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olivLaw · European equity research

ALTER EGO MEDIA Α.Ε. AEM.AT

Greece · Athens Stock Exchange · ISIN GRS541003000 · Vertical: Listed companies from Greece

6.30EUR+0.96% · 1 dayClose 04 Nov 2026

ALTER EGO MEDIA is a Greek media group running TV, radio, online news and content production, expanding through digital platform acquisitions in 2025. The group operates in an economy where advertising depends on the cycle, and its digital terrestrial TV licence expires in 2029.

At the close of 04 Nov 2026, ALTER EGO MEDIA Α.Ε. (AEM.AT) stock was 6.30 EUR (+0.96% on the day), with market capitalisation 353.9 m EUR, P/E 18.0 on diluted EPS of 0.35 EUR over the last 12 months, dividend yield 0.25%, beta 0.46, 52-week range 4.88–6.79 EUR.

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

Market cap
353.9 m EUR
shares as of 31 Dec 2025
P/E (TTM)
18.0
Diluted EPS TTM 0.35 · TTM to 31 Dec 2025
E/P (TTM)
5.56%
TTM to 31 Dec 2025
Dividend yield
0.25%
DPS 12m 0.02
Beta (2y)
0.46
Volatility (1y) 27%
52-week range
4.886.79

Price history

Loading chart…

Technical reading

RSI (14)
45.1
neutral
Bollinger (20, 2)
6.22 – 6.60
in the lower half of the band · %B 0.22 · band width 5.9%
SMA 50 / 200
6.42 / 5.88
mixed trend
MACD (12, 26, 9)
-0.04 / -0.01
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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−4.0%+0.4%−4.3 pp—
3 months+1.4%−3.3%+4.7 pp—
6 months+14.5%+4.0%+10.6 pp—
Year to date0.0%+8.1%−8.1 pp—
1 year+3.3%+10.7%−7.4 pp+1.1%
3 yearsunavailable+50.1%unavailable+38.5%
5 yearsunavailable+43.6%unavailable—
Max drawdown (1y)
−25.7%
27 Nov 2025 → 07 Apr 2026
Max drawdown (5y)
−26.0%
09 Oct 2025 → 07 Apr 2026
Compound annual growth (5y)
unavailable
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 1-quarter history (min 18.0, median 18.0, max 18.0; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue108.4 m124.4 m140.1 m
Revenue YoYunavailable+14.8%+12.6%
Net income3.9 m10.9 m19.7 m
Net income YoYunavailable+180.0%+80.7%
Diluted EPS0.090.250.35
Diluted EPS YoYunavailable+177.8%+40.0%
net %3.6%8.7%14.0%
Free cash flow37.2 m38.9 m33.5 m

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
43.7 m EUR
Financial debt
0 EUR
Net debt
-43.7 m EUR
Equity
145.7 m EUR
Total assets
259.9 m EUR
Debt / equity
0.00x
Current ratio
1.52x
ROE
18.1%
ROA
9.1%
FCF margin
23.9%

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
108.4 m
2024
124.4 m
2025
140.1 m

