Attica Publications S.A. (ATEK.AT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+175.7%

€2.84

vs €1.03 price

Levered DCF

€2.05

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.42

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.3×	4.98×	4.23×	8.15×	2.27×	-5.62×	7.25×	23.49×
P/B	1.96×	0.72×	0.52×	0.75×	0.98×	1.07×	1.09×	1.58×
P/S	1×	0.32×	0.23×	0.29×	0.36×	0.28×	0.22×	0.25×
EV / EBITDA	10.06×	4.68×	4.98×	6.09×	3.4×	45.2×	5.64×	9.1×
Gross margin	47.7%	51.2%	52.3%	53.7%	52.0%	43.0%	49.8%	50.8%
Operating margin	10.0%	13.8%	10.8%	9.5%	22.0%	-2.1%	8.0%	6.0%
Net margin	7.1%	6.5%	5.5%	3.6%	15.7%	-5.1%	3.0%	1.1%
Current ratio	1.39×	1.18×	1.59×	1.6×	0.96×	0.81×	0.85×	0.93×
Debt / equity	0.91×	1.28×	1.52×	1.79×	2.23×	3.17×	2.76×	3.28×
Interest coverage	2.98×	2.96×	1.9×	2.23×	4.8×	-0.45×	2.35×	0×
Dividend yield	0.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	9.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.0%	14.4%	12.4%	9.2%	42.5%	-19.0%	15.1%	6.7%
Return on invested capital	7.9%	9.6%	8.1%	5.3%	14.7%	-1.9%	5.9%	2.2%
Return on assets	5.3%	4.7%	3.5%	2.3%	9.6%	-3.3%	2.7%	1.0%
Free cash flow yield	7.1%	34.1%	13.2%	7.7%	53.2%	11.5%	20.6%	8.3%
Earnings yield	7.1%	20.1%	23.7%	12.3%	43.6%	-17.8%	13.8%	4.3%
Enterprise value	€28M	€14.7M	€12.9M	€14.7M	€15.8M	€17M	€17.1M	€18.8M
Net debt / EBITDA	2.21×	2.45×	3.28×	3.77×	1.98×	30.53×	3.62×	5.36×
Cash conversion cycle (days)	124	60	74	18	44	63	34	24