New Risk • Jul 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.4x net interest cover). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (17% increase in shares outstanding). Significant insider selling over the past 3 months (€8.9m sold). Recent Insider Transactions • Jul 05
MD & Executive Director recently sold €8.5m worth of stock On the 1st of July, Angelos Benopoulos sold around 200k shares on-market at roughly €42.50 per share. This transaction amounted to 60% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €10m more than they bought in the last 12 months. Announcement • Jul 02
Gek Terna S.A. has filed a Follow-on Equity Offering in the amount of €500 million. Gek Terna S.A. has filed a Follow-on Equity Offering in the amount of €500 million.
Security Name: Common Shares
Security Type: Common Stock
Transaction Features: Regulation S; Rule 144A Upcoming Dividend • Jun 25
Upcoming dividend of €0.40 per share Eligible shareholders must have bought the stock before 30 June 2026. Payment date: 07 July 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.4%. Lower than top quartile of Greek dividend payers (5.2%). Lower than average of industry peers (7.4%). Price Target Changed • Jun 19
Price target increased by 15% to €47.24 Up from €41.07, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of €45.58. Stock is up 138% over the past year. The company is forecast to post earnings per share of €1.64 for next year compared to €1.39 last year. Reported Earnings • Jun 04
First quarter 2026 earnings released First quarter 2026 results: EPS: €0.34. Revenue: €992.6m (flat on 1Q 2025). Net income: €34.7m (up 66% from 1Q 2025). Profit margin: 3.5% (up from 2.1% in 1Q 2025). Revenue is expected to decline by 13% p.a. on average during the next 3 years, while revenues in the Construction industry in Europe are expected to grow by 5.0%. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. Declared Dividend • May 29
Dividend of €0.40 announced Shareholders will receive a dividend of €0.40. Ex-date: 30th June 2026 Payment date: 7th July 2026 Dividend yield will be 0.9%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is not covered by earnings (118% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 63% per year over the past 2 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 31% to bring the payout ratio under control. EPS is expected to grow by 72% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • May 26
Gek Terna S.A. to Report Q1, 2026 Results on Jun 02, 2026 Gek Terna S.A. announced that they will report Q1, 2026 results Pre-Market on Jun 02, 2026 Price Target Changed • May 11
Price target increased by 10.0% to €40.36 Up from €36.70, the current price target is an average from 7 analysts. New target price is 6.3% below last closing price of €43.08. Stock is up 127% over the past year. The company is forecast to post earnings per share of €1.51 for next year compared to €1.39 last year. Recent Insider Transactions • May 11
Insider recently sold €426k worth of stock On the 7th of May, Georgios Perdikaris sold around 10k shares on-market at roughly €42.63 per share. This transaction amounted to 4.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €2.3m more than they bought in the last 12 months. Reported Earnings • Apr 13
Full year 2025 earnings released: EPS: €1.39 (vs €0.14 loss in FY 2024) Full year 2025 results: EPS: €1.39 (up from €0.14 loss in FY 2024). Revenue: €3.86b (up 19% from FY 2024). Net income: €139.0m (up €152.3m from FY 2024). Profit margin: 3.6% (up from net loss in FY 2024). Revenue is expected to decline by 7.6% p.a. on average during the next 3 years, while revenues in the Construction industry in Europe are expected to grow by 4.6%. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 47% per year, which means it is well ahead of earnings. New Risk • Apr 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Greek stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). New Risk • Mar 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Greek stocks, typically moving 5.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 114% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (5.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Significant insider selling over the past 3 months (€1.3m sold). Price Target Changed • Jan 29
