olivLaw · European equity research
REAL CONSULTING ΠΑΡΟΧΗ ΕΠΙΧΕΙΡΗΣΙΑΚΩΝ ΛΥΣΕΩΝ ΠΛΗΡΟΦΟΡΙΚΗΣ Α.Ε. REALCONS.AT
Greece · Athens Stock Exchange · ISIN GRS522003003 · Vertical: Listed companies from Greece
Real Consulting is a Greek SAP consultancy and implementation firm specialised in ERP solutions for energy, natural gas and utilities, which in 2025 expanded through acquisitions in Romania and Cyprus after moving to the Athens regulated market. Its debt load remains low, with a Group gearing of 2.72% at the end of fiscal 2025.
At the close of 05 Nov 2026, REAL CONSULTING ΠΑΡΟΧΗ ΕΠΙΧΕΙΡΗΣΙΑΚΩΝ ΛΥΣΕΩΝ ΠΛΗΡΟΦΟΡΙΚΗΣ Α.Ε. (REALCONS.AT) stock was 8.48 EUR (+0.47% on the day), with market capitalisation 178.4 m EUR, P/E 39.2 on diluted EPS of 0.22 EUR over the last 12 months, dividend yield 0.60%, beta 0.63, 52-week range 4.97–8.78 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)
- 49.2
- neutral
- Bollinger (20, 2)
- 8.36 – 8.64
- in the lower half of the band · %B 0.42 · band width 3.3%
- SMA 50 / 200
- 8.46 / 7.03
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.00 / 0.02
- 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 | −2.8% | +0.4% | −3.1 pp | — |
| 3 months | +3.2% | −3.3% | +6.4 pp | — |
| 6 months | +29.7% | +4.0% | +25.7 pp | — |
| Year to date | +46.2% | +8.1% | +38.1 pp | — |
| 1 year | +64.3% | +10.7% | +53.6 pp | +0.9% |
| 3 years | +262.4% | +50.1% | +212.3 pp | +35.3% |
| 5 years | +273.7% | +43.6% | +230.1 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 100 percentile of its own 2-quarter history (min 26.8, median 27.8, max 28.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 40.4 m | 46.7 m |
| Revenue YoY | unavailable | +15.4% |
| Net income | 2.7 m | 4.5 m |
| Net income YoY | unavailable | +70.0% |
| Diluted EPS | 0.12 | 0.22 |
| Diluted EPS YoY | unavailable | +77.7% |
| net % | 6.6% | 9.7% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.4 m EUR
- Financial debt
- 0 EUR
- Net debt
- -4.4 m EUR
- Equity
- 22.5 m EUR
- Total assets
- 48.8 m EUR
- Debt / equity
- 0.00x
- Current ratio
- 1.26x
- ROE
- 21.2%
- ROA
- 10.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 40.4 m | 46.7 m | esef· 23 Oct 2026verified |
| Cost of revenue | 26.0 m | 28.4 m | esef· 23 Oct 2026verified |
| Gross profit | 14.4 m | 18.3 m | esef· 23 Oct 2026verified |
| Operating income | 4.8 m | 7.2 m | esef· 23 Oct 2026verified |
| Interest expense | 443.0 k | 457.0 k | esef· 23 Oct 2026verified |
| Pre-tax income | 4.0 m | 6.1 m | esef· 23 Oct 2026verified |
| Income tax | 1.2 m | 1.5 m | esef· 23 Oct 2026verified |
| Net income | 2.7 m | 4.5 m | esef· 23 Oct 2026verified |
| Diluted EPS | 0.12 | 0.22 | esef· 23 Oct 2026verified |
| Dividend per share | 0.04 | 0.05 | esef· 23 Oct 2026derived |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 6.4 m | 4.4 m | esef· 23 Oct 2026verified |
| Receivables | 15.6 m | 23.4 m | esef· 23 Oct 2026verified |
| Inventories | 100.0 k | 141.0 k | esef· 23 Oct 2026verified |
| Current assets | 22.4 m | 28.0 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 594.0 k | 588.0 k | esef· 23 Oct 2026verified |
| Goodwill | 13.5 m | 16.4 m | esef· 23 Oct 2026verified |
| Intangibles (excl. goodwill) | 246.0 k | 164.0 k | esef· 23 Oct 2026verified |
| Total assets | 40.5 m | 48.8 m | esef· 23 Oct 2026verified |
| Accounts payable | 10.9 m | 16.3 m | esef· 23 Oct 2026verified |
| Long-term debt | 375.0 k | 0 | esef· 23 Oct 2026verified |
| Current liabilities | 16.4 m | 22.2 m | esef· 23 Oct 2026verified |
| Total liabilities | 20.1 m | 26.3 m | esef· 23 Oct 2026verified |
| Equity | 20.4 m | 22.5 m | esef· 23 Oct 2026verified |
| Shares outstanding at year end | 21.3 m | 21.0 m | esef· 23 Oct 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 7.7 m | 6.0 m | esef· 23 Oct 2026verified |
| Investing cash flow | -359.0 k | -3.8 m | esef· 23 Oct 2026verified |
