olivLaw · European equity research
ΔΗΜΟΣΙΑ ΕΠΙΧΕΙΡΗΣΗ ΗΛΕΚΤΡΙΣΜΟΥ ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ PPC.AT
Greece · Athens Stock Exchange · ISIN GRS434003000 · Vertical: Listed companies from Greece
PPC is the main energy group in Greece, pursuing a transition strategy built on growing its renewable portfolio and phasing out lignite units by the end of 2026. The current focus is modernising the distribution network and expanding activity in Central and South-Eastern Europe, including through the new subsidiary PPC Trading.
At the close of 05 Nov 2026, ΔΗΜΟΣΙΑ ΕΠΙΧΕΙΡΗΣΗ ΗΛΕΚΤΡΙΣΜΟΥ ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ (PPC.AT) stock was 23.70 EUR (+1.11% on the day), with market capitalisation 8.2 bn EUR, P/E 27.9 on diluted EPS of 0.85 EUR over the last 12 months, dividend yield 2.03%, beta 0.66, 52-week range 15.95–24.86 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)
- 60.8
- strong (55–70)
- Bollinger (20, 2)
- 21.87 – 23.74
- in the upper half of the band · %B 0.98 · band width 8.2%
- SMA 50 / 200
- 23.38 / 21.18
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.11 / -0.04
- MACD above 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 | +2.2% | +0.4% | +1.8 pp | — |
| 3 months | +9.4% | −3.3% | +12.7 pp | — |
| 6 months | +25.7% | +4.0% | +21.8 pp | — |
| Year to date | +30.2% | +8.1% | +22.1 pp | — |
| 1 year | +48.6% | +10.7% | +37.9 pp | +0.9% |
| 3 years | +132.8% | +50.1% | +82.7 pp | +35.3% |
| 5 years | +140.7% | +43.6% | +97.1 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 67 percentile of its own 3-quarter history (min 9.5, median 21.4, max 28.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 7.7 bn | 9.0 bn | 9.7 bn |
| Revenue YoY | unavailable | +16.8% | +8.0% |
| Net income | 437.5 m | 151.8 m | 295.1 m |
| Net income YoY | unavailable | −65.3% | +94.4% |
| Diluted EPS | 1.18 | 0.43 | 0.85 |
| Diluted EPS YoY | unavailable | −63.6% | +97.7% |
| net % | 5.7% | 1.7% | 3.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.1 bn EUR
- Financial debt
- 7.9 bn EUR
- Net debt
- 5.9 bn EUR
- Equity
- 6.1 bn EUR
- Total assets
- 28.5 bn EUR
- Debt / equity
- 1.29x
- Current ratio
- 1.08x
- ROE
- 4.8%
- ROA
- 1.1%
- 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 | 7.7 bn | 9.0 bn | 9.7 bn | esef· 23 Oct 2026verified |
| Depreciation & amortisation | 672.2 m | 928.4 m | 1.1 bn | esef· 23 Oct 2026verified |
| Interest expense | 422.6 m | 580.2 m | 595.9 m | esef· 23 Oct 2026verified |
| Pre-tax income | 631.4 m | 206.6 m | 448.2 m | esef· 23 Oct 2026verified |
| Income tax | 137.2 m | 19.4 m | 88.7 m | esef· 23 Oct 2026verified |
| Net income | 437.5 m | 151.8 m | 295.1 m | esef· 23 Oct 2026verified |
| Diluted EPS | 1.18 | 0.43 | 0.85 | esef· 23 Oct 2026verified |
| Dividend per share | 0.17 | 0.44 | 0.48 | esef· 23 Oct 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.6 bn | 2.0 bn | 2.1 bn | esef· 23 Oct 2026verified |
| Inventories | 1.0 bn | 1.3 bn | 1.4 bn | esef· 23 Oct 2026verified |
| Current assets | 8.7 bn | 8.5 bn | 8.3 bn | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 13.3 bn | 16.2 bn | 17.4 bn | esef· 23 Oct 2026verified |