Price target increased by 12% to €36.70 Up from €32.72, the current price target is an average from 7 analysts. New target price is 9.9% above last closing price of €33.40. Stock is up 81% over the past year. The company is forecast to post earnings per share of €1.58 for next year compared to €0.25 last year. Price Target Changed • Jan 14
Price target increased by 14% to €32.72 Up from €28.68, the current price target is an average from 6 analysts. New target price is 19% above last closing price of €27.54. Stock is up 50% over the past year. The company is forecast to post earnings per share of €1.58 for next year compared to €0.25 last year. Recent Insider Transactions • Dec 11
Non-Executive Director recently sold €1.3m worth of stock On the 8th of December, Dimitrios Antonakos sold around 50k shares on-market at roughly €25.51 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.9m more than they bought in the last 12 months. Reported Earnings • Nov 24
Third quarter 2025 earnings released: EPS: €0.38 (vs €0.47 in 3Q 2024) Third quarter 2025 results: EPS: €0.38 (down from €0.47 in 3Q 2024). Revenue: €917.5m (down 5.4% from 3Q 2024). Net income: €38.6m (down 17% from 3Q 2024). Profit margin: 4.2% (down from 4.8% in 3Q 2024). Revenue is expected to decline by 7.5% p.a. on average during the next 3 years, while revenues in the Construction industry in Europe are expected to grow by 4.4%. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Price Target Changed • Nov 20
Price target increased by 7.2% to €28.68 Up from €26.75, the current price target is an average from 5 analysts. New target price is 18% above last closing price of €24.24. Stock is up 38% over the past year. The company is forecast to post earnings per share of €1.45 for next year compared to €0.25 last year. Announcement • Nov 15
Gek Terna S.A. to Report Nine Months, 2025 Results on Nov 21, 2025 Gek Terna S.A. announced that they will report nine months, 2025 results on Nov 21, 2025 Announcement • Sep 09
Gek Terna S.A. to Report First Half, 2025 Results on Sep 30, 2025 Gek Terna S.A. announced that they will report first half, 2025 results on Sep 30, 2025 Upcoming Dividend • Jun 18
Upcoming dividend of €0.40 per share Eligible shareholders must have bought the stock before 25 June 2025. Payment date: 02 July 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.3%. Lower than top quartile of Greek dividend payers (5.7%). Lower than average of industry peers (3.7%). Announcement • Jun 12
Latsco Direct Investments Cyprus limited completed the acquisition of 10% stake in Nea Attiki Odos Parachorisi Single Member Societe Anonyme from Gek Terna S.A. (ATSE:GEKTERNA). Latsco Direct Investments Cyprus limited agreed to acquire 10% stake in Nea Attiki Odos Parachorisi Single Member Societe Anonyme from Gek Terna S.A. (ATSE:GEKTERNA) for €77.2 million on October 8, 2024.
Latsco Direct Investments Cyprus limited completed the acquisition of 10% stake in Nea Attiki Odos Parachorisi Single Member Societe Anonyme from Gek Terna S.A. (ATSE:GEKTERNA) on June 10, 2025. Reported Earnings • Jun 04
First quarter 2025 earnings released: EPS: €0.21 (vs €0.37 in 1Q 2024) First quarter 2025 results: EPS: €0.21 (down from €0.37 in 1Q 2024). Revenue: €989.4m (up 32% from 1Q 2024). Net income: €20.9m (down 33% from 1Q 2024). Profit margin: 2.1% (down from 4.2% in 1Q 2024). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Announcement • May 29
Gek Terna S.A. to Report Q1, 2025 Results on Jun 03, 2025 Gek Terna S.A. announced that they will report Q1, 2025 results on Jun 03, 2025 Recent Insider Transactions • May 23
