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Gek Terna S.A (GKTRF) fair value: what the stock is really worth

As of Sep 25, 2026: fair value of Gek Terna S.A $26.75, price $50.00, upside -46.5%, quality 33 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Industrials · US · ISIN GRS145003000

GT Gek Terna S.A logo Some data Sep 24, 2026

Gek Terna S.A

GKTRF · US

Weakest SetupStrongly overvalued and low quality.

!Fair value $26.75 · Strongly overvalued (−46.5%)
!Quality 33/100
!Expensive Growth (revenue 5y +34.0 %/yr)
!Thin margins · 4.0% net margin (TTM)
!High debt · negative free cash flow
!Narrow moat 38/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$55.05 $6.65 Fair Value $26.75 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range $6.65 – $55.05 · fair‑value band $20.06 – $33.44 · the $50.00 price screens above the $26.75 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Gek Terna S.A., together with its subsidiaries, engages in the construction, energy, industry, real estate, and concession businesses in Greece, the Balkans, the Middle East, Eastern Europe, North America, and internationally.

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Gek Terna S.A., together with its subsidiaries, engages in the construction, energy, industry, real estate, and concession businesses in Greece, the Balkans, the Middle East, Eastern Europe, North America, and internationally. It operates through Constructions; Electricity from Thermal Energy and EP/NG Trading; Real Estate; Mining/Industry; and Concessions segments. The company is involved in the construction of public and private projects, including motorways and railway networks, building, hospitals, museums, industrial facilities, hydroelectric projects, dams, power plants, etc.; construction and operation of infrastructure, such as motorways, airports, parking stations, unified automatic collection system, and municipal waste treatment plant. It also produces electric energy through fuels and natural gas, as well as trades in electric energy and natural gas. In addition, it acquires, develops, and exploits real estate; produces quarry products; and exploits magnesite quarries. The company was formerly known as Ermis Real Estate Constructions Enterprises S.A. Gek Terna S.A. was founded in 1960 and is headquartered in Athens, Greece.

Stock analysis

Gek Terna S.A (GKTRF) currently trades at $50.00, while our model-based Fair Value estimate is $26.75, 46.5% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of $36.66 per share, and 1 of the 13 models we run sit above the $50.00 price.

Bear case: the Dividend Discount group reads lowest at $6.96, and 12 of the 13 models stay below the price. Evidence for this calculation is medium.

Scenario range: $20.06 (bear) to $33.44 (bull), the price of $50.00 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 33/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Gek Terna S.A reported revenue of €3.9B in FY2025 versus €1.1B in FY2021, a compound +35.5%/yr. Reported net income was €139M in FY2025, compounding +29.1%/yr from FY2021.

Key figures

Market cap $5.0B · P/E ratio 662.5 · P/S ratio 23.9 · EPS (TTM) $0.0400 · Dividend yield 1.5% · Net margin 3.6% · Return on equity 7.2% · Return on assets (EBIT) 4.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (medium confidence).

What moves the price

The share trades about 9% below its 52-week high and 156% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at −47%, GKTRF screens richer than that median.

Fair Value models

Bear $20.06 Fair Value $26.75 Bull $33.44
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.0302 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income $17.57 $18.38 $20.21 76
Gordon GGM $4.04 $8.05 $12.19 67
DDM Multi-Stage $4.04 $6.96 $8.50 67
All 14 models by family
Earnings-Based
Graham-Dodd $10.52 $61.67 $85.85 63
Lynch FV $17.47 $24.96 $32.45 61
PEG = 1.0 $17.47 $24.96 $32.45 57
Dividend Discount
Gordon GGM $4.04 $8.05 $12.19 67
DDM Multi-Stage $4.04 $6.96 $8.50 67
Multiples
P/E Multiple $24.37 $32.50 $40.62 63
P/S Multiple $19.73 $26.31 $32.88 58
P/B Multiple $19.73 $26.31 $32.88 55
EV/EBIT n/a $9.01 $22.12 61
EV/EBITDA $11.82 $30.24 $48.66 62
EV/Revenue n/a n/a $8.70 50
Asset-Based
NCAV (Graham) $11.00 $14.74 $22.00 54
Economic Profit
Residual Income $17.57 $18.38 $20.21 76
Growth Earnings
Growth-Adj P/E $25.66 $36.66 $47.66 67

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Quality Score breakdown

Overall quality 33/100

Of which business quality 33 · Market factors (momentum, volatility) 81

Profitability 23
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 35
Earnings quality: real cash, not paper profit
Fin. Strength 18
Balance sheet, leverage, solvency risk
Investment 3
Disciplined investing over empire-building
Low Volatility 42
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 93
Distance to the 52-week high (market factor)
Net Issuance 68
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+18.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+34.0%
Start year 2020 (pandemic). Over 10 years: +14.8% a year
Revenue growth 18 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.0%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+43.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+42.1%
Dividend (yield on the price)1.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.42.1% vs 14.9%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 7%
Start year 2020 (pandemic)

GKTRF screens overvalued: fair value 47% below the price. Compare with Quanta Services, Inc →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Engineering & Construction · 789 stocks

Beats the industry median on 2/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 33 · Bottom 25%
Fair Value upside −38.9% · Below median
Profitability
Return on equity (TTM) 7.2% · Below median
Return on assets 1.9% · Below median
Net margin (TTM) 4.0% · Above median
Operating margin (TTM) 8.6% · Above median
Growth and dividend
Revenue growth 0.3% · Below median
Dividend yield (TTM) 1.5% · Below median
Balance sheet
Debt / equity 2.83× · Highest 25%

