olivLaw · European equity research
ΕΛΛΑΚΤΩΡ ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ ELLAKTOR.AT
Greece · Athens Stock Exchange · ISIN GRS191213008 · Vertical: Listed companies from Greece
ΕΛΛΑΚΤΩΡ is a Greek construction and concessions group with a concentrated shareholder structure, where a single shareholder holds more than half the capital. In 2025 and early 2026 the company reorganised its real estate portfolio, selling assets to DIMAND and buying an office building in Athens, and the interim dividend for 2025 was 0.50 euro per share.
At the close of 05 Nov 2026, ΕΛΛΑΚΤΩΡ ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ (ELLAKTOR.AT) stock was 1.22 EUR (−1.94% on the day), with market capitalisation 421.5 m EUR, P/E 2.7 on diluted EPS of 0.45 EUR over the last 12 months, dividend yield 44.79%, beta 0.78, 52-week range 1.14–1.90 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)
- 42.1
- weak (30–45)
- Bollinger (20, 2)
- 1.20 – 1.27
- in the lower half of the band · %B 0.22 · band width 5.5%
- SMA 50 / 200
- 1.26 / 1.32
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -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 | −3.3% | −0.6% | −2.7 pp | — |
| 3 months | −7.3% | −4.2% | −3.1 pp | — |
| 6 months | −10.5% | +4.3% | −14.8 pp | — |
| Year to date | −9.8% | +7.5% | −17.3 pp | — |
| 1 year | −24.8% | +9.9% | −34.8 pp | +0.9% |
| 3 years | −41.5% | +49.8% | −91.4 pp | +35.3% |
| 5 years | −10.5% | +42.8% | −53.3 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 0 percentile of its own 2-quarter history (min 3.0, median 13.9, max 24.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 353.8 m | 89.2 m |
| Revenue YoY | unavailable | −74.8% |
| Net income | 31.2 m | 156.3 m |
| Net income YoY | unavailable | +400.2% |
| Diluted EPS | 0.09 | 0.45 |
| Diluted EPS YoY | unavailable | +401.4% |
| net % | 8.8% | 175.2% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 176.3 m EUR
- Financial debt
- 23.1 m EUR
- Net debt
- -153.1 m EUR
- Equity
- 486.4 m EUR
- Total assets
- 618.9 m EUR
- Debt / equity
- 0.05x
- Current ratio
- 10.37x
- ROE
- 24.7%
- ROA
- 14.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 353.8 m | 89.2 m | esef· 23 Oct 2026verified |
| Cost of revenue | 205.6 m | 74.6 m | esef· 23 Oct 2026verified |
| Gross profit | 148.2 m | 14.6 m | esef· 23 Oct 2026verified |
| Operating income | 108.1 m | -25.2 m | esef· 23 Oct 2026verified |
| Interest expense | 62.2 m | 34.5 m | esef· 23 Oct 2026verified |
| Pre-tax income | 87.8 m | -32.1 m | esef· 23 Oct 2026verified |
| Income tax | 30.4 m | 3.1 m | esef· 23 Oct 2026verified |
| Net income | 31.2 m | 156.3 m | esef· 23 Oct 2026verified |
| Diluted EPS | 0.09 | 0.45 | esef· 23 Oct 2026verified |
| Dividend per share | 0.09 | 0.54 | esef· 23 Oct 2026derived |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 172.9 m | 176.3 m | esef· 23 Oct 2026verified |
| Receivables | 145.2 m | 31.3 m | esef· 23 Oct 2026verified |
| Inventories | 2.1 m | 1.0 k | esef· 23 Oct 2026verified |
| Current assets | 626.7 m | 391.4 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 24.7 m | 23.1 m | esef· 23 Oct 2026verified |
| Total assets | 1.5 bn | 618.9 m | esef· 23 Oct 2026verified |
| Accounts payable | 49.1 m | 32.6 m | esef· 23 Oct 2026verified |
| Long-term debt | 398.6 m | 23.1 m | esef· 23 Oct 2026verified |
| Current liabilities | 161.1 m | 37.7 m | esef· 23 Oct 2026verified |
| Total liabilities | 726.5 m | 132.5 m | esef· 23 Oct 2026verified |
| Equity | 776.8 m | 486.4 m | esef· 23 Oct 2026verified |
| Shares outstanding at year end | 347.5 m | 346.6 m | esef· 23 Oct 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 32.2 m | -26.4 m | esef· 23 Oct 2026verified |
| Investing cash flow | 238.5 m | 289.0 m | esef· 23 Oct 2026verified |
| Financing cash flow | -365.8 m | -258.8 m | esef· 23 Oct 2026verified |
| Dividends paid | 32.5 m | 188.8 m | esef· 23 Oct 2026verified |
| Share repurchases | 3.5 m | 1.6 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
- 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: 421.5 m 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: 3.80 – 10.10 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/E3.80 – 6.18 (Mid 5.10)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, ELSTR.AT, ELTON.AT, ETE.AT, EUROB.AT, EYAPS.AT, FAIS.AT, FLEXO.AT
