GEK TERNA Holdings, Real Estate, Construction S.A. (GEKTERNA.AT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-503.2%

-€155.80

vs €38.64 price

Levered DCF

-€157.70

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.13

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.29×	2.23×	8.38×	7.68×	18.29×	60.62×	31.54×	105.49×
P/B	1.29×	1.04×	1.32×	1.22×	1.52×	1.48×	1.5×	0.97×
P/S	0.66×	0.56×	0.38×	0.27×	0.8×	0.86×	0.64×	0.34×
EV / EBITDA	13.62×	16.69×	8.71×	4.77×	7.5×	9.63×	8.2×	6.52×
Gross margin	11.5%	10.5%	10.7%	16.3%	23.0%	20.3%	21.0%	17.6%
Operating margin	8.4%	7.0%	8.2%	12.2%	15.6%	11.0%	14.5%	13.1%
Net margin	3.6%	25.2%	4.5%	3.5%	4.4%	1.4%	2.0%	0.3%
Current ratio	1.94×	1.95×	2.27×	2.21×	2.42×	2.24×	1.44×	1.32×
Debt / equity	3.1×	2.78×	3.3×	3.54×	4.37×	4.74×	4.13×	3.81×
Interest coverage	1.44×	1.54×	2.37×	3.7×	1.67×	1.06×	1.31×	1.46×
Dividend yield	1.6%	1.4%	1.5%	1.1%	0.0%	0.0%	0.1%	0.9%
Payout ratio	29.7%	3.0%	12.7%	8.4%	0.0%	0.0%	3.0%	90.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.0%	46.5%	15.7%	16.0%	8.3%	2.5%	4.7%	0.9%
Return on invested capital	2.8%	1.1%	3.6%	7.2%	3.9%	1.8%	3.3%	3.7%
Return on assets	1.4%	9.8%	2.4%	2.3%	1.0%	0.3%	0.5%	0.1%
Free cash flow yield	-30.6%	-157.6%	5.7%	-1.1%	12.1%	25.2%	6.9%	-24.6%
Earnings yield	5.5%	44.8%	11.9%	13.1%	5.5%	1.7%	3.2%	0.9%
Enterprise value	€7B	€5.2B	€3B	€2.6B	€2.2B	€2.1B	€2.2B	€1.8B
Net debt / EBITDA	8.65×	10.82×	5.15×	2.84×	4.34×	6.13×	5.43×	4.81×
Cash conversion cycle (days)	110	135	126	91	122	150	101	109