Hi All.
I have been thinking about this for a while, and while there are plenty of politics at play, I believe that there is a mispricing of ADMIE (ΑΔΜΗΕ). Specifically, I do not think that the revenues that could come from the success of the **Great Sea Interconnector** project have been accurately priced in.
**Context:**
This is a high-voltage direct-current interconnector between Israel, Greece, and Cyprus, funded by the EU. For the details, you can visit [https://www.great-sea-interconnector.com/en](https://www.great-sea-interconnector.com/en), or read the Wikipedia page: [https://en.wikipedia.org/wiki/Great\_Sea\_Interconnector](https://en.wikipedia.org/wiki/Great_Sea_Interconnector)
ADMIE is valued at roughly $700M, has solid fundamentals, and basically no debt. Its performance over the last 5 years (project was announced in 2021) has been lackluster (14.3%), even during 2025 (17.83% vs GREK's 70.78%). It is majority owned by Greece (IPTO), and besides the usual institutions, there is not much fund ownership.
**Why Now?**
Even if the revenue from the construction of the networks is priced in, which is also questionable, I do not think that the future discounted cash flow coming from the operation of the network has been priced in. With tensions in Europe rising (see comments from officials, even from the Swiss (https://www.reuters.com/business/media-telecom/army-chief-says-switzerland-cant-defend-itself-full-scale-attack-2025-12-27/), Trump's statements about wanting to break up the EU, and importantly, the national security implications as seen from Germany et al.'s energy crisis following Russian sanctions), it seems that this project is sufficiently relevant for all the political shenanigans happeing across the world (Venezuela, Iran), while also sufficiently far away from actual implementation (+ having secured funding) that it is diffucult to predict what the end state of the project might look like and how energy will move across this project. Regardless, ADMIE will be playing a vital role in managing the networks.
**What if the Project does not go through?**
Suppose the project does not go through, or even if it is priced in, then there is a different angle too: The Debt/GDP ratio of Greece has been dropping a lot for the last 4 years. As this goes further down (assuming the trend roughly continues), not to mention technological advancements and power usage, the Greek government will be able to improve infrastructure, subsidize companies, and maybe even create an industry. In any case, ADMIE will stand to gain a lot from such activities. There are plenty of things tied to GDP and Unemployment (such as car traffic or electricity usage), and given GREK's performance and the repayment of debt, ADMIE is significantly undervalued.
**Positions:**
I hold 8% of my portfolio in ADMIE at 3.09eur, and on Friday, I will double that.
Let me know your thoughts.