olivLaw · European equity research
ΠΑΠΑΠΑΝΑΓΙΩΤΟΥ Α.Β.Ε.Ε.Α. (ΔΡΟΜΕΑΣ) DROME.AT
Greece · Athens Stock Exchange · ISIN GRS412503005 · Vertical: Listed companies from Greece
DROMEAS is a Greek trading and contracting company supplying equipment and projects to institutional and corporate clients, with a strong focus on export markets. The 2025 annual report shows total borrowings of more than 23 million euro, which matters for judging how the business is financed in the current period of energy and geopolitical tensions.
At the close of 05 Nov 2026, ΠΑΠΑΠΑΝΑΓΙΩΤΟΥ Α.Β.Ε.Ε.Α. (ΔΡΟΜΕΑΣ) (DROME.AT) stock was 0.31 EUR (+0.33% on the day), with market capitalisation 10.7 m EUR, dividend yield 0.00%, beta 0.61, 52-week range 0.28–0.38 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)
- 52.7
- neutral
- Bollinger (20, 2)
- 0.28 – 0.32
- in the upper half of the band · %B 0.65 · band width 14.7%
- SMA 50 / 200
- 0.31 / 0.32
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.00
- 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 | +6.6% | +0.4% | +6.2 pp | — |
| 3 months | −3.5% | −3.3% | −0.2 pp | — |
| 6 months | +0.7% | +4.0% | −3.3 pp | — |
| Year to date | −16.1% | +8.1% | −24.2 pp | — |
| 1 year | −10.8% | +10.7% | −21.5 pp | +0.9% |
| 3 years | −10.0% | +50.1% | −60.1 pp | +35.3% |
| 5 years | −24.0% | +43.6% | −67.6 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 | 28.7 m | 28.2 m | 22.8 m |
| Revenue YoY | unavailable | −1.8% | −18.9% |
| Net income | -2.4 m | 801.6 k | -743.8 k |
| Net income YoY | unavailable | unavailable | −192.8% |
| Diluted EPS | -0.07 | 0.02 | -0.02 |
| Diluted EPS YoY | unavailable | unavailable | −191.4% |
| net % | -8.3% | 2.8% | -3.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.2 m EUR
- Financial debt
- 13.3 m EUR
- Net debt
- 10.2 m EUR
- Equity
- 26.9 m EUR
- Total assets
- 62.6 m EUR
- Debt / equity
- 0.50x
- Current ratio
- 1.98x
- ROE
- -2.7%
- ROA
- -1.2%
- 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 | 28.7 m | 28.2 m | 22.8 m | esef· 23 Oct 2026verified |
| Cost of revenue | 19.0 m | 17.6 m | 15.2 m | esef· 23 Oct 2026verified |
| Gross profit | 9.7 m | 10.6 m | 7.6 m | esef· 23 Oct 2026verified |
| Operating income | 2.5 m | 3.0 m | 539.1 k | esef· 23 Oct 2026verified |
| Interest expense | 1.9 m | 1.5 m | 1.4 m | esef· 23 Oct 2026verified |
| Pre-tax income | 557.0 k | 1.5 m | -842.2 k | esef· 23 Oct 2026verified |
| Net income | -2.4 m | 801.6 k | -743.8 k | esef· 23 Oct 2026verified |
| Diluted EPS | -0.07 | 0.02 | -0.02 | esef· 23 Oct 2026verified |
| Dividend per share | — | 0.00 | 0.00 | esef· 23 Oct 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.3 m | 2.4 m | 3.2 m | esef· 23 Oct 2026verified |
| Inventories | 15.4 m | 14.6 m | 16.3 m | esef· 23 Oct 2026verified |
| Current assets | 28.5 m | 27.9 m | 30.2 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 34.4 m | 33.6 m | 32.2 m | esef· 23 Oct 2026verified |
| Intangibles (excl. goodwill) | 186.6 k | 137.8 k | 134.3 k | esef· 23 Oct 2026verified |
| Total assets | 63.3 m | 61.7 m | 62.6 m | esef· 23 Oct 2026verified |
| Long-term debt | 13.4 m | 11.4 m | 13.3 m | esef· 23 Oct 2026verified |
| Current liabilities | 16.2 m | 15.6 m | 15.3 m | esef· 23 Oct 2026verified |
| Total liabilities | 36.7 m | 34.3 m | 35.7 m | esef· 23 Oct 2026verified |
| Equity | 26.6 m | 27.4 m | 26.9 m | esef· 23 Oct 2026verified |
| Shares outstanding at year end | 34.7 m | 34.4 m | 34.9 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: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 10.7 m EUR
Key indicators
Coverage and freshness
Score by group
33% · 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 base of the ratio is not positive
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: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.2% | 19 (vs peers) | 31% |
| Net margin · Quality | -3.3% | 10 (vs peers) | 19% |
| 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 | 0.4x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.0x | 98 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet39/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality15/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 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
ΠΑΠΑΠΑΝΑΓΙΩΤΟΥ Α.Β.Ε.Ε.Α. (DROME.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 22.8 m EUR in 2025; YoY growth -18.9%; net margin -3.3%; ROE -2.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% 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
- Current ratio: 2.0x
What contradicts it
- ROIC: 1.2%
- Net margin: -3.3%
- Interest coverage: 0.4x
- Shareholder yield (distributions): 0.0%
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, 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% |
| 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% |
| 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. | 59.8 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 DROME.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
DROMEAS is a Greek trading and contracting company supplying equipment and projects to institutional and corporate clients, with a strong focus on export markets. The 2025 annual report shows total borrowings of more than 23 million euro, which matters for judging how the business is financed in the current period of energy and geopolitical tensions 1.
