olivLaw · European equity research
Y/KNOT INVEST Α.Ε. YKNOT.AT
Greece · Athens Stock Exchange · ISIN GRS295003008 · Vertical: Listed companies from Greece
Y/KNOT INVEST is a Greek group that charters crewless pleasure yachts and owns a dry bulk vessel through subsidiaries. In 2025 the parent company's revenue fell by 7.3%, while net debt from loans and leases rose sharply, so the financial position deserves close attention.
At the close of 06 Nov 2026, Y/KNOT INVEST Α.Ε. (YKNOT.AT) stock was 1.40 EUR (−1.75% on the day), with market capitalisation 10.7 m EUR, beta 0.88, 52-week range 0.79–2.90 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)
- 50.3
- neutral
- Bollinger (20, 2)
- 1.23 – 1.48
- in the upper half of the band · %B 0.67 · band width 18.7%
- SMA 50 / 200
- 1.44 / 1.46
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.00 / -0.01
- 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 | −1.4% | −0.6% | −0.8 pp | — |
| 3 months | +0.4% | −4.2% | +4.5 pp | — |
| 6 months | +13.8% | +4.3% | +9.5 pp | — |
| Year to date | −39.9% | +7.5% | −47.4 pp | — |
| 1 year | −30.3% | +9.9% | −40.3 pp | +0.4% |
| 3 years | +33.3% | +49.8% | −16.5 pp | +38.4% |
| 5 years | +12.4% | +42.8% | −30.4 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 40.5 m | 40.9 m | 14.2 m |
| Revenue YoY | unavailable | +1.0% | −65.2% |
| Net income | -2.0 m | -2.1 m | -5.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.26 | -0.28 | -0.67 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -5.0% | -5.2% | -36.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.8 m EUR
- Financial debt
- 18.9 m EUR
- Net debt
- 15.1 m EUR
- Equity
- 4.4 m EUR
- Total assets
- 47.1 m EUR
- Debt / equity
- 4.31x
- Current ratio
- 0.96x
- ROE
- -101.3%
- ROA
- -12.4%
- 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 | 40.5 m | 40.9 m | 14.2 m | esef· 23 Oct 2026verified |
| Cost of revenue | 37.2 m | 39.2 m | 14.5 m | esef· 23 Oct 2026verified |
| Gross profit | 3.3 m | 1.8 m | -257.5 k | esef· 23 Oct 2026verified |
| Operating income | — | -1.6 m | -3.8 m | esef· 23 Oct 2026verified |
| Interest expense | 405.8 k | 392.1 k | 783.3 k | esef· 23 Oct 2026verified |
| Pre-tax income | -1.2 m | -2.0 m | -4.6 m | esef· 23 Oct 2026verified |
| Income tax | 845.9 k | 154.8 k | 629.2 k | esef· 23 Oct 2026verified |
| Net income | -2.0 m | -2.1 m | -5.1 m | esef· 23 Oct 2026verified |
| Diluted EPS | -0.26 | -0.28 | -0.67 | esef· 23 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.0 m | 589.7 k | 3.8 m | esef· 23 Oct 2026verified |
| Receivables | — | 12.7 m | 8.1 m | esef· 23 Oct 2026verified |
| Inventories | 1.1 m | 349.1 k | 2.7 m | esef· 23 Oct 2026verified |
| Current assets | 26.7 m | 13.7 m | 14.7 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 15.6 m | 15.2 m | 16.6 m | esef· 23 Oct 2026verified |
| Intangibles (excl. goodwill) | 26.3 k | 4.0 k | 66.9 k | esef· 23 Oct 2026verified |
| Total assets | 49.1 m | 35.2 m | 47.1 m | esef· 23 Oct 2026verified |
| Accounts payable | 9.8 m | 13.2 m | 5.1 m | esef· 23 Oct 2026verified |
| Short-term debt | 418.6 k | 1.9 m | 8.3 m | esef· 23 Oct 2026verified |
| Long-term debt | 3.3 m | 3.1 m | 10.6 m | esef· 23 Oct 2026verified |
| Current liabilities | 27.0 m | 16.1 m | 15.3 m | esef· 23 Oct 2026verified |
| Total liabilities | 41.1 m | 29.4 m | 42.7 m | esef· 23 Oct 2026verified |
| Equity | 7.9 m | 5.7 m | 4.4 m | esef· 23 Oct 2026verified |
| Shares outstanding at year end | 7.6 m | 7.6 m | 7.6 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: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 10.7 m EUR
Key indicators
Coverage and freshness
Score by group
27% · 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: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -21.6% | 4 (vs peers) | 38% |
| Net margin · Quality | -36.0% | 0 (vs peers) | 23% |
| 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 | -4.9x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.0x | 14 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| 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 sheet5/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality2/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
Y/KNOT INVEST Α.Ε. (YKNOT.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 14.2 m EUR in 2025; YoY growth -65.2%; net margin -36.0%; ROE -108.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% 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: -21.6%
- Net margin: -36.0%
- Interest coverage: -4.9x
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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 YKNOT.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
Y/KNOT INVEST is a Greek group that charters crewless pleasure yachts and owns a dry bulk vessel through subsidiaries. In 2025 the parent company's revenue fell by 7.3% 1, while net debt from loans and leases rose sharply 1, so the financial position deserves close attention.
