olivLaw · European equity research
ΑΝΩΝΥΜΟΣ ΒΙΟΤΕΧΝΙΚΗ ΕΜΠΟΡΙΚΗ ΚΑΙ ΤΕΧΝΙΚΗ ΕΤΑΙΡΕΙΑ ΜΑΘΙΟΣ ΠΥΡΙΜΑΧΑ Α.Ε. MATHIO.AT
Greece · Athens Stock Exchange · ISIN GRS374003002 · Vertical: Listed companies from Greece
Mathios Refractories is a Greek company headquartered in Rentis, Athens, that makes and sells refractory and insulating materials and products from non-metallic minerals. The company is listed on the Athens Exchange in the Small Cap category and, while it reduces emissions and diversifies its energy through photovoltaics, it offers a useful case of climate transparency for a small industrial producer that uses recycled raw materials. Its annual report shows direct emissions rose to 1080.34 tonnes in 2024.
At the close of 05 Nov 2026, ΑΝΩΝΥΜΟΣ ΒΙΟΤΕΧΝΙΚΗ ΕΜΠΟΡΙΚΗ ΚΑΙ ΤΕΧΝΙΚΗ ΕΤΑΙΡΕΙΑ ΜΑΘΙΟΣ ΠΥΡΙΜΑΧΑ Α.Ε. (MATHIO.AT) stock was 0.61 EUR (+0.00% on the day), with market capitalisation 6.0 m EUR, beta 0.07, 52-week range 0.59–1.01 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)
- 24.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.59 – 0.65
- in the lower half of the band · %B 0.31 · band width 9.1%
- SMA 50 / 200
- 0.66 / 0.73
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.02
- 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 | −1.6% | +0.4% | −2.0 pp | — |
| 3 months | −4.7% | −3.3% | −1.4 pp | — |
| 6 months | −19.7% | +4.0% | −23.7 pp | — |
| Year to date | −36.8% | +8.1% | −44.9 pp | — |
| 1 year | −27.8% | +10.7% | −38.5 pp | +0.9% |
| 3 years | −39.6% | +50.1% | −89.7 pp | +35.3% |
| 5 years | +20.8% | +43.6% | −22.8 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 |
|---|---|---|
| Revenue | 13.2 m | 12.2 m |
| Revenue YoY | unavailable | −7.7% |
| Net income | -1.7 m | -777.6 k |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.18 | -0.08 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -13.2% | -6.4% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 598.5 k EUR
- Financial debt
- 9.0 m EUR
- Net debt
- 8.4 m EUR
- Equity
- 6.2 m EUR
- Total assets
- 21.5 m EUR
- Debt / equity
- 1.45x
- Current ratio
- 0.74x
- ROE
- -12.1%
- ROA
- -3.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 13.2 m | 12.2 m | esef· 23 Oct 2026verified |
| Cost of revenue | 8.4 m | 7.7 m | esef· 23 Oct 2026verified |
| Gross profit | 4.8 m | 4.5 m | esef· 23 Oct 2026verified |
| Operating income | -847.1 k | 45.8 k | esef· 23 Oct 2026verified |
| Pre-tax income | -1.7 m | -810.2 k | esef· 23 Oct 2026verified |
| Income tax | 18.6 k | -29.4 k | esef· 23 Oct 2026verified |
| Net income | -1.7 m | -777.6 k | esef· 23 Oct 2026verified |
| Diluted EPS | -0.18 | -0.08 | esef· 23 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 490.6 k | 598.5 k | esef· 23 Oct 2026verified |
| Inventories | 4.9 m | 4.4 m | esef· 23 Oct 2026verified |
| Current assets | 10.3 m | 8.5 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 10.7 m | 11.0 m | esef· 23 Oct 2026verified |
| Total assets | 22.9 m | 21.5 m | esef· 23 Oct 2026verified |
| Accounts payable | 4.9 m | 4.2 m | esef· 23 Oct 2026verified |
| Short-term debt | 8.7 m | 7.2 m | esef· 23 Oct 2026verified |
| Long-term debt | 939.1 k | 1.8 m | esef· 23 Oct 2026verified |
| Current liabilities | 13.7 m | 11.6 m | esef· 23 Oct 2026verified |
| Total liabilities | 16.4 m | 15.2 m | esef· 23 Oct 2026verified |
| Equity | 6.6 m | 6.2 m | esef· 23 Oct 2026verified |
| Shares outstanding at year end | 9.8 m | 9.8 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: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 6.0 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
21% · 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 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: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 0.3% | 19 (vs peers) | 50% |
| Net margin · Quality | -6.4% | 5 (vs peers) | 30% |
| 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 | 0.7x | 0 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| 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· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality13/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 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
ΑΝΩΝΥΜΟΣ ΒΙΟΤΕΧΝΙΚΗ ΕΜΠΟΡΙΚΗ ΚΑΙ ΤΕΧΝΙΚΗ ΕΤΑΙΡΕΙΑ ΜΑΘΙΟΣ ΠΥΡΙΜΑΧΑ Α.Ε. (MATHIO.AT). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 12.2 m EUR in 2024; YoY growth -7.7%; net margin -6.4%; ROE -11.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% 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: 0.3%
- Net margin: -6.4%
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), 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 | 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 MATHIO.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
Mathios Refractories is a Greek company headquartered in Rentis, Athens, that makes and sells refractory and insulating materials and products from non-metallic minerals. The company is listed on the Athens Exchange in the Small Cap category and, while it reduces emissions and diversifies its energy through photovoltaics, it offers a useful case of climate transparency for a small industrial producer that uses recycled raw materials. Its annual report shows direct emissions rose to 1080.34 tonnes in 2024 1.
SWOT
Strengths
- The company holds certifications and products with declared ecological performance, including ISO 9001 and class A+ for indoor air 1.
- Use of recycled raw materials and a production structure with an emissions reduction system support the image of a responsible producer 1.
- Shareholding is concentrated, which may facilitate quick decisions at management level 1.
Weaknesses
- Direct emissions have risen in recent years, mainly at Ritsona, indicating pressure to reduce the carbon footprint 1.
- Photovoltaic energy produced does not fully cover the plant's consumption, so dependence on conventional energy remains 1.
- The report does not present sales, margin or profitability figures, which limits the financial analysis 1.
Opportunities
- Expanding the customer base to international groups and launching new structural products are directions declared by management 1.
- Demand for thermal insulation and eco-friendly materials could grow if climate regulation tightens 1.
- Cutting administrative costs and reorganising services could improve margins if the goals are met 1.
Threats
- Structural weaknesses in the Greek economy, such as low productivity and dependence on tourism, may limit construction demand 1.
- Costs of complying with climate and reporting requirements may add pressure on production costs 1.
- Energy prices and fluctuations in recycled raw material supply may affect costs and production continuity 1.
Risks
- Dependence on a single planthigh
Main production is concentrated at Ritsona, and a disruption there could affect the whole product range 1.
- Rising direct emissionsmedium
Direct emissions increased in 2024 compared with previous years, which could bring additional climate compliance costs 1.
- Construction demandmedium
Weaknesses in the Greek economy could reduce demand for building materials and renovation 1.
- Recycled raw material supplymedium
Reliance on industrial waste as feedstock could create variations in quality and cost 1.
- Lack of financial data in the reportlow
The analysed document contains no detailed financial indicators, making a full assessment of financial risk difficult 1.
Investment thesis
What would need to be true (bull case)
- If the goals of growing sales to existing customers and winning new international clients are achieved, the company could strengthen its position in the refractory materials market 1.
- Ecological certifications and products made from recycled materials could become a competitive advantage as sustainability requirements grow 1.
- Investment in solar energy and energy efficiency could lower operating costs over the medium term 1.
What would break the thesis
- The rise in direct emissions in recent years could bring regulatory pressure and additional costs for the Ritsona plant 1.
