olivLaw · European equity research
Ν. ΒΑΡΒΕΡΗΣ - MODA BAGNO Α.Ε. MODA.AT
Greece · Athens Stock Exchange · ISIN GRS375183001 · Vertical: Listed companies from Greece
Moda Bagno is a Greek trading company based in Chalandri that imports and sells ceramic tiles, sanitary ware, bathroom and kitchen furniture and home furniture, also operating a restaurant and real estate activity, mainly in Greece. The company reported its 2025 results, with the financial statements audited without reservation in the ESEF report.
At the close of 06 Nov 2026, Ν. ΒΑΡΒΕΡΗΣ - MODA BAGNO Α.Ε. (MODA.AT) stock was 6.65 EUR (+0.00% on the day), with market capitalisation 128.9 m EUR, P/E 31.7 on diluted EPS of 0.21 EUR over the last 12 months, beta 0.25, 52-week range 5.24–7.30 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 34.8
- weak (30–45)
- Bollinger (20, 2)
- 6.48 – 7.33
- in the lower half of the band · %B 0.20 · band width 12.3%
- SMA 50 / 200
- 6.96 / 6.30
- mixed trend
- MACD (12, 26, 9)
- -0.10 / -0.07
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.0% | −0.6% | −4.4 pp | — |
| 3 months | −5.0% | −4.2% | −0.8 pp | — |
| 6 months | −4.2% | +4.3% | −8.5 pp | — |
| Year to date | +23.1% | +7.5% | +15.6 pp | — |
| 1 year | +25.5% | +9.9% | +15.6 pp | +0.4% |
| 3 years | +454.2% | +49.8% | +404.3 pp | +38.4% |
| 5 years | +1,066.7% | +42.8% | +1,023.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 9.1, median 17.4, max 25.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 31.3 m | 33.7 m | 34.5 m |
| Revenue YoY | unavailable | +7.7% | +2.4% |
| Net income | 4.1 m | 3.5 m | 4.1 m |
| Net income YoY | unavailable | −13.4% | +15.3% |
| Diluted EPS | 0.21 | 0.21 | 0.21 |
| Diluted EPS YoY | unavailable | +2.5% | −2.0% |
| net % | 13.0% | 10.5% | 11.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.0 m EUR
- Financial debt
- 1.9 m EUR
- Net debt
- -4.2 m EUR
- Equity
- 28.5 m EUR
- Total assets
- 55.7 m EUR
- Debt / equity
- 0.07x
- Current ratio
- 1.75x
- ROE
- 15.0%
- ROA
- 7.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 31.3 m | 33.7 m | 34.5 m | esef· 23 Oct 2026verified |
| Cost of revenue | 14.8 m | 16.3 m | 16.4 m | esef· 23 Oct 2026verified |
| Gross profit | 16.5 m | 17.3 m | 18.1 m | esef· 23 Oct 2026verified |
| Operating income | 6.6 m | 5.6 m | 5.7 m | esef· 23 Oct 2026verified |
| Interest expense | 943.2 k | 880.1 k | 683.6 k | esef· 23 Oct 2026verified |
| Pre-tax income | 5.7 m | 4.8 m | 5.5 m | esef· 23 Oct 2026verified |
| Income tax | 1.6 m | 1.2 m | 1.4 m | esef· 23 Oct 2026verified |
| Net income | 4.1 m | 3.5 m | 4.1 m | esef· 23 Oct 2026verified |
| Diluted EPS | 0.21 | 0.21 | 0.21 | esef· 23 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.6 m | 4.0 m | 6.0 m | esef· 23 Oct 2026verified |
| Inventories | 19.8 m | 19.8 m | 20.1 m | esef· 23 Oct 2026verified |
| Current assets | 26.9 m | 28.1 m | 31.3 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 15.0 m | 14.9 m | 15.5 m | esef· 23 Oct 2026verified |
| Intangibles (excl. goodwill) | 199.4 k | 283.4 k | 263.8 k | esef· 23 Oct 2026verified |
| Total assets | 47.2 m | 49.2 m | 55.7 m | esef· 23 Oct 2026verified |
| Short-term debt | 2.6 m | 760.0 k | 780.0 k | esef· 23 Oct 2026verified |
