olivLaw · European equity research
ΣΙΔΗΡΕΜΠΟΡΙΚΗ ΜΑΚΕΔΟΝΙΑΣ ΣΙΔΜΑ ΜΕΤΑΛΛΟΥΡΓΙΚΗ Α.Ε. SIDMA.AT
Greece · Athens Stock Exchange · ISIN GRS484003009 · Vertical: Listed companies from Greece
ΣΙΔΜΑ Metallurgical processes and trades steel products and produces metal building materials and thermal insulation panels. It returned to profitability in 2025, supported by demand from large infrastructure projects, although turnover edged down because of lower international steel prices. Turnover was EUR 181.73 mil. and EBITDA EUR 8.6 mil.
At the close of 06 Nov 2026, ΣΙΔΗΡΕΜΠΟΡΙΚΗ ΜΑΚΕΔΟΝΙΑΣ ΣΙΔΜΑ ΜΕΤΑΛΛΟΥΡΓΙΚΗ Α.Ε. (SIDMA.AT) stock was 2.39 EUR (−1.65% on the day), with market capitalisation 32.5 m EUR, P/E 53.3 on diluted EPS of 0.04 EUR over the last 12 months, beta 0.44, 52-week range 1.46–2.84 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)
- 47.4
- neutral
- Bollinger (20, 2)
- 2.29 – 2.42
- in the upper half of the band · %B 0.76 · band width 5.5%
- SMA 50 / 200
- 2.53 / 2.05
- mixed trend
- MACD (12, 26, 9)
- -0.03 / -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 | −2.4% | −0.6% | −1.8 pp | — |
| 3 months | +3.9% | −4.2% | +8.1 pp | — |
| 6 months | +47.5% | +4.3% | +43.2 pp | — |
| Year to date | +41.0% | +7.5% | +33.5 pp | — |
| 1 year | +68.3% | +9.9% | +58.4 pp | +0.4% |
| 3 years | +3.5% | +49.8% | −46.4 pp | +38.4% |
| 5 years | −9.5% | +42.8% | −52.3 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 2-quarter history (min 7.9, median 22.8, max 37.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 202.4 m | 186.3 m | 181.7 m |
| Revenue YoY | unavailable | −7.9% | −2.5% |
| Net income | -3.9 m | -3.8 m | 608.5 k |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | 0.29 | -0.28 | 0.04 |
| Diluted EPS YoY | unavailable | −197.6% | unavailable |
| net % | -1.9% | -2.1% | 0.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.1 m EUR
- Financial debt
- 64.1 m EUR
- Net debt
- 58.0 m EUR
- Equity
- 15.4 m EUR
- Total assets
- 132.3 m EUR
- Debt / equity
- 4.16x
- Current ratio
- 1.34x
- ROE
- 4.0%
- ROA
- 0.5%
- 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 | 202.4 m | 186.3 m | 181.7 m | esef· 23 Oct 2026verified |
| Cost of revenue | 189.9 m | 170.7 m | 163.9 m | esef· 23 Oct 2026verified |
| Gross profit | 12.5 m | 15.6 m | 17.8 m | esef· 23 Oct 2026verified |
| Operating income | 3.9 m | 4.5 m | 7.1 m | esef· 23 Oct 2026verified |
| Pre-tax income | -4.3 m | -4.1 m | 335.1 k | esef· 23 Oct 2026verified |
| Income tax | -409.2 k | -295.5 k | -273.5 k | esef· 23 Oct 2026verified |
| Net income | -3.9 m | -3.8 m | 608.5 k | esef· 23 Oct 2026verified |
| Diluted EPS | 0.29 | -0.28 | 0.04 | esef· 23 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 7.0 m | 6.4 m | 6.1 m | esef· 23 Oct 2026verified |
| Inventories | 34.4 m | 34.1 m | 32.5 m | esef· 23 Oct 2026verified |
| Current assets | 106.1 m | 94.1 m | 91.4 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 42.6 m | 40.3 m | 40.6 m | esef· 23 Oct 2026verified |
| Total assets | 149.5 m | 134.7 m | 132.3 m | esef· 23 Oct 2026verified |
| Short-term debt | 21.3 m | 22.7 m | 22.3 m | esef· 23 Oct 2026verified |
| Long-term debt | 54.7 m | 44.6 m | 41.8 m | esef· 23 Oct 2026verified |
| Current liabilities | 71.3 m | 68.1 m | 68.1 m | esef· 23 Oct 2026verified |
| Total liabilities | 133.0 m | 119.9 m | 116.9 m | esef· 23 Oct 2026verified |
| Equity | 16.5 m | 14.8 m | 15.4 m | esef· 23 Oct 2026verified |
| Shares outstanding at year end | — | 13.6 m | 13.6 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: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 32.5 m EUR
Key indicators
Coverage and freshness
Score by group
31% · 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: 0.37 – 0.60 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/E0.37 – 0.60 (Mid 0.50)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: 4 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.0% | 52 (vs peers) | 33% |
| Net margin · Quality | 0.3% | 18 (vs peers) | 20% |
| 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 | 1.3x | 45 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 53.3x | 7 (vs peers) | 33% |
| 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 sheet· partial45/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality39/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial7/100 · 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
ΣΙΔΗΡΕΜΠΟΡΙΚΗ ΜΑΚΕΔΟΝΙΑΣ ΣΙΔΜΑ ΜΕΤΑΛΛΟΥΡΓΙΚΗ ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ (SIDMA.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 181.7 m EUR in 2025; YoY growth -2.5%; net margin 0.3%; ROE 4.0%.
