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olivLaw · European equity research

ΠΑΠΟΥΤΣΑΝΗΣ Α.Β.Ε.Ε. PAP.AT

Greece · Athens Stock Exchange · ISIN GRS065003014 · Vertical: Listed companies from Greece

3.46EUR+0.29% · 1 dayClose 05 Nov 2026

Papoutsanis is a Greek producer of soaps, hotel cosmetics and consumer products, with a factory described as one of the largest integrated units of its kind in Europe. The company aims to sustain growth in a context of high raw material and energy costs, and the sources show it is working to lower operating costs through investment in automation and storage.

At the close of 05 Nov 2026, ΠΑΠΟΥΤΣΑΝΗΣ Α.Β.Ε.Ε. (PAP.AT) stock was 3.46 EUR (+0.29% on the day), with market capitalisation 93.5 m EUR, P/E 19.0 on diluted EPS of 0.18 EUR over the last 12 months, dividend yield 2.01%, beta 0.48, 52-week range 2.88–3.95 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
93.5 m EUR
shares as of 31 Dec 2021
P/E (TTM)
19.0
Diluted EPS TTM 0.18 · TTM to 31 Dec 2021
E/P (TTM)
5.27%
TTM to 31 Dec 2021
Dividend yield
2.01%
DPS 12m 0.07
Beta (2y)
0.48
Volatility (1y) 30%
52-week range
2.883.95

Price history

Loading chart…

Technical reading

RSI (14)
56.6
strong (55–70)
Bollinger (20, 2)
3.30 – 3.50
in the upper half of the band · %B 0.80 · band width 5.8%
SMA 50 / 200
3.41 / 3.53
mixed trend
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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+0.9%+0.4%+0.5 pp—
3 months+1.8%−3.3%+5.0 pp—
6 months−8.5%+4.0%−12.4 pp—
Year to date−11.3%+8.1%−19.4 pp—
1 year+16.5%+10.7%+5.8 pp+0.9%
3 years+56.0%+50.1%+5.9 pp+35.3%
5 years+53.9%+43.6%+10.3 pp—
Max drawdown (1y)
−19.0%
02 Jan 2026 → 09 Jul 2026
Max drawdown (5y)
−37.2%
26 Apr 2022 → 18 Oct 2023
Compound annual growth (5y)
+9.0%
EURO STOXX 50 +7.5%

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 100 percentile of its own 2-quarter history (min 12.7, median 13.7, max 14.7; quarters with earnings only).

Fiscal years

Fiscal year20202021
Revenue40.8 m54.8 m
Revenue YoYunavailable+34.1%
Net income3.9 m4.9 m
Net income YoYunavailable+26.1%
Diluted EPS0.160.18
Diluted EPS YoYunavailable+17.2%
net %9.6%9.0%
Free cash flow-1.2 m-189.5 k

Balance sheet & financial health

Fiscal year 2021 · 31 Dec 2021

Cash
6.4 m EUR
Financial debt
16.7 m EUR
Net debt
10.3 m EUR
Equity
25.3 m EUR
Total assets
63.6 m EUR
Debt / equity
0.66x
Current ratio
1.16x
ROE
20.8%
ROA
8.6%
FCF margin
-0.3%

