Terna Energy Societe Anonyme Commercial Technical (ATSE:TENERGY) - Share price, News & Analysis

Q: What is the Fair Price of TENERGY when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

TENERGY (€18) is trading above our estimate of [[fair value]] (€8.45)

TENERGY fundamental analysis
Snowflake Score
Valuation	1/6
Future Growth	3/6
Past Performance	3/6
Financial Health	2/6
Dividends	2/6

TENERGY Stock Overview

Rewards

Earnings are forecast to grow 17.01% per year

Earnings have grown 2.2% per year over the past 5 years

Risk Analysis

Debt is not well covered by operating cash flow

Terna Energy Societe Anonyme Commercial Technical Competitors

Athens Water Supply and Sewerage

ATSE:EYDAP

€847.7m

Jiangsu New Energy Development

SHSE:603693

CN¥13.6b

China Datang Corporation Renewable Power

SEHK:1798

HK$15.3b

Energix - Renewable Energies

TASE:ENRG

₪7.8b

Price History & Performance

Summary of all time highs, changes and price drops for Terna Energy Societe Anonyme Commercial Technical
Historical stock prices
Current Share Price	€18.00
52 Week High	€19.68
52 Week Low	€11.14
Beta	0.53
1 Month Change	5.88%
3 Month Change	6.83%
1 Year Change	55.44%
3 Year Change	144.90%
5 Year Change	350.00%
Change since IPO	116.00%

Recent News & Updates

Jul 01

Is Terna Energy Societe Anonyme Commercial Technical (ATH:TENERGY) A Risky Investment?

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...

May 12

Analysts Are Betting On Terna Energy Societe Anonyme Commercial Technical Company (ATH:TENERGY) With A Big Upgrade This Week

Celebrations may be in order for Terna Energy Societe Anonyme Commercial Technical Company ( ATH:TENERGY...

Shareholder Returns

	TENERGY	GR Renewable Energy	GR Market
7D	6.0%	1.2%	1.8%
1Y	55.4%	6.5%	2.4%

Return vs Industry: TENERGY exceeded the Greek Renewable Energy industry which returned 6.5% over the past year.

Return vs Market: TENERGY exceeded the Greek Market which returned 2.4% over the past year.

Price Volatility

Is TENERGY's price volatile compared to industry and market?
TENERGY volatility
TENERGY Average Weekly Movement	4.3%
Renewable Energy Industry Average Movement	5.2%
Market Average Movement	4.8%
10% most volatile stocks in GR Market	7.1%
10% least volatile stocks in GR Market	2.8%

Stable Share Price: TENERGY is not significantly more volatile than the rest of Greek stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: TENERGY's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1949	338	Emmanuel Maragoudakis	https://www.terna-energy.com

Terna Energy Societe Anonyme Commercial Technical Company operates in the renewable energy sources (RES), construction, trading of electric energy, and concessions sectors in Greece, Balkans, Eastern Europe, and North America. The company constructs, exploits, and installs renewable sources of wind and hydroelectric energy, photovoltaic parks. It also owns and operates wind parks, hydroelectric projects, pumped storage, hybrid stations, and photovoltaics, as well as PPP waste management projects, the production of biofuels, soil conditioners and other products.

Terna Energy Societe Anonyme Commercial Technical Fundamentals Summary

How do Terna Energy Societe Anonyme Commercial Technical's earnings and revenue compare to its market cap?
TENERGY fundamental statistics
Market Cap	€2.00b
Earnings (TTM)	€71.83m
Revenue (TTM)	€405.41m

27.8x

P/E Ratio

4.9x

P/S Ratio

Is TENERGY overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
TENERGY income statement (TTM)
Revenue	€405.41m
Cost of Revenue	€255.89m
Gross Profit	€149.52m
Other Expenses	€77.68m
Earnings	€71.83m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	0.65
Gross Margin	36.88%
Net Profit Margin	17.72%
Debt/Equity Ratio	227.9%

How did TENERGY perform over the long term?

See historical performance and comparison

Dividends

1.9%

Current Dividend Yield

55%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is TENERGY undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TENERGY?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for TENERGY. This is calculated by dividing TENERGY's market cap by their current preferred multiple.
What is TENERGY's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€2.00b

TENERGY key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	6.4x
Enterprise Value/EBITDA	15.7x
PEG Ratio	1.6x

Price to Earnings Ratio vs Peers

How does TENERGY's PE Ratio compare to its peers?

