Company presentation
Anemos is a pioneer in the wind renewable energy sector in Greece, and the only listed pure player in
this highly attractive market as of today. It started operating its first windfarm of 9MW in 2003, and
has been growing capacity since then to a current installed capacity of 289MW (of which 98% are
windfarms, and 2% are hydro and solar). Anemos is currently significantly scaling up its capacity by
70% over the next 18 months to reach 491MW by 2020, based on the current pipeline under
construction. We consider that Anemos’ current share price (c. EUR 1.8) significantly discounts the
strong operating performance of its current installed base and completely ignores the company’s
already secured pipeline. We have a c. EUR 5.6 target price providing a 3x return on investment, over
a 2 year period during which the company will have developed its already secured current pipeline
and will start distributing dividends. We expect the company is likely to be sold to a strategic or
financial investor at the right time fully crystallizing the valuation of the asset.
Shareholding structure
Anemos is a subsidiary of Ellaktor, the leading Greek construction and infrastructure conglomerate,
which owns 64.5% of the shares. Most importantly, the management owns a significant amount of
shares. The Chairman and CEO, Mr Sietis owns c. 2.6% shares, the COO Mr Frangoulis owns c. 1.5%
shares, and Mr Kallitsantsis, the chairman of Ellaktor and former Chairman of Anemos, owns c. 7% of
shares. The management has been working at Anemos since creation in 2001, which further
demonstrates their commitment to the business. The free float represents the remaining 24.4% of the
market cap. Due to its small free float, Anemos is thinly traded and not really covered by the sell-side.
