olivLaw · European equity research
ΕΛΛΗΝΙΚΗ ΒΙΟΜΗΧΑΝΙΑ ΜΑΡΜΑΡΩΝ ΤΕΧΝΙΚΗ & ΤΟΥΡΙΣΤΙΚΗ ΕΤΑΙΡΕΙΑ ΙΚΤΙΝΟΣ ΕΛΛΑΣ ΑΝΩΝΥΜΟΣ ΕΤΑΙΡΕΙΑ IKTIN.AT
Greece · Athens Stock Exchange · ISIN GRS372003004 · Vertical: Listed companies from Greece
Iktinos Ellas is a Greek marble extraction and processing company, with quarrying operations and tourism activity through subsidiaries. The company operates with significantly negative working capital, maturing debts and a restructuring plan under way, which makes its 2026 financial trajectory worth close monitoring. Dependence on the Chinese market, with roughly 48% of turnover, remains a central factor.
At the close of 06 Nov 2026, ΕΛΛΗΝΙΚΗ ΒΙΟΜΗΧΑΝΙΑ ΜΑΡΜΑΡΩΝ ΤΕΧΝΙΚΗ & ΤΟΥΡΙΣΤΙΚΗ ΕΤΑΙΡΕΙΑ ΙΚΤΙΝΟΣ ΕΛΛΑΣ ΑΝΩΝΥΜΟΣ ΕΤΑΙΡΕΙΑ (IKTIN.AT) stock was 0.27 EUR (−0.37% on the day), with market capitalisation 30.6 m EUR, dividend yield 0.00%, beta 0.56, 52-week range 0.27–0.47 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)
- 38.9
- weak (30–45)
- Bollinger (20, 2)
- 0.27 – 0.28
- in the lower half of the band · %B 0.17 · band width 6.2%
- SMA 50 / 200
- 0.29 / 0.34
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −3.8% | −0.6% | −3.1 pp | — |
| 3 months | −17.7% | −4.2% | −13.6 pp | — |
| 6 months | −15.4% | +4.3% | −19.7 pp | — |
| Year to date | −40.0% | +7.5% | −47.5 pp | — |
| 1 year | −34.0% | +9.9% | −43.9 pp | +0.4% |
| 3 years | −44.4% | +49.8% | −94.2 pp | +38.4% |
| 5 years | −65.5% | +42.8% | −108.3 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 25.1 m | 31.5 m | 29.6 m |
| Revenue YoY | unavailable | +25.5% | −5.9% |
| Net income | -7.6 m | -4.4 m | -3.8 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | 0.07 | -0.04 | -0.03 |
| Diluted EPS YoY | unavailable | −157.4% | unavailable |
| net % | -30.2% | -13.8% | -12.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 105.7 k EUR
- Financial debt
- 29.2 m EUR
- Net debt
- 29.1 m EUR
- Equity
- 34.6 m EUR
- Total assets
- 113.4 m EUR
- Debt / equity
- 0.84x
- Current ratio
- 0.54x
- ROE
- -10.4%
- ROA
- -3.3%
- 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 | 25.1 m | 31.5 m | 29.6 m | esef· 23 Oct 2026verified |
| Cost of revenue | 19.2 m | 22.3 m | 20.6 m | esef· 23 Oct 2026verified |
| Gross profit | 5.9 m | 9.1 m | 9.0 m | esef· 23 Oct 2026verified |
| Research & development | 22.3 k | 122.3 k | 45.9 k | esef· 23 Oct 2026verified |
| Operating income | -4.4 m | -1.3 m | -1.2 m | esef· 23 Oct 2026verified |
| Interest expense | 3.6 m | 3.6 m | 2.7 m | esef· 23 Oct 2026verified |
| Pre-tax income | -7.7 m | -4.7 m | -3.9 m | esef· 23 Oct 2026verified |
| Income tax | -145.3 k | -327.9 k | -66.6 k | esef· 23 Oct 2026verified |
| Net income | -7.6 m | -4.4 m | -3.8 m | esef· 23 Oct 2026verified |
| Diluted EPS | 0.07 | -0.04 | -0.03 | esef· 23 Oct 2026verified |
| Dividend per share | — | 0.00 | — | esef· 23 Oct 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 642.5 k | 332.6 k | 105.7 k | esef· 23 Oct 2026verified |
| Receivables | 6.2 m | 5.7 m | 5.8 m | esef· 23 Oct 2026verified |
| Inventories | 24.0 m | 24.2 m | 23.3 m | esef· 23 Oct 2026verified |
| Current assets | 34.1 m | 32.9 m | 30.9 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 42.3 m | 42.0 m | 30.1 m | esef· 23 Oct 2026verified |
| Intangibles (excl. goodwill) | 10.6 m | 12.4 m | 11.1 m | esef· 23 Oct 2026verified |
| Total assets | 118.9 m | 117.7 m | 113.4 m | esef· 23 Oct 2026verified |
