Euronext Athens Holding S.A. (EXAE.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

+172.7%

€29.73

vs €10.90 price

Levered DCF

€34.31

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.11

Distress zone

Rating

A+

Overall 5 / 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	10.19×	15.03×	25.24×	22.14×	26.5×	60.84×	46.4×	73.71×
P/B	2.48×	2.36×	2.93×	1.81×	2.06×	2.23×	2.59×	2.02×
P/S	3.74×	4.84×	6.55×	4.89×	6.23×	7.74×	8.81×	8.85×
EV / EBITDA	4.74×	7.28×	11.76×	8.63×	10.76×	18.1×	15.07×	19.44×
Gross margin	74.3%	69.0%	66.2%	64.3%	66.5%	61.6%	71.4%	63.8%
Operating margin	43.9%	36.9%	33.0%	24.5%	24.7%	13.6%	28.8%	15.4%
Net margin	36.8%	32.2%	27.8%	21.9%	22.9%	12.7%	19.1%	12.0%
Current ratio	1.16×	1.17×	1.21×	1.22×	1.27×	1.28×	1.36×	1.5×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	784.31×	375.13×	335.76×	148.26×	79.01×	31.04×	63.12×	28.73×
Dividend yield	5.5%	5.6%	3.0%	4.9%	1.9%	1.8%	3.4%	5.4%
Payout ratio	55.4%	83.5%	69.6%	110.2%	51.5%	109.1%	158.8%	400.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	24.4%	15.7%	12.4%	8.1%	7.6%	3.7%	5.6%	2.7%
Return on invested capital	19.8%	12.9%	10.6%	6.7%	6.6%	2.9%	5.2%	2.5%
Return on assets	4.5%	3.5%	3.3%	2.3%	2.2%	1.1%	2.0%	1.1%
Free cash flow yield	15.7%	5.9%	4.5%	2.5%	5.7%	1.8%	3.3%	0.6%
Earnings yield	9.8%	6.6%	4.2%	4.5%	3.7%	1.6%	2.2%	1.4%
Enterprise value	€214.7M	€192.8M	€243.8M	€122.8M	€151.4M	€167.4M	€206.7M	€148.7M
Net debt / EBITDA	-2.35×	-2.57×	-3.03×	-4.24×	-5.09×	-7.34×	-5.35×	-9.76×
Cash conversion cycle (days)	-88	-68	-66	-34	-44	-80	-47	-55