olivLaw · European equity research
Jumbo Ανωνυμη Εμπορικη Εταιρεια BELA.AT
Greece · Athens Stock Exchange · ISIN GRS282183003 · Vertical: Listed companies from Greece
At the close of 04 Nov 2026, Jumbo Ανωνυμη Εμπορικη Εταιρεια (BELA.AT) stock was 27.46 EUR (−0.22% on the day), with market capitalisation 3.7 bn EUR, P/E 11.5 on diluted EPS of 2.38 EUR over the last 12 months, dividend yield 3.56%, beta 0.44, 52-week range 21.38–28.54 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 65.7
- strong (55–70)
- Bollinger (20, 2)
- 24.55 – 28.59
- in the upper half of the band · %B 0.72 · band width 15.2%
- SMA 50 / 200
- 25.97 / 24.41
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.53 / 0.48
- 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 | +10.5% | −1.5% | +12.0 pp | — |
| 3 months | +7.6% | −5.3% | +12.9 pp | — |
| 6 months | +21.0% | +4.7% | +16.3 pp | — |
| Year to date | −1.6% | +6.0% | −7.6 pp | — |
| 1 year | −1.8% | +8.2% | −10.0 pp | +1.1% |
| 3 years | +5.9% | +47.2% | −41.2 pp | +43.6% |
| 5 years | +109.0% | +41.8% | +67.2 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 10.9, median 11.3, max 11.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.1 bn | 1.1 bn | 1.2 bn |
| Revenue YoY | unavailable | +6.3% | +7.2% |
| Net income | 303.0 m | 320.1 m | 320.3 m |
| Net income YoY | unavailable | +5.6% | +0.1% |
| Diluted EPS | 2.23 | 2.35 | 2.38 |
| Diluted EPS YoY | unavailable | +5.7% | +1.2% |
| net % | 28.0% | 27.8% | 26.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 536.7 m EUR
- Financial debt
- 0 EUR
- Net debt
- -536.7 m EUR
- Equity
- 1.6 bn EUR
- Total assets
- 1.9 bn EUR
- Debt / equity
- 0.00x
- Current ratio
- unavailable
- ROE
- 21.5%
- ROA
- 17.9%
- 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 | 1.1 bn | 1.1 bn | 1.2 bn | esef· 23 Oct 2026verified |
| Cost of revenue | 478.3 m | 510.4 m | 558.3 m | esef· 23 Oct 2026verified |
| Gross profit | 603.0 m | 639.5 m | 674.6 m | esef· 23 Oct 2026verified |
| Operating income | 361.6 m | 383.5 m | 392.5 m | esef· 23 Oct 2026verified |
| Interest expense | 11.1 m | 7.3 m | 7.4 m | esef· 23 Oct 2026verified |
| Pre-tax income | 369.2 m | 390.3 m | 395.1 m | esef· 23 Oct 2026verified |
| Income tax | 66.2 m | 70.2 m | 74.8 m | esef· 23 Oct 2026verified |
| Net income | 303.0 m | 320.1 m | 320.3 m | esef· 23 Oct 2026verified |
| Diluted EPS | 2.23 | 2.35 | 2.38 | esef· 23 Oct 2026verified |
| Dividend per share | 2.95 | 1.60 | 0.98 | esef· 23 Oct 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 444.4 m | 444.8 m | 536.7 m | esef· 23 Oct 2026verified |
| Receivables | 55.3 m | 77.0 m | 75.2 m | esef· 23 Oct 2026verified |
| Inventories | 238.3 m | 260.9 m | 310.5 m | esef· 23 Oct 2026verified |
| Current assets | 795.2 m | 854.0 m | — | esef· 08 May 2025verified |
| Property, plant & equipment, net | 704.5 m | 720.7 m | — | esef· 08 May 2025verified |
| Total assets | 1.6 bn | 1.7 bn | 1.9 bn | esef· 23 Oct 2026verified |
| Short-term debt | 0 | 122.7 k | 0 | esef· 23 Oct 2026verified |
| Current liabilities | 195.8 m | 197.5 m | 210.3 m | esef· 23 Oct 2026verified |
| Total liabilities | 290.5 m | 298.2 m | 296.1 m | esef· 23 Oct 2026verified |
| Equity | 1.3 bn | 1.4 bn | 1.6 bn | esef· 23 Oct 2026verified |
| Shares outstanding at year end | 136.1 m | 136.0 m | 134.4 m | esef· 23 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 323.9 m | 300.7 m | 296.9 m | esef· 23 Oct 2026verified |
| Investing cash flow | -71.1 m | -44.5 m | -37.1 m | esef· 23 Oct 2026verified |
| Financing cash flow | -611.5 m | -252.8 m | -163.1 m | esef· 23 Oct 2026verified |
| Dividends paid | 401.0 m | 217.7 m | 131.5 m | esef· 23 Oct 2026verified |
| Share repurchases | — | 23.7 m | 19.4 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
- indicators available: 5 of at least 6
- score weight coverage: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.7 bn EUR
Key indicators
Coverage and freshness
Score by group
40% · 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: 13.31 – 32.73 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/E19.73 – 32.73 (Mid 25.90)26 companies used · median multiple 10.9x · quartiles 8.3x – 13.7xAEGN.AT, AEM.AT, ALMY.AT, ASCO.AT, ASTAK.AT, AVAX.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, FLEXO.AT
- Dividend discount (DDM)13.31 – 18.15 (Mid 15.36)
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: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 31.8% | 96 (vs peers) | 26% |
| Net margin · Quality | 26.0% | 77 (vs peers) | 16% |
| 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 | 52.9x | 100 (on a fixed band) | 16% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 11.5x | 53 (vs peers) | 26% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.1% | 58 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality89/100 · 2/3 factors with a value
- Returns· partial58/100 · 1/2 factors with a value
- Valuation· partial53/100 · 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
JUMBO ΑΝΩΝΥΜΗ ΕΜΠΟΡΙΚΗ ΕΤΑΙΡΕΙΑ (BELA.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.2 bn EUR in 2025; YoY growth 7.2%; net margin 26.0%; ROE 21.5%.
The estimated value range is 16.52–25.44 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 20.63 EUR, the price of 27.46 EUR leaves a potential of -24.9% (value / price − 1) and a margin of safety of -33.1% (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: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 31.8%
- Net margin: 26.0%
- Interest coverage: 52.9x
What contradicts it
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, 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 | 16.9 bn | 12.4 | 14.0% | 39.7% | +2.7% | +35% / +172% |
| ETE.ATΕθνικη Τραπεζα Της Ελλαδος Α.ε. | 15.0 bn | 13.0 | 13.3% | 42.5% | −5.4% | +23% / +164% |
| ELPE.ATHelleniq Energy Ανωνυμη Εταιρεια Συμμετοχων | 5.2 bn | 29.9 | 6.4% | 1.5% | −9.0% | +106% / +124% |
| CENER.ATCenergy Holdings | 4.6 bn | 23.9 | 24.3% | 9.4% | +14.7% | +48% / +213% |
| 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 | 112.3 | 6.7% | 1.3% | +11.2% | +9% / +191% |
| EYDAP.ATΕταιρια Υδρευσεως Και Αποχετευσεως Πρωτευουσης Ανωνυμη Εταιρια | 1.5 bn | — | -2.6% | -5.9% | −2.4% | +85% / +135% |
| ELHA.ATEλβαλχαλκορ Ελληνικη Βιομηχανια Χαλκου Και Αλουμινιου Ανωνυμος Εταιρεια | 1.3 bn | 12.8 | 9.8% | 2.9% | +5.1% | +9% / +90% |
| AEGN.ATΑεροπορια Αιγαιου Ανωνυμη Αεροπορικη Εταιρεια | 1.0 bn | 6.9 | 27.7% | 7.9% | +4.6% | −20% / −0% |
| AVAX.ATΑβαξ Ανωνυμη Εταιρεια Εργοληπτικη-Τουριστικη-Εμπορικη-Βιομηχανικη-Οικοδομικων Υλικων & Μηχανηματων | 508.6 m | 10.7 | 25.9% | 5.0% | +47.1% | +41% / +124% |
| BYLOT.ATBally's Intralot Α.ε. | 466.5 m | 15.3 | -9.3% | -12.6% | +34.8% | +12% / +19% |
| ELLAKTOR.ATΕλλακτωρ Ανωνυμη Εταιρεια | 429.8 m | 2.8 | 26.1% | 175.2% | −74.8% | −31% / −43% |
| AEM.ATAlter Ego Media Α.ε. | 353.9 m | 18.0 | 18.3% | 14.0% | +12.6% | −2% / unavailable |
| ALMY.ATΑλουμυλ Βιομηχανια Αλουμινιου Αε | 323.4 m | 10.5 | 23.5% | 6.0% | +11.7% | +16% / +120% |
| DIMAND.ATDimand Ανωνυμη Εταιρεια Αξιοποιησης Και Εκμεταλλευσης Ακινητων Και Κατασκευων Υπηρεσιων Και Συμμετοχων | 269.6 m | 7.7 | 18.5% | 58.5% | +110.6% | +44% / +30% |
| EYAPS.ATΕταιρεια Υδρευσης & Αποχετευσης Θεσσαλονικης Α.ε. | 172.1 m | 22.3 | 4.1% | 8.8% | +2.4% | +26% / +44% |
| 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 | 151.8 m | 6.0 | 15.5% | 116.9% | +37.8% | +14% / +72% |
| 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. | 97.5 m | 9.9 | 14.0% | 15.6% | +9.1% | −9% / +103% |
| ASTAK.ATAlpha Real Estate Services Ae | 94.7 m | 12.6 | 10.4% | 30.3% | +22.4% | −7% / −7% |
| FLEXO.ATFlexopack Ανωνυμη Εμπορικη Και Βιομηχανικη Εταιρεια Πλαστικων | 92.5 m | 8.3 | 8.3% | 6.8% | +4.6% | −2% / −2% |
| ASCO.ATA.s. Εμπορικη-Βιομηχανικη Εταιρια Η/υ & Παιχνιδιων Α.ε. | 59.9 m | 10.5 | 14.1% | 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 Εταιρεια | 47.6 m | 14.0 | 4.9% | 1.9% | +8.6% | −10% / −17% |
1- and 3-year price returns: for BELA.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 | 16.68 Total return -36% · Per year -36% | 29.44 Total return 11% · Per year 11% | 44.30 Total return 66% · Per year 66% |
| 3 years | 17.08 Total return -29% · Per year -11% | 33.85 Total return 36% · Per year 11% | 55.79 Total return 119% · Per year 30% |
| 5 years | 17.50 Total return -21% · Per year -5% | 38.91 Total return 64% · Per year 10% | 70.26 Total return 185% · Per year 23% |
- Exit P/E± 8.46
- Net margin± 5.92
- Annual revenue growth± 4.74
- Annual dilution± 0.50
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
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 202408 May 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.