olivLaw · European equity research
ΑΦΟΙ Ι. & Β. ΛΑΔΕΝΗΣ Α.Ε. MINERVA MIN.AT
Greece · Athens Stock Exchange · ISIN GRS237003009 · Vertical: Listed companies from Greece
MINERVA is a Greek retail and manufacturing group in clothing and footwear with an extensive network of stores in Greece. The company is in a phase of expanding retail sales, while a gearing ratio of 78.94% makes its financial structure a central point to watch.
At the close of 06 Nov 2026, ΑΦΟΙ Ι. & Β. ΛΑΔΕΝΗΣ Α.Ε. MINERVA (MIN.AT) stock was 0.77 EUR (+2.00% on the day), with beta 0.25, 52-week range 0.48–0.77 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)
- 59.1
- strong (55–70)
- Bollinger (20, 2)
- 0.71 – 0.76
- above the upper band · %B 1.04 · band width 7.7%
- SMA 50 / 200
- 0.73 / 0.65
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.01 / 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 | +4.8% | −0.6% | +5.4 pp | — |
| 3 months | +10.9% | −4.2% | +15.0 pp | — |
| 6 months | +34.2% | +4.3% | +29.9 pp | — |
| Year to date | +6.3% | +7.5% | −1.3 pp | — |
| 1 year | +15.9% | +9.9% | +6.0 pp | +0.4% |
| 3 years | +34.2% | +49.8% | −15.6 pp | +38.4% |
| 5 years | +29.7% | +42.8% | −13.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 18.5 m | 18.7 m | 19.2 m |
| Revenue YoY | unavailable | +1.2% | +2.5% |
| Net income | 20.0 k | -8.0 k | 139.0 k |
| Net income YoY | unavailable | −140.0% | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 0.1% | -0.0% | 0.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 633.0 k EUR
- Financial debt
- 9.7 m EUR
- Net debt
- 9.1 m EUR
- Equity
- 4.5 m EUR
- Total assets
- 28.0 m EUR
- Debt / equity
- 2.16x
- Current ratio
- 1.54x
- ROE
- 3.1%
- 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 | 18.5 m | 18.7 m | 19.2 m | esef· 23 Oct 2026verified |
| Cost of revenue | 10.3 m | 10.0 m | 9.7 m | esef· 23 Oct 2026verified |
| Gross profit | 8.2 m | 8.7 m | 9.5 m | esef· 23 Oct 2026verified |
| Operating income | 1.2 m | 1.2 m | 1.3 m | esef· 23 Oct 2026verified |
| Pre-tax income | 114.0 k | 61.0 k | 252.0 k | esef· 23 Oct 2026verified |
| Income tax | 94.0 k | 78.0 k | 119.0 k | esef· 23 Oct 2026verified |
| Net income | 20.0 k | -8.0 k | 139.0 k | esef· 23 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 346.0 k | 478.0 k | 633.0 k | esef· 23 Oct 2026verified |
| Inventories | 7.0 m | 7.3 m | 7.3 m | esef· 23 Oct 2026verified |
| Current assets | 13.6 m | 13.7 m | 13.5 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 10.1 m | 10.1 m | 10.0 m | esef· 23 Oct 2026verified |
| Intangibles (excl. goodwill) | 16.0 k | 22.0 k | 15.0 k | esef· 23 Oct 2026verified |
| Total assets | 27.8 m | 27.6 m | 28.0 m | esef· 23 Oct 2026verified |
| Accounts payable | 3.2 m | 2.7 m | 2.9 m | esef· 23 Oct 2026verified |
| Long-term debt | 1.0 m | 10.4 m | 9.7 m | esef· 23 Oct 2026verified |
| Current liabilities | 17.9 m | 8.3 m | 8.8 m | esef· 23 Oct 2026verified |
| Equity | 4.3 m | 4.4 m | 4.5 m | esef· 23 Oct 2026verified |
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
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
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 · input data missing
- 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 | 4.9% | 37 (vs peers) | 50% |
| Net margin · Quality | 0.7% | 18 (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 | 1.5x | 62 (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· partial62/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality30/100 · 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
ΑΦΟΙ Ι. ΚΑΙ Β. ΛΑΔΕΝΗΣ Α.Ε. MINERVA ΒΙΟΜΗΧΑΝΙΑ ΠΛΕΚΤΙΚΗΣ (MIN.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 19.2 m EUR in 2025; YoY growth 2.5%; net margin 0.7%; ROE 3.1%.
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
- Net margin: 0.7%
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 | 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 MIN.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
Scenarios are not available. input data missing
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
MINERVA is a Greek retail and manufacturing group in clothing and footwear with an extensive network of stores in Greece. The company is in a phase of expanding retail sales, while a gearing ratio of 78.94% makes its financial structure a central point to watch 1.