Valuation Multiplesvs Engineering & Construction median · lower = cheaper

P/E (TTM) 662.5× · Priciest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Larsen & Toubro Limited LT ₹3,876 ₹1,994 −49%
Samsung C&T Corporation 028260 367,000 KRW 159,718 KRW −56%
Ferrovial N.V FER $55.77 $21.74 −61%
HOCHTIEF Aktiengesellschaft HOT €407.40 €203.86 −50%
EMCOR Group EME $769.03 $525.05 −32%
ACS, Actividades de Construcción y Servicios, S.A ACS €95.00 €62.20 −35%
Bouygues SA EN €43.14 €66.31 +54%

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Gek Terna S.A · Fair Value
$26.75 −47%Fair Value
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Cite: Fair Value Calculator (2026). "Gek Terna S.A Fair Value". https://www.fairvalue-calculator.com/stock/GKTRF

Frequently asked questions

Is Gek Terna S.A (GKTRF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $26.75 versus the last price from Sep 25, 2026 of $50.00, about −47% upside (overvalued).
What is the fair value of GKTRF?
Our model-based fair value for Gek Terna S.A is $26.75 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $50.00.
What is the quality score of GKTRF?
Gek Terna S.A has a Quality Score of 33/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Gek Terna S.A (GKTRF)?
Our model-based price target is the fair value of $26.75 (as of Sep 24, 2026) from 14 valuation models. Cautious scenario $20.06, optimistic scenario $33.44. It is a calculation from audited fundamentals, not an analyst target.
What is the Gek Terna S.A stock forecast for 2026?
Our models put fair value at $26.75, about −47% upside versus the last price from Sep 25, 2026 of $50.00 (overvalued). Cautious scenario $20.06, optimistic scenario $33.44. The calculation is refreshed regularly with new filings.
What is the revenue of Gek Terna S.A (GKTRF)?
Gek Terna S.A reported trailing-twelve-month revenue of about $3.9B (latest available figure, as of Sep 24, 2026).
Does Gek Terna S.A pay a dividend?
Gek Terna S.A currently shows a dividend yield of about 1.54% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Gek Terna S.A (GKTRF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Gek Terna S.A it is $26.75 per share (as of Sep 24, 2026), against a price of $50.00. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Gek Terna S.A stock overvalued or undervalued in 2026?
As of Sep 24, 2026, GKTRF trades above its calculated fair value: price $50.00, fair value $26.75, a gap of about −47% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of GKTRF?
No. The price is what the market pays today ($50.00); the fair value is what the company's own numbers justify ($26.75). For Gek Terna S.A the two are $23.25 per share apart. That gap is exactly why we show both numbers side by side.
How much is Gek Terna S.A worth?
The market values Gek Terna S.A at about $5.0B (market capitalisation, as of Sep 24, 2026). Per share that is $50.00; our models calculate a fair value of $26.75 per share.
What do the bullish and bearish scenarios say about GKTRF?
Our models span a range for Gek Terna S.A: cautious scenario $20.06, base $26.75, optimistic $33.44 per share (as of Sep 24, 2026, price $50.00). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Gek Terna S.A (GKTRF)?
Balance-sheet figures for Gek Terna S.A (as of Sep 24, 2026): return on equity 7.2%, debt of 2.83 per unit of equity. They feed the Quality Score of 33/100, which measures business quality independently of the share price.
How far is GKTRF from its 52-week high?
Gek Terna S.A trades at $50.00, about 9% below its 52-week high of $55.05 and 156% above the low of $19.50 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $26.75 is for.
Which stocks are comparable to Gek Terna S.A?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Gek Terna S.A stock attractive at the current price?
The data as of Sep 24, 2026: price $50.00, calculated fair value $26.75 (−47%), Quality Score 33/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of GKTRF calculated?
We run Gek Terna S.A through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $26.75, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Gek Terna S.A itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Gek Terna S.A (GKTRF)?
The latest price we hold is from Sep 25, 2026 and stands at $50.00. Our model-based fair value is $26.75, about −47% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Gek Terna S.A right now?
The price sits above even our optimistic bull case ($33.44). The favourable scenario is already priced in. Weak quality (33/100) and above fair value at the same time, the margin of safety is missing on both counts.

Key figures of Gek Terna S.A

How large is the market capitalisation of Gek Terna S.A (GKTRF)?
The market capitalisation of Gek Terna S.A is $5.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Gek Terna S.A (GKTRF)?
The price-to-earnings ratio of Gek Terna S.A is 662.5 (as of Jun 20, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Gek Terna S.A (GKTRF)?
The price-to-sales ratio of Gek Terna S.A is 23.9 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Gek Terna S.A (GKTRF)?
Earnings per share at Gek Terna S.A are $0.0400 (price ÷ EPS = P/E 662.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Gek Terna S.A (GKTRF)?
The dividend yield of Gek Terna S.A is 1.5%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Gek Terna S.A (GKTRF)?
The net margin of Gek Terna S.A is 3.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Gek Terna S.A (GKTRF)?
The return on equity (ROE) of Gek Terna S.A is 7.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Gek Terna S.A (GKTRF)?
On an EBIT basis the return on assets of Gek Terna S.A is 4.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Gek Terna S.A (GKTRF)?
The operating margin of Gek Terna S.A is 8.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Gek Terna S.A (GKTRF)?
Revenue at Gek Terna S.A is growing +0.3% versus a year earlier (3y avg −0.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Gek Terna S.A (GKTRF)?
Earnings per share at Gek Terna S.A are growing +6.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Gek Terna S.A (GKTRF) generate?
The free cash flow of Gek Terna S.A is −$980M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Gek Terna S.A (GKTRF) carry?
The net debt of Gek Terna S.A is $4.4B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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