| Accounts payable | 6.9 m | 7.5 m | 8.8 m | esef· 23 Oct 2026verified |
| Short-term debt | 23.0 m | 23.1 m | 23.6 m | esef· 23 Oct 2026verified |
| Long-term debt | 5.4 m | 8.8 m | 5.6 m | esef· 23 Oct 2026verified |
| Current liabilities | 59.3 m | 57.8 m | 57.1 m | esef· 23 Oct 2026verified |
| Total liabilities | 76.9 m | 78.6 m | 69.6 m | esef· 23 Oct 2026verified |
| Equity | 42.0 m | 39.2 m | 34.6 m | esef· 23 Oct 2026verified |
| Shares outstanding at year end | — | 113.9 m | 113.7 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: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 30.6 m EUR
Key indicators
Coverage and freshness
Score by group
33% · 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 · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
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: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -1.5% | 15 (vs peers) | 31% |
| Net margin · Quality | -12.9% | 0 (vs peers) | 19% |
| 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 | -0.4x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 19% |
| 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
- Quality9/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
ΕΛΛΗΝΙΚΗ ΒΙΟΜΗΧΑΝΙΑ ΜΑΡΜΑΡΩΝ ΤΕΧΝΙΚΗ & ΤΟΥΡΙΣΤΙΚΗ ΕΤΑΙΡΕΙΑ ΙΚΤΙΝΟΣ ΕΛΛΑΣ ΑΝΩΝΥΜΟΣ ΕΤΑΙΡΕΙΑ (IKTIN.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 29.6 m EUR in 2025; YoY growth -5.9%; net margin -12.9%; ROE -10.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% 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: -1.5%
- Net margin: -12.9%
- Interest coverage: -0.4x
- Current ratio: 0.5x
- Shareholder yield (distributions): 0.0%
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, 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 | 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 IKTIN.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
Iktinos Ellas is a Greek marble extraction and processing company, with quarrying operations and tourism activity through subsidiaries. The company operates with significantly negative working capital, maturing debts and a restructuring plan under way, which makes its 2026 financial trajectory worth close monitoring. Dependence on the Chinese market, with roughly 48% of turnover 1, remains a central factor.
SWOT
Strengths
- Underground extraction at Volakas is presented by management as the main competitive advantage, and the company shows a stable workforce and a declining accident rate.
- Sales are made mainly in euro, which limits direct exposure to exchange-rate movements.
- The company already has an export network spanning dozens of countries and has begun diversifying its customer base.
Weaknesses
- Working capital is negative, and the company has maturing debts to banks and social security bodies.
- Dependence on the Chinese market is high, making revenue sensitive to demand conditions there.
- The company depends on restructuring its debt and on new financing, processes still under way at the report date.
Opportunities
- The sale of the IDEI subsidiary and a possible disposal of non-core activities could bring liquidity and simplify the structure.
- Expansion into higher value-added markets such as the United States and the Gulf could improve margins.
- Acquiring and leasing new quarries could widen access to raw material and the product range.
