NBG Securities has significantly raised its price target for Cenergy Holdings to 28.40 euros from 15.40 euros, maintaining its “Outperform” rating, as it believes that the value of the group’s major investments is now increasingly reflected in its financial results.
The brokerage firm believes that the key global trends underpinning demand for cables and steel pipes remain strong, despite geopolitical turmoil. On the contrary, the need for energy security, diversification of energy sources, development of renewable energy, natural gas projects, hydrogen, and carbon capture, as well as the explosive growth of artificial intelligence and data centers, are further boosting investment in energy infrastructure.
Special mention is made of Greece, where ADMIE has announced an investment program totaling approximately 6 billion euros for island interconnections, strengthening the domestic grid, and international power interconnections.
NBG Securities estimates that Cenergy’s strategy to expand its generation capacity, combined with a strong order backlog of approximately 3.3 billion euros, will continue to support profitability in the coming years. At the same time, it forecasts that the new land-based cable facility in the U.S. will begin operations in the fourth quarter of 2027 and will reach full capacity as early as 2029, sooner than previously estimated.
For 2026, the brokerage firm forecasts an 11% increase in revenue to 2.29 billion euros and adjusted EBITDA of 400 million euros, at the upper end of management’s guidance. Net profits are expected to rise by 18% to €239 million, while net debt is estimated to decrease to €165 million despite the continuation of the investment program and the dividend payout.
Despite the stock’s impressive rally this year, with a gain of approximately 70%, NBG Securities believes that Cenergy’s valuation remains attractive compared to its international competitors, especially since the expected contribution of its U.S. expansion has not yet been fully priced in.