- The Greek economy, with its structural weaknesses, could limit construction and renovation demand and weigh on sales volume 1.
- The lack of sales and profit figures in the analysed report makes it hard to verify progress against the stated goals 1.
What to watch
- Trend in direct emissions at Ritsona versus 20242025 annual report
- Delivery of sales growth with international customers2026
- Launch of innovative structural products and their effect on sales2026
- Savings from cutting administrative costsnext annual report
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 group operates in the production of refractory and insulating materials (refractory bricks, refractory masses and refractory mortars) and in processing non-metallic minerals such as expanded vermiculite 1. Main production takes place at Ritsona, in Evia, while the head office and warehouses are at Agios Ioannis Rentis, near Piraeus, where activity was moved from Aspropyrgos 1. The company also has a sales point at Sindos, near Thessaloniki 1.
The business model relies on recycled raw materials such as brick and porcelain scrap used as feedstock, and some products are described as 100% recyclable and not quarry-extracted 1. The company is ISO 9001 certified and some specialised products have received class A+ for indoor air quality regarding volatile organic compounds 1.
In 2025 management announced measures to grow sales to existing customers, expand the customer base with international groups, launch innovative structural products and cut administrative costs 1. The text available does not give revenue or profit figures, so these goals remain statements of intent without public measurement in the source 1.
Segments
Refractory and insulating materials
This is the main segment, with refractory bricks, masses and mortars produced in Ritsona from partly recycled raw materials 1.
Non-metallic mineral products
Includes expanded vermiculite and insulation and finishing products, where the company highlights lower AEKK emissions and ease of installation for external thermal insulation systems 1.
Trading
The depot and sales point in Sindos (Thessaloniki) distributes refractory and insulating products to customers in the north 1.
Market context
The report describes the Greek economy as having structural weaknesses such as low productivity, an ageing population and dependence on tourism, with 2026 seen as a year of stabilisation and prudent development 1. For a building materials producer these conditions shape construction and renovation demand, although the source does not quantify the sector market.
The company operates under the EU Taxonomy, which classifies sustainable economic activities and influences financing and reporting requirements for energy-intensive industries 1. Classifying Mathios as a refractory and non-metallic producer places it within the climate reporting scope presented in the report 1.
Trends
- Stabilisation of the Greek economymixed
Management expects 2026 to be a year of stabilisation and prudent growth, which could support demand for building materials if it materialises 1.
- Energy transition and photovoltaicstailwind
Investment in photovoltaic systems reduces dependence on the grid and energy costs, but the energy produced covers only part of consumption 1.
- Climate requirements and reportingheadwind
The EU Taxonomy and emissions reporting obligations require monitoring and reducing the carbon footprint of plants, with additional compliance costs 1.
- Circular economytailwind
Use of recycled raw materials and product recyclability could support demand for eco-friendly materials, but depends on the availability of industrial waste 1.
Competitive position
The analysed source does not identify direct competitors and contains no comparative market share data 1. Based on the product mix, competition would probably come from other Greek and European refractory and insulation producers, but this is an assumption, not a fact from the report.
Stated advantages are ISO 9001 certification, products made from recycled materials and the A+ indoor air certification, which may differentiate the offer in a building materials market 1. The lack of comparative data makes it hard to assess the real competitive position.
- European refractory materials producers
The source does not name competitors; this category is a market assumption not confirmed by the report.
- Greek building materials distributors
Distribution channels are not detailed in the report, so their competitive role remains unclear.
- External thermal insulation system producers
Vermiculite and insulation products may compete with other insulation solutions, with no data in the source.
- Recycled raw material suppliers for industry
The company sources from recycling, which could mean competition for the same waste streams.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202423 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ΑΝΩΝΥΜΟΣ ΒΙΟΤΕΧΝΙΚΗ ΕΜΠΟΡΙΚΗ ΚΑΙ ΤΕΧΝΙΚΗ ΕΤΑΙΡΕΙΑ ΜΑΘΙΟΣ ΠΥΡΙΜΑΧΑ 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.