HELLENiQ ENERGY Holdings S.A. (ELPE.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

-16.1%

€14.30

vs €17.04 price

Levered DCF

€8.35

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.68

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	14.67×	37.8×	4.67×	2.61×	5.65×	-4.15×	16.55×	10.7×
P/B	0.96×	0.85×	0.77×	0.87×	0.92×	0.92×	1.18×	0.97×
P/S	0.22×	0.18×	0.17×	0.16×	0.21×	0.29×	0.3×	0.23×
EV / EBITDA	6.77×	5.53×	3.89×	2.58×	5.94×	-15.64×	7.59×	5.25×
Gross margin	9.8%	8.4%	10.4%	13.4%	9.5%	-0.6%	9.0%	10.2%
Operating margin	3.4%	3.7%	5.8%	9.7%	4.3%	-8.7%	3.8%	5.1%
Net margin	1.5%	0.5%	3.7%	6.1%	3.7%	-6.8%	1.8%	2.2%
Current ratio	1.41×	1.33×	1.05×	0.95×	0.95×	1.07×	1.16×	1.21×
Debt / equity	1.22×	0.97×	0.96×	1.15×	1.55×	1.72×	1.25×	1.17×
Interest coverage	2.84×	3.34×	5.16×	12.02×	3.59×	-4.15×	2.18×	3.32×
Dividend yield	9.0%	11.9%	10.3%	10.6%	1.6%	9.2%	5.7%	6.6%
Payout ratio	132.6%	459.5%	47.9%	27.5%	9.0%	-38.6%	95.3%	70.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.5%	2.2%	16.6%	33.4%	16.3%	-22.2%	7.1%	9.1%
Return on invested capital	4.2%	1.6%	9.6%	14.3%	5.9%	-6.5%	4.8%	5.2%
Return on assets	2.0%	0.8%	5.9%	10.4%	4.3%	-5.8%	2.3%	3.0%
Free cash flow yield	-0.4%	11.5%	26.5%	4.8%	-6.9%	9.7%	9.1%	15.3%
Earnings yield	6.8%	2.6%	21.5%	38.3%	17.8%	-24.0%	6.0%	9.4%
Enterprise value	€5B	€4.3B	€4.1B	€4.5B	€4B	€3.5B	€4.4B	€3.7B
Net debt / EBITDA	3.29×	2.58×	1.76×	1.24×	3.14×	-8.32×	2.99×	2.06×
Cash conversion cycle (days)	31	27	35	37	14	-2	24	23