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2020
40.8 m
2021
54.8 m

esef· 22 Oct 2026verified

Cost of revenue
2020
27.8 m
2021
37.0 m

esef· 22 Oct 2026verified

Gross profit
2020
13.1 m
2021
17.8 m

esef· 22 Oct 2026verified

Research & development
2020
677.4 k
2021
891.0 k

esef· 22 Oct 2026verified

Interest expense
2020
559.9 k
2021
574.4 k

esef· 22 Oct 2026verified

Pre-tax income
2020
5.3 m
2021
6.1 m

esef· 22 Oct 2026verified

Income tax
2020
1.1 m
2021
1.2 m

esef· 22 Oct 2026verified

Net income
2020
3.9 m
2021
4.9 m

esef· 22 Oct 2026verified

Diluted EPS
2020
0.16
2021
0.18

esef· 22 Oct 2026verified

Dividend per share
2020
—
2021
0.07

esef· 22 Oct 2026derived

Balance sheet · EUR

Cash
2020
4.3 m
2021
6.4 m

esef· 22 Oct 2026verified

Receivables
2020
4.4 m
2021
7.4 m

esef· 22 Oct 2026verified

Inventories
2020
7.5 m
2021
7.2 m

esef· 22 Oct 2026verified

Current assets
2020
18.5 m
2021
23.5 m

esef· 22 Oct 2026verified

Property, plant & equipment, net
2020
32.4 m
2021
39.6 m

esef· 22 Oct 2026verified

Intangibles (excl. goodwill)
2020
225.3 k
2021
249.2 k

esef· 22 Oct 2026verified

Total assets
2020
51.4 m
2021
63.6 m

esef· 22 Oct 2026verified

Accounts payable
2020
8.0 m
2021
12.4 m

esef· 22 Oct 2026verified

Short-term debt
2020
3.4 m
2021
4.0 m

esef· 22 Oct 2026verified

Long-term debt
2020
9.1 m
2021
12.7 m

esef· 22 Oct 2026verified

Current liabilities
2020
14.1 m
2021
20.2 m

esef· 22 Oct 2026verified

Total liabilities
2020
29.2 m
2021
38.3 m

esef· 22 Oct 2026verified

Equity
2020
22.1 m
2021
25.3 m

esef· 22 Oct 2026verified

Shares outstanding at year end
2020
25.1 m
2021
27.0 m

esef· 22 Oct 2026derived

Cash flow · EUR

Operating cash flow
2020
5.3 m
2021
8.8 m

esef· 22 Oct 2026verified

Capex
2020
6.5 m
2021
9.0 m

esef· 22 Oct 2026verified

Free cash flow
2020
-1.2 m ≈
2021
-189.5 k ≈

esef· 22 Oct 2026derived

Investing cash flow
2020
-6.5 m
2021
-9.0 m

esef· 22 Oct 2026verified

Financing cash flow
2020
2.8 m
2021
2.2 m

esef· 22 Oct 2026verified

Dividends paid
2020
—
2021
1.9 m

esef· 22 Oct 2026verified

Share repurchases
2020
1.3 m
2021
—

esef· 22 Oct 2026verified

Computed indicators

Growth

Revenue growth (YoY)
34.1%
computed by olivLawFY 2021
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
26.1%
computed by olivLawFY 2021
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
17.2%
computed by olivLawFY 2021
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
32.5%
computed by olivLawFY 2021
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
9.0%
computed by olivLawFY 2021
FCF margin
-0.3%
computed by olivLawFY 2021

Returns

ROE
20.8%
computed by olivLawFY 2021 · balance sheet at 31 Dec 2021
ROA
8.6%
computed by olivLawFY 2021 · balance sheet at 31 Dec 2021
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
38.2%
computed by olivLawFY 2021
Payout ratio (FCF)
unavailable
the base of the ratio is not positive

Balance sheet

Net debt
10.3 m EUR
computed by olivLawbalance sheet at 31 Dec 2021
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.7x
computed by olivLawbalance sheet at 31 Dec 2021
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
1.2x
computed by olivLawbalance sheet at 31 Dec 2021
Quick ratio
0.8x
computed by olivLawbalance sheet at 31 Dec 2021
Cash ratio
0.3x
computed by olivLawbalance sheet at 31 Dec 2021

Cash

Operating cash flow
8.8 m EUR
computed by olivLawFY 2021
Capital expenditure
9.0 m EUR
computed by olivLawFY 2021
Free cash flow
-189.5 k EUR
computed by olivLawFY 2021
FCF conversion
-3.8%
computed by olivLawFY 2021
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
39 days
computed by olivLawFY 2021 · balance sheet at 31 Dec 2021
Days inventory outstanding
72 days
computed by olivLawFY 2021 · balance sheet at 31 Dec 2021
Days payables outstanding
100 days
computed by olivLawFY 2021 · balance sheet at 31 Dec 2021
Cash conversion cycle
11 days
computed by olivLawFY 2021 · balance sheet at 31 Dec 2021

