Goldman Sachs restores the coverage of PPC with a Buy recommendation and a target price of €26.50 per share, seeing the share as one of the most attractive investment vehicles in Europe for the trend of electricity, with a 16.9% rise margin from the price of €22.66. The American house notes that the recent capital increase changes the company's investment profile, as it finances a much more aggressive development plan for the period 2026–2030.
At the heart of the analysis is the investment programme of €24 billion, which corresponds to almost €5 billion per year and marks an acceleration of about 50% compared with the previous plan. About 60% of investments are directed towards new productive power, mainly renewable energy sources and storage, about 20% on networks and the remaining 20% on new areas of activity, including data centers and other neighbouring business lines.
Goldman Sachs considers that, if the project is successful, PPC can double its installed power within five years, from 12 GW at the end of 2025 to 24 GW by 2030. At the same time, the portfolio composition will substantially improve, with approximately 80% of the power coming from clean and lower production sources. The extension to renewable sources and storage will be based on approximately 60% on existing markets in Greece and Romania, while the rest will come from new or newly added markets, such as Bulgaria, Croatia, Italy, Hungary, Poland and Slovakia.
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