olivLaw · European equity research
VIOHALCO S.A. VIO.AT
Greece · Athens Stock Exchange · Vertical: Listed companies from Greece
Viohalco is a Greek industrial holding group whose subsidiaries make copper, steel, cables and steel pipes for energy, construction and automotive customers. In 2025 the group invested in research and development and announced an acquisition in steel pipes, in a context of geopolitical tensions affecting energy costs.
At the close of 05 Nov 2026, VIOHALCO S.A. (VIO.AT) stock was 15.22 EUR (−0.91% on the day), with market capitalisation 3.9 bn EUR, P/E 16.8 on diluted EPS of 0.91 EUR over the last 12 months, beta 1.04, 52-week range 9.19–21.85 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)
- 40.7
- weak (30–45)
- Bollinger (20, 2)
- 14.74 – 16.48
- in the lower half of the band · %B 0.27 · band width 11.1%
- SMA 50 / 200
- 16.40 / 16.31
- mixed trend
- MACD (12, 26, 9)
- -0.42 / -0.41
- 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 | −16.7% | +0.4% | −17.1 pp | — |
| 3 months | −15.3% | −3.3% | −12.0 pp | — |
| 6 months | −15.0% | +4.0% | −18.9 pp | — |
| Year to date | +27.9% | +8.1% | +19.8 pp | — |
| 1 year | +72.2% | +10.7% | +61.5 pp | +0.9% |
| 3 years | +201.4% | +50.1% | +151.3 pp | +35.3% |
| 5 years | +244.3% | +43.6% | +200.7 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 67 percentile of its own 3-quarter history (min 8.7, median 13.1, max 28.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 6.3 bn | 6.6 bn | 7.2 bn |
| Revenue YoY | unavailable | +5.2% | +9.1% |
| Net income | 48.2 m | 161.1 m | 235.4 m |
| Net income YoY | unavailable | +234.0% | +46.1% |
| Diluted EPS | 0.19 | 0.62 | 0.91 |
| Diluted EPS YoY | unavailable | +234.4% | +46.0% |
| net % | 0.8% | 2.4% | 3.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 729.8 m EUR
- Financial debt
- 1.2 bn EUR
- Net debt
- 479.1 m EUR
- Equity
- 2.7 bn EUR
- Total assets
- 7.2 bn EUR
- Debt / equity
- 0.45x
- Current ratio
- 1.20x
- ROE
- 9.4%
- ROA
- 3.4%
- 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 | 6.3 bn | 6.6 bn | 7.2 bn | esef· 23 Oct 2026verified |
| Cost of revenue | 5.7 bn | 5.9 bn | 6.4 bn | esef· 23 Oct 2026verified |
| Gross profit | 578.9 m | 732.1 m | 861.1 m | esef· 23 Oct 2026verified |
| Operating income | 290.4 m | 445.8 m | 538.1 m | esef· 23 Oct 2026verified |
| Interest expense | 196.9 m | 185.2 m | 159.6 m | esef· 23 Oct 2026verified |
| Pre-tax income | 91.3 m | 273.6 m | 398.1 m | esef· 23 Oct 2026verified |
| Income tax | 24.8 m | 62.8 m | 85.8 m | esef· 23 Oct 2026verified |
| Net income | 48.2 m | 161.1 m | 235.4 m | esef· 23 Oct 2026verified |
| Diluted EPS | 0.19 | 0.62 | 0.91 | esef· 23 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 395.0 m | 696.7 m | 729.8 m | esef· 23 Oct 2026verified |
| Receivables | 719.1 m | 581.9 m | 631.7 m | esef· 23 Oct 2026verified |
| Inventories | 1.6 bn | 1.8 bn | 2.0 bn | esef· 23 Oct 2026verified |
| Current assets | 3.0 bn | 3.3 bn | 3.7 bn | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 2.4 bn | 2.7 bn | 2.9 bn | esef· 23 Oct 2026verified |
| Total assets | 5.9 bn | 6.6 bn | 7.2 bn | esef· 23 Oct 2026verified |
| Long-term debt | 1.4 bn | 1.3 bn | 1.2 bn | esef· 23 Oct 2026verified |
| Current liabilities | 2.3 bn | 2.7 bn | 3.1 bn | esef· 23 Oct 2026verified |
| Total liabilities | 4.0 bn | 4.2 bn | 4.5 bn | esef· 23 Oct 2026verified |
| Equity | 2.0 bn | 2.4 bn | 2.7 bn | esef· 23 Oct 2026verified |
| Shares outstanding at year end | 259.3 m | 259.0 m | 259.2 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
- 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: 3.9 bn 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: 7.66 – 12.45 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/E7.66 – 12.45 (Mid 10.27)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)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: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.8% | 74 (vs peers) | 24% |
| Net margin · Quality | 3.3% | 33 (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 | 3.4x | 29 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.2x | 33 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 16.8x | 23 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.1% | 1 (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 sheet31/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality59/100 · 2/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation· partial23/100 · 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
VIOHALCO (VIO.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.2 bn EUR in 2025; YoY growth 9.1%; net margin 3.3%; ROE 11.7%.