| Goodwill | 25.6 m | 183.6 m | 269.4 m | esef· 23 Oct 2026verified |
| Intangibles (excl. goodwill) | 1.1 bn | 957.2 m | 1.0 bn | esef· 23 Oct 2026verified |
| Total assets | 23.9 bn | 27.2 bn | 28.5 bn | esef· 23 Oct 2026verified |
| Accounts payable | 2.1 bn | 2.7 bn | 2.6 bn | esef· 23 Oct 2026verified |
| Short-term debt | 240.8 m | 223.7 m | 190.4 m | esef· 23 Oct 2026verified |
| Long-term debt | 4.4 bn | 6.2 bn | 7.7 bn | esef· 23 Oct 2026verified |
| Current liabilities | 7.9 bn | 8.0 bn | 7.7 bn | esef· 23 Oct 2026verified |
| Equity | 5.4 bn | 6.0 bn | 6.1 bn | esef· 23 Oct 2026verified |
| Shares outstanding at year end | 370.8 m | 353.0 m | 347.1 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: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 8.2 bn EUR
Key indicators
Coverage and freshness
Score by group
27% · 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: 6.54 – 11.65 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/E7.17 – 11.65 (Mid 9.61)26 companies used · median multiple 11.3x · quartiles 8.4x – 13.7xAEGN.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)6.54 – 8.92 (Mid 7.55)
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: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.0% | 33 (vs peers) | 23% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.1x | 23 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 27.9x | 13 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.0% | 29 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial23/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial33/100 · 1/3 factors with a value
- Returns· partial29/100 · 1/2 factors with a value
- Valuation· partial13/100 · 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
ΔΗΜΌΣΙΑ ΕΠΙΧΕΊΡΗΣΗ ΗΛΕΚΤΡΙΣΜΟΎ ΑΝΏΝΥΜΗ ΕΤΑΙΡΕΊΑ (PPC.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 9.7 bn EUR in 2025; YoY growth 8.0%; net margin 3.0%; ROE 5.8%.
The estimated value range is 6.86–10.29 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 8.58 EUR, the price of 23.70 EUR leaves a potential of -63.8% (value / price − 1) and a margin of safety of -176.2% (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: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Current ratio: 1.1x
- P/E (TTM): 27.9x
- Shareholder yield (distributions): 2.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, 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 | 17.3 bn | 12.7 | 14.0% | 39.7% | +2.7% | +38% / +178% |
| ETE.ATΕθνικη Τραπεζα Της Ελλαδος Α.ε. | 15.2 bn | 13.1 | 13.3% | 42.5% | −5.4% | +24% / +167% |
| PPC.ATΔημόσια Επιχείρηση Ηλεκτρισμού Ανώνυμη Εταιρεία | 8.2 bn | 27.9 | 5.8% | 3.0% | +8.0% | +36% / +119% |
| ELPE.ATHelleniq Energy Ανωνυμη Εταιρεια Συμμετοχων | 4.9 bn | 28.5 | 6.4% | 1.5% | −9.0% | +97% / +114% |
| CENER.ATCenergy Holdings | 4.5 bn | 23.5 | 24.3% | 9.4% | +14.7% | +45% / +207% |
| BELA.ATJumbo Ανωνυμη Εμπορικη Εταιρεια | 3.7 bn | 11.6 | 21.5% | 26.0% | +7.2% | +1% / +15% |
| AKTR.ATΑκtor Ανώνυμη Εταιρεία Συμμετοχών, Τεχνικών Και Ενεργειακών Έργων | 2.0 bn | 110.5 | 6.7% | 1.3% | +11.2% | +7% / +186% |
