The energy sector continues to attract investor interest on the Athens Stock Exchange, while successive deals create the conditions for further improvement in valuations. The recent agreement to sell the majority stake in Terna Energy to Abu Dhabi-based Masdar is highly indicative of the favorable climate.
Terna Energy’s stake has a return of over 20% by 2024, with the company’s market capitalization currently estimated at around 2.3 billion euros. This is a 70% increase compared to the previous 3 years and 190% compared to the previous 5 years.
Metlen’s share, worth 5.1 billion euros, is the most valuable energy company on the stock exchange. Despite the stagnation of recent months (-1.2% in 2024), the increase in 12 months reaches +11%, in 3 years +130% and in 5 years +260%.
PPC’s share, with a capitalization of 4.2 billion euros, is in a continuous phase of growth and improved profitability (target EBITDA of 1.8 billion euros in 2024). Thus, the share, although it has corrected from this year’s highs (12.6 euros), still remains at the highest levels of the last 10 years.
Regarding the shares of refining companies, Motor Oil is worth almost 2.7 billion euros, when about a month ago it had reached an all-time high of 3 billion euros (28.5 euros/share).
At the same time, Helleniq Energy shares are valued at 2.4 billion euros, maintaining this year’s change at +9%, despite the negative impact of the single tax on 2023 profits.
As for IPTO, which recently announced the notable improvement in profitability in the first quarter (18.6 million euros in 2024 compared to 14.8 million euros in 2023), it is worth 503 million euros.
Bonus +3
The combined capitalization of the six companies listed above exceeds 17 billion euros. However, if we also include Viohalco – Cenergy – Intrakat, which, although not considered purely energy companies, have a strong presence in the sector, then the total market value of 6+3 jumps to 21 billion euros, which corresponds to at least 1/5 of the capitalization of the Athens Stock Exchange.
The value of large energy companies on the Athens Stock Exchange
• Mitilíneos 5.1 billion euros
• PPP 4.2 billion euros
• Motor Oil 2.7 billion euros
• Helleniq Energy 2.4 billion euros
• Terna Energy 2.3 billion euros
• Cenergia 1.6 billion euros
• Viohalco 1.5 billion euros
• Intrakat 801 million euros
• IPTO 503 million euros