esef· 23 Oct 2026verified

Cost of revenue
2023
81.1 m
2024
90.0 m
2025
89.7 m

esef· 23 Oct 2026verified

Gross profit
2023
27.3 m
2024
34.4 m
2025
50.4 m

esef· 23 Oct 2026verified

Operating income
2023
8.2 m
2024
17.1 m
2025
29.2 m

esef· 23 Oct 2026verified

Interest expense
2023
4.2 m
2024
4.3 m
2025
3.3 m

esef· 23 Oct 2026verified

Pre-tax income
2023
4.1 m
2024
12.9 m
2025
26.6 m

esef· 23 Oct 2026verified

Income tax
2023
260.6 k
2024
2.0 m
2025
6.9 m

esef· 23 Oct 2026verified

Net income
2023
3.9 m
2024
10.9 m
2025
19.7 m

esef· 23 Oct 2026verified

Diluted EPS
2023
0.09
2024
0.25
2025
0.35

esef· 23 Oct 2026verified

Dividend per share
2023
—
2024
0.00
2025
0.02

esef· 23 Oct 2026derived

Balance sheet · EUR

Cash
2023
4.3 m
2024
7.4 m
2025
43.7 m

esef· 23 Oct 2026verified

Receivables
2023
56.3 m
2024
55.9 m
2025
64.2 m

esef· 23 Oct 2026verified

Inventories
2023
1.6 m
2024
2.3 m
2025
1.9 m

esef· 23 Oct 2026verified

Current assets
2023
62.2 m
2024
65.7 m
2025
109.9 m

esef· 23 Oct 2026verified

Total assets
2023
159.4 m
2024
170.5 m
2025
259.9 m

esef· 23 Oct 2026verified

Long-term debt
2023
879.5 k
2024
588.6 k
2025
0

esef· 23 Oct 2026verified

Current liabilities
2023
69.6 m
2024
73.6 m
2025
72.2 m

esef· 23 Oct 2026verified

Total liabilities
2023
98.9 m
2024
99.2 m
2025
114.1 m

esef· 23 Oct 2026verified

Equity
2023
60.5 m
2024
71.3 m
2025
145.7 m

esef· 23 Oct 2026verified

Shares outstanding at year end
2023
43.2 m
2024
43.5 m
2025
56.2 m

esef· 23 Oct 2026derived

Cash flow · EUR

Operating cash flow
2023
38.5 m
2024
44.7 m
2025
35.4 m

esef· 23 Oct 2026verified

Capex
2023
1.3 m
2024
5.8 m
2025
1.9 m

esef· 23 Oct 2026verified

Free cash flow
2023
37.2 m ≈
2024
38.9 m ≈
2025
33.5 m ≈

esef· 23 Oct 2026derived

Investing cash flow
2023
-23.2 m
2024
-35.4 m
2025
-46.1 m

esef· 23 Oct 2026verified

Financing cash flow
2023
-12.2 m
2024
-6.2 m
2025
46.9 m

esef· 23 Oct 2026verified

Dividends paid
2023
—
2024
0
2025
885.3 k

esef· 23 Oct 2026verified

Computed indicators

Growth

Revenue growth (YoY)
12.6%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
70.9%
computed by olivLawFY 2025
Net income growth (YoY)
80.7%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
40.0%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-13.9%
computed by olivLawFY 2025

Profitability

Gross margin
36.0%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
20.8%
computed by olivLawFY 2025
Net margin
14.0%
computed by olivLawFY 2025
FCF margin
23.9%
computed by olivLawFY 2025

Returns

ROE
18.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
9.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
25.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
15.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
4.5%
computed by olivLawFY 2025
Payout ratio (FCF)
2.6%
computed by olivLawFY 2025

Balance sheet

Net debt
-43.7 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.0x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
8.7x
computed by olivLawFY 2025

Liquidity

Current ratio
1.5x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.5x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.6x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
35.4 m EUR
computed by olivLawFY 2025
Capital expenditure
1.9 m EUR
computed by olivLawFY 2025
Free cash flow
33.5 m EUR
computed by olivLawFY 2025
FCF conversion
170.3%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
156 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
8 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
353.9 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
310.2 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
18.0x
computed by olivLawFY 2025
P/E (TTM)
18.0x
computed by olivLawFY 2025
Earnings yield
5.6%
computed by olivLawFY 2025
P/B
2.5x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
2.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
10.6x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
2.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
10.6x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
9.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
0.3%
computed by olivLawFY 2025
Shareholder yield (distributions)
0.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 70 / 100

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

Closing price

6.30 EUR

04 Nov 2026Source: olivLaw, closing series

Market cap: 353.9 m EUR

Key indicators

Market capitalisation
353.9 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
18.0x
computed by olivLawFY 2025
P/B
2.5x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
18.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
14.0%
computed by olivLawFY 2025
Revenue growth (YoY)
12.6%
computed by olivLawFY 2025
Dividend yield
0.3%
computed by olivLawFY 2025

Coverage and freshness

26/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 23 Oct 2026
verified 78derived 5

Score by group

  • Balance sheet84
  • Returns42
  • Quality87
  • Valuation56

Estimated value range

Low
7.08
EUR per share
Mid
8.63
EUR per share
High
10.79
EUR per share
Price: 6.30 EUR
The price is below the range
Potential to the central value: 37.0% (value / price − 1)
Margin of safety: 27.0% (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: 2.89 – 17.09 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)11.26 – 17.09 (Mid 13.51)
    WACC 8.5% · starting FCFF 36.0 m EUR · terminal value share of EV 74%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -21.7%
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E2.89 – 4.49 (Mid 3.75)
    25 companies used · median multiple 10.7x · quartiles 8.3x – 12.8x
    AEGN.AT, ALMY.AT, ASCO.AT, ASTAK.AT, AVAX.AT, BELA.AT, BIOKA.AT, BIOSK.AT, BIOT.AT, BRIQ.AT, BYLOT.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, FLEXO.AT
  • Dividend discount (DDM)outside the aggregate0.21 – 0.29 (Mid 0.25)
    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