The estimated value range is 7.66–12.45 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 10.27 EUR, the price of 15.22 EUR leaves a potential of -32.5% (value / price − 1) and a margin of safety of -48.2% (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: 13.8%
What contradicts it
- Interest coverage: 3.4x
- P/E (TTM): 16.8x
- Shareholder yield (distributions): 0.1%
- 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% |
| VIO.ATViohalco | 3.9 bn | 16.8 | 11.7% | 3.3% | +9.1% | +54% / +181% |
| 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 |
| 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 VIO.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 | 9.41 Total return -38% · Per year -38% | 16.60 Total return 9% · Per year 9% | 24.96 Total return 64% · Per year 64% |
| 3 years | 9.99 Total return -34% · Per year -13% | 19.75 Total return 30% · Per year 9% | 32.48 Total return 113% · Per year 29% |
| 5 years | 10.61 Total return -30% · Per year -7% | 23.50 Total return 54% · Per year 9% | 42.27 Total return 178% · Per year 23% |
- Exit P/E± 4.94
- Net margin± 3.46
- Annual revenue growth± 2.72
- Annual dilution± 0.29
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
Viohalco is a Greek industrial holding group whose subsidiaries make copper, steel, cables and steel pipes for energy, construction and automotive customers. In 2025 the group invested in research and development and announced an acquisition in steel pipes, in a context of geopolitical tensions affecting energy costs.1
SWOT
Strengths
- Diversified portfolio across several industrial segments, with strong research and development capabilities and certifications for demanding applications.
- Vertical integration in the copper and steel chains, allowing control over raw material quality and costs.
- Participation in European research programmes and standardisation bodies, which reinforces technological positioning.
Weaknesses
- Holding structure without production of its own, so results depend entirely on the performance of subsidiaries.
- Exposure to metal and energy price swings, with impact on margins in energy-intensive segments.
- Losses at the holding and other activities level, which reduce the contribution to group profit.
Opportunities
- Expansion into offshore wind, power grids and hydrogen, where demand for advanced cables and pipes could grow.
- Capacity acquisitions, such as the UK facility, which could strengthen the position in global energy markets.
- Energy efficiency and circular economy solutions, which could attract customers focused on decarbonisation.
Threats
- Geopolitical tensions that could disrupt shipping and supply chains and raise energy costs.
- Competition from lower-cost Asian producers, which could press prices on standard products.
- Environmental and compliance rules, where failure to comply could bring sanctions and market restrictions.
Risks
- Metal and energy price riskhigh
Swings in copper, zinc, aluminium and natural gas prices could reduce margins, even though the group uses long-term contracts and hedging instruments.
- Geopolitical and logistics riskhigh
Conflict in the Middle East could affect shipping through the Strait of Hormuz and supply costs, and the group is monitoring this impact.
- Currency riskmedium
Global operations expose the group to exchange rate movements that could affect transaction results and translation of accounts.
- Interest rate riskmedium
Higher interest rates could raise financing costs, and subsidiaries use fixed-rate borrowing and swaps to limit exposure.