SWOT
Strengths
- Own store network in several Greek cities and an established presence in retail.
- Lower net debt and higher equity in 2025 improved the financial structure.
- Group structure with subsidiaries in several countries allows integrated manufacturing and distribution.
Weaknesses
- The gearing ratio remains high, and most loans carry variable interest rates.
- Concentration of activity in the Greek market exposes the company to local economic conditions.
- Debt with financial covenants can become immediately repayable if the ratios are not met.
Opportunities
- Continued retail expansion with new stores could support sales growth.
- Launching new products may open additional market segments.
- Continued reduction of debt could lower financing costs and refinancing risk.
Threats
- Rising EURIBOR could increase financing costs, according to management.
- A possible energy crisis or worsening geopolitics could affect purchasing power.
- Breaches of data protection rules can lead to significant penalties.
Risks
- High leveragehigh
The group's gearing remains high, which may limit financial flexibility if operating results decline 1.
- Interest rate riskmedium
Most loans carry variable rates, and a rise in EURIBOR could affect net profit 1.
- Financial covenantshigh
If agreed financial ratios are not met, lenders may terminate contracts, making the debts immediately repayable 1.
- Dependence on the Greek marketmedium
Activity is concentrated in Greece, so local economic conditions have a direct impact on sales 1.
- Data protectionlow
Breach of the European data protection regulation could lead to fines and significant negative effects 1.
Investment thesis
What would need to be true (bull case)
- If the store network expansion continues and retail sales grow in line with management's outlook, the group's performance could improve 1.
- The reduction of net debt and the rise in equity in 2025 could strengthen the company's financial position over time 1.
- The structure with subsidiaries in several countries could offer operational flexibility in production and distribution 1.
What would break the thesis
What to watch
- Retail sales growth compared with management's estimate for 20262026
- Level of gearing and compliance with agreed financial covenants2026
- EURIBOR movements and their effect on the cost of variable-rate loans2026
- Effect of the new stores in Kozani and Zografou on salesnext 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 MINERVA group, led by a managing director in an executive role, operates mainly in Greece through its retail store network, with 34 points of sale at 31 December 2025 1. The structure includes subsidiaries in Romania (MINCO ROMANIA SRL), Cyprus (J&B LADENIS MINERVA CYPRUS L.T.D) and ELETEN S.A. 1. The group finances its working capital through bank loans and bonds, and loans with financial covenants stood at 10,080 thousand EUR at the end of 2025 1. Management estimates that sales in 2026 will show a positive change, mainly due to the continued development of retail sales 1.
The core activity is the manufacture and sale of clothing and footwear, with a focus on the Greek domestic market. The company maintains offices in Thessaloniki and Marousi and opened a store in Zografou in 2025, while a new store in Kozani began operating in February 2026 1.
Management states that its annual objectives are to safeguard liquidity and achieve profitable results, and the gearing ratio fell compared with the previous year thanks to lower net debt and stronger equity 1.
Segments
Retail sales
Sales through the company's own stores are the main growth driver cited by management for 2026, with the network of 34 points of sale in Greece at 31 December 2025 1.
Sales to subsidiaries and third parties
The group sells raw materials and products to subsidiaries in Cyprus and Greece and provides contract manufacturing services through MINCO ROMANIA SRL, transactions detailed as related-party dealings 1.
Market context
The company's reference market is Greece, where private consumption depends on consumers' purchasing power, affected by economic and geopolitical conditions 1. Management notes that a possible energy crisis could influence market developments 1.
The company responds to market changes by launching new products and opening points of sale, so retail expansion remains its main adaptation tool 1.
Trends
- Cost of financingheadwind
Most loans carry variable rates linked to EURIBOR; rising rates would increase the cost of debt, according to management 1.
- Store network expansiontailwind
Recent openings in Zografou and Kozani suggest that retail expansion supports the sales growth expected for 2026 1.
- Geopolitical and energy climatemixed
Management assumes that geopolitical tensions will not worsen further, while a possible energy crisis could affect purchasing power 1.
- Reduction of net debttailwind
The gearing ratio fell in 2025 thanks to lower net debt and higher equity, which could support financial flexibility if the trend continues 1.
Competitive position
The official sources reviewed do not name competitors. The company's position depends on its own store network and its ability to launch new products against competition in the Greek market 1.
Management says that adapting through new products and new points of sale is its response to competitive pressure, without naming specific competitors 1.
- Competitors not identified in the source
The official document does not name competitors; no statements are made about third-party companies.
- Greek retail chains
The source mentions only general competitive pressure, without naming companies.
- Clothing and footwear manufacturers
The source provides no data on these competitors.
- Regional suppliers and distributors
The source offers no further information on this category.
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 / ΑΦΟΙ Ι. & Β. ΛΑΔΕΝΗΣ Α.Ε. MINERVA · 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.