SWOT
Strengths
- The yacht fleet and bulk vessel benefit from a favourable tax regime, and the charter contract structure limits exposure to fuel costs.
- The 2026 capital increase strengthens the group's financing capacity for its development strategy.
- The group holds euro bank accounts with institutions in the European Union, supporting current operations.
Weaknesses
- Parent company revenue fell in 2025, and net revenue per charter day declined significantly.
- Financial debt rose substantially, and equity represents a small part of total capital.
- Administration and distribution costs rose in 2025, and part of the cost base is inelastic.
Opportunities
- Recovery in the Greek economy and investor interest could ease access to financing and support expansion.
- Dry bulk demand could rise if alternative routes remain necessary for maritime transport.
- Diversifying the client base and geographic areas could reduce dependence on particular markets.
Threats
- Conflicts in Ukraine and the Middle East could reduce tourism demand and raise navigation risks.
- Economic uncertainty and inflation could reduce consumer spending on maritime leisure.
- Regulatory requirements on emissions and energy efficiency could require additional investment.
Risks
- Rising indebtednesshigh
Net debt from loans and leases rose considerably compared with the prior year, which could increase pressure on cash flow 1.
- Declining revenuehigh
Net revenue per charter day fell significantly, and parent company revenue declined in 2025 1.
- Dependence on non-resident clientsmedium
Most yacht clients are non-residents, exposing the company to shifts in demand in foreign markets 1.
- Geopolitical and climate risksmedium
Regional conflicts and extreme weather events could disrupt operations and navigation routes 1.
- Regulatory costslow
Emission and energy efficiency requirements could raise operating and maintenance costs for the fleet 1.
Investment thesis
What would need to be true (bull case)
- If the 2026 capital increase is turned into effective investment, the company could strengthen its position in the charter market.
- The favourable tax regime for yachts and the bulk vessel could support profitability over the medium term.
- Tensions in the Red Sea could keep dry bulk rates elevated if management exploits them through suitable contracts.
What would break the thesis
- If the decline in net revenue per charter day continues, profitability could remain under pressure.
- High indebtedness could limit financial flexibility and investment capacity.
- If economic uncertainty in Europe deepens, demand for yachts could fall further.
What to watch
- Trend in revenue and net revenue per charter dayQ1 2027
- Level of net debt and use of the capital increase proceeds2027
- Administration and distribution costs after the restructuring2027
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 Y/KNOT INVEST A.E. group is mainly active in chartering crewless pleasure yachts, with revenue from short-term charter contracts, while its subsidiaries also operate a dry bulk vessel under time charter contracts 1. The parent company is listed on the main market of the Athens Stock Exchange 1. Management started a restructuring and later attracted a capital increase in 2026, presented as a subsequent event 1.
Revenue of the parent company comes exclusively from yacht charters, with the main drivers being the number of contracts, charter days per contract and net revenue per day 1. In 2025 the number of contracts per yacht rose, but net revenue per charter day fell, leading to lower revenue 1.
The cost structure includes yacht operating costs, many of which are inelastic, such as insurance, depreciation and port fees 1. Administration and distribution costs rose in 2025 because of the restructuring and promotion expenses 1.
Segments
Market context
The yacht charter market depends on European tourism spending, which can decline during economic uncertainty and inflation, especially for non-essential services 1. The conflicts in Ukraine and the Middle East have disrupted sea routes and changed charter demand 1.
The dry bulk market is influenced by ships rerouting around the Cape of Good Hope, which lengthened transport distances and changed freight rate dynamics 1. War risk insurance costs and premiums for conflict zones can alter contract profitability 1.
Trends
- Rerouting around the Cape of Good Hopemixed
Ships diverted via the Cape of Good Hope have increased transport distances and affected dry bulk freight rates, which could support revenue if tensions persist 1.
- Inflation and European consumer uncertaintyheadwind
Rising prices and uncertainty in Europe could reduce demand for yacht tourism, a segment regarded as non-essential 1.
- Maritime climate regulationheadwind
Emission requirements from the International Maritime Organization may require investment in fleet energy efficiency, which could raise capital costs 1.
- Improving Greek macroeconomic conditionstailwind
Better macroeconomic indicators and investor confidence in Greek debt helped a 2026 capital increase, which could support development plans 1.
Competitive position
The company operates in yacht charter and dry bulk markets where competition comes from larger and more diversified operators. The sources analysed do not explicitly name competitors, so this analysis remains limited to the annual report 1.
The competitive edge rests on the favourable tax regime for yachts and the bulk vessel, and on the ability to avoid risk areas through charter contracts 1. Competitive pressure could grow if other operators expand their fleets in the same segments 1.
- European yacht charter operators
Regional competitors referred to only indirectly through the leisure charter market, not named in the source.
- Atlantic and Pacific dry bulk operators
Competitors in the dry bulk segment, not explicitly identified in the annual report reviewed.
- Ship management companies
Providers of technical management services that compete for vessel operation contracts.
- Other Athens-listed maritime tourism companies
Companies with similar maritime tourism activities, mentioned only generically in the context of the local market.
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 / Y/KNOT INVEST 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.