| EYDAP.ATΕταιρια Υδρευσεως Και Αποχετευσεως Πρωτευουσης Ανωνυμη Εταιρια | 1.5 bn | — | -2.6% | -5.9% | −2.4% | +86% / +136% |
| ELHA.ATEλβαλχαλκορ Ελληνικη Βιομηχανια Χαλκου Και Αλουμινιου Ανωνυμος Εταιρεια | 1.3 bn | 12.4 | 9.8% | 2.9% | +5.1% | +6% / +83% |
| AEGN.ATΑεροπορια Αιγαιου Ανωνυμη Αεροπορικη Εταιρεια | 1.0 bn | 6.9 | 27.7% | 7.9% | +4.6% | −21% / −1% |
| AVAX.ATΑβαξ Ανωνυμη Εταιρεια Εργοληπτικη-Τουριστικη-Εμπορικη-Βιομηχανικη-Οικοδομικων Υλικων & Μηχανηματων | 505.7 m | 10.7 | 25.9% | 5.0% | +47.1% | +40% / +123% |
| BYLOT.ATBally's Intralot Α.ε. | 464.8 m | 15.3 | -9.3% | -12.6% | +34.8% | +12% / +18% |
| ELLAKTOR.ATΕλλακτωρ Ανωνυμη Εταιρεια | 421.5 m | 2.7 | 26.1% | 175.2% | −74.8% | −32% / −44% |
| AEM.ATAlter Ego Media Α.ε. | 356.1 m | 18.1 | 18.3% | 14.0% | +12.6% | −2% / unavailable |
| ALMY.ATΑλουμυλ Βιομηχανια Αλουμινιου Αε | 324.0 m | 10.5 | 23.5% | 6.0% | +11.7% | +16% / +121% |
| 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% |
| EYAPS.ATΕταιρεια Υδρευσης & Αποχετευσης Θεσσαλονικης Α.ε. | 169.9 m | 22.0 | 4.1% | 8.8% | +2.4% | +24% / +42% |
| EVR.ATΕυρώπη Holdings Α.ε. | 168.6 m | 37.2 | 2.9% | 30.7% | +435.3% | −32% / +33% |
| BRIQ.ATBriq Properties Ανωνυμη Εταιρεια Επενδυσεων Σε Ακινητη Περιουσια | 150.0 m | 5.9 | 15.5% | 116.9% | +37.8% | +13% / +70% |
| FAIS.ATΦαις Συμμετοχων Ανωνυμη Εταιρεια | 117.2 m | 8.7 | 22.1% | 6.3% | +12.9% | −6% / unavailable |
| DAIOS.ATΔαϊος Πλαστικα Ανωνυμη Βιομηχανικη Εμπορικη Εταιρεια Α.ε. | 107.2 m | 10.9 | 14.0% | 15.6% | +9.1% | 0% / +123% |
| ASTAK.ATAlpha Real Estate Services Ae | 93.3 m | 12.4 | 10.4% | 30.3% | +22.4% | −8% / −8% |
| ASCO.ATA.s. Εμπορικη-Βιομηχανικη Εταιρια Η/υ & Παιχνιδιων Α.ε. | 59.8 m | 10.5 | 14.1% | 15.8% | +16.4% | +11% / +106% |
| AVE.ATAve Α.ε. | 50.9 m | — | -25.2% | -7.4% | +8.2% | −7% / −12% |
| ELTON.ATΕλτον Διεθνους Εμποριου Ανωνυμη Εμπορικη Βιομηχανικη Εταιρεια | 47.3 m | 13.9 | 4.9% | 1.9% | +8.6% | −11% / −18% |
1- and 3-year price returns: for PPC.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 | 14.51 Total return -37% · Per year -37% | 25.61 Total return 10% · Per year 10% | 38.51 Total return 65% · Per year 65% |
| 3 years | 15.10 Total return -31% · Per year -12% | 29.89 Total return 33% · Per year 10% | 49.22 Total return 117% · Per year 29% |
| 5 years | 15.72 Total return -25% · Per year -6% | 34.90 Total return 60% · Per year 10% | 62.90 Total return 183% · Per year 23% |
- Exit P/E± 7.47
- Net margin± 5.23
- Annual revenue growth± 4.15
- Annual dilution± 0.44
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
PPC is the main energy group in Greece, pursuing a transition strategy built on growing its renewable portfolio and phasing out lignite units by the end of 2026 1. The current focus is modernising the distribution network and expanding activity in Central and South-Eastern Europe, including through the new subsidiary PPC Trading 1.
SWOT
Strengths
- Leading position in electricity generation and distribution in Greece, with a fast-growing renewable portfolio.
- Extensive public charging network and operating solar projects across several countries.
- A clear subsidiary structure that allows centralised management of wholesale trading.