| Financing cash flow | -3.3 m | -4.2 m | esef· 23 Oct 2026verified |
| Dividends paid | 850.0 k | 1.1 m | esef· 23 Oct 2026verified |
| Share repurchases | 426.0 k | 1.6 m | esef· 23 Oct 2026verified |
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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 178.4 m EUR
Key indicators
Coverage and freshness
Score by group
44% · 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: 1.82 – 2.96 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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/E1.82 – 2.96 (Mid 2.44)26 companies used · median multiple 11.3x · quartiles 8.4x – 13.7xAEGN.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)outside the aggregate0.69 – 0.95 (Mid 0.80)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 33.6% | 96 (vs peers) | 24% |
| Net margin · Quality | 9.7% | 56 (vs peers) | 14% |
| 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 | 15.8x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.3x | 38 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 39.2x | 7 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.5% | 22 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet75/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality81/100 · 2/3 factors with a value
- Returns· partial22/100 · 1/2 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
REAL CONSULTING ΠΑΡΟΧΗ ΕΠΙΧΕΙΡΗΣΙΑΚΩΝ ΛΥΣΕΩΝ ΠΛΗΡΟΦΟΡΙΚΗΣ ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ (REALCONS.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 46.7 m EUR in 2025; YoY growth 15.4%; net margin 9.7%; ROE 21.4%.
The estimated value range is 1.82–2.96 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.44 EUR, the price of 8.48 EUR leaves a potential of -71.2% (value / price − 1) and a margin of safety of -247.0% (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: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 33.6%
- Interest coverage: 15.8x
What contradicts it
- P/E (TTM): 39.2x
- Shareholder yield (distributions): 1.5%
- 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, 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% |
| REALCONS.ATReal Consulting Παροχη Επιχειρησιακων Λυσεων Πληροφορικης Ανωνυμη Εταιρεια | 178.4 m | 39.2 | 21.4% | 9.7% | +15.4% | +66% / +227% |
| 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% |
1- and 3-year price returns: for REALCONS.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 | 5.54 Total return -34% · Per year -34% | 9.75 Total return 16% · Per year 16% | 14.63 Total return 73% · Per year 73% |
| 3 years | 6.57 Total return -21% · Per year -7% | 12.90 Total return 54% · Per year 16% | 21.06 Total return 151% · Per year 36% |
| 5 years | 7.80 Total return -5% · Per year -1% | 17.06 Total return 106% · Per year 16% | 30.33 Total return 264% · Per year 29% |
- Exit P/E± 3.22
- Net margin± 2.26
- Annual revenue growth± 1.68
- Annual dilution± 0.19
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
Real Consulting is a Greek SAP consultancy and implementation firm specialised in ERP solutions for energy, natural gas and utilities, which in 2025 expanded through acquisitions in Romania and Cyprus after moving to the Athens regulated market. Its debt load remains low, with a Group gearing of 2.72% at the end of fiscal 2025 1.
SWOT
Strengths
- The company has a clear specialisation in SAP for utilities and a complete service cycle from strategy to maintenance 1.
- Borrowing is modest, and consolidated gearing is very low at the end of fiscal 2025 1.
- Access to the Athens Regulated Market and recent acquisitions give it visibility and room to expand 1.
Weaknesses
- Dependence on a single software ecosystem, SAP, means changes in the vendor's technology policy would affect the business directly 1.
- Acquisitions are partly paid in instalments, creating payment obligations over several years 1.
