Wood and Company - Terna Energy S.A. (TENERGY) WOOD Flash – Terna Energy: coverage discontinued (2024)

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Wood and Company

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Wood and Company - Terna Energy S.A. (TENERGY) WOOD Flash – Terna Energy: coverage discontinued (3)

WOOD Flash – Terna Energy: coverage discontinued

Due to the agreed takeover of the company, we are discontinuing our coverage of Terna Energy with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on this stock.

21/06/2024 1 EN

Underlying

Terna Energy S.A.

Terna Energy S.A.

Terna Energy is a vertically organized renewable energy sources group based in Greece. Co. is mainly engaged in the energy and construction sector. Co. is active in Wind Energy, as well as Hydroelectric Projects, Solar PV and Integrated Management of Waste to Energy and Biomass Projects. Co. is also engaged in the research for the operation and construction of projects related to other renewable energy sources (RES). Co. maintains a class 6 contractor certificate and its activity in the construction sector relates to the construction of private and public projects as a main contractor or subcontractor or through joint ventures.

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Provider

Wood and Company

Wood and Company

WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.

A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.

Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.

We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.

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Analysts

Research Team

Other Reports on these Companies

Wood and Company

WOOD Daily: Türkiye - inflation accounting, ELPE GA/MOH GA, GEKTERNA GA/TENERGY GA, LPP PW, UZ macro HEADLINES:• EME Strategy: Türkiye - inflation accounting - demystifying the enigma• Greek refiners: Finance Ministry to impose an unexpected windfall tax on refiners• GEK Terna: agrees to sell Terna Energy to Masdar of Abu Dhabi• LPP: the Prosecutor’s office has opened an investigation against Hindenburg Research• Uzbekistan macro: notes from our recent trip• Short news (MTELEKOM)

PREMIUM

June 21, 2024 June 21, 2024 1 EN

Eurobank Equities

Terna Energy | Deal sealed at €20/share Masdar to obtain control of Terna Energy for €20/share – After more than two years of media buzz, the highly-anticipated deal for the sale of Terna Energy has been officially sealed. As per the announcement, the Abu Dhabi investment fund "Masdar" will acquire a combined stake of c65%, including GEK Terna's 36.6% and the stakes of other investors (incl. mgt) who have given irrevocable undertakings to sell their shares. The consideration settled at €20/share (on an ex-div basis). The deal values Terna Energy at a spot EV of €3.2bn, implying a 1-yr fwd EV/EBITDA of c16x, namely c28% above the pee...

June 20, 2024 June 20, 2024 1 EN

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Other Reports from Wood and Company

Research Team

  • Research Team
WOOD Flash - GEK Terna: agrees to sell Terna Energy to Masdar of Abu Dhabi On 20 June, GEK Terna announced the long-rumoured sale of 36.59%-owned Terna Energy (TENERGY) to Masdar, the United Arab Emirates green energy vehicle, at EUR 20.0/share. Following the deal, Masdar will launch a mandatory public offer to acquire the minorities, also at EUR 20.0/share, with the whole process expected to be concluded towards the year end.The deal implies an EV/EBITDA multiple of about 16x on our 2024E estimates, but leaving aside the crystallisation of value, the sale makes strong financial sense to us, due to GEK’s rather-stretched balance sheet. Selling TENERGY goes a long wa...

PREMIUM

June 21, 2024 June 21, 2024 1 EN

Research Team

  • Research Team
WOOD Daily: Türkiye - inflation accounting, ELPE GA/MOH GA, GEKTERNA GA/TENERGY GA, LPP PW, UZ macro HEADLINES:• EME Strategy: Türkiye - inflation accounting - demystifying the enigma• Greek refiners: Finance Ministry to impose an unexpected windfall tax on refiners• GEK Terna: agrees to sell Terna Energy to Masdar of Abu Dhabi• LPP: the Prosecutor’s office has opened an investigation against Hindenburg Research• Uzbekistan macro: notes from our recent trip• Short news (MTELEKOM)

PREMIUM

June 21, 2024 June 21, 2024 1 EN

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Wood and Company - Terna Energy S.A. (TENERGY) WOOD Flash – Terna Energy: coverage discontinued (11)


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Wood and Company - Terna Energy S.A. (TENERGY) WOOD Flash – Terna Energy: coverage discontinued (2024)

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