TENERGY PE Ratio vs Peers

The above table shows the PE ratio for TENERGY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	40.9x
EYDAP Athens Water Supply and Sewerage	27.7x	n/a	€847.7m
603693 Jiangsu New Energy Development	58.1x	34.2%	CN¥13.6b
1798 China Datang Corporation Renewable Power	13.5x	22.0%	HK$15.3b
ENRG Energix - Renewable Energies	64.5x	n/a	₪7.8b
TENERGY Terna Energy Societe Anonyme Commercial Technical	27.8x	17.0%	€2.0b

Price-To-Earnings vs Peers: TENERGY is good value based on its Price-To-Earnings Ratio (27.8x) compared to the peer average (40.9x).

Price to Earnings Ratio vs Industry

How does TENERGY's PE Ratio compare vs other companies in the European Renewable Energy Industry?

Price-To-Earnings vs Industry: TENERGY is expensive based on its Price-To-Earnings Ratio (27.8x) compared to the European Renewable Energy industry average (26.1x)

Price to Earnings Ratio vs Fair Ratio

What is TENERGY's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TENERGY PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	27.8x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate TENERGY's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of TENERGY when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TENERGY (€18) is trading above our estimate of fair value (€8.45)

Significantly Below Fair Value: TENERGY is trading above our estimate of fair value.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Future Growth

How is Terna Energy Societe Anonyme Commercial Technical forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

17.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: TENERGY's forecast earnings growth (17% per year) is above the savings rate (2.6%).

Earnings vs Market: TENERGY's earnings (17% per year) are forecast to grow faster than the Greek market (9.5% per year).

High Growth Earnings: TENERGY's earnings are forecast to grow, but not significantly.

Revenue vs Market: TENERGY's revenue (4% per year) is forecast to grow slower than the Greek market (7.2% per year).

High Growth Revenue: TENERGY's revenue (4% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: TENERGY's Return on Equity is forecast to be high in 3 years time (21.4%)

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Past Performance

How has Terna Energy Societe Anonyme Commercial Technical performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

2.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: TENERGY has high quality earnings.

Growing Profit Margin: TENERGY's current net profit margins (17.7%) are lower than last year (21.5%).

Past Earnings Growth Analysis

Earnings Trend: TENERGY's earnings have grown by 2.2% per year over the past 5 years.

Accelerating Growth: TENERGY's earnings growth over the past year (34%) exceeds its 5-year average (2.2% per year).

Earnings vs Industry: TENERGY earnings growth over the past year (34%) underperformed the Renewable Energy industry 47.6%.

Return on Equity

High ROE: TENERGY's Return on Equity (16.9%) is considered low.

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Financial Health

How is Terna Energy Societe Anonyme Commercial Technical's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: TENERGY's short term assets (€629.4M) exceed its short term liabilities (€301.9M).

Long Term Liabilities: TENERGY's short term assets (€629.4M) do not cover its long term liabilities (€1.0B).

Debt to Equity History and Analysis

Debt Level: TENERGY's net debt to equity ratio (135.4%) is considered high.

Reducing Debt: TENERGY's debt to equity ratio has increased from 190% to 227.9% over the past 5 years.

Debt Coverage: TENERGY's debt is not well covered by operating cash flow (12.3%).

Interest Coverage: TENERGY's interest payments on its debt are well covered by EBIT (5.5x coverage).

Balance Sheet

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Dividend

What is Terna Energy Societe Anonyme Commercial Technical current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

1.90%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: TENERGY's dividend (1.9%) isn’t notable compared to the bottom 25% of dividend payers in the Greek market (2.09%).

High Dividend: TENERGY's dividend (1.9%) is low compared to the top 25% of dividend payers in the Greek market (5.06%).

Stability and Growth of Payments

Stable Dividend: TENERGY's dividend payments have been volatile in the past 10 years.

Growing Dividend: TENERGY's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (55.1%), TENERGY's dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: TENERGY is paying a dividend but the company has no free cash flows.

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Management

How experienced are the management team and are they aligned to shareholders interests?

CEO

Emmanuel Maragoudakis (71 yo)

no data

Tenure

Mr. Emmanuel Maragoudakis serves as the Chief Executive Officer and Managing Director of Terna Energy Societe Anonyme Commercial Technical Company (formerly known as Terna Energy S.A.). and also served as...

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/18 00:00
End of Day Share Price	2022/08/18 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31