Hellenic Telecommunications Organization S.A. (HTO.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

+172.0%

€51.27

vs €18.85 price

Levered DCF

€41.14

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.54

Grey zone

Rating

A-

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	9.31×	12.83×	10.24×	16.39×	13.21×	17.12×	33.16×	26.44×
P/B	3.21×	3.12×	2.81×	3.46×	3.75×	3.07×	3.31×	1.98×
P/S	1.95×	1.71×	1.57×	1.85×	2.21×	1.88×	2.05×	1.22×
EV / EBITDA	3.5×	4.76×	4.37×	5.11×	5.7×	6.12×	6×	4.34×
Gross margin	51.1%	76.8%	76.3%	76.5%	76.9%	77.2%	77.0%	75.8%
Operating margin	43.5%	18.6%	20.6%	17.0%	24.3%	10.2%	13.7%	11.6%
Net margin	21.0%	13.3%	15.3%	11.2%	16.7%	11.0%	6.2%	4.6%
Current ratio	0.65×	0.77×	0.75×	0.71×	0.72×	0.85×	0.82×	0.9×
Debt / equity	0.5×	0.56×	0.56×	0.71×	0.72×	0.78×	1.03×	0.78×
Interest coverage	62.6×	17.92×	21.17×	14.71×	18.05×	5.9×	4.89×	5.1×
Dividend yield	5.0%	4.8%	4.6%	3.9%	5.8%	4.2%	3.7%	3.7%
Payout ratio	46.5%	62.0%	47.0%	64.3%	76.4%	71.7%	121.4%	97.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	34.4%	24.4%	27.4%	21.0%	28.3%	18.0%	10.0%	7.5%
Return on invested capital	39.5%	13.8%	16.2%	12.0%	14.6%	6.8%	7.4%	5.4%
Return on assets	14.4%	9.6%	10.8%	7.8%	10.7%	6.1%	3.2%	2.6%
Free cash flow yield	8.5%	8.2%	10.5%	10.6%	8.6%	9.5%	8.9%	6.0%
Earnings yield	10.7%	7.8%	9.7%	6.1%	7.6%	5.9%	3.0%	3.8%
Enterprise value	€7.3B	€6.8B	€6.1B	€7.1B	€8.2B	€7.2B	€7.8B	€5.4B
Net debt / EBITDA	0.26×	0.45×	0.45×	0.52×	0.55×	0.89×	0.8×	0.6×
Cash conversion cycle (days)	-103	-243	-117	-243	-313	-140	-172	-314