olivLaw · European equity research
QUALITY & RELIABILITY A.E. QUAL.AT
Greece · Athens Stock Exchange · ISIN GRS396003006 · Vertical: Listed companies from Greece
Quality & Reliability is a Greek IT services group that delivers information systems for the public sector, banks, insurers and companies, plus cybersecurity and AI. In 2025 the group integrated six companies into a shared headquarters, made its first acquisition, Systecom, and announced a cash capital increase now in preparation.
At the close of 06 Nov 2026, QUALITY & RELIABILITY A.E. (QUAL.AT) stock was 1.18 EUR (+0.85% on the day), with market capitalisation 31.3 m EUR, P/E 53.6 on diluted EPS of 0.02 EUR over the last 12 months, beta 0.84, 52-week range 1.02–1.40 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)
- 43.2
- weak (30–45)
- Bollinger (20, 2)
- 1.16 – 1.23
- in the lower half of the band · %B 0.31 · band width 5.7%
- SMA 50 / 200
- 1.23 / 1.24
- 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 | −7.5% | −0.6% | −6.9 pp | — |
| 3 months | −9.9% | −4.2% | −5.8 pp | — |
| 6 months | −1.3% | +4.3% | −5.7 pp | — |
| Year to date | −4.7% | +7.5% | −12.2 pp | — |
| 1 year | −8.7% | +9.9% | −18.6 pp | +0.4% |
| 3 years | +116.1% | +49.8% | +66.3 pp | +38.4% |
| 5 years | +319.9% | +42.8% | +277.1 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 33 percentile of its own 3-quarter history (min 26.3, median 56.3, max 98.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 10.3 m | 15.2 m | 21.0 m |
| Revenue YoY | unavailable | +46.6% | +38.7% |
| Net income | 631.9 k | 328.5 k | 584.4 k |
| Net income YoY | unavailable | −48.0% | +77.9% |
| Diluted EPS | 0.02 | 0.01 | 0.02 |
| Diluted EPS YoY | unavailable | −45.5% | +74.6% |
| net % | 6.1% | 2.2% | 2.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.2 m EUR
- Financial debt
- 8.5 m EUR
- Net debt
- 2.3 m EUR
- Equity
- 6.7 m EUR
- Total assets
- 31.2 m EUR
- Debt / equity
- 1.26x
- Current ratio
- 1.07x
- ROE
- 11.6%
- ROA
- 2.3%
- 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 | 10.3 m | 15.2 m | 21.0 m | esef· 23 Oct 2026verified |
| Cost of revenue | 6.7 m | 10.3 m | 14.9 m | esef· 23 Oct 2026verified |
| Gross profit | 3.6 m | 4.8 m | 6.2 m | esef· 23 Oct 2026verified |
| Operating income | 1.1 m | 1.6 m | 2.0 m | esef· 23 Oct 2026verified |
| Interest expense | — | 920.2 k | 931.1 k | esef· 23 Oct 2026verified |
| Pre-tax income | 485.7 k | 772.5 k | 1.1 m | esef· 23 Oct 2026verified |
| Income tax | -146.2 k | 444.0 k | 444.1 k | esef· 23 Oct 2026verified |
| Net income | 631.9 k | 328.5 k | 584.4 k | esef· 23 Oct 2026verified |
| Diluted EPS | 0.02 | 0.01 | 0.02 | esef· 23 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.4 m | 4.4 m | 6.2 m | esef· 23 Oct 2026verified |
| Inventories | 820.5 k | 863.7 k | 839.9 k | esef· 23 Oct 2026verified |
| Current assets | 12.7 m | 15.6 m | 22.1 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 402.6 k | 393.8 k | 856.0 k | esef· 23 Oct 2026verified |
| Goodwill | — | 0 | 3.3 m | esef· 23 Oct 2026verified |
| Intangibles (excl. goodwill) | 1.4 m | 1.8 m | 2.1 m | esef· 23 Oct 2026verified |
| Total assets | 15.9 m | 19.1 m | 31.2 m | esef· 23 Oct 2026verified |
| Accounts payable | 6.1 m | 9.0 m | 12.9 m | esef· 23 Oct 2026verified |
| Short-term debt | 4.1 m | 3.6 m | 7.8 m | esef· 23 Oct 2026verified |
| Long-term debt | 2.3 m | 2.4 m | 719.3 k | esef· 23 Oct 2026verified |
| Current liabilities | 10.2 m | 12.6 m | 20.6 m | esef· 23 Oct 2026verified |
| Total liabilities | 13.0 m | 15.8 m | 24.4 m | esef· 23 Oct 2026verified |
| Equity | 3.0 m | 3.3 m | 6.7 m | esef· 23 Oct 2026verified |
| Shares outstanding at year end | 27.4 m | 26.1 m | 26.6 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: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 31.3 m EUR
Key indicators
Coverage and freshness