Weaknesses
- Historical dependence on lignite, which requires retiring existing assets ahead of schedule.
- Very large investment needs in the network and replacement capacity put pressure on funding.
- Reliance on European funding for part of the new charging points.
Opportunities
- Growing demand for renewable energy and electromobility in the region.
- Expansion in Bulgaria and Romania through solar projects and energy trading.
- Developing flexible storage and gas capacity could strengthen supply stability.
Threats
- Delays in permitting and construction of renewable projects could postpone expected revenue.
- Volatility in wholesale energy prices may affect trading margins.
- Competition from independent solar and wind developers.
Risks
- Renewable project executionmedium
Delays in building and commissioning solar and wind parks could slow the pace of capacity growth.
- Lignite unit closureshigh
If replacement capacity is not ready in time, security of supply could become a concern.
- Network investmentmedium
High costs of modernising the distribution network could weigh on cash flow during the investment period.
- Price volatilitymedium
Sudden swings in wholesale prices could affect the margins of PPC Trading.
- Reliance on European fundinglow
If European funds for charging are not granted, the expansion plan for the ΔΕΗ blue network could slow.
Investment thesis
What would need to be true (bull case)
- The renewable portfolio is expanding rapidly across several countries, which could support long-term revenue.
- The transition strategy, with lignite closures and flexible capacity, could improve the risk profile.
- The electromobility business and the subsidiary structure offer several potential sources of growth.
What would break the thesis
- Lignite retirement and large replacement investments could pressure results and funding.
- Energy price volatility and competition from new developers could limit margins.
- Dependence on project execution and external funding introduces timing risks.
What to watch
- Progress on lignite unit retirement and replacement capacity2026
- Commissioning of solar and wind projects listed in the annual report2026
- Development of investment in the distribution networknext 10-K
- Growth of PPC Trading activity in Central and South-Eastern Europe2027
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 annual report for fiscal 2025, the group is building a clean and flexible generation portfolio through renewable investments and the phase-out of lignite units by the end of 2026 1. In parallel it is investing in modernising the distribution network and placing the customer at the centre of its services 1. In 2025 the wholly owned subsidiary PPC Trading was established to centralise wholesale energy trading in Central and South-Eastern Europe 1.
Segments
Renewable energy
Development of solar and wind capacity continued in 2025, with projects such as the 36 MW Fokida wind park and the second phase of the 490 MW Megalopoli project 1. In Macedonia, eight solar stations have a total capacity of 882.4 MW, while in Bulgaria two installations total 193 MW 1.
Market context
The group operates in the energy market of Greece and Central and South-Eastern Europe, covering generation, distribution and supply 1. The shift from lignite to renewables and flexible gas capacity is shaping the market structure, and the role of the distribution network is becoming more important 1. The source does not provide market share or market size figures.
Trends
- Lignite phase-outmixed
The plan to close lignite units by the end of 2026 supports a cleaner portfolio but requires large investments to replace capacity 1.
- Renewables expansiontailwind
Solar and wind projects in Greece, Bulgaria and Romania advanced quickly in 2025, which could support higher generation revenue if delivered on schedule 1.
- Distribution network modernisationmixed
Investment in the network with new technologies is a priority and could improve operating efficiency, but it brings costs and complex execution 1.
- Electromobilitytailwind
Expanding the charging network and securing European funding for new points in Greece and Romania could create a new revenue source 1.
Competitive position
The group competes with other energy suppliers and producers in the region, which are also developing renewable capacity and customer services. The source does not explicitly name its competitors or their market shares.
- Regional energy producers
Companies in Greece and South-Eastern Europe developing renewable projects and energy trading; not named in the source.
- Solar and wind developers
Independent operators competing for solar and wind projects in the region; not named in the source.
- Energy suppliers and traders
Suppliers competing in wholesale and retail supply; not named in the source.
- Public EV charging operators
Public charging networks competing with the ΔΕΗ blue network; not named 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 202523 Oct 2026
- Annual report 202408 May 2025
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ΔΗΜΟΣΙΑ ΕΠΙΧΕΙΡΗΣΗ ΗΛΕΚΤΡΙΣΜΟΥ ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ · 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.