| Long-term debt | 3.3 m | 1.8 m | 1.1 m | esef· 23 Oct 2026verified |
| Current liabilities | 16.3 m | 15.9 m | 17.9 m | esef· 23 Oct 2026verified |
| Equity | 22.3 m | 25.6 m | 28.5 m | esef· 23 Oct 2026verified |
| Shares outstanding at year end | 19.5 m | 16.5 m | 19.4 m | esef· 23 Oct 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 128.9 m EUR
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.75 – 2.83 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E1.75 – 2.83 (Mid 2.35)26 companies used · median multiple 11.2x · quartiles 8.3x – 13.5xAEGN.AT, AEM.AT, ALMY.AT, ASCO.AT, ASTAK.AT, AVAX.AT, BELA.AT, BIOKA.AT, BIOSK.AT, BIOT.AT, BRIQ.AT, BYLOT.AT, CENER.AT, CENTR.AT, DAIOS.AT, DIMAND.AT, EIS.AT, ELBE.AT, ELHA.AT, ELLAKTOR.AT, ELSTR.AT, ELTON.AT, ETE.AT, EUROB.AT, EYAPS.AT, FAIS.AT
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.5% | 81 (vs peers) | 28% |
| Net margin · Quality | 11.8% | 56 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.4x | 100 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 1.7x | 79 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 31.7x | 10 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet92/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality72/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial10/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Ν. ΒΑΡΒΕΡΗΣ - MODA BAGNO ΕΙΔΗ ΥΓΙΕΙΝΗΣ ΠΛΑΚΙΔΙΑ ΚΑΙ ΕΠΙΠΛΩΣΕΙΣ ΑΝΩΝΥΜΟΣ ΒΙΟΜΗΧΑΝΙΚΗ ΚΑΙ ΕΜΠΟΡΙΚΗ ΕΤΑΙΡΙΑ (MODA.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 34.5 m EUR in 2025; YoY growth 2.4%; net margin 11.8%; ROE 15.2%.
The estimated value range is 1.75–2.83 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.35 EUR, the price of 6.65 EUR leaves a potential of -64.7% (value / price − 1) and a margin of safety of -182.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 17.5%
- Interest coverage: 8.4x
- Current ratio: 1.7x
What contradicts it
- P/E (TTM): 31.7x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Greece · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| EUROB.ATΤραπεζα Eurobank Ανωνυμη Eταιρεια | 16.5 bn | 12.1 | 14.0% | 39.7% | +2.7% | +32% / +165% |
| ETE.ATΕθνικη Τραπεζα Της Ελλαδος Α.ε. | 14.8 bn | 12.7 | 13.3% | 42.5% | −5.4% | +21% / +159% |
| ELPE.ATHelleniq Energy Ανωνυμη Εταιρεια Συμμετοχων | 4.9 bn | 28.2 | 6.4% | 1.5% | −9.0% | +95% / +111% |
| CENER.ATCenergy Holdings | 4.4 bn | 22.9 | 24.3% | 9.4% | +14.7% | +41% / +199% |
| BELA.ATJumbo Ανωνυμη Εμπορικη Εταιρεια | 3.7 bn | 11.5 | 21.5% | 26.0% | +7.2% | +0% / +14% |
| AKTR.ATΑκtor Ανώνυμη Εταιρεία Συμμετοχών, Τεχνικών Και Ενεργειακών Έργων | 2.0 bn | 110.6 | 6.7% | 1.3% | +11.2% | +7% / +186% |
| EYDAP.ATΕταιρια Υδρευσεως Και Αποχετευσεως Πρωτευουσης Ανωνυμη Εταιρια | 1.4 bn | — | -2.6% | -5.9% | −2.4% | +83% / +132% |
| ELHA.ATEλβαλχαλκορ Ελληνικη Βιομηχανια Χαλκου Και Αλουμινιου Ανωνυμος Εταιρεια | 1.3 bn | 12.2 | 9.8% | 2.9% | +5.1% | +4% / +80% |
| AEGN.ATΑεροπορια Αιγαιου Ανωνυμη Αεροπορικη Εταιρεια | 995.2 m | 6.7 | 27.7% | 7.9% | +4.6% | −23% / −3% |
| AVAX.ATΑβαξ Ανωνυμη Εταιρεια Εργοληπτικη-Τουριστικη-Εμπορικη-Βιομηχανικη-Οικοδομικων Υλικων & Μηχανηματων | 495.3 m | 10.4 | 25.9% | 5.0% | +47.1% | +37% / +119% |