Market and valuation

Market capitalisation
93.5 m EUR
computed by olivLawbalance sheet at 31 Dec 2021
Enterprise value
103.8 m EUR
computed by olivLawbalance sheet at 31 Dec 2021
Market cap / net income TTM
19.0x
computed by olivLawFY 2021
P/E (TTM)
19.0x
computed by olivLawFY 2021
Earnings yield
5.3%
computed by olivLawFY 2021
P/B
3.7x
computed by olivLawbalance sheet at 31 Dec 2021
P/S
1.7x
computed by olivLawFY 2021 · balance sheet at 31 Dec 2021
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
1.9x
computed by olivLawFY 2021 · balance sheet at 31 Dec 2021
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-0.2%
computed by olivLawFY 2021 · balance sheet at 31 Dec 2021
Dividend yield
2.0%
computed by olivLawFY 2021
Shareholder yield (distributions)
3.4%
computed by olivLawFY 2021 · balance sheet at 31 Dec 2021

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 41.7% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

3.46 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 93.5 m EUR

Key indicators

Market capitalisation
93.5 m EUR
computed by olivLawbalance sheet at 31 Dec 2021
P/E (TTM)
19.0x
computed by olivLawFY 2021
P/B
3.7x
computed by olivLawbalance sheet at 31 Dec 2021
EV/EBITDA
unavailable
input data missing
ROE
20.8%
computed by olivLawFY 2021 · balance sheet at 31 Dec 2021
Net margin
9.0%
computed by olivLawFY 2021
Revenue growth (YoY)
34.1%
computed by olivLawFY 2021
Dividend yield
2.0%
computed by olivLawFY 2021

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2021
Latest reported period: 31 Dec 2021
Latest balance sheet date: 31 Dec 2021
Share count (cover of the latest filing), as of: 31 Dec 2021
Source: esefpublished 22 Oct 2026
verified 77derived 3

The data is older than the freshness threshold.

Score by group

42% · Insufficient data

Estimated value range

Low
1.24
EUR per share
Mid
1.58
EUR per share
High
1.90
EUR per share
Price: 3.46 EUR
The price is above the range
Potential to the central value: -54.4% (value / price − 1)
Margin of safety: -119.3% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

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: 0.95 – 2.50 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)unavailable · equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E1.54 – 2.50 (Mid 2.06)
    26 companies used · median multiple 11.3x · quartiles 8.4x – 13.7x
    AEGN.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)0.95 – 1.29 (Mid 1.09)

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: 41.7% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality9.0%54 (vs peers)15%
FCF conversion · Quality-3.8%0 (on a fixed band)15%
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.2x30 (on a fixed band)10%
P/E (TTM) · Valuation19.0x20 (vs peers)25%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-0.2%0 (on a fixed band)20%
Shareholder yield (distributions) · Returns3.4%48 (on a fixed band)15%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial30/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality27/100 · 2/3 factors with a value
  • Returns· partial48/100 · 1/2 factors with a value
  • Valuation11/100 · 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

ΠΑΠΟΥΤΣΑΝΗΣ ΑΝΩΝΥΜΗ ΒΙΟΜΗΧΑΝΙΚΗ ΚΑΙ ΕΜΠΟΡΙΚΗ ΕΤΑΙΡΕΙΑ ΚΑΤΑΝΑΛΩΤΙΚΩΝ ΑΓΑΘΩΝ (PAP.AT). Latest full fiscal year: 2021; data up to 2021-12-31.

Figures computed from the financial statements: revenue 54.8 m EUR in 2021; YoY growth 34.1%; net margin 9.0%; ROE 20.8%.

The estimated value range is 1.24–1.90 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1.58 EUR, the price of 3.46 EUR leaves a potential of -54.4% (value / price − 1) and a margin of safety of -119.3% (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: 41.7% of at least 60%).

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

  • FCF conversion: -3.8%
  • P/E (TTM): 19.0x
  • FCF yield: -0.2%
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).