Threats
- Energy price volatility and inflation could reduce profit margins.
- Geopolitical tensions in Ukraine and the Middle East could disrupt trade and supply chains.
- High interest rates could raise debt costs and weigh on the company's liquidity.
Risks
- Negative working capital and maturing debtshigh
The company reports negative working capital and overdue obligations, which could limit its ability to finance operations.
- Concentration on the Chinese markethigh
A significant part of sales depends on China, and a further fall in demand could quickly affect revenue.
- Reliance on debt restructuringmedium
The funding plan relies on restructuring loans and securing new sources of finance, processes still in progress.
- Energy and interest cost pressuremedium
A rise in energy prices or in Euribor could increase costs and the financial burden.
- Workplace safety riskslow
Quarrying involves accident risks, which can carry social and financial consequences.
Investment thesis
What would need to be true (bull case)
- If the debt restructuring and asset sales are completed, the company could ease financial pressure and rebuild its working capital.
- Diversifying exports into new markets could reduce dependence on China and support steadier revenue.
- Lower financial expenses in 2025 and underground extraction could support better margins over the medium term.
What would break the thesis
- Negative working capital and maturing debts could remain a burden if the restructuring is delayed or fails.
- Concentration on China exposes the company to demand shocks it cannot control.
- High interest rates and energy costs could compress margins, especially if selling prices do not rise.
What to watch
- Progress of the debt restructuring with PwC Advisory Services and any new financing2026
- Completion of asset sales and use of the proceeds2026
- Trend in sales to China and its share of turnover2026
- Execution of the 2026-2030 business plan and the 3.6 million euro investment programme2027
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
Management describes its 2026 priorities as expanding underground extraction, energy transition with lower consumption and CO2 emissions, the Zero Access safety infrastructure across all quarries, and environmental restoration 1. The company states a goal of zero accidents and reports a decline in its lost-time injury frequency rate 1.
The group structure includes subsidiaries such as IDEI S.A., sold in February 2026, and Iktinos Technical & Tourist S.A., which management says could be disposed of as a non-core activity 1. An agreement with CBE Capital aims to reshape the development plan for the Sitia project 1.
Segments
Marble blocks and finished products
The core segment is marble extraction and sale, including underground production, mainly for export; sales are made in euro 1.
Non-core activities and subsidiaries
Tourism and technical activities held through subsidiaries are treated by management as non-core, some of which may be monetised or disposed of under the 2026-2030 plan 1.
Market context
The company's main market is China, where sales account for roughly 48% of turnover 1. The company is trying to reduce this dependence by diversifying toward India, Egypt, Tunisia, the United States and Gulf Arab countries 1.
Management notes that demand for large marble blocks fell in the prior period, but that the Chinese market could gradually stabilise depending on how demand evolves 1.
Trends
- Geographic diversification of exportsmixed
Expansion into new markets reduces the risk of concentration in a single country, although China remains important 1.
- Weaker demand in Chinaheadwind
Softer demand for large blocks from China weighs on revenue, and stabilisation depends on how demand develops 1.
- Energy costs and inflationheadwind
Volatile energy prices and inflationary pressure raise production costs and can compress margins 1.
- High interest ratesheadwind
Central banks keeping rates high can raise the cost of debt, and a large part of the company's loans carry variable rates linked to Euribor 1.
Competitive position
The official source available does not explicitly identify competitors. The company operates in a marble market where processors and exporters from several countries compete on price, quality and access to resources, but the source provides no data to compare its relative position.
- No competitors identified in the analysed source
The source contains no list of competitors; any comparison would require additional information.
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 / ΕΛΛΗΝΙΚΗ ΒΙΟΜΗΧΑΝΙΑ ΜΑΡΜΑΡΩΝ ΤΕΧΝΙΚΗ & ΤΟΥΡΙΣΤΙΚΗ ΕΤΑΙΡΕΙΑ ΙΚΤΙΝΟΣ ΕΛΛΑΣ ΑΝΩΝΥΜΟΣ 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.