| BYLOT.ATBally's Intralot Α.ε. | 460.2 m | 15.1 | -9.3% | -12.6% | +34.8% | +10% / +17% |
| ELLAKTOR.ATΕλλακτωρ Ανωνυμη Εταιρεια | 419.4 m | 2.7 | 26.1% | 175.2% | −74.8% | −32% / −44% |
| AEM.ATAlter Ego Media Α.ε. | 350.0 m | 17.8 | 18.3% | 14.0% | +12.6% | −3% / unavailable |
| ALMY.ATΑλουμυλ Βιομηχανια Αλουμινιου Αε | 319.4 m | 10.4 | 23.5% | 6.0% | +11.7% | +15% / +118% |
| DIMAND.ATDimand Ανωνυμη Εταιρεια Αξιοποιησης Και Εκμεταλλευσης Ακινητων Και Κατασκευων Υπηρεσιων Και Συμμετοχων | 266.7 m | 7.6 | 18.5% | 58.5% | +110.6% | +42% / +28% |
| EVR.ATΕυρώπη Holdings Α.ε. | 168.6 m | 37.2 | 2.9% | 30.7% | +435.3% | −32% / +33% |
| EYAPS.ATΕταιρεια Υδρευσης & Αποχετευσης Θεσσαλονικης Α.ε. | 166.6 m | 21.6 | 4.1% | 8.8% | +2.4% | +22% / +39% |
| BRIQ.ATBriq Properties Ανωνυμη Εταιρεια Επενδυσεων Σε Ακινητη Περιουσια | 148.6 m | 5.9 | 15.5% | 116.9% | +37.8% | +12% / +69% |
| MODA.ATΝ. Βαρβερης - Moda Bagno Ειδη Υγιεινης Πλακιδια Και Επιπλωσεις Ανωνυμος Βιομηχανικη Και Εμπορικη Εταιρια | 128.9 m | 31.7 | 15.2% | 11.8% | +2.4% | +23% / +308% |
| FAIS.ATΦαις Συμμετοχων Ανωνυμη Εταιρεια | 116.3 m | 8.7 | 22.1% | 6.3% | +12.9% | −7% / unavailable |
| DAIOS.ATΔαϊος Πλαστικα Ανωνυμη Βιομηχανικη Εμπορικη Εταιρεια Α.ε. | 102.0 m | 10.3 | 14.0% | 15.6% | +9.1% | −5% / +113% |
| ASTAK.ATAlpha Real Estate Services Ae | 94.7 m | 12.6 | 10.4% | 30.3% | +22.4% | −7% / −7% |
| ASCO.ATA.s. Εμπορικη-Βιομηχανικη Εταιρια Η/υ & Παιχνιδιων Α.ε. | 59.6 m | 10.4 | 14.1% | 15.8% | +16.4% | +10% / +105% |
| AVE.ATAve Α.ε. | 50.4 m | — | -25.2% | -7.4% | +8.2% | −8% / −13% |
| ELTON.ATΕλτον Διεθνους Εμποριου Ανωνυμη Εμπορικη Βιομηχανικη Εταιρεια | 46.8 m | 13.7 | 4.9% | 1.9% | +8.6% | −12% / −19% |
1- and 3-year price returns: for MODA.AT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.85 Total return -42% · Per year -42% | 6.81 Total return 2% · Per year 2% | 10.26 Total return 54% · Per year 54% |
| 3 years | 3.58 Total return -46% · Per year -19% | 7.14 Total return 7% · Per year 2% | 11.84 Total return 78% · Per year 21% |
| 5 years | 3.32 Total return -50% · Per year -13% | 7.48 Total return 12% · Per year 2% | 13.65 Total return 105% · Per year 15% |
- Exit P/E± 1.78
- Net margin± 1.25
- Annual revenue growth± 1.05
- Annual dilution± 0.10
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Moda Bagno is a Greek trading company based in Chalandri that imports and sells ceramic tiles, sanitary ware, bathroom and kitchen furniture and home furniture, also operating a restaurant and real estate activity, mainly in Greece. The company reported its 2025 results, with the financial statements audited without reservation in the ESEF report.
SWOT
Strengths
- Long history in the Greek market, with a brand associated with quality and recognised by the broad public.
- Diversified range covering tiles, sanitary ware, furniture and customer services.
- Group structure with subsidiaries in Cyprus and Turkey and owned property, including warehouses and headquarters.
Weaknesses
- Dependence on construction demand, which fell significantly after the economic crisis.
- Store network that required reorganisation and closures, indicating costly adaptation.
- Activity concentrated in a small number of geographic markets, with exposure to the Greek economy.
