olivLaw · European equity research
AVE Α.Ε. AVE.AT
Greece · Athens Stock Exchange · ISIN GRS489003004 · Vertical: Listed companies from Greece
AVE Α.Ε. is a Greek group active in retail (Carrefour franchise via Retail & More), FMCG wholesale (FBD), air-conditioning and the licensing of film rights and video games. In fiscal 2025 consolidated turnover rose to 31.14 mn EUR, but the group stayed loss-making before tax, so the path of profitability is the main thing to follow.
At the close of 03 Nov 2026, AVE Α.Ε. (AVE.AT) stock was 0.46 EUR (−0.22% on the day), with market capitalisation 50.9 m EUR, beta 0.36, 52-week range 0.43–0.52 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.9
- neutral
- Bollinger (20, 2)
- 0.45 – 0.46
- in the upper half of the band · %B 0.52 · band width 2.5%
- SMA 50 / 200
- 0.46 / 0.46
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- 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 | −0.4% | −1.0% | +0.6 pp | — |
| 3 months | −4.2% | −3.9% | −0.3 pp | — |
| 6 months | +3.1% | +7.2% | −4.0 pp | — |
| Year to date | −5.6% | +6.6% | −12.1 pp | — |
| 1 year | −8.0% | +9.1% | −17.1 pp | +0.6% |
| 3 years | −11.7% | +47.9% | −59.7 pp | +43.8% |
| 5 years | −6.9% | +43.3% | −50.2 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 19.4 m | 28.8 m | 31.1 m |
| Revenue YoY | unavailable | +48.6% | +8.2% |
| Net income | -9.8 m | 2.3 m | -2.3 m |
| Net income YoY | unavailable | unavailable | −199.3% |
| Diluted EPS | -0.05 | 0.02 | -0.01 |
| Diluted EPS YoY | unavailable | unavailable | −150.0% |
| net % | -50.7% | 8.1% | -7.4% |
| Free cash flow | -12.1 m | -5.9 m | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.0 m EUR
- Financial debt
- 4.8 m EUR
- Net debt
- 3.7 m EUR
- Equity
- 7.9 m EUR
- Total assets
- 41.4 m EUR
- Debt / equity
- 0.60x
- Current ratio
- 0.68x
- ROE
- -26.1%
- ROA
- -5.8%
- 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 | 19.4 m | 28.8 m | 31.1 m | esef· 23 Oct 2026verified |
| Cost of revenue | 16.4 m | 23.5 m | 25.6 m | esef· 23 Oct 2026verified |
| Gross profit | 2.9 m | 5.3 m | 5.6 m | esef· 23 Oct 2026verified |
| Operating income | -7.6 m | -9.3 m | -5.5 m | esef· 23 Oct 2026verified |
| Interest expense | 4.7 m | 669.5 k | 681.0 k | esef· 23 Oct 2026verified |
| Pre-tax income | -11.5 m | 3.1 m | -2.3 m | esef· 23 Oct 2026verified |
| Income tax | -2.4 m | 382.3 k | 64.9 k | esef· 23 Oct 2026verified |
| Net income | -9.8 m | 2.3 m | -2.3 m | esef· 23 Oct 2026verified |
| Diluted EPS | -0.05 | 0.02 | -0.01 | esef· 23 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 4.2 m | 555.9 k | 1.0 m | esef· 23 Oct 2026verified |
| Receivables | 3.2 m | 3.9 m | 5.6 m | esef· 23 Oct 2026verified |
| Inventories | 2.4 m | 3.0 m | 3.2 m | esef· 23 Oct 2026verified |
| Current assets | 16.2 m | 12.8 m | 15.2 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 7.6 m | 8.4 m | 8.1 m | esef· 23 Oct 2026verified |
| Intangibles (excl. goodwill) | 19.8 m | 13.2 m | — | esef· 23 Oct 2026verified |
| Total assets | 48.9 m | 37.8 m | 41.4 m | esef· 23 Oct 2026verified |
| Long-term debt | 28.1 m | 5.6 m | 4.8 m | esef· 23 Oct 2026verified |
| Current liabilities | 21.0 m | 21.8 m | 22.3 m | esef· 23 Oct 2026verified |
| Total liabilities | 55.0 m | 28.0 m | 33.4 m | esef· 23 Oct 2026verified |
| Equity | -6.1 m | 9.8 m | 7.9 m | esef· 23 Oct 2026verified |
| Shares outstanding at year end | 166.4 m | 111.0 m | — | esef· 23 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -10.9 m | -2.9 m | -4.4 m | esef· 23 Oct 2026verified |
| Capex | 1.1 m | 3.1 m | — | esef· 23 Oct 2026verified |
| Free cash flow | -12.1 m ≈ | -5.9 m ≈ | — | esef· 23 Oct 2026derived |
| Investing cash flow | 1.7 m | -1.7 m | -1.1 m | esef· 23 Oct 2026verified |
| Financing cash flow | 8.5 m | 919.4 k | 5.9 m | esef· 23 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 50.9 m EUR