- Dividend discount (DDM)7.41 – 10.10 (Mid 8.55)
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 | -3.2% | 11 (vs peers) | 24% |
| Net margin · Quality | 175.2% | 97 (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 | -0.7x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 10.4x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 2.7x | 93 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 45.2% | 100 (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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality43/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial93/100 · 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
ΕΛΛΑΚΤΩΡ ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ (ELLAKTOR.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 89.2 m EUR in 2025; YoY growth -74.8%; net margin 175.2%; ROE 26.1%.
The estimated value range is 5.60–8.14 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 6.82 EUR, the price of 1.22 EUR leaves a potential of 461.1% (value / price − 1) and a margin of safety of 82.2% (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
- Net margin: 175.2%
- Current ratio: 10.4x
- P/E (TTM): 2.7x
- Shareholder yield (distributions): 45.2%
- The price is below the estimated value range
What contradicts it
- ROIC: -3.2%
- Interest coverage: -0.7x
- The valuation methods diverge
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% |
| 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 ELLAKTOR.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 | 0.65 Total return -20% · Per year -20% | 1.16 Total return 30% · Per year 30% | 1.75 Total return 86% · Per year 86% |
| 3 years | 0.52 Total return 13% · Per year 4% | 1.04 Total return 86% · Per year 23% | 1.75 Total return 172% · Per year 40% |
| 5 years | 0.41 Total return 40% · Per year 7% | 0.94 Total return 137% · Per year 19% | 1.75 Total return 257% · Per year 29% |
- Exit P/E± 0.26
- Net margin± 0.18
- Annual revenue growth± 0.16
- Annual dilution± 0.02
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
ΕΛΛΑΚΤΩΡ is a Greek construction and concessions group with a concentrated shareholder structure, where a single shareholder holds more than half the capital. In 2025 and early 2026 the company reorganised its real estate portfolio, selling assets to DIMAND and buying an office building in Athens, and the interim dividend for 2025 was 0.50 euro per share 1.
SWOT
Strengths
- Stable shareholding, with a majority shareholder controlling a large part of the capital, which may support continuity of strategic decisions 1.
- The company paid dividends and returned capital to shareholders in 2025, showing ability to generate or manage liquidity 1.
- The 2026 property purchase was financed from own funds, indicating a solid financial position 1.
Weaknesses
- The shareholder structure is highly concentrated, which may limit the liquidity of the shares on the market 1.
- The annual report focuses on governance and shareholding, while operating data on revenues and segments is limited in the source provided 1.
- Reliance on one-off real estate transactions can make results harder to anticipate from year to year 1.
Opportunities
- If the real estate assets are efficiently monetised, the company could convert land and buildings into more stable revenue 1.
- The treasury share programme could give the company options for staff distribution or capital reduction 1.
- Buying a central office in Athens could reduce office space costs if used internally 1.
Threats
- The concentration of shareholding may create a perception of governance risk for minority shareholders 1.
- Asset sales to affiliated or related entities may draw attention to the terms of those transactions 1.
- If dividends and capital returns exceed cash generation, the distribution policy could become unsustainable 1.
Risks
- Shareholder concentrationhigh
One shareholder holds more than half the capital, which can influence decisions and reduce the free float available to investors 1.
- Related-party transactionsmedium
The sale of assets to DIMAND and the property purchase could raise questions about the terms and valuation of these transactions 1.
- Dependence on property assetsmedium
If revenues depend on one-off land sales, results could be volatile from year to year 1.
- