a valuation standpoint, the picture is even more striking.
Based on projections for 2027, Aktor trades at an Enterprise Value to EBITDA ratio of less than 8x, whereas corresponding multiples stand at roughly 12x for listed Greek peer companies and 11x for European infrastructure companies. The stock, therefore, trades at a discount of approximately 33% against domestic peers and about 27% against European companies, despite demonstrating superior growth rates and a significantly stronger balance sheet.
Conclusion
If we had 100,000 euros, we would invest them in Aktor, which is cheap, and not in the highly overvalued GEK TERNA bubble.
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