Neutral profile · Score 70/100

FactorValueScoreWeight used
ROIC · Quality25.9%93 (vs peers)17%
Net margin · Quality14.0%64 (vs peers)10%
FCF conversion · Quality170.3%100 (on a fixed band)10%
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet8.7x100 (on a fixed band)10%
Current ratio · Balance sheet1.5x60 (on a fixed band)7%
P/E (TTM) · Valuation18.0x20 (vs peers)17%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation9.5%100 (on a fixed band)13%
Shareholder yield (distributions) · Returns0.3%4 (on a fixed band)10%
Payout ratio (FCF) · Returns2.6%100 (on a fixed band)7%

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

Score groups

  • Balance sheet84/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality87/100 · 3/3 factors with a value
  • Returns42/100 · 2/2 factors with a value
  • Valuation56/100 · 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

ALTER EGO MEDIA Α.Ε. (AEM.AT). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 140.1 m EUR in 2025; YoY growth 12.6%; net margin 14.0%; ROE 18.3%.

The estimated value range is 7.08–10.79 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 8.63 EUR, the price of 6.30 EUR leaves a potential of 37.0% (value / price − 1) and a margin of safety of 27.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 70/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROIC: 25.9%
  • FCF conversion: 170.3%
  • Interest coverage: 8.7x
  • FCF yield: 9.5%
  • Payout ratio (FCF): 2.6%
  • The price is below the estimated value range

What contradicts it

  • P/E (TTM): 18.0x
  • Shareholder yield (distributions): 0.3%
  • The valuation methods diverge

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

Versus the vertical median

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

Multiples and returns vs the median

P/E
18.0x
vertical median 12.0x
above median (+50.3%)
EV/EBITDA
—
vertical median 7.8x
P/S
2.5x
vertical median 1.5x
above median (+64.2%)
P/B
2.5x
vertical median 1.3x
above median (+88.4%)
ROE
18.3%
vertical median 9.9%
above median (+84.6%)
Net margin
14.0%
vertical median 7.3%
above median (+92.5%)
EBIT margin
20.8%
vertical median 8.9%
above median (+134.9%)
Revenue YoY
12.6%
vertical median 5.1%
above median (+146.7%)
Net debt/EBITDA
—
vertical median 2.9x
Dividend yield
0.3%
vertical median 2.6%
below median (−90.2%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
EUROB.ATΤραπεζα Eurobank Ανωνυμη Eταιρεια16.9 bn12.414.0%39.7%+2.7%+35% / +172%
ETE.ATΕθνικη Τραπεζα Της Ελλαδος Α.ε.15.0 bn13.013.3%42.5%−5.4%+23% / +164%
ELPE.ATHelleniq Energy Ανωνυμη Εταιρεια Συμμετοχων5.2 bn29.96.4%1.5%−9.0%+106% / +124%
CENER.ATCenergy Holdings4.6 bn23.924.3%9.4%+14.7%+48% / +213%
BELA.ATJumbo Ανωνυμη Εμπορικη Εταιρεια3.7 bn11.521.5%26.0%+7.2%+0% / +14%
AKTR.ATΑκtor Ανώνυμη Εταιρεία Συμμετοχών, Τεχνικών Και Ενεργειακών Έργων2.0 bn112.36.7%1.3%+11.2%+9% / +191%
EYDAP.ATΕταιρια Υδρευσεως Και Αποχετευσεως Πρωτευουσης Ανωνυμη Εταιρια1.5 bn—-2.6%-5.9%−2.4%+85% / +135%
ELHA.ATEλβαλχαλκορ Ελληνικη Βιομηχανια Χαλκου Και Αλουμινιου Ανωνυμος Εταιρεια1.3 bn12.89.8%2.9%+5.1%+9% / +90%
AEGN.ATΑεροπορια Αιγαιου Ανωνυμη Αεροπορικη Εταιρεια1.0 bn6.927.7%7.9%+4.6%−20% / −0%
AVAX.ATΑβαξ Ανωνυμη Εταιρεια Εργοληπτικη-Τουριστικη-Εμπορικη-Βιομηχανικη-Οικοδομικων Υλικων & Μηχανηματων508.6 m10.725.9%5.0%+47.1%+41% / +124%
BYLOT.ATBally's Intralot Α.ε.466.5 m15.3-9.3%-12.6%+34.8%+12% / +19%
ELLAKTOR.ATΕλλακτωρ Ανωνυμη Εταιρεια429.8 m2.826.1%175.2%−74.8%−31% / −43%
AEM.ATAlter Ego Media Α.ε.353.9 m18.018.3%14.0%+12.6%−2% / unavailable
ALMY.ATΑλουμυλ Βιομηχανια Αλουμινιου Αε323.4 m10.523.5%6.0%+11.7%+16% / +120%
DIMAND.ATDimand Ανωνυμη Εταιρεια Αξιοποιησης Και Εκμεταλλευσης Ακινητων Και Κατασκευων Υπηρεσιων Και Συμμετοχων269.6 m7.718.5%58.5%+110.6%+44% / +30%
EYAPS.ATΕταιρεια Υδρευσης & Αποχετευσης Θεσσαλονικης Α.ε.172.1 m22.34.1%8.8%+2.4%+26% / +44%
EVR.ATΕυρώπη Holdings Α.ε.168.6 m37.22.9%30.7%+435.3%−32% / +33%
BRIQ.ATBriq Properties Ανωνυμη Εταιρεια Επενδυσεων Σε Ακινητη Περιουσια151.8 m6.015.5%116.9%+37.8%+14% / +72%
FAIS.ATΦαις Συμμετοχων Ανωνυμη Εταιρεια116.3 m8.722.1%6.3%+12.9%−7% / unavailable
DAIOS.ATΔαϊος Πλαστικα Ανωνυμη Βιομηχανικη Εμπορικη Εταιρεια Α.ε.97.5 m9.914.0%15.6%+9.1%−9% / +103%
ASTAK.ATAlpha Real Estate Services Ae94.7 m12.610.4%30.3%+22.4%−7% / −7%
FLEXO.ATFlexopack Ανωνυμη Εμπορικη Και Βιομηχανικη Εταιρεια Πλαστικων92.5 m8.38.3%6.8%+4.6%−2% / −2%
ASCO.ATA.s. Εμπορικη-Βιομηχανικη Εταιρια Η/υ & Παιχνιδιων Α.ε.59.9 m10.514.1%15.8%+16.4%+11% / +106%
AVE.ATAve Α.ε.51.4 m—-25.2%-7.4%+8.2%−6% / −11%
ELTON.ATΕλτον Διεθνους Εμποριου Ανωνυμη Εμπορικη Βιομηχανικη Εταιρεια47.6 m14.04.9%1.9%+8.6%−10% / −17%

