olivLaw · European equity research
ΛΑΝΑΚΑΜ Α.Ε. LANAC.AT
Greece · Athens Stock Exchange · ISIN GRS047063003 · Vertical: Listed companies from Greece
ΛΑΝΑΚΑΜ Α.Ε. is a Greek société anonyme active in wholesale and retail of apparel and accessories, with operations in Greece and Cyprus and an owned property portfolio. For 2026 management expects a demanding business environment marked by wars and margin pressure, which makes its diversification plan through real estate relevant if it is carried out.
At the close of 04 Nov 2026, ΛΑΝΑΚΑΜ Α.Ε. (LANAC.AT) stock was 0.91 EUR (+0.00% on the day), with market capitalisation 5.6 m EUR, P/E 9.1 on diluted EPS of 0.10 EUR over the last 12 months, beta 0.30, 52-week range 0.85–1.67 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)
- 49.4
- neutral
- Bollinger (20, 2)
- 0.84 – 0.93
- in the upper half of the band · %B 0.74 · band width 10.7%
- SMA 50 / 200
- 0.93 / 1.24
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.03
- 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 | +0.7% | +0.4% | +0.3 pp | — |
| 3 months | −13.7% | −3.3% | −10.5 pp | — |
| 6 months | −37.9% | +4.0% | −41.9 pp | — |
| Year to date | −36.2% | +8.1% | −44.3 pp | — |
| 1 year | −41.9% | +10.7% | −52.6 pp | +0.9% |
| 3 years | −12.9% | +50.1% | −63.0 pp | +35.3% |
| 5 years | −14.5% | +43.6% | −58.1 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 0 percentile of its own 3-quarter history (min 12.0, median 14.2, max 18.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.4 m | 2.4 m | 2.4 m |
| Revenue YoY | unavailable | −0.8% | −1.3% |
| Net income | 516.1 k | 293.7 k | 619.1 k |
| Net income YoY | unavailable | −43.1% | +110.8% |
| Diluted EPS | 0.09 | 0.05 | 0.10 |
| Diluted EPS YoY | unavailable | −44.4% | +100.0% |
| net % | 21.1% | 12.1% | 25.8% |
| Free cash flow | 98.8 k | 133.7 k | 213.6 k |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 117.5 k EUR
- Financial debt
- 1.5 m EUR
- Net debt
- 1.4 m EUR
- Equity
- 9.9 m EUR
- Total assets
- 15.2 m EUR
- Debt / equity
- 0.15x
- Current ratio
- 0.42x
- ROE
- 6.4%
- ROA
- 4.2%
- FCF margin
- 8.9%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.4 m | 2.4 m | 2.4 m | esef· 23 Oct 2026verified |
| Cost of revenue | 1.4 m | 1.4 m | 1.4 m | esef· 23 Oct 2026verified |
| Gross profit | 1.1 m | 1.0 m | 1.0 m | esef· 23 Oct 2026verified |
| Operating income | 857.4 k | 564.9 k | 1.0 m | esef· 23 Oct 2026verified |
| Interest expense | 153.8 k | 158.7 k | 135.8 k | esef· 23 Oct 2026verified |
| Pre-tax income | 718.7 k | 410.7 k | 909.0 k | esef· 23 Oct 2026verified |
| Income tax | 202.6 k | 117.0 k | 289.9 k | esef· 23 Oct 2026verified |
| Net income | 516.1 k | 293.7 k | 619.1 k | esef· 23 Oct 2026verified |
| Diluted EPS | 0.09 | 0.05 | 0.10 | esef· 23 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 86.8 k | 69.3 k | 117.5 k | esef· 23 Oct 2026verified |
| Receivables | 455.6 k | 368.5 k | 322.4 k | esef· 23 Oct 2026verified |
| Inventories | 685.1 k | 621.6 k | 611.5 k | esef· 23 Oct 2026verified |
| Current assets | 1.3 m | 1.1 m | 1.1 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 345.5 k | 398.3 k | 373.6 k | esef· 23 Oct 2026verified |
| Intangibles (excl. goodwill) | 6.6 k | 0 | 1.5 k | esef· 23 Oct 2026verified |
| Total assets | 13.7 m | 14.2 m | 15.2 m | esef· 23 Oct 2026verified |
| Accounts payable | 812.3 k | 740.2 k | 866.7 k | esef· 23 Oct 2026verified |
| Short-term debt | 1.5 m | 1.5 m | 1.5 m | esef· 23 Oct 2026verified |
| Current liabilities | 2.6 m | 2.5 m | 2.7 m | esef· 23 Oct 2026verified |
| Total liabilities | 4.6 m | 4.9 m | 5.2 m | esef· 23 Oct 2026verified |
| Equity | 9.0 m | 9.3 m | 9.9 m | esef· 23 Oct 2026verified |
| Shares outstanding at year end | 5.7 m | 5.9 m | 6.2 m | esef· 23 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 109.3 k | 207.7 k | 213.6 k | esef· 23 Oct 2026verified |