Executive Director recently sold €380k worth of stock On the 20th of May, Penelope Lazaridou sold around 20k shares on-market at roughly €19.00 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €300k more than they bought in the last 12 months. Reported Earnings • May 02
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: €0.25 (down from €1.57 in FY 2023). Revenue: €3.25b (down 7.1% from FY 2023). Net income: €24.8m (down 83% from FY 2023). Profit margin: 0.8% (down from 4.2% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 4.2%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. New Risk • May 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.8% Last year net profit margin: 4.2% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). High level of non-cash earnings (73% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (0.8% net profit margin). Price Target Changed • Apr 04
Price target increased by 8.2% to €26.03 Up from €24.07, the current price target is an average from 6 analysts. New target price is 42% above last closing price of €18.30. Stock is up 12% over the past year. The company is forecast to post earnings per share of €8.63 for next year compared to €1.57 last year. Price Target Changed • Dec 11
Price target increased by 9.1% to €23.72 Up from €21.73, the current price target is an average from 5 analysts. New target price is 28% above last closing price of €18.58. Stock is up 43% over the past year. The company is forecast to post earnings per share of €8.63 for next year compared to €1.57 last year. New Risk • Dec 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 50% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Earnings are forecast to decline by an average of 50% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (5.8% increase in shares outstanding). Announcement • Nov 29
Abu Dhabi Future Energy Company PJSC - Masdar Completed the acquisition of 70% stake in TERNA ENERGY Industrial Commercial Technical Societe Anonyme (ATSE:TENERGY) from Gek Terna S.A. (ATSE:GEKTERNA) and others. Abu Dhabi Future Energy Company PJSC - Masdar signed a definitive agreement to acquire 67% stake in TERNA ENERGY Industrial Commercial Technical Societe Anonyme (ATSE:TENERGY) from Gek Terna S.A. (ATSE:GEKTERNA) and others for €1.6 billion on June 20, 2024. A cash consideration valued at €20 per share will be paid by Abu Dhabi Future Energy Company PJSC - Masdar. After completion of the transaction, Masdar will launch an all-cash mandatory tender offer to acquire all the remaining outstanding shares of the company with the intention of reaching 100%. The transaction is Subject to regulatory approvals and other conditions precedent. Additionally, Masdar announced plans to acquire a 50% stake in Terra-Gen, a North American renewable energy company, from Energy Capital Partners, which operates 2.4 GW of wind and solar and 5.1 GWh of energy storage across the US. Both acquisitions, expected to close by the end of 2024, will significantly contribute to Masdar’s goal of reaching 100 GW of global capacity by 2030. As of October 10, 2024, the transaction has received approval from European Commission.
Rothschild Limited acted as financial advisor for Abu Dhabi Future Energy Company PJSC - Masdar. Simmons & Simmons, Nikos Papachristopoulos, Yannis Seiradakis and Athanasia Tsene and Counsel Eleni Stazilova, Marina Androulakakis, Maria Nefeli Bernitsa and Tania Patsalia, Counsel Maria Kloni of M. & P. Bernitsas Law Offices and Latham & Watkins LLP acted as legal advisors for Abu Dhabi Future Energy Company PJSC - Masdar. Panos Katsambas and Delphine Currie and Counsel Matt Bowen of Reed Smith LLP, Vassilis Stergiou and Aspasia Malliou of Potamitisvekris acted as legal advisors for Gek Terna S.A. Morgan Stanley acted as financial advisor for Gek Terna S.A. Morgan Stanley (NYSE:MS) acted as sole financial advisor to Terna Energy.
