GEK Terna has been included in UBS‘s top 20 picks for European small and mid-cap stocks, with a “Buy” recommendation and a price target of €54 — representing an upside potential of approximately 35% compared to current levels. The inclusion of the Greek conglomerate in the “Pan-European Small & Mid-Cap Top 20” list comes alongside positive earnings forecasts from the Swiss bank.
Read also: GEK Terna: Investment grade rating from Moody’s and S&P for future bond issuances
GEK Terna: UBS forecasts double-digit earnings per share growth over the next five years
The Swiss bank projects average annual earnings per share growth of approximately 16% over the next five years, while estimating that the stock is currently trading at around 20 times projected 2028 earnings.
A key driver in UBS’s assessment is the expansion of GEK Terna’s concessions portfolio, which is reshaping the group’s overall profitability profile. According to the analysis, Attiki Odos and Egnatia Odos motorways are enhancing cash flow predictability and gradually reducing the company’s dependence on more cyclical business segments such as construction and energy.
UBS forecasts that concessions EBITDA will grow at a compound annual growth rate of approximately 11% through 2030, approaching €730 million.
The new additions to the top 20
GEK Terna is among eight new additions to the list, alongside Basic-Fit, De’Longhi, Huber+Suhner, Inficon, Salzgitter, Scout24 and Siltronic. All 20 stocks currently featured on the list carry a buy recommendation. As part of the latest reshuffle, UBS has removed Brunello Cucinelli, Delivery Hero, Inchcape, Nexans, Standard Life, Savills, Theon International and Zealand Pharma.
The list that the Greek conglomerate has now joined has delivered a gain of 18.6% since the start of 2026, according to UBS data, compared to 9.1% for the MSCI Europe Small Cap index. Over a longer time horizon, the bank notes that its selections have outperformed the benchmark index in 15 out of 20 years since 2006, generating an annualized return of 12.9% versus 6.7% for the reference index.
UBS does caution, however, that the lower trading liquidity typically associated with small and mid-cap stocks — compared to large-cap equities — may amplify price volatility.
