Thessaloniki Port Authority - Preparing for Pier 6

Thessaloniki Port Authority's H125 growth was solid, with revenues up 10.2% y-o-y, driven by strength in the container business. The H125 EBITDA margin was 45.3%, compared to 43.4% in H124. Management commented that margin improvement was supported by operating leverage and efficiency gains. Capex was relatively high, at €5.2m in H125, 9.8.% of annualised sales, compared to 13.2% in FY23 and 19.5% in FY22. Management noted continued progress toward the completion of Pier 6 expansion, which is expected to significantly increase capacity and support long-term competitiveness. The stock has rallied 63% from start 2025 to the last close of €35.0, with the company now trading on a 2026e P/E of 13x and a 2026e dividend yield of 5.4%, according to LSEG consensus estimates.

Den vollständigen Artikel lesen ...