olivLaw · European equity research
ΟΝΥΞ ΤΟΥΡΙΣΤΙΚΗ ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ ONYX.AT
Greece · Athens Stock Exchange · ISIN GRS530003003 · Vertical: Listed companies from Greece
ONYX is a Greek tourism company listed on the Main Market of the Athens Exchange since October 2025, developing an agrotourism and tourist accommodation project at Sani in Chalkidiki. The company has restructured its retail network and is focusing on the Sani investment, which depends on funding from the Recovery and Resilience Facility.
At the close of 05 Nov 2026, ΟΝΥΞ ΤΟΥΡΙΣΤΙΚΗ ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ (ONYX.AT) stock was 1.51 EUR (+0.26% on the day), with market capitalisation 112.1 m EUR, beta 0.17, 52-week range 1.35–2.38 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)
- 41.4
- weak (30–45)
- Bollinger (20, 2)
- 1.52 – 1.58
- below the lower band · %B -0.08 · band width 4.1%
- SMA 50 / 200
- 1.52 / 1.52
- mixed trend
- MACD (12, 26, 9)
- -0.00 / 0.01
- MACD below 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 | −4.4% | +0.4% | −4.8 pp | — |
| 3 months | +0.3% | −3.3% | +3.5 pp | — |
| 6 months | +2.0% | +4.0% | −1.9 pp | — |
| Year to date | −31.2% | +8.1% | −39.3 pp | — |
| 1 year | −33.3% | +10.7% | −44.0 pp | +0.9% |
| 3 years | +58.0% | +50.1% | +7.9 pp | +35.3% |
| 5 years | unavailable | +43.6% | unavailable | — |
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 | 2024 | 2025 |
|---|---|---|
| Revenue | 3.2 m | 2.3 m |
| Revenue YoY | unavailable | −28.3% |
| Net income | -1.4 m | -4.4 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.02 | -0.06 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -42.4% | -194.3% |
| Free cash flow | 378.2 k | 579.2 k |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 345.5 k EUR
- Financial debt
- 1.6 m EUR
- Net debt
- 1.2 m EUR
- Equity
- 72.1 m EUR
- Total assets
- 97.2 m EUR
- Debt / equity
- 0.02x
- Current ratio
- 0.55x
- ROE
- -7.5%
- ROA
- -5.6%
- FCF margin
- 25.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 3.2 m | 2.3 m | esef· 23 Oct 2026verified |
| Cost of revenue | 1.2 m | 2.7 m | esef· 23 Oct 2026verified |
| Gross profit | 2.0 m | -396.4 k | esef· 23 Oct 2026verified |
| Operating income | -1.4 m | -5.3 m | esef· 23 Oct 2026verified |
| Pre-tax income | -1.6 m | -5.5 m | esef· 23 Oct 2026verified |
| Income tax | -344.5 k | -499.0 k | esef· 23 Oct 2026verified |
| Net income | -1.4 m | -4.4 m | esef· 23 Oct 2026verified |
| Diluted EPS | -0.02 | -0.06 | esef· 23 Oct 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 462.3 k | 345.5 k | esef· 23 Oct 2026verified |
| Receivables | 1.5 m | 532.5 k | esef· 23 Oct 2026verified |
| Inventories | 4.3 m | 2.5 m | esef· 23 Oct 2026verified |
| Current assets | 6.3 m | 3.4 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 29.5 m | 70.2 m | esef· 23 Oct 2026verified |
| Goodwill | 8.0 m | 8.0 m | esef· 23 Oct 2026verified |
| Intangibles (excl. goodwill) | 14.4 m | 14.1 m | esef· 23 Oct 2026verified |
| Total assets | 60.4 m | 97.2 m | esef· 23 Oct 2026verified |
| Accounts payable | 2.5 m | 4.8 m | esef· 23 Oct 2026verified |
| Short-term debt | 720.4 k | 750.0 k | esef· 23 Oct 2026verified |
| Long-term debt | 666.7 k | 812.0 k | esef· 23 Oct 2026verified |
| Current liabilities | 3.9 m | 6.1 m | esef· 23 Oct 2026verified |
| Equity | 45.6 m | 72.1 m | esef· 23 Oct 2026verified |
| Shares outstanding at year end | 67.5 m | 74.0 m | esef· 23 Oct 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 492.4 k | 836.9 k | esef· 23 Oct 2026verified |
| Capex | 114.1 k | 257.7 k | esef· 23 Oct 2026verified |
| Free cash flow | 378.2 k ≈ | 579.2 k ≈ | esef· 23 Oct 2026derived |
| Investing cash flow | -114.1 k | -292.3 k | esef· 23 Oct 2026verified |
| Financing cash flow | -1.2 m | -661.5 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
- indicators available: 4 of at least 6
- score weight coverage: 29.2% 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: 112.1 m EUR
Key indicators
Coverage and freshness
Score by group
29% · 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: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -7.5% | 7 (vs peers) | 36% |
| Net margin · Quality | -194.3% | 0 (vs peers) | 21% |
| 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 | 0.6x | 0 (on a fixed band) | 14% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.5% | 6 (on a fixed band) | 29% |
| 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
- Quality5/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial6/100 · 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