1- and 3-year price returns: for AEM.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
4.03
Total return -36% · Per year -36%
7.10
Total return 13% · Per year 13%
10.65
Total return 69% · Per year 69%
3 years
4.57
Total return -27% · Per year -10%
9.00
Total return 44% · Per year 13%
14.74
Total return 135% · Per year 33%
5 years
5.20
Total return -16% · Per year -4%
11.42
Total return 83% · Per year 13%
20.40
Total return 226% · Per year 27%
What moves the 3-year price the most
  • Exit P/E± 2.25
  • Net margin± 1.58
  • Annual revenue growth± 1.20
  • Annual dilution± 0.13

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

ALTER EGO MEDIA is a Greek media group running TV, radio, online news and content production, expanding through digital platform acquisitions in 2025. The group operates in an economy where advertising depends on the cycle, and its digital terrestrial TV licence expires in 2029 1.

SWOT

Strengths

  • Diversified portfolio of TV, radio, online press and theatres, with a clear and integrated subsidiary structure.
  • The 2025 acquisitions added digital platforms with their own audiences, such as news portals and health services.
  • The national TV licence gives a regulated market position that is difficult to replicate.

Weaknesses

  • Revenue depends heavily on advertising, which falls in periods of economic uncertainty.
  • The linear TV business is exposed to the decline of traditional audiences.
  • Recent acquisitions carry integration costs and debt-related implications that need monitoring.

Opportunities

  • Expansion into digital and streaming could attract online advertising and subscriptions.
  • Greece's return to investment grade may support advertising demand and investment.
  • Theatre activity through Stages Network could bring revenue from events and culture.

Threats

  • Non-renewal or renewal on harsher terms of the TV licence could seriously affect operations.
  • Geopolitical tensions and higher energy prices could reduce consumption and advertising budgets.
  • Intense competition from global digital platforms could erode market share.

Risks

  • TV licence expiryhigh

    The digital terrestrial TV licence expires in 2029 and renewal is not assured, which would have a significant impact on revenue 1.

  • Advertising dependencehigh

    Cuts in advertising budgets during an economic slowdown could quickly affect the group's revenue 1.

  • Intensified competitionmedium

    Rising competition and possible loss of market share in the segments the group operates could pressure margins 1.

