Elinoil Hellenic Petroleum Company S.A. (ELIN.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

-1078.0%

-€18.09

vs €1.85 price

Levered DCF

€24.19

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

10.15

Safe zone

Rating

Overall 2 / 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	618.42×	5.55×	9.04×	3.61×	9.59×	23.48×	11.86×	10.33×
P/B	0.69×	0.66×	0.75×	0.62×	0.65×	0.65×	0.74×	0.57×
P/S	0.02×	0.02×	0.02×	0.01×	0.03×	0.03×	0.02×	0.01×
EV / EBITDA	7.82×	5.5×	5.87×	5.12×	8.62×	9.68×	7.12×	7.08×
Gross margin	2.2%	3.0%	2.6%	1.7%	2.6%	3.2%	2.3%	1.9%
Operating margin	0.3%	0.9%	0.8%	0.6%	0.5%	1.0%	0.5%	0.4%
Net margin	0.0%	0.4%	0.3%	0.3%	0.3%	0.1%	0.2%	0.1%
Current ratio	1.62×	1.35×	1.32×	1.14×	1.2×	1.32×	1.09×	1.1×
Debt / equity	1.23×	1.75×	1.25×	2.06×	2.08×	1.61×	1.89×	1.49×
Interest coverage	0.8×	1.59×	1.76×	1.85×	1.46×	3.67×	1.37×	1.26×
Dividend yield	5.8%	4.6%	0.0%	4.0%	0.0%	0.0%	3.0%	4.8%
Payout ratio	3578.5%	26.0%	0.0%	14.5%	0.0%	0.0%	35.8%	50.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.1%	11.7%	8.5%	17.1%	6.6%	2.8%	6.2%	5.5%
Return on invested capital	0.5%	9.5%	8.1%	8.7%	3.1%	6.5%	5.2%	4.0%
Return on assets	0.0%	3.2%	2.7%	2.7%	1.8%	0.9%	1.5%	1.3%
Free cash flow yield	134.8%	-52.2%	76.1%	-65.0%	-30.0%	34.0%	-35.4%	-16.9%
Earnings yield	0.2%	17.8%	11.2%	27.6%	10.2%	4.3%	8.4%	9.6%
Enterprise value	€134.9M	€190.7M	€145M	€171.6M	€138.2M	€119.5M	€130.9M	€93.9M
Net debt / EBITDA	4.59×	3.91×	3.52×	3.82×	6.21×	6.72×	4.98×	4.87×
Cash conversion cycle (days)	18	26	23	28	31	26	21	15