Versus the vertical median

Listed companies from Greece · same country · compared with 39 companies

Multiples and returns vs the median

P/E
19.0x
vertical median 12.1x
above median (+56.8%)
EV/EBITDA
—
vertical median 7.7x
P/S
1.7x
vertical median 1.7x
at median
P/B
3.7x
vertical median 1.4x
above median (+160.6%)
ROE
20.8%
vertical median 10.2%
above median (+104.5%)
Net margin
9.0%
vertical median 7.9%
above median (+13.2%)
EBIT margin
—
vertical median 8.9%
Revenue YoY
34.1%
vertical median 7.2%
above median (+372.2%)
Net debt/EBITDA
—
vertical median 2.9x
Dividend yield
2.0%
vertical median 2.6%
below median (−23.5%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
EUROB.ATΤραπεζα Eurobank Ανωνυμη Eταιρεια17.3 bn12.714.0%39.7%+2.7%+38% / +178%
ETE.ATΕθνικη Τραπεζα Της Ελλαδος Α.ε.15.2 bn13.113.3%42.5%−5.4%+24% / +167%
ELPE.ATHelleniq Energy Ανωνυμη Εταιρεια Συμμετοχων4.9 bn28.56.4%1.5%−9.0%+97% / +114%
CENER.ATCenergy Holdings4.5 bn23.524.3%9.4%+14.7%+45% / +207%
BELA.ATJumbo Ανωνυμη Εμπορικη Εταιρεια3.7 bn11.621.5%26.0%+7.2%+1% / +15%
AKTR.ATΑκtor Ανώνυμη Εταιρεία Συμμετοχών, Τεχνικών Και Ενεργειακών Έργων2.0 bn110.56.7%1.3%+11.2%+7% / +186%
EYDAP.ATΕταιρια Υδρευσεως Και Αποχετευσεως Πρωτευουσης Ανωνυμη Εταιρια1.5 bn—-2.6%-5.9%−2.4%+86% / +136%
ELHA.ATEλβαλχαλκορ Ελληνικη Βιομηχανια Χαλκου Και Αλουμινιου Ανωνυμος Εταιρεια1.3 bn12.49.8%2.9%+5.1%+6% / +83%
AEGN.ATΑεροπορια Αιγαιου Ανωνυμη Αεροπορικη Εταιρεια1.0 bn6.927.7%7.9%+4.6%−21% / −1%
AVAX.ATΑβαξ Ανωνυμη Εταιρεια Εργοληπτικη-Τουριστικη-Εμπορικη-Βιομηχανικη-Οικοδομικων Υλικων & Μηχανηματων505.7 m10.725.9%5.0%+47.1%+40% / +123%
BYLOT.ATBally's Intralot Α.ε.464.8 m15.3-9.3%-12.6%+34.8%+12% / +18%
ELLAKTOR.ATΕλλακτωρ Ανωνυμη Εταιρεια421.5 m2.726.1%175.2%−74.8%−32% / −44%
AEM.ATAlter Ego Media Α.ε.356.1 m18.118.3%14.0%+12.6%−2% / unavailable
ALMY.ATΑλουμυλ Βιομηχανια Αλουμινιου Αε324.0 m10.523.5%6.0%+11.7%+16% / +121%
DIMAND.ATDimand Ανωνυμη Εταιρεια Αξιοποιησης Και Εκμεταλλευσης Ακινητων Και Κατασκευων Υπηρεσιων Και Συμμετοχων266.7 m7.618.5%58.5%+110.6%+42% / +28%
EYAPS.ATΕταιρεια Υδρευσης & Αποχετευσης Θεσσαλονικης Α.ε.169.9 m22.04.1%8.8%+2.4%+24% / +42%
EVR.ATΕυρώπη Holdings Α.ε.168.6 m37.22.9%30.7%+435.3%−32% / +33%
BRIQ.ATBriq Properties Ανωνυμη Εταιρεια Επενδυσεων Σε Ακινητη Περιουσια150.0 m5.915.5%116.9%+37.8%+13% / +70%
FAIS.ATΦαις Συμμετοχων Ανωνυμη Εταιρεια117.2 m8.722.1%6.3%+12.9%−6% / unavailable
DAIOS.ATΔαϊος Πλαστικα Ανωνυμη Βιομηχανικη Εμπορικη Εταιρεια Α.ε.107.2 m10.914.0%15.6%+9.1%0% / +123%
PAP.ATΠαπουτσανης Ανωνυμη Βιομηχανικη Και Εμπορικη Εταιρεια Καταναλωτικων Αγαθων93.5 m19.020.8%9.0%+34.1%+16% / +59%
ASTAK.ATAlpha Real Estate Services Ae93.3 m12.410.4%30.3%+22.4%−8% / −8%
ASCO.ATA.s. Εμπορικη-Βιομηχανικη Εταιρια Η/υ & Παιχνιδιων Α.ε.59.8 m10.514.1%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 Εταιρεια47.3 m13.94.9%1.9%+8.6%−11% / −18%