Score by group
38% · 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: 0.18 – 0.30 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 · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E0.18 – 0.30 (Mid 0.25)26 companies used · median multiple 11.2x · quartiles 8.3x – 13.5xAEGN.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: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.0% | 81 (vs peers) | 28% |
| Net margin · Quality | 2.8% | 31 (vs peers) | 17% |
| 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 | 2.2x | 10 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 1.1x | 23 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 53.6x | 7 (vs peers) | 28% |
| 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 sheet15/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality62/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial7/100 · 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
QUALITY & RELIABILITY ΕΦΑΡΜΟΓΕΣ ΥΨΗΛΗΣ ΤΕΧΝΟΛΟΓΙΑΣ ΑΝΩΝΥΜΗ ΒΙΟΜΗΧΑΝΙΚΗ ΚΑΙ ΕΜΠΟΡΙΚΗ ΕΤΑΙΡΕΙΑ (QUAL.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 21.0 m EUR in 2025; YoY growth 38.7%; net margin 2.8%; ROE 12.7%.
The estimated value range is 0.18–0.30 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.25 EUR, the price of 1.18 EUR leaves a potential of -79.1% (value / price − 1) and a margin of safety of -378.7% (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 (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 17.0%
What contradicts it
- Interest coverage: 2.2x
- Current ratio: 1.1x
- P/E (TTM): 53.6x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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 QUAL.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 | 0.77 Total return -35% · Per year -35% | 1.36 Total return 15% · Per year 15% | 2.04 Total return 72% · Per year 72% |
| 3 years | 0.91 Total return -22% · Per year -8% | 1.79 Total return 52% · Per year 15% | 2.93 Total return 148% · Per year 35% |
| 5 years | 1.08 Total return -8% · Per year -2% | 2.37 Total return 101% · Per year 15% | 4.22 Total return 258% · Per year 29% |
- Exit P/E± 0.45
- Net margin± 0.31
- Annual revenue growth± 0.23
- Annual dilution± 0.03
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
Quality & Reliability is a Greek IT services group that delivers information systems for the public sector, banks, insurers and companies, plus cybersecurity and AI. In 2025 the group integrated six companies into a shared headquarters, made its first acquisition, Systecom 1, and announced a cash capital increase now in preparation 1.
SWOT
Strengths
- The group holds contracts with major public institutions and recognised awards, and its organisational integration was completed in 2025 1.
- The portfolio combines IT services, security, AI and ERP, which allows integrated offers to banks and public bodies 1.
- Client satisfaction scores are reported as high in both the public and private sectors 1.
Weaknesses
- Reliance on public contracts can bring payment delays and sensitivity to budget changes, especially in EU-funded projects 1.
- Staff turnover remains an important indicator, even though it fell from the prior year 1.
- International expansion is at an early stage, with one reported foreign project, which limits geographic diversification 1.
Opportunities
- If digitisation projects in Greece and Cyprus expand, the group could build a larger base of public clients abroad 1.
- Integrating Squaredev could open enterprise AI offerings if demand for AI agents grows 1.
- The partnership with a banking technology ecosystem could bring new projects in the financial sector 1.
Threats
Risks
- Dependence on the public sectormedium
A significant part of projects depends on contracts with public institutions, which can expose the group to budget delays and shifts in priorities 1.