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -35.0% | 0 (vs peers) | 29% |
| Net margin · Quality | -7.4% | 3 (vs peers) | 18% |
| 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 | -8.1x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -14.7% | 0 (on a fixed band) | 24% |
| 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 sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality1/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
AVE Α.Ε. (AVE.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 31.1 m EUR in 2025; YoY growth 8.2%; net margin -7.4%; ROE -25.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
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
- ROIC: -35.0%
- Net margin: -7.4%
- Interest coverage: -8.1x
- Current ratio: 0.7x
- FCF yield: -14.7%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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 | 16.7 bn | 12.3 | 14.0% | 39.7% | +2.7% | +33% / +168% |
| ETE.ATΕθνικη Τραπεζα Της Ελλαδος Α.ε. | 14.4 bn | 12.4 | 13.3% | 42.5% | −5.4% | +18% / +153% |
| ELPE.ATHelleniq Energy Ανωνυμη Εταιρεια Συμμετοχων | 5.1 bn | 29.4 | 6.4% | 1.5% | −9.0% | +103% / +120% |
| CENER.ATCenergy Holdings | 4.6 bn | 23.9 | 24.3% | 9.4% | +14.7% | +47% / +212% |
| BELA.ATJumbo Ανωνυμη Εμπορικη Εταιρεια | 3.7 bn | 11.5 | 21.5% | 26.0% | +7.2% | +1% / +14% |
| AKTR.ATΑκtor Ανώνυμη Εταιρεία Συμμετοχών, Τεχνικών Και Ενεργειακών Έργων | 2.1 bn | 114.6 | 6.7% | 1.3% | +11.2% | +11% / +197% |
| EYDAP.ATΕταιρια Υδρευσεως Και Αποχετευσεως Πρωτευουσης Ανωνυμη Εταιρια | 1.5 bn | — | -2.6% | -5.9% | −2.4% | +88% / +139% |
| ELHA.ATEλβαλχαλκορ Ελληνικη Βιομηχανια Χαλκου Και Αλουμινιου Ανωνυμος Εταιρεια | 1.3 bn | 12.6 | 9.8% | 2.9% | +5.1% | +7% / +86% |
| AEGN.ATΑεροπορια Αιγαιου Ανωνυμη Αεροπορικη Εταιρεια | 1.0 bn | 6.8 | 27.7% | 7.9% | +4.6% | −22% / −3% |
| AVAX.ATΑβαξ Ανωνυμη Εταιρεια Εργοληπτικη-Τουριστικη-Εμπορικη-Βιομηχανικη-Οικοδομικων Υλικων & Μηχανηματων | 502.7 m | 10.6 | 25.9% | 5.0% | +47.1% | +39% / +122% |
| BYLOT.ATBally's Intralot Α.ε. | 469.8 m | 15.4 | -9.3% | -12.6% | +34.8% | +13% / +20% |
| ELLAKTOR.ATΕλλακτωρ Ανωνυμη Εταιρεια | 427.7 m | 2.7 | 26.1% | 175.2% | −74.8% | −31% / −43% |
| AEM.ATAlter Ego Media Α.ε. | 350.5 m | 17.8 | 18.3% | 14.0% | +12.6% | −3% / unavailable |
| ALMY.ATΑλουμυλ Βιομηχανια Αλουμινιου Αε | 321.1 m | 10.5 | 23.5% | 6.0% | +11.7% | +15% / +119% |
| DIMAND.ATDimand Ανωνυμη Εταιρεια Αξιοποιησης Και Εκμεταλλευσης Ακινητων Και Κατασκευων Υπηρεσιων Και Συμμετοχων | 270.6 m | 7.7 | 18.5% | 58.5% | +110.6% | +44% / +30% |
| EYAPS.ATΕταιρεια Υδρευσης & Αποχετευσης Θεσσαλονικης Α.ε. | 172.2 m | 22.4 | 4.1% | 8.8% | +2.4% | +26% / +44% |
| 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 | 152.2 m | 6.0 | 15.5% | 116.9% | +37.8% | +15% / +73% |
| FAIS.ATΦαις Συμμετοχων Ανωνυμη Εταιρεια | 116.1 m | 8.7 | 22.1% | 6.3% | +12.9% | −7% / unavailable |
| DAIOS.ATΔαϊος Πλαστικα Ανωνυμη Βιομηχανικη Εμπορικη Εταιρεια Α.ε. | 100.5 m | 10.2 | 14.0% | 15.6% | +9.1% | −6% / +109% |
| ASTAK.ATAlpha Real Estate Services Ae | 96.1 m | 12.8 | 10.4% | 30.3% | +22.4% | −5% / −6% |
| FLEXO.ATFlexopack Ανωνυμη Εμπορικη Και Βιομηχανικη Εταιρεια Πλαστικων | 92.5 m | 8.3 | 8.3% | 6.8% | +4.6% | −2% / −2% |
| ASCO.ATA.s. Εμπορικη-Βιομηχανικη Εταιρια Η/υ & Παιχνιδιων Α.ε. | 59.5 m | 10.4 | 14.1% | 15.8% | +16.4% | +10% / +105% |
| AVE.ATAve Α.ε. | 50.9 m | — | -25.2% | -7.4% | +8.2% | −7% / −12% |
| 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 AVE.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
AVE Α.Ε. is a Greek group active in retail (Carrefour franchise via Retail & More), FMCG wholesale (FBD), air-conditioning and the licensing of film rights and video games. In fiscal 2025 consolidated turnover rose to 31.14 mn EUR 1, but the group stayed loss-making before tax, so the path of profitability is the main thing to follow.