Abu Dhabi Future Energy Company PJSC - Masdar Completed the acquisition of 70% stake in TERNA ENERGY Industrial Commercial Technical Societe Anonyme (ATSE:TENERGY) from Gek Terna S.A. (ATSE:GEKTERNA) and others on November 28, 2024. Announcement • Nov 25
Gek Terna S.A. to Report Nine Months, 2024 Results on Nov 29, 2024 Gek Terna S.A. announced that they will report nine months, 2024 results on Nov 29, 2024 Recent Insider Transactions • Nov 20
Executive Vice Chairman recently bought €347k worth of stock On the 15th of November, Michael Gourzis bought around 20k shares on-market at roughly €17.36 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Michael has been a buyer over the last 12 months, purchasing a net total of €1.0m worth in shares. New Risk • Sep 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risk Shareholders have been diluted in the past year (5.2% increase in shares outstanding). Announcement • Sep 21
Gek Terna S.A. to Report First Half, 2024 Results on Sep 26, 2024 Gek Terna S.A. announced that they will report first half, 2024 results on Sep 26, 2024 Upcoming Dividend • Aug 21
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 28 August 2024. Payment date: 03 September 2024. The company last paid an ordinary dividend in . The average dividend yield among industry peers is 3.8%. Declared Dividend • Jul 29
Dividend of €0.25 announced Shareholders will receive a dividend of €0.25. Ex-date: 28th August 2024 Payment date: 3rd September 2024 Dividend yield will be 1.4%, which is lower than the industry average of 2.9%. Recent Insider Transactions • Jul 14
Executive Vice Chairman recently bought €347k worth of stock On the 10th of July, Michael Gourzis bought around 20k shares on-market at roughly €17.36 per share. This transaction amounted to 1.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Michael has been a buyer over the last 12 months, purchasing a net total of €3.4m worth in shares. Recent Insider Transactions • Jul 02
Executive Director recently sold €830k worth of stock On the 26th of June, Emmanuel Moustakas sold around 50k shares on-market at roughly €16.60 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.2m more than they bought in the last 12 months. Announcement • Jun 21
Abu Dhabi Future Energy Company PJSC - Masdar signed a definitive agreement to acquire 67% stake in TERNA ENERGY Industrial Commercial Technical Societe Anonyme (ATSE:TENERGY) from Gek Terna S.A. (ATSE:GEKTERNA) and others for £1.6 billion. Abu Dhabi Future Energy Company PJSC - Masdar signed a definitive agreement to acquire 67% stake in TERNA ENERGY Industrial Commercial Technical Societe Anonyme (ATSE:TENERGY) from Gek Terna S.A. (ATSE:GEKTERNA) and others for €1.6 billion on June 20, 2024. A cash consideration valued at €20 per share will be paid by Abu Dhabi Future Energy Company PJSC - Masdar. After completion of the transaction, Masdar will launch an all-cash mandatory tender offer to acquire all the remaining outstanding shares of the company with the intention of reaching 100%. The transaction is Subject to regulatory approvals and other conditions precedent.
Rothschild Limited acted as financial advisor for Abu Dhabi Future Energy Company PJSC - Masdar. Simmons & Simmons, M. & P. Bernitsas Law Offices and Latham & Watkins LLP acted as legal advisors for Abu Dhabi Future Energy Company PJSC - Masdar. Reed Smith LLP, Potamitisvekris acted as legal advisors for Gek Terna S.A.. Morgan Stanley acted as financial advisor for Gek Terna S.A. Morgan Stanley (NYSE:MS) acted as sole financial advisor to Terna Energy. Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: €0.37 (vs €0.24 in 1Q 2023) First quarter 2024 results: EPS: €0.37. Revenue: €747.3m (down 8.8% from 1Q 2023). Net income: €31.3m (down 19% from 1Q 2023). Profit margin: 4.2% (down from 4.7% in 1Q 2023). The decrease in margin was driven by lower revenue. Reported Earnings • Apr 30
Full year 2023 earnings released: EPS: €1.42 (vs €1.42 in FY 2022) Full year 2023 results: EPS: €1.42. Revenue: €3.50b (down 11% from FY 2022). Net income: €147.8m (up 8.3% from FY 2022). Profit margin: 4.2% (up from 3.5% in FY 2022). The increase in margin was driven by lower expenses. Announcement • Apr 26
