JP Morgan upgraded PPC, Greece’s electricity company, to a target share price of €20.50 from €18.50, citing its strong growth potential relative to European competitors.
JP Morgan says PPC’s recent Capital Markets Day confirmed that three core pillars are driving the company’s accelerated growth.
Rapid expansion of renewables, with installed capacity expected to reach 12.7 GW by 2028 and an average annual growth rate of 21%. More than half of that target is already largely de-risked.
Full lignite phaseout by the end of 2026, which remains on track.
Continued investment in electricity networks, with the regulated asset base projected to grow 5% annually through 2028, reaching €6.5 billion.
Despite an ambitious €10.1 billion investment program for 2026–28, PPC expects most of its growth to be financed through internal cash generation, keeping leverage under control. The company projects its ND/EBITDA ratio will remain below 3.5x through 2028.
Following an update to its model, JP Morgan has raised its medium-term earnings estimates by about 5% and increased its December 2027 price target to €20.5 per share, from €18.5 previously—an 11% upgrade.
The bank stresses that PPC continues to offer a highly attractive risk–reward profile, trading at a PEG ratio of less than 0.5x for 2026. It therefore reiterates its Overweight rating.