1- and 3-year price returns: for PAP.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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
2.26
Total return -33% · Per year -33%
3.98
Total return 17% · Per year 17%
5.97
Total return 75% · Per year 75%
3 years
2.68
Total return -17% · Per year -6%
5.26
Total return 60% · Per year 17%
8.59
Total return 159% · Per year 37%
5 years
3.18
Total return 2% · Per year 0%
6.96
Total return 117% · Per year 17%
12.38
Total return 278% · Per year 30%
What moves the 3-year price the most
  • Exit P/E± 1.32
  • Net margin± 0.92
  • Annual revenue growth± 0.69
  • Annual dilution± 0.08

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

Papoutsanis is a Greek producer of soaps, hotel cosmetics and consumer products, with a factory described as one of the largest integrated units of its kind in Europe. The company aims to sustain growth in a context of high raw material and energy costs, and the sources show it is working to lower operating costs through investment in automation and storage.

SWOT

Strengths

  • The factory is vertically integrated and automated, which gives control over quality and costs, according to the annual report.
  • The company holds recognised certifications (RSPO, ECOCERT COSMOS) and sources a large share of its energy from renewables.
  • The portfolio spans four complementary categories, from own brands to production for third parties, which reduces dependence on a single segment.

Weaknesses

  • The company depends on natural gas and electricity, and their costs have risen to historic levels, according to the report.
  • The hotel segment is sensitive to tourism, which the report shows was strongly affected by the pandemic.
  • The company is not directly exposed to large international markets, and dependence on a few customers for third-party production may be a weak point.

Opportunities

  • If tourism returns to pre-pandemic levels, the hotel segment could generate higher volumes.
  • Collaborations with multinationals could be extended to new products and customers, according to plans described in the report.
  • Local production of soap noodles could gain market share where Asian imports are hit by logistics costs.

Threats

  • Rising raw material and energy prices could compress margins if they cannot be passed on to customers.
  • Geopolitical tensions in the Ukraine region make the impact on the economy and supply chains difficult to estimate.
  • Transport delays and logistics bottlenecks could affect raw material availability and delivery schedules for customers.

Risks

  • Energy costshigh

    Production depends on natural gas and electricity, and the report shows energy prices reached historic levels. If this pressure persists, production costs could rise substantially.

  • Raw material costshigh

    The report shows raw material prices rose compared with 2020. If they cannot be fully passed on to customers, margins could decline.

  • Geopolitical exposuremedium

    The company acknowledges it cannot estimate the final impact of developments in the Ukraine region. Effects on demand, logistics and costs could be hard to anticipate.

  • Dependence on tourismmedium

    The hotel segment depends on the recovery of tourism. If the recovery is delayed, volumes in this segment could remain below expected levels.

  • Supply chainmedium

    Transport delays and reduced availability of certain raw materials, noted in the report, could affect production and delivery timelines.

Investment thesis

What would need to be true (bull case)

  • If the tourism recovery is confirmed, the hotel segment could return to higher levels and support revenue growth.
  • Vertical integration and automation could partly offset cost pressures through operational efficiency.
  • Expanding collaborations with multinationals could diversify revenue and reduce dependence on a single sales channel.

What would break the thesis

  • If energy and raw material costs remain high, margins could be compressed even if volumes grow.
  • Geopolitical uncertainty could disrupt supply chains and demand, and its impact could be hard to estimate.
  • If the tourism recovery is delayed or Asian imports become more competitive, growth plans could be postponed.