Gek Terna S.A. to Report Fiscal Year 2023 Results on Apr 29, 2024 Gek Terna S.A. announced that they will report fiscal year 2023 results at 5:20 PM, GTB Standard Time on Apr 29, 2024 Price Target Changed • Jan 23
Price target increased by 8.3% to €17.85 Up from €16.48, the current price target is an average from 2 analysts. New target price is 31% above last closing price of €13.60. Stock is up 16% over the past year. The company posted earnings per share of €1.42 last year. Reported Earnings • Nov 24
Third quarter 2023 earnings released: EPS: €0.31 (vs €0.50 in 3Q 2022) Third quarter 2023 results: EPS: €0.31 (down from €0.50 in 3Q 2022). Revenue: €925.0m (down 29% from 3Q 2022). Net income: €29.2m (down 38% from 3Q 2022). Profit margin: 3.2% (down from 3.6% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 26
Second quarter 2023 earnings released: EPS: €0.34 (vs €0.11 in 2Q 2022) Second quarter 2023 results: EPS: €0.34 (up from €0.11 in 2Q 2022). Revenue: €784.6m (up 7.4% from 2Q 2022). Net income: €31.4m (up 195% from 2Q 2022). Profit margin: 4.0% (up from 1.5% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Construction industry in Europe are expected to grow by 3.8%. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • Sep 13
GEK TERNA Holdings, Real Estate, Construction S.A. to Report First Half, 2023 Results on Sep 25, 2023 GEK TERNA Holdings, Real Estate, Construction S.A. announced that they will report first half, 2023 results on Sep 25, 2023 Upcoming Dividend • Aug 16
Inaugural dividend of €0.20 per share Eligible shareholders must have bought the stock before 23 August 2023. Payment date: 29 August 2023. The company last paid an ordinary dividend in . The average dividend yield among industry peers is 4.0%. Reported Earnings • Jun 01
First quarter 2023 earnings released: EPS: €0.40 (vs €0.11 in 1Q 2022) First quarter 2023 results: EPS: €0.40 (up from €0.11 in 1Q 2022). Revenue: €819.7m (up 12% from 1Q 2022). Net income: €38.8m (up 265% from 1Q 2022). Profit margin: 4.7% (up from 1.5% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 3.5% p.a. on average during the next 3 years, while revenues in the Construction industry in Europe are expected to grow by 2.7%. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • May 12
Hard Rock International Limited acquired 51% stake in IRC S.A. from GEK TERNA Holdings, Real Estate, Construction S.A. (ATSE:GEKTERNA). Hard Rock International Limited acquired 51% stake in IRC S.A. from GEK TERNA Holdings, Real Estate, Construction S.A. (ATSE:GEKTERNA) on May 11, 2023.Hard Rock International Limited completed the acquisition of 51% stake in IRC S.A. from GEK TERNA Holdings, Real Estate, Construction S.A. (ATSE:GEKTERNA) on May 11, 2023. Reported Earnings • Apr 30
Full year 2022 earnings released: EPS: €1.42 (vs €0.88 in FY 2021) Full year 2022 results: EPS: €1.42 (up from €0.88 in FY 2021). Revenue: €3.94b (up 244% from FY 2021). Net income: €136.5m (up 61% from FY 2021). Profit margin: 3.5% (down from 7.4% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 6.4% p.a. on average during the next 3 years, while revenues in the Construction industry in Europe are expected to grow by 2.4%. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Reported Earnings • Dec 06
Third quarter 2022 earnings released: EPS: €0.50 (vs €0.13 in 3Q 2021) Third quarter 2022 results: EPS: €0.50 (up from €0.13 in 3Q 2021). Revenue: €1.30b (up 398% from 3Q 2021). Net income: €47.3m (up 246% from 3Q 2021). Profit margin: 3.6% (down from 5.2% in 3Q 2021). Revenue is expected to decline by 74% p.a. on average during the next 2 years, while revenues in the Construction industry in Europe are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target increased to €13.77 Up from €8.80, the current price target is an average from 3 analysts. New target price is 43% above last closing price of €9.62. Stock is down 6.6% over the past year. The company posted earnings per share of €0.88 last year. Reported Earnings • Oct 02