Opportunities
- Expansion into the hotel segment through new contacts gained at equipment fairs.
- Leveraging the brand and the Mykonos restaurant to strengthen its position in hospitality.
- Optimising commercial space, such as the smaller Thessaloniki site, to reduce fixed costs.
Threats
- A continued decline in construction activity could limit demand for the company's products.
- Competition in distribution and hospitality could put pressure on prices and margins.
- Economic risks in Turkey, where the company has a subsidiary, could affect consolidated results.
Risks
- Dependence on constructionhigh
If construction activity stays weak, demand for tiles and sanitary ware could remain subdued.
- Exposure to Turkeymedium
The Turkish subsidiary could be affected by economic instability, and its carrying value is subject to the impairment tests mentioned in the report.
- Cost of reorganising storesmedium
Closing and relocating commercial space may generate unforeseen costs and affect short-term sales.
- Geographic concentrationmedium
Activity in the Greek market exposes the company to local economic cycles.
- Reporting and control risklow
The source notes that the audit has inherent limits, and any undetected errors could affect confidence in the financial statements.
Investment thesis
What would need to be true (bull case)
- If the hospitality sector keeps growing, the recently gained hotel contacts could generate additional revenue.
- The long-established brand reputation and diversified range could support customer loyalty.
- Reorganising the store network could reduce fixed costs and improve operating efficiency.
What would break the thesis
- Construction demand could remain weak, limiting growth in core sales.
- Concentration on the Greek market and exposure to Turkey could amplify economic risks.
- Reorganisation costs and store closures could weigh on short-term results.
What to watch
- Trend in revenue from tiles and sanitary ware trading2026
- New contracts won in the hotel segment2026
- Results of the Turkish subsidiary and impairment tests2026 annual report
- Effects of reorganising commercial space on costs2026 annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the board report for 2025, Moda Bagno's main activity is importing and selling products for equipping furniture, hotels, homes and offices, including bathroom, kitchen and floor tiles, sanitary ware, bathroom and kitchen furniture, and home and office furniture. To support its trading activity, the company carries out limited production and customer support services. Founded in 1980 from a general partnership dating to 1974, it has been listed on the Parallel Market of the Athens Exchange since April 2000. It also operates in Cyprus and Turkey through fully consolidated subsidiaries.
Segments
Trade in tiles and sanitary ware
This is the company's historic core, focused on bathroom, kitchen and floor tiles, as well as sanitary ware and bathroom furniture. The company describes its range as complete solutions adapted to each customer.
Furniture and fit-out for homes and hotels
This line covers home, office and kitchen furniture, with an emphasis on hospitality clients. The report mentions participation in hotel equipment fairs and winning new customers in this segment.
Restaurant and real estate
Alongside trading, the company runs the INTERNI restaurant on Mykonos, active since 2000, and built a building with apartments for sale in Chalandri. These activities are described as diversification and are not detailed financially in the available extract.
Market context
The company operates in the Greek construction and interior fit-out market, where it has its headquarters and warehouses, and through subsidiaries in Cyprus and Turkey. The report notes that construction activity was hit by the economic crisis after 2010, and the company reorganised its store network accordingly.
Trends
- Recovery of hospitality and tourismtailwind
The report mentions new hotel-sector contacts gained through equipment fairs, which could support demand for the company's products if the tourism sector stays active.
- Cost of reorganising the store networkmixed
The company moved and reduced commercial space, such as closing the Thessaloniki store and relocating to a smaller site, which may lower operating costs but also involves transition costs.
- Weaker construction activityheadwind
The report stresses that after 2010 lower construction activity weighed on demand for the materials it trades, a continuing pressure on domestic sales.
- Brand reputationtailwind
The company highlights that its name is associated with quality and luxury among the broad public, which could support customer loyalty against competitors.
Competitive position
The report extract provided does not explicitly name the company's competitors. The Greek market for tiles, sanitary ware and furniture includes several local and international distributors and producers, but the source contains no concrete names for comparison.
- Local tile and sanitary ware distributors
The source does not name competitors; this line marks the general category of distributors in Greece, without naming any.
- Kitchen and bathroom furniture suppliers
The source does not name competitors; general category, no names given.
- Hotel equipment operators
Category referred to indirectly through the hotel fairs the company attends, without firm names.
- Restaurants on Mykonos
Competition in the local hospitality segment is not detailed in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202523 Oct 2026
- Annual report 202423 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Ν. ΒΑΡΒΕΡΗΣ - MODA BAGNO Α.Ε. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.