In their recent report, the bank’s analysts emphasize the strong momentum reflected in the company’s first-half results, which continue to underpin its compelling growth narrative.
Mediobanca initiated coverage of the stock in June 2025. Following the announcement of a robust earnings report that exceeded market expectations, GEK TERNA’s management provided a positive outlook during yesterday’s analyst conference call, projecting sustained and strong growth in both revenues and profitability, alongside enhanced shareholder returns.
By segment, motorway traffic is expected to grow by over 3% across the entire portfolio of road concessions in the second half of the year.
The construction division is anticipated to deliver similarly strong performance as in H1, with an EBIT margin consistently above 7% in the coming years, supported by the existing order backlog. Additionally, dividend distributions are expected to increase.
Further value creation is anticipated from the new joint venture with Motor Oil in the electricity sector. This partnership is set to establish a market-leading entity with significant scale, vertical integration, operational flexibility, and synergistic benefits. GEK TERNA’s stake in the JV is valued at approximately €530 million.
Lastly, as noted by management during the conference call—without providing additional details—a range of promising opportunities for further expansion through new projects is currently being explored.
Overall, Mediobanca has revised its sector forecasts upwards, anticipating a 20% revenue increase for construction in 2025 with sustainable margins, alongside positive revisions for motorways and the Motor Oil transaction (from 2026). This culminates in a 14% upward adjustment to EPS forecasts compared to prior estimates.
The new price target has been set at €30 per share, up from €28.80.