- Compliance and environmental riskmedium
Failure to comply with environmental and market rules could lead to fines and exclusion from certain markets, with significant financial effects.
Investment thesis
What would need to be true (bull case)
- If investment in energy, cables and hydrogen advances as planned, the group could benefit from higher demand in its technology-driven segments.
- The UK acquisition and capacity investments could lift revenue in the steel pipe segment.
- Research capabilities and certifications could support better margins on higher value-added products.
What would break the thesis
- If metal and energy prices remain volatile, margins in energy-intensive segments could be compressed.
- Geopolitical tensions could delay projects and disrupt supply chains, weighing on near-term results.
- Competition from lower-cost producers could limit price increases on standard products.
What to watch
- Approval of the proposed gross dividend of EUR 0.27 per share at the General Meeting26 May 2026
- Completion of the Hartlepool LSAW pipe facility acquisition and its effect on capacity2026
- Evolution of energy and metal prices and the effect on marginsQ1 2027
- Impact of Middle East tensions on costs and supply chainsnext 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
Viohalco is a holding company without production operations of its own; its activities are carried out by subsidiaries covering segments such as semi-finished copper, cables, steel pipes and resource recovery. The holding's role includes coordinating enterprise risk management across companies and consolidating financial results.1
Research and development is a central part of the group's strategy: Halcor develops thermally optimised copper tubes and digital production tools, while Hellenic Cables works on submarine cables for renewable energy and hydrogen.1
Events after 2025 point to the growth direction: in March 2026 Corinth Pipeworks UK signed an agreement to acquire an LSAW pipe facility in Hartlepool, intended to increase capacity and strengthen the position in the global energy sector.1
Segments
Copper (Halcor)
Halcor produces copper and brass tubes and rods for air conditioning, refrigeration and industrial uses. Its heat transfer laboratory, one of few of its kind, supports heat-exchanger makers in optimising energy efficiency.1
Cables (Hellenic Cables)
Hellenic Cables develops submarine and onshore cables, including 132 kV inter-array cables and certified 66 kV dynamic inter-array cables, with participation in EU research programmes on offshore wind and hydrogen.1
Steel pipes (Corinth Pipeworks)
Corinth Pipeworks makes pipes for demanding applications such as sour service and deep offshore. It was the first pipe maker to offer a technically and economically feasible solution for high-pressure hydrogen transport, and the UK acquisition extends its capacity.1
Market context
Demand for the group's products depends on the energy, construction, automotive and air conditioning sectors. Copper and base metal markets are volatile, and prices of metals, natural gas and energy directly influence the group's margins.1
The energy transition and investment in renewables, grids and hydrogen create opportunities for cables and pipes, but the timing of these investments remains uncertain and could vary with public policy and financing conditions.1
Trends
- Energy transition and hydrogen gridstailwind
Investment in offshore wind, hydrogen and transmission could raise demand for high-performance cables and pipes, particularly if European projects advance on schedule.
- Volatility of energy and metal pricesheadwind
Middle East tensions and volatile gas and energy prices could raise production costs, while copper price swings affect margins, although the group uses long-term contracts and hedging instruments.
- Decarbonisation and circular economytailwind
Customer demand for products with recycled content and lower carbon footprint could support the group's products, which invest in recycling and heat recovery.
- Cost of financingmixed
The high interest rate environment of recent years raises borrowing costs, although subsidiaries seek fixed-rate financing to limit the effect on cash flows.
Competitive position
The group competes with global makers of copper tubes, submarine cables and energy steel pipes. Its advantages lie in vertical integration, research capabilities and certifications for demanding applications, though the markets are contested by large players in Europe and Asia.
- European submarine cable makers
Competitors in offshore and high-voltage cables, with presence on wind and interconnection projects.
- Global copper tube makers
Competitors in tubes for air conditioning and refrigeration, where differentiation rests on thermal performance and technical service.
- Energy steel pipe producers
Competitors in pipelines for gas, oil and hydrogen, where pressure and welding certifications are decisive.
- Asian copper and cable producers
Competitors with lower costs in some segments, which can press prices in standard products.
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 202417 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / VIOHALCO S.A. · 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.