ΟΝΥΞ ΤΟΥΡΙΣΤΙΚΗ ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ (ONYX.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.3 m EUR in 2025; YoY growth -28.3%; net margin -194.3%; ROE -7.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% 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: -7.5%
- Net margin: -194.3%
- Current ratio: 0.6x
- FCF yield: 0.5%
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, 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 |
| ONYX.ATΟνυξ Τουριστικη Ανωνυμη Εταιρεια | 112.1 m | — | -7.8% | -194.3% | −28.3% | −32% / +58% |
| 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% |
1- and 3-year price returns: for ONYX.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
ONYX is a Greek tourism company listed on the Main Market of the Athens Exchange since October 2025, developing an agrotourism and tourist accommodation project at Sani in Chalkidiki. The company has restructured its retail network and is focusing on the Sani investment, which depends on funding from the Recovery and Resilience Facility 1.
SWOT
Strengths
- The company has consolidated its structure through the merger with affiliates and obtained a Main Market listing, which can increase its credibility with investors.
- The company holds land in the Sani area and has extended its site through successive purchases, providing the base for a large tourism project.
- The audit and remuneration committees have been reorganised with independent members, which can support governance.
Weaknesses
- Retail and production activity has fallen noticeably, with store closures and staff reductions, and the turnover of the Bulgarian subsidiary has declined rapidly.
- The Bulgarian factory no longer operates organically, which points to capacity and operating efficiency problems.
- The main project depends on approval and release of public funding that has not yet been granted, creating reliance on administrative timing.
Opportunities
- If the Sani project receives the requested funding, the company could turn its land holdings into a new tourism business.
- Presence at international forums and recognition on the regulated market may open access to new partners and investors.
- Geothermal energy work in the Sani area, now under way, could complement the tourism offer with energy autonomy.
Threats
- Delays in the funding process could postpone or change the structure of the Sani project.
- Continued decline in traditional activity could reduce revenue until the new investment produces results.
- Dependence on one large project raises the company's risk if it does not proceed as planned.
Risks
- Uncertainty of public fundinghigh
The funding application under the recovery mechanism has not yet been approved, and a second application is at the independent evaluation stage. If funding is delayed, the Sani project could be postponed.
- Decline of the retail businesshigh
Closures of stores and the Bulgarian factory show a contraction of traditional activity. If this continues, company revenue could fall before tourism income appears.
- Concentration on one projectmedium
The company's strategy relies heavily on the Sani investment. Any administrative or technical obstacle could affect the whole development direction.
- Governance risks after the mergermedium
The merger with affiliates and the reorganisation of the board may create complexity in internal control, especially during the transition period.
- Operational risks in Bulgarialow
Staff reductions at Fashion Icon LTD and the halt of the Elin Pelin factory could generate restructuring costs and reputational risks.
Investment thesis
What would need to be true (bull case)
- If the Sani project receives funding and advances as planned, the company could build an extended tourism base using the land it holds.
- The Main Market listing and the reorganised committees can bring more transparency, which may attract investors interested in tourism projects.
- Closing unprofitable activities could allow resources to focus on the main investment, which could improve overall efficiency.
What would break the thesis
- If public funding does not materialise, the Sani project could remain only a plan, with no income for the company in the near term.
- Continued decline in retail and production could erode existing revenue before tourism becomes a real source of profit.
- The complex structure after the merger and the concentration on a single project can raise execution and internal control risk.