  • Regulatory risksmedium

    New restrictions on advertising or tighter media rules could limit commercial space 1.

  • Macroeconomic and energy risksmedium

    Higher energy and transport costs and a possible deterioration in liquidity could affect costs and collections from clients 1.

Investment thesis

What would need to be true (bull case)

  • If the digital acquisitions integrate well, the group could raise the share of online revenue and reduce dependence on linear TV.
  • A growing Greek economy and improved ratings could support a recovery in advertising budgets.
  • A diversified portfolio, from radio and theatres to news portals, offers several revenue sources.

What would break the thesis

  • If the TV licence is not renewed on similar terms, a major part of the business could be compromised.
  • An economic slowdown or geopolitical tensions could quickly reduce advertising, the main revenue source.
  • Recent acquisitions carry integration costs and execution risk that could reduce their returns.

What to watch

  • Integration of the NEWSIT and TLIFE acquisitions and their contribution to digital revenue2026
  • Development of the Greek advertising market and corporate marketing budgets2026
  • Preparation for the auction of the TV licence expiring in 20292027
  • Results of Stages Network and the theatres' contribution to group revenuenext 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

ALTER EGO MEDIA Α.Ε. (Athens) is active in television, radio, press and digital media, with a structure of wholly owned subsidiaries including ONE DIGITAL SERVICES (ot.gr), MY RADIO 104.6, ALTER EGO STUDIOS (audiovisual production) and MORE MEDIA 1. The main revenue comes from advertising, so revenues are sensitive to companies' marketing budgets. Average headcount was 1,039 for the group and 903 for the parent company in 2025 1.

In 2025 the group expanded through the acquisition of NEWSIT E.P.E., owner of news portals such as newsit.gr and zappit.gr, for about EUR 19.5 million, and TLIFE M.A.E. (tlife.gr) for EUR 9 million 1. This strategy aims to diversify revenue toward digital and reduce dependence on linear television.

The group also holds 40% of Stages Network, which manages ten historic theatres and the Stage Seven cultural venue in Athens, acquired in October 2025 for EUR 4 million 1. Its stakes in DIGEA (a digital terrestrial TV network) and Television Rights complete the infrastructure portfolio 1.

Segments

Television and radio

The core segment includes the national free-to-air digital terrestrial TV licence with general information programming, valid until 2029, and the MY RADIO 104.6 station 1. Revenue depends largely on advertising.

Digital and press

The digital portfolio includes ot.gr, newsit.gr, zappit.gr, iatropedia.gr and tlife.gr, along with non-news publications through MORE MEDIA 1. The 2025 acquisitions expanded this segment, which aims to grow online advertising and subscription revenue.

Market context

Greece's advertising market is tied to private consumption and corporate marketing budgets; the group notes that in periods of economic uncertainty firms tend to cut or defer part of their advertising spend 1. Greek economic growth in 2025 was supported by consumption, investment and exports, a favourable backdrop that could be affected by geopolitical tensions 1.

Inflation in Greek services remains a cost pressure, and advertising rules and broadcast licensing could change operating conditions; the company warns that a non-renewal or a licence on harsher terms would have a significant negative effect 1.

Trends

  • Greek economic recoverytailwind

    The Greek economy grew above the euro area average in 2025 and ratings were upgraded to investment grade, which could support advertising demand 1.

  • Geopolitical uncertaintyheadwind

    Conflicts in the Middle East and trade tensions could raise energy prices and reduce advertising budgets, according to the company's assessment 1.

  • Advertising shift to digitalmixed

    The group is building its digital footprint through portal and streaming acquisitions, which could offset the decline of linear television 1.

  • TV licensing regimemixed

    Broadcast licences are awarded through auctions on ten-year terms and the outcome for 2029 is uncertain, which may affect both revenue and investment planning 1.

Competitive position

The company operates in a crowded media market with competition from other TV channels, radio stations and news portals; the company specifically cites rising competition and possible loss of market share as risks 1.

Competition is for both advertising budgets and audiences and quality content; the group responds through diversification, content investment and long-term client relationships 1.

  • Antenna Group

    Greek media group competing in TV and radio in the Athens market.

  • Skai (Griechenland Medien)

    Competitor in TV and press with national reach in Greece.

  • Mega Channel

    General-interest TV channel directly competing for advertising.

  • Alpha Group

    Media group with TV, radio and news portals in the same market.

News & filings

In the press

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ALTER EGO MEDIA 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.

ALTER EGO MEDIA Α.Ε. (AEM.AT): stock, results, valuation and forecast · olivLaw