A target price of € 19.10 is given by today’s report by AXIA VENTURES for TERNA ENERGIAKI (24% increase compared to the previous price of € 15.40) and repeats the recommendation “purchase”, expecting an increase of 41% compared to current stock price levels.
In addition, according to the report, taking into account the recent acquisitions in the sector (Falck in Italy and Eolia in Spain) with a price of 14.0x EV / EBITDA, TERNA ENERGY is valued at ~ 2.7 billion euros (23.5 euros / share).
Furthermore, AXIA VENTURES notes that according to the medium-term plan of TERNA ENERGIAKI the installed capacity will reach 3.0 GW by 2026, EBITDA will increase from 148 million euros in 2021 to 260.7 million euros in 2023 and will exceed € 400 million by 2026 (23% CAGR) increasing earnings per share (EPS) by 30% over the same period.
It is reminded that tomorrow an Extraordinary General Meeting of TERNA ENERGIAKI is held for the approval of the distribution of profits and optional reserves of previous years of approximately 20 million euros (19,695,365.30 euros), ie 0.17 euros per share. It is noted that the same amount was distributed to shareholders in the summer of this year, ie TERNA ENERGIAKI returned to its shareholders about 40 million euros this year, while in the three years 2018-2020 the company distributed to shareholders through a return of capital and dividend, approximately EUR 120 million.
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Source From: Capital
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