What to watch

  • Evolution of energy and raw material costs and their impact on margins2022
  • Pace of recovery in the hotel segment relative to 2019 levels2022
  • Expansion of collaborations with multinational clients and launch of new products2022
  • Effect of automation and storage investments on operating 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

Papoutsanis operates in four categories: own-brand consumer products, hotel products, production for third parties (mainly multinational companies) and soap noodles. According to the annual report for fiscal 2021, the Greek factory is one of the largest integrated producers of soaps and hotel cosmetics in Europe, with a high level of automation and competitive costs. The company made significant investments across all four categories.

The factory's vertical integration is a central element of the business model, as it allows control over quality and production costs. The report notes that most planned investments aimed at higher productivity, new product launches and expanded storage space, with the stated goal of reducing operating costs.

The company also emphasises environmental matters: as the report for 2021 indicates, a significant part of its electricity comes from renewable sources, and packaging uses recycled or recyclable materials. Papoutsanis is a member of and holds RSPO certification for palm oil, and for part of its cosmetics range it holds ECOCERT COSMOS certifications.

Segments

Own-brand consumer products

The own-brand category, where according to the 2021 report the company intended to expand its range, enter new categories and strengthen its presence in shops. It is the segment that depends most on brand image and promotional campaigns.

Hotel products

Soaps and cosmetics for accommodation establishments. The 2021 report shows management expected this segment to return at least to 2019 levels as the effects of the pandemic eased, a factor directly tied to tourism dynamics.

Production for third parties

Manufacturing of products for external customers, mainly multinational companies. The annual report indicates the intention to extend these collaborations to new products and customers. Soap noodles, the basic raw material for soaps, are part of the same production ecosystem.

Market context

The market in which Papoutsanis operates covers soaps, cosmetics and hotel products, where tourism and distribution chains play an important role. The 2021 report shows that in the second half of 2021 raw material prices rose compared with 2020, while energy reached historic levels, which affects margins across the sector.

Demand also depends on the recovery of tourism after the pandemic, but the report warns that geopolitical developments in the Ukraine region make the final impact difficult to estimate. If these cost pressures persist, producers with integrated production could have a cost advantage, but also greater exposure to energy prices.

Trends

  • Tourism recoverytailwind

    The 2021 report considers that the hotel sector could return to 2019 levels as the pandemic eases. If the recovery is confirmed, demand for hotel products could rise.

  • Rising raw material costsheadwind

    According to the report, raw material prices rose from the second half of 2021 due to bottlenecks in production, transport and logistics. If the pressure persists, margins across the sector could be affected.

  • Energy and geopolitical riskheadwind

    The report describes energy prices as at historic highs and notes that developments in the Ukraine region make an estimate of the final impact impossible at the time of writing. As an energy-intensive producer, the company is exposed to this risk.

  • Automation and efficiencymixed

    Investment in automation, high energy-efficiency equipment and CIP cleaning systems is presented as a means of reducing costs and water consumption. If these investments deliver the expected effects, they could support margins over the medium term.

Competitive position

The sources analysed do not explicitly name competitors. The report only mentions that some basic soap noodles cannot be covered by imports from Malaysia and Indonesia due to transport costs and delays, suggesting Asian suppliers are a relevant alternative for the market.

The company's stated advantage is its European positioning: proximity to the market, control of production and the ability to meet the needs of the European market for basic materials. However, it cannot preserve margins through cost alone if price pressures persist or if imports become more competitive.

  • Asian soap noodle producers (Malaysia and Indonesia)

    Mentioned in the report as sources of basic soap noodles whose delivery to Europe was affected by transport costs and delays.

  • Suppliers of raw materials and recycled packaging

    The report shows the company works with certified suppliers of oils, recycled packaging and plant materials. Competition in these markets can influence costs.

  • Other European soap and hotel cosmetics producers

    The sources do not name them, but describing the factory as one of the largest in Europe implies direct rivals in the same segment.

  • International cosmetics and consumer product brands

    The report describes plans to strengthen the presence of own brands in shops. Competition with international brands on the same shelves is implicit.

News & filings

In the press

No news in our archive over the last 180 days.

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2021-12-31 (ESEF) · SEC / ΠΑΠΟΥΤΣΑΝΗΣ Α.Β.Ε.Ε. · 31 Dec 2021

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.