| Capex | 10.5 k | 74.1 k | 0 | esef· 23 Oct 2026verified |
| Free cash flow | 98.8 k ≈ | 133.7 k ≈ | 213.6 k ≈ | esef· 23 Oct 2026derived |
| Investing cash flow | 4.5 k | -69.5 k | 17.4 k | esef· 23 Oct 2026verified |
| Financing cash flow | -152.7 k | -155.7 k | -182.8 k | 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
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.6 m EUR
Key indicators
Coverage and freshness
Score by group
52% · 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: 0.46 – 1.37 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)0.46 – 0.94 (Mid 0.64)WACC 7.4% · starting FCFF 306.0 k EUR · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 10.6%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E0.84 – 1.37 (Mid 1.13)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)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: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.4% | 44 (vs peers) | 20% |
| Net margin · Quality | 25.8% | 74 (vs peers) | 12% |
| FCF conversion · Quality | 34.5% | 6 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 7.7x | 95 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 9.1x | 73 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.8% | 48 (on a fixed band) | 16% |
| 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 sheet57/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality42/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation62/100 · 2/3 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
ΛΑΝΑΚΑΜ ΑΝΩΝΥΜΟΣ, ΚΛΩΣΤΟΥΦΑΝΤΟΥΡΓΙΚΗ, ΤΕΧΝΙΚΗ, ΕΠΕΝΔΥΤΙΚΗ, ΝΑΥΤΙΛΙΑΚΗ, ΤΟΥΡΙΣΤΙΚΗ, ΕΜΠΟΡΟΒΙΟΜΗΧΑΝΙΚΗ ΕΤΑΙΡΕΙΑ (LANAC.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.4 m EUR in 2025; YoY growth -1.3%; net margin 25.8%; ROE 6.4%.
The estimated value range is 0.65–1.16 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 0.88 EUR, the price of 0.91 EUR leaves a potential of -2.5% (value / price − 1) and a margin of safety of -2.6% (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 (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 25.8%
- Interest coverage: 7.7x
- P/E (TTM): 9.1x
What contradicts it
- FCF conversion: 34.5%
- Current ratio: 0.4x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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 | 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% |
| 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% |
| ELSTR.ATΕλαστρον Α.ε.β.ε. Χαλυβουργικα Προϊοντα | 46.3 m | 8.3 | 6.6% | 3.3% | −5.2% | +5% / −13% |
1- and 3-year price returns: for LANAC.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 | 0.50 Total return -44% · Per year -44% | 0.89 Total return -1% · Per year -1% | 1.35 Total return 49% · Per year 49% |
| 3 years | 0.43 Total return -52% · Per year -22% | 0.87 Total return -4% · Per year -1% | 1.45 Total return 60% · Per year 17% |
| 5 years | 0.37 Total return -59% · Per year -16% | 0.85 Total return -6% · Per year -1% | 1.56 Total return 73% · Per year 12% |
- Exit P/E± 0.22
- Net margin± 0.15
- Annual revenue growth± 0.13
- Annual dilution± 0.01
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
ΛΑΝΑΚΑΜ Α.Ε. is a Greek société anonyme active in wholesale and retail of apparel and accessories, with operations in Greece and Cyprus and an owned property portfolio. For 2026 management expects a demanding business environment marked by wars and margin pressure, which makes its diversification plan through real estate relevant if it is carried out.
SWOT
Strengths
- Owned property portfolio, free of encumbrances, giving a base of asset value and stability.
- Presence in two markets, Greece and Cyprus, with a wholesale network and own stores.
- Conservative financial structure, with funding based on liquidity and approved bank facilities.
