Iktinos Hellas S.A. Greek Marble Industry Technical and Touristic Company (IKTIN.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

+43.7%

€0.40

vs €0.28 price

Levered DCF

-€0.47

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.26

Distress zone

Rating

C-

Overall 1 / 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	-13.31×	-9.18×	-6.9×	-180.37×	34.58×	74.9×	34.79×	7.63×
P/B	1.49×	0.99×	1.26×	1.13×	1.7×	1.82×	2.86×	2.78×
P/S	1.72×	1.21×	2.08×	1.68×	2.41×	2.48×	2.97×	2.15×
EV / EBITDA	21.04×	20.66×	93.51×	15.65×	13.54×	15.2×	14.23×	5.73×
Gross margin	30.5%	29.0%	23.4%	31.7%	36.3%	41.2%	43.7%	53.4%
Operating margin	-3.9%	-3.1%	-14.9%	5.1%	9.1%	11.3%	18.3%	40.2%
Net margin	-12.9%	-13.8%	-30.2%	-0.9%	7.0%	3.3%	8.5%	27.5%
Current ratio	0.47×	0.57×	0.57×	0.95×	1.04×	0.91×	0.87×	0.97×
Debt / equity	1.25×	1.25×	1.21×	0.94×	0.9×	0.97×	0.91×	0.75×
Interest coverage	-0.44×	-0.27×	-1.08×	0.92×	1.72×	2.09×	4.48×	14.85×
Dividend yield	0.0%	0.0%	0.0%	0.0%	1.3%	2.4%	1.6%	5.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	46.7%	179.8%	54.7%	39.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-11.2%	-11.2%	-18.2%	-0.6%	4.9%	2.4%	8.2%	35.6%
Return on invested capital	-1.4%	-0.9%	-3.5%	-62.0%	2.8%	1.6%	5.1%	18.9%
Return on assets	-3.4%	-3.7%	-6.3%	-0.2%	2.0%	0.9%	3.1%	14.1%
Free cash flow yield	0.5%	5.0%	-5.1%	-0.8%	-0.2%	2.6%	-3.0%	0.0%
Earnings yield	-7.5%	-11.4%	-14.5%	-0.6%	2.9%	1.3%	2.9%	12.8%
Enterprise value	€93.5M	€86.1M	€102M	€100.1M	€127.3M	€129.6M	€172.8M	€163.3M
Net debt / EBITDA	9.55×	11.51×	45.6×	6.98×	4.58×	5×	3.34×	1.16×
Cash conversion cycle (days)	364	363	538	422	423	409	423	335