Upward revisions for Gek Terna’s stock continue on the back of a recent successful private placement of six million shares to international investors, as well as the construction, energy and concession group’s highest bid in an international tender to build and commercially exploit the new northern Crete tollway.

Gek Terna’s share ended above 14 euros in Monday’s trading at the Athens Stock Exchange (ATHEX), with turnover on the day exceeding 3.3 million euros.

In its recent report, Piraeus Bank’s brokerage subsidiary, Piraeus Securities, includes Gek Terna’s share in its “top picks” for 2024, raising the target price to 22.30 euros per share, and without taking into consideration the concession for the Attiko Odos tollway. Gek Terna was the highest bidder for the greater Athens area’s closed ring road, with the tender process completed in its favor.

Piraeus Securities also estimates that Gek Terna’s share offers the biggest upside (60%) of all its proposals for the Greek market.

According to Piraeus Securities, Gek Terna is an attractive way to invest in Greece’s now positive macroeconomic environment, with the group’s long-term infrastructure and concessions strategy creating a robust portfolio of projects, which are expected to generate more than six billion euros in dividends over the lifespan of the projects – excluding Attiki Odos and the northern Crete tollway.

Progress in the new airport construction at the Kasteli site, on Crete, and Gek Terna’s Integrated Resort Casino initiative at the Elliniko property development in southern coastal Athens also boosts its share prospects.