Weaknesses
- Dependence on a single sector, apparel and accessories, exposed to price-sensitive consumer demand.
- Dependence on a single geographic demand base, Greece and Cyprus.
- Margins under pressure from energy and transport costs and competitor promotions.
Opportunities
- E-commerce development as a strategic priority for the coming years.
- Acquisition of an investment property that could bring recurring income.
- Share gains by expanding the wholesale network in Greece and Cyprus.
Threats
- Wars and geopolitical tensions that can affect markets, costs and consumption.
- Competition from international online platforms with aggressive pricing.
- Fall in tourism in Cyprus, with direct impact on demand for the sector.
Risks
- Margin pressurehigh
Management expects increased pressure on profit margins in 2026, which could weigh on results if not offset.
- Weak consumer demandmedium
Demand is described as subdued and price-sensitive, with reliance on sales periods.
- Geopolitical riskhigh
Conflicts in Ukraine and the Middle East can affect costs and demand, with effects that are hard to anticipate.
- Execution of the property investmentmedium
The acquisition of an investment property is still being explored and may not happen on the expected terms.
- Dilution from a capital increaselow
A share capital increase could be needed, diluting shareholders, if market conditions prove favourable.
Investment thesis
What would need to be true (bull case)
- An unencumbered owned property portfolio could provide a base of value and stability even in difficult trading periods.
- If the e-commerce plan and wholesale expansion materialise, the company could gain share in two countries.
- A conservative financial structure could allow investment without heavy reliance on bank borrowing.
What would break the thesis
- Management expects a very demanding business environment in 2026, which could reduce profitability.
- Dependence on one sector and demand from two small markets exposes the company to concentrated shocks.
- The property investment plan is still under exploration, and its outcome is not assured.
What to watch
- Trend in gross margins and operating costs2026
- Any decision on a share capital increase and use of proceeds2026
- Progress on acquiring an investment property2026
- Tourism and consumer activity in Cyprus during the summer seasonSummer 2026
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, registered in Athens, runs wholesale and retail activities in apparel and accessories through a wholesale network, its own stores and the e-commerce platforms lnkm.gr and lnkm.cy. It has its warehouse and seat in Kerateα Attikis and stores in Kolonaki and Marousi. According to the 2025 annual report, it also owns properties in Kallithea, Thessaloniki, Kerateα and Nea Ηrakleio, valued at 9,063,000 EUR at 31 December 2025, which it aims to use for steadier cash flows. It has a trading subsidiary in Cyprus, 77SGP CYPRUS LTD.
Segments
Apparel and accessories trade
The core activity is distribution of apparel and accessories in Greece and Cyprus, both wholesale and through stores and online channels. Management aims to grow market share in both countries.
Property portfolio
The company holds land and buildings in Attica, Thessaloniki and Kerateα, free of encumbrances, and intends to acquire an investment property for recurring income, possibly through a share capital increase.
Market context
The target markets are the Greek and Cypriot apparel and accessories markets. The annual report notes that consumer demand is subdued and price-sensitive, and that tourism in Cyprus has been hit by geopolitical developments, with some hotel units likely not operating in summer 2026.
Trends
- Geopolitical pressure and costsheadwind
The conflicts in Ukraine and the Middle East could raise energy and transport costs and reduce consumer demand, which could squeeze margins.
- E-commercemixed
Developing its own platforms lnkm.gr and lnkm.cy is a strategic priority, but it could intensify competition with the wholesale network if not balanced.
- International online competitionheadwind
International online stores with aggressive pricing outside Greece's institutionalised promotional periods limit margins.
- Property monetisationtailwind
If the planned investment property is acquired, it could add recurring income and diversify away from trading.
Competitive position
The annual report mentions competition from international online retailers pricing aggressively, as well as pressure from physical stores in established chains. No competing companies are named in the source.
- International online retailers
Active in the Greek market with aggressive pricing outside institutionalised promotional periods, per the annual report.
- Physical retail chains in Greece
Compete for the same consumers in apparel and accessories, especially during sales periods.
- Retail operators in Cyprus
Affected by the fall in tourism, which weighs on shared sector demand.
- Regional wholesale distributors
Compete for the company's wholesale customers; the source does not name them.
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 / ΛΑΝΑΚΑΜ 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.