The energy sector continues to attract the investors’ interest on the Athens Stock Exchange, while the successive deals create the conditions for further improvement of the valuations. The recent agreement for the sale of the majority package of Terna Energy to the Abu Dhabi-based Masdar is highly indicative of the favorable climate.
The share of Terna Energy shows a return of over 20% through 2024, with the company’s market capitalization currently estimated at nearly 2.3 billion euros. This is a value higher by 70% compared to the previous 3 years and by 190% compared to the previous 5 years.
Metlen’s share, with a value of 5.1 billion euros, is the most valuable energy company on the stock market. Despite the stagnation of the last months (-1.2% in 2024), the rise 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 improvement in 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 stands at the highest levels of the last 10 years.
Regarding the shares of refining companies, Motor Oil is worth almost 2.7 billion euros, while about a month ago it had climbed to an all-time high of 3 billion euros (28.5 euros/share).
At the same time, Helleniq Energy’s stock is valued at 2.4 billion euros, maintaining this year’s change at +9%, despite the negative impact of the one-time tax on 2023 profits.
As for the IPTO, which recently announced the noticeable improvement in the profitability of the first quarter (18.6 million euros in 2024 from 14.8 million euros in 2023), it is worth 503 million euros.
Bonus +3
The combined capitalization of the above six listed companies exceeds 17 billion euros. However, if we also include Viohalco – Cenergy – Intrakat, which, although not considered purely energy companies, have a strong footprint in the sector, then the total market value of 6+3 jumps to 21 billion euros, which corresponds to to at least 1/5 of the capitalization of Athens Stock Exchange.
The value of major energy companies on the Athens Stock Exchange
• Mytilineos 5.1 billion euros
• PPC 4.2 billion euros
• Motor Oil 2.7 billion euros
• Helleniq Energy 2.4 billion euros
• Terna Energy 2.3 billion euros
• Cenergy 1.6 billion euros
• Viohalco 1.5 billion euros
• Intrakat 801 million euros
• IPTO 503 million euros