What to watch
- Outcome of the independent evaluation of the RRF funding application for Sani2026
- Progress of the geothermal boreholes at Sani-Afytos and the extension of the research contract2026
- Development of retail turnover and staffing at the Fashion Icon LTD subsidiarynext annual report
- How the audit committee and internal control respond after the merger with affiliatesnext 10-K
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
According to the annual report for the year ended 31 December 2025, ONYX merged in 2024 with affiliated companies ONYX Agrotourism, Green Hope Agrotourism and AGANOR, reaching share capital of 16.54 million euro, divided into 68.9 million shares 1. The company moved its shares from the Alternative Market to the Main Market, a process completed on 13 October 2025 1. The core activity remains clothing retail and production, but the report shows a reduction in the store network and staff at the Bulgarian subsidiary Fashion Icon LTD 1.
During 2025 the company closed several stores, including locations in Glyfada and Volos, and closed its Rome subsidiary MED S.R.L. in March 2025, whose store was its only activity 1. The factory in Elin Pelin, Bulgaria, stopped operating organically in 2025 1. The restructuring was linked to a sharp decline in the turnover of Fashion Icon LTD 1.
The main forward project is an agrotourism village with complex tourist accommodation at Sani, Kassandra, Chalkidiki, for which the company is buying neighbouring land and has applied for strategic investment status 1. For the eligible part of the investment, the company applied for funding through the state-backed loan mechanism of the Recovery and Resilience Facility 1.
Segments
Clothing retail and production
The company's traditional clothing segment was downsized in 2025 through store closures and staff reductions, especially at the Bulgarian subsidiary Fashion Icon LTD 1.
Tourism development at Sani
The Sani development includes land acquisitions, contracts with consultants and designers, and a funding application for an additional 40 stremmata in the area of N. Fokaia, acquired to create the largest possible site 1.
Market context
The analysed sources describe the market only in relation to the Chalkidiki project and the funding procedures of the Recovery and Resilience Facility. The source provides no data on the size of the tourism or clothing market in Greece.
The company mentions taking part in a New York – Eastern Mediterranean business forum in May 2025, where it presented the Sani agrotourism investment 1. The investment timetable depends on the independent evaluation of the funding application, which is at the independent evaluator stage 1.
Trends
- Shrinking retail activitymixed
The closure of stores and secondary factories shows a shift away from traditional production towards other activities, which could reduce exposure to retail if the Sani project advances.
- Public funding for investmentmixed
Access to Recovery and Resilience Facility funds could support the Sani investment, but the renewed application in 2026 has no result yet, which introduces timing uncertainty.
- Move to the Main Markettailwind
Listing on the Main Market of the Athens Exchange can increase the company's visibility and governance standards, especially after the audit and remuneration committees were reorganised.
- Consolidation of affiliatesmixed
The merger with affiliated companies could simplify the corporate structure and administrative costs, while the same structure may raise questions about concentration of control.
Competitive position
The sources do not explicitly identify competitors. The company operates both in clothing retail and tourism, and competition in these areas remains undocumented in the analysed report.
For the Sani project, competition could come from other agrotourism and accommodation properties in Chalkidiki, but the sources provide no data on them.
- Other clothing retail operators in Greece
The sources do not name direct competitors; no ticker confirmed.
- Accommodation and agrotourism operators in Chalkidiki
The sources do not name competitors; no ticker confirmed.
- Tourism property developers in Greece
Possible competition for land and investors, not documented in the source.
- Clothing producers in Bulgaria
Relevant to the Fashion Icon LTD subsidiary; competitors are not named in the source.
News & filings
In the press
- That night, 3 Onyx supersonic missiles hit Kiev city. 15 Banderol missiles, 1 Kh…Telegram — Intel Slava Z (pro-RU OSINT EN) · 19 Sept 2026 · EN
- ONYX Hospitality partners with SP on energy solutions in ThailandYahoo Finance — News · 15 Sept 2026 · EN
- Onyx Security Raises $113 Million to Control AI Agents in the EnterpriseSecurityWeek · 30 Jul 2026 · RO
Annual reports (ESEF)
- Annual report 202523 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ΟΝΥΞ ΤΟΥΡΙΣΤΙΚΗ ΑΝΩΝΥΜΗ 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.