- Development of proprietary products is still at the plan stage, with no commercial results reported 1.
Opportunities
Risks
- Acquisition integrationmedium
Integrating the companies acquired in Romania and Cyprus could delay or weaken results if not carried out successfully 1.
- Instalment payment obligationsmedium
Remaining acquisition payments and put/call commitments could strain liquidity if revenues fall 1.
- Dependence on one software vendorhigh
The business relies on the SAP ecosystem, so changes to its products or partner terms could affect services offered 1.
- Currency risklow
The company considers its exposure to RON immaterial, but a sharper depreciation could affect the Romanian subsidiary 1.
- Client credit riskmedium
Trade receivables are large and part of them exceeds the agreed credit terms, although the company considers them collectable 1.
Investment thesis
What would need to be true (bull case)
- If digitalisation projects in utilities continue, the company could grow through SAP services and its expansion into Romania and Cyprus 1.
- A low debt structure gives flexibility for further acquisitions or investment in proprietary products 1.
- The move to the Regulated Market could increase visibility and access to longer-term financing 1.
What would break the thesis
What to watch
- Integration of Smart UX Development and Advanced Management Solutions and their contribution to revenue2026
- Progress of the Ioannina innovation centre and launch of the first proprietary products2026
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 company provides consultancy, implementation, custom application development, integrations with third-party systems and long-term maintenance for SAP solutions, covering the full project lifecycle 1. Its clients are mainly energy, natural gas and water companies, for which it develops SAP S/4HANA Utilities, Cloud and SAP Business Technology Platform solutions 1. It completed the move from the Alternative Market to the Regulated Market of the Athens Stock Exchange on 26 September 2025 1.
Segments
SAP consultancy and implementation for utilities
This is the core business, with projects from strategy and solution architecture through implementation and user experience optimisation for energy, gas and water companies 1. The acquisition of Smart UX Development S.R.L. in Bucharest was aimed at strengthening this segment and adding specialised staff 1.
Proprietary software product development
The company plans an innovation centre in Ioannina to develop its own software products for targeted sectors, using established software platforms and artificial intelligence technologies 1. The project was at the stage of an investment study filed at the end of October 2025 1.
Market context
The company operates in the SAP services market for the utilities sector, which the report describes as marked by rapid change, rising requirements and a high need for advanced technology solutions 1. The acquisition of Advanced Management Solutions Ltd, priced at EUR 2,044 thousand on adjusted LTM EBITDA of EUR 552 thousand, shows how the company values acquisition targets 1.
Trends
- Energy transition and utilities digitalisationtailwind
Demand for modern ERP systems in energy and water could grow as grids are modernised and reporting requirements tighten, which could support the company's projects 1.
- Migration to SAP S/4HANA and cloudmixed
Client migration to S/4HANA Utilities and to cloud and BTP solutions opens implementation and migration projects, but also requires technical skills that are hard to hire 1.
- Regional expansion through acquisitionsmixed
Acquisitions in Romania and Cyprus extend geographic reach and bring specialised staff, but could strain capital and create integration difficulties if pursued too quickly 1.
- Cost of financing and debtheadwind
Most borrowings carry variable interest, and a 0.5% move in Euribor would change net profit, so higher financing costs could weigh on margins 1.
Competitive position
The SAP consultancy market for utilities includes global and regional integrators, although the source does not name competitors 1. The company differentiates itself through its utilities specialisation and its end-to-end service mix from strategy to maintenance 1.
- Global SAP consulting integrators
Large IT services firms that implement SAP at scale and compete for utilities projects; the source does not name them, so they are not individually identified.
- Regional SAP integrators in Greece and South-East Europe
Local or regional firms offering SAP implementation and maintenance in nearby markets; competition depends on local presence.
- ERP software vendors for utilities
Producers or partners specialised in energy and water systems that compete with vertical solutions.
- AI-based software developers
Firms building proprietary AI-enabled software, a field the company intends to enter through its Ioannina centre.
News & filings
In the press
Annual reports (ESEF)
- Annual report 202523 Oct 2026
- Annual report 202523 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / REAL CONSULTING ΠΑΡΟΧΗ ΕΠΙΧΕΙΡΗΣΙΑΚΩΝ ΛΥΣΕΩΝ ΠΛΗΡΟΦΟΡΙΚΗΣ 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.