The estimated value range is 0.37–0.60 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.50 EUR, the price of 2.39 EUR leaves a potential of -79.0% (value / price − 1) and a margin of safety of -376.2% (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: 31.2% 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
- Net margin: 0.3%
- P/E (TTM): 53.3x
- 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, Interest coverage, 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% |
| 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% |
| ELSTR.ATΕλαστρον Α.ε.β.ε. Χαλυβουργικα Προϊοντα | 45.7 m | 8.2 | 6.6% | 3.3% | −5.2% | +4% / −14% |
1- and 3-year price returns: for SIDMA.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 | 1.31 Total return -45% · Per year -45% | 2.33 Total return -2% · Per year -2% | 3.52 Total return 47% · Per year 47% |
| 3 years | 1.10 Total return -54% · Per year -23% | 2.22 Total return -7% · Per year -2% | 3.70 Total return 55% · Per year 16% |
| 5 years | 0.93 Total return -61% · Per year -17% | 2.11 Total return -12% · Per year -2% | 3.89 Total return 63% · Per year 10% |
- Exit P/E± 0.55
- Net margin± 0.39
- Annual revenue growth± 0.34
- Annual dilution± 0.03
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
ΣΙΔΜΑ Metallurgical processes and trades steel products and produces metal building materials and thermal insulation panels. It returned to profitability in 2025, supported by demand from large infrastructure projects, although turnover edged down because of lower international steel prices. Turnover was EUR 181.73 mil. and EBITDA EUR 8.6 mil.
SWOT
Strengths
- Return to profitability and a higher gross margin in 2025.
- Exposure to a market linked to large infrastructure projects.
- Bulgarian subsidiary with rising profitability.
Weaknesses
- Turnover declining because of lower steel selling prices.
- High borrowings relative to turnover.
- Reliance on factoring to manage liquidity.
Opportunities
- Continuation of EU-funded infrastructure projects.
- Possible reduction in financing costs through interest rate hedging instruments.
- Higher sales volumes to large construction sites.
Threats
- CBAM rules could reduce competitiveness against imports.
- Volatility of energy and raw material prices.
- Geopolitical tensions that could disrupt supply chains.
Risks
- Macroeconomic riskmedium
A deterioration of the economy could reduce demand for steel products.
- Credit risklow
Customer exposure is mitigated through credit insurance, but losses can still arise.
- Interest rate riskmedium
Floating rate loans expose the group to rises in Euribor, partly hedged through swaps.
- Liquidity riskhigh
Reliance on factoring could limit financing if available lines shrink.
- Raw material price riskhigh
Volatility in steel and energy prices can affect margins.
Investment thesis
What would need to be true (bull case)
- If infrastructure projects continue, steel demand could support the company's volumes.
- The return to profitability and higher gross margin point to operational improvement.
- The Bulgarian subsidiary suggests the model may be replicable in other markets.
What would break the thesis
- If steel prices keep falling, turnover could remain under pressure.
- High borrowings and reliance on factoring may limit financial flexibility.
- CBAM rules could reduce competitiveness against importers.
What to watch
- Trend in steel prices and gross marginQ1 2027
- Impact of CBAM on import costs2027
- Level of available factoring linesnext 10-K
- Progress of infrastructure projects in Greece2027
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
The company, headquartered in Aspropyrgos Attica and listed on the Athens Stock Exchange, operates in the processing and trade of steel products and metal building materials. It has two branches, in Oraiokastro and Lamia, and does not engage in exploration.
Its core activity is supplying steel to construction and infrastructure customers, along with producing thermal insulation panels. The company says it supplies large infrastructure projects, and in 2025 it also served demand generated by the Recovery Fund.
The group includes a Bulgarian subsidiary, which grew profitability in 2025 with EBITDA up 42.3 percent. Results depend on steel prices and import costs.
Segments
Steel trade and processing
The main segment, generating most of the turnover. Gross margin improved in 2025 on higher volumes, even though average selling prices fell.
Panels and building materials
Production of thermal insulation metal panels and building materials, tied to construction activity.
Market context
Greek GDP grew 2.3 percent in 2025, twice the euro area average, supported by Recovery and Resilience Plan investment. Steel demand benefited from metro and motorway projects.
International steel prices kept declining for a second consecutive year, while new EU CBAM rules raised import costs.
Trends
- EU CBAM mechanismmixed
Application of CBAM raised import prices, which could change the competitiveness of imported products and the company's margins.
- EU-funded infrastructure investmenttailwind
Infrastructure projects financed by the Recovery Fund supported steel demand in 2025.
- International steel pricesheadwind
Continued decline in average selling prices reduced turnover, even though volumes rose.
- Geopolitical tensions and energyheadwind
Conflicts in the Middle East and Ukraine could disrupt supply chains and raise energy and raw material costs.
Competitive position
The Greek steel distribution market is fragmented, and competition centers on price, availability and service for large projects. The company aims to stay competitive through flexible pricing.
The analysed sources do not explicitly name the company's competitors, so the list below is limited to what the official documents support.
- Other Greek steel distributors and producers
Local or regional competitors; the sources do not name them individually.
- Steel product importers
Competition from imports, sensitive to CBAM rules and quotas.
- Producers in Bulgaria and the Balkans
Regional competitors relevant to the Bulgarian subsidiary.
- European metal panel producers
Competition in the panels and building materials segment.
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 / ΣΙΔΗΡΕΜΠΟΡΙΚΗ ΜΑΚΕΔΟΝΙΑΣ ΣΙΔΜΑ ΜΕΤΑΛΛΟΥΡΓΙΚΗ 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.