First half 2022 earnings released: EPS: €0.22 (vs €0.091 loss in 1H 2021) First half 2022 results: EPS: €0.22 (up from €0.091 loss in 1H 2021). Revenue: €1.46b (up 233% from 1H 2021). Net income: €21.3m (up €30.0m from 1H 2021). Profit margin: 1.5% (up from net loss in 1H 2021). Revenue is expected to decline by 49% p.a. on average during the next 2 years, while revenues in the Construction industry in Europe are expected to grow by 3.2%. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 30
Upcoming dividend of €0.12 per share Eligible shareholders must have bought the stock before 06 September 2022. Payment date: 13 September 2022. Trailing yield: 1.2%. Lower than top quartile of Greek dividend payers (5.1%). Lower than average of industry peers (4.1%). Recent Insider Transactions Derivative • Jul 04
CEO & Chairman exercised options to buy €2.2m worth of stock. On the 1st of July, Goergios Peristeris exercised options to buy 233k shares at a strike price of around €2.00, costing a total of €466k. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. Since September 2021, Goergios' direct individual holding has decreased from 32.89m shares to 31.26m. Company insiders have collectively sold €14m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • May 02
Full year 2021 earnings released: EPS: €1.50 (vs €0.13 in FY 2020) Full year 2021 results: EPS: €1.50 (up from €0.13 in FY 2020). Revenue: €1.14b (up 18% from FY 2020). Net income: €144.0m (up €131.5m from FY 2020). Profit margin: 13% (up from 1.3% in FY 2020). Over the next year, revenue is forecast to grow 21%, compared to a 15% growth forecast for the industry in Greece. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to €13.77 Up from €8.80, the current price target is provided by 1 analyst. New target price is 42% above last closing price of €9.70. Stock is down 2.4% over the past year. The company posted earnings per share of €0.13 last year. Recent Insider Transactions • Feb 16
CEO & Chairman recently sold €9.5m worth of stock On the 15th of February, Goergios Peristeris sold around 1m shares on-market at roughly €9.27 per share. This was the largest sale by an insider in the last 3 months. Despite the recent sale, Goergios has been a buyer over the last 12 months, purchasing a net total of €5.7m worth of shares. Recent Insider Transactions • Sep 28
CEO & Chairman recently bought €358k worth of stock On the 24th of September, Goergios Peristeris bought around 40k shares on-market at roughly €8.95 per share. This was the largest purchase by an insider in the last 3 months. Goergios has been a buyer over the last 12 months, purchasing a net total of €15m worth in shares. Recent Insider Transactions • Jun 15
CEO, MD & Chairman recently bought €1.9m worth of stock On the 11th of June, Goergios Peristeris bought around 950k shares on-market at roughly €2.00 per share. In the last 3 months, they made an even bigger purchase worth €13m. Goergios has been a buyer over the last 12 months, purchasing a net total of €15m worth in shares. Reported Earnings • May 04
Full year 2020 earnings released: EPS €0.13 (vs €0.24 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €971.3m (down 16% from FY 2019). Net income: €12.5m (down 47% from FY 2019). Profit margin: 1.3% (down from 2.0% in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Apr 30
CEO, MD & Chairman recently bought €13m worth of stock On the 28th of April, Goergios Peristeris bought around 1m shares on-market at roughly €11.20 per share. This was the largest purchase by an insider in the last 3 months. Goergios has been a buyer over the last 12 months, purchasing a net total of €13m worth in shares. Recent Insider Transactions • Feb 25
CEO, MD & Chairman recently bought €355k worth of stock On the 19th of February, Goergios Peristeris bought around 45k shares on-market at roughly €7.88 per share. This was the largest purchase by an insider in the last 3 months. Goergios has been a buyer over the last 12 months, purchasing a net total of €9.3m worth in shares. Is New 90 Day High Low • Feb 11
New 90-day high: €8.09 The company is up 30% from its price of €6.21 on 13 November 2020. The Greek market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: €7.75 The company is up 26% from its price of €6.15 on 29 September 2020. The Greek market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 24% over the same period.