- Capital increasemedium
The group announced a cash capital increase through a rights issue, which could dilute existing shareholders if rights are not exercised 1.
- Integration of acquisitionsmedium
The 2025 acquisitions brought new entities, and integrating them into the group's culture and systems could carry unforeseen costs 1.
- International expansionmedium
The first project outside Greece is recent, and developing other markets could require additional resources and skills 1.
- Staff turnoverlow
Losing IT specialists could affect project delivery, even though the indicator fell in 2025 1.
Investment thesis
What would need to be true (bull case)
- If public-sector digitisation continues, the group could benefit from repeat projects, having already important institutional clients 1.
- Acquisitions in security and AI could accelerate revenue growth if integration proceeds as planned 1.
- The awards received and improved staff retention could support talent attraction and new contracts 1.
What would break the thesis
- If the capital increase is completed, shareholders who do not take part could see their stake diluted 1.
- Dependence on public contracts could make revenue harder to forecast in case of budget delays 1.
- If the integration of acquisitions runs into difficulties, the expected synergies could be smaller than planned 1.
What to watch
- Financial results and revenue trend after the 2025 acquisitions2026 annual report
- Completion of the cash capital increase and how pre-emption rights are exercised2026
- Development of international projects, including in Cyprus2026
- Personnel indicators, including turnover and engagement targets2026 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
According to the 2025 annual report, the group offers consulting, implementation and maintenance of information systems, plus digitisation and technical training services 1. Its activity is organised across seven entities of the QnR Group, and in 2025 the organisational integration and move into a shared headquarters in Metamorfosi were completed 1. The group aims to become a strategic partner in digital transformation of public administration and to expand internationally 1.
In 2025 the group acquired Systecom, a cybersecurity specialist, Squaredev, a Belgian AI company, and Alexander Moore, a SAP Business One Gold partner, extending its product portfolio 1. Through its subsidiary QnR Financial Services it entered a strategic partnership to modernise digital banking systems 1.
Projects in 2025 include the electronic procurement system of EKAPY, financed under the AIGIS programme, the OSE maintenance system and a pension system for the public sector in Cyprus, the group's first project outside Greece 1. The group also received awards, including third place at the XRIMA 2024 Business Awards 1.
Segments
Market context
The annual report does not quantify the total market, but describes demand for digitisation, security and AI as increasingly important for the public and banking sectors 1. The group emphasises high value-added projects and its presence in Greece and abroad 1.
The ERP, cybersecurity and AI markets are cited as growth areas, and the group sees acquisitions as an entry route into these segments 1. The company notes that international expansion is still early, with its first foreign project in Cyprus 1.
Trends
- Digitisation of public administrationtailwind
Projects for EKAPY, OSE and OPEKA show demand for digital systems in the public sector, a segment where the group already has contracts 1.
- Artificial intelligencetailwind
The Squaredev acquisition and the holographic avatar technology suggest that AI is becoming a strategic area for the group 1.
- Cyber threatstailwind
The rise of ransomware makes cybersecurity more relevant, and Systecom was awarded for a project detecting such attacks 1.
- Workforce costs and staff turnovermixed
Wage pressure and turnover affect the costs of an IT services firm, and the group reduced attrition in 2025 but aims for a further reduction 1.
Competitive position
The annual report names no competitors. The group implicitly competes with Greek IT integrators and with cybersecurity and SAP consulting firms active in the same segments 1.
The group's stated advantage is combining public-sector services, security, banking and ERP under one framework, along with the awards it received 1. As the sources include no comparative market share data, its competitive position cannot be quantified from this material 1.
- Greek IT integrators and consultants
Competitors offering information systems services to public and private clients, mentioned as a general category without names in the source.
- Cybersecurity firms
Providers of SOC, security assessment and data loss prevention, the segment where Systecom operates.
- SAP integrators and consultants
Competitors in the SAP Business One and ERP market, where Alexander Moore is a partner.
- AI solution providers
Companies building enterprise AI agents and GenAI systems, the area in which Squaredev operates.
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 / QUALITY & RELIABILITY A.E. · 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.