SWOT
Strengths
- A franchised Carrefour store network covering tourist areas, supported by a well-known brand.
- Diversification across several divisions, from retail and FMCG to air-conditioning and media rights.
- Revenue growth in 2025 shows that the commercial operations have an expansion pace.
Weaknesses
- The group remained loss-making before tax and had negative consolidated EBITDA in 2025.
- Gross margins are relatively modest, leaving little room for the fixed costs of retail.
- A relatively high debt level against equity limits financial flexibility.
Opportunities
- Growth in e-commerce and quick commerce could add volume without large space costs.
- Entry into the pharmacy sector through the ERINO ENTERPRISES stake could open a new revenue line.
- Consolidating the FMCG network through new partnerships could expand the distribution division's customer base.
Threats
- Competitive pressure in retail and distribution could limit margins.
- Volatile energy and transport prices, linked to geopolitical tensions, could raise costs.
- Dependence on a single franchise brand and its contractual terms is a concentration risk.
Risks
- Negative profitabilityhigh
The pre-tax loss at consolidated level could persist if margins do not improve.
- Indebtednesshigh
A high level of debt relative to equity could limit investment and access to financing.
- Energy and logistics costsmedium
Middle East tensions could raise transport and energy costs for the distribution division.
- Franchise dependencemedium
Retail results depend on the contracts and strategy of the Carrefour brand.
- Execution risk on new investmentslow
Entry into pharmacy through ERINO ENTERPRISES involves a capital commitment and the risk of delayed results.
Investment thesis
What would need to be true (bull case)
- If revenue growth translates into better margins, the group could return to profitability.
- Diversification across several divisions can cushion shocks in any single segment.
- Expansion in e-commerce and pharmacy could create new sources of revenue.
What would break the thesis
- Persistent operating losses could erode capital and limit reinvestment capacity.
- High indebtedness could make the group vulnerable to rising financing costs.
- Dependence on one franchise brand and a concentrated domestic market could limit growth.
What to watch
- Trend in EBITDA margin and return to pre-tax profitQ1 2027
- Debt level and cost of financingnext 10-K
- Contribution of e-commerce and quick commerce to Retail & More sales2027
- Completion of the ERINO ENTERPRISES stake and first pharmacy results2027
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 AVE group combines several divisions: through Retail & More A.E. it develops a network of Carrefour stores, with an emphasis on franchising and omnichannel formats including quick commerce and e-commerce 1. Through FBD A.E. it operates in FMCG wholesale, while in air-conditioning sales reached 1.05 mn EUR in 2025 1. The company also exploits film rights and distributes video games, a segment that drove the parent's revenue growth 1.
Segments
Retail (Carrefour franchise)
Retail & More A.E. opened eight new stores in Corfu, Crete, Zakynthos and Karditsa in 2025 to strengthen the Carrefour brand in tourist areas 1. It is the main engine of the franchise network and of online channel development.
Market context
The Greek economy grew 2.2% in 2025, outpacing the euro area average, supported by domestic demand, infrastructure investment and recovery-fund projects 1. The company operates mainly in this market, where tourism and domestic consumption are key drivers for retail and distribution. According to the report, geopolitical tensions in the Middle East could affect energy and transport prices, with effects depending on their duration 1.
Trends
- Tourism and seasonal consumptiontailwind
Rising tourism has supported the store network in holiday areas, which could continue if the season remains strong.
- Geopolitical volatility and energyheadwind
Middle East tensions have begun to influence energy and transport prices, with logistics costs possibly rising for distribution.
- Monetary policy and the euromixed
ECB easing and a stronger euro against the dollar shift capital flows and financing costs, with ambiguous effects for the company.
- Omnichannel and quick commercetailwind
Expansion into e-commerce and quick commerce aims to complement the physical store network and attract new customers.
Competitive position
Food retail and FMCG distribution in Greece are competitive markets, with national and international chains competing for the same customers. The annual report does not detail direct competitors, so market position analysis must be completed from external sources.
- Greek supermarket and food retail chains
Local competitors with their own store networks, especially in urban and tourist areas.
- FMCG and wholesale distributors
Distribution firms serving the same HoReCa and retail customers in Greece.
- Air-conditioning suppliers
Installation and distribution firms for air-conditioning equipment in the Greek market.
- Media content distributors
Firms that license films and video games to broadcasters and platforms.
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 / AVE 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.