SWOT
Strengths
- Long-standing relationships with most suppliers and a highly diversified customer base with no single client dependence.
- Access to financing through Greek banks and instruments such as factoring and the OAEP Exoστρέφεια programme.
- Active presence in international tenders and in online commerce.
Weaknesses
- High debt level, with a leverage ratio of around 42%.
- Dependence on a few large contracts with public institutions, where payment schedules can be delayed.
- Personal guarantees from management and first-ranking charges on property to secure bank credit.
Opportunities
- New European defence and infrastructure programmes could generate additional orders.
- Expansion of export sales, where the sales team has been strengthened.
- Lower financing costs if negotiations with banks deliver better terms.
Threats
- Delays in public procurement and reallocation of budgets to other programmes.
- Rising energy and freight prices affecting cost of sales.
- Execution risks and contractual penalties in large projects.
Risks
- Delays in public ordersmedium
A slowdown in projects with foreign public clients could reduce revenue over a short period.
- High indebtednesshigh
Total debt and financing costs could limit flexibility if sales decline.
- Energy and material pricesmedium
New geopolitical tensions could raise supply costs, and passing them on to customers is not assured.
- Concentration on large contractsmedium
Some contracts with European institutions and the German Army represent a significant share of projects under way.
- Execution and insurance riskslow
Delays or accidents in logistics could affect deliveries and results, although they are partly covered by insurance.
Investment thesis
What would need to be true (bull case)
- If the new European programmes convert into real orders, the company could benefit from stronger demand for its projects.
- Diversification of clients and sales channels reduces the risk of major dependence.
- If financing costs keep falling, operating margins could benefit.
What would break the thesis
- The high level of debt could amplify the impact of any slowdown in revenue.
- If geopolitical tensions persist, energy and freight costs could stay elevated.
- Delays in public procurement could affect the timing of collections.
What to watch
- Development of orders from the European Commission and the German Army2026
- Level of financing costs and total debtnext annual report
- Impact of energy and freight prices on margins2026
- Effect of new European programmes on orders2027
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 DROMEAS Group operates as a trading and contracting company, supplying products and services to customers in Greece and abroad, including through participation in international tenders 1. The company runs a sales network with its own stores and an online shop that generates significant sales 1. Financing relies on bank credit secured by guarantees, factoring and the OAEP Exoστρέφεια programme 1.
Segments
Institutional projects and export
The company carries out contracts with the European Commission, with a remaining project balance of 4.6 million euro, and with the German Army, for a contract of about 6.2 million euro over three years 1. The report notes that some orders slowed in the second half of 2025, which management considers cyclical 1.
Market context
The report indicates that packaging materials and consumables prices have settled at higher levels after the energy crisis, while EU energy markets appear stable, but tensions in the Middle East could affect oil prices and freight 1. Public procurement and new European programmes such as SAFE have redistributed resources and slowed some projects 1.
Trends
- Slower public ordersheadwind
Delays in public procurement scheduling in some countries could temporarily reduce order volumes, although management expects recovery in later stages of contracts 1.
- Cost pressure from energy and freightheadwind
A possible escalation in oil prices and freight rates could raise material costs, which the company partly tries to pass on to customers 1.
- New European defence programmestailwind
Activation of new European mechanisms such as SAFE could open order opportunities if they convert into concrete contracts 1.
- Cost of financingmixed
Financial costs fell slightly in 2025, linked to the bond loan and bank credit, but the debt level remains high 1.
Competitive position
The annual report does not explicitly name the company's competitors, so market position and share against other players cannot be assessed from this source 1. The company relies on long-standing supplier relationships and a distribution network in Greece and abroad 1.
- Competitors not named in source
The annual report does not name direct competitors, so no comparison can be made from this source.
- Foreign equipment suppliers
The company buys from large foreign producers of equipment and raw materials, but these are suppliers rather than direct rivals.
- Contractors in international tenders
The company takes part in international tenders, where rivals are other firms in the field that the report does not identify.
- Local distributors in Greece
In the domestic market the company competes with other distributors and dealers, though the source does not specify them.
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 / ΠΑΠΑΠΑΝΑΓΙΩΤΟΥ Α.Β.Ε.Ε.Α. (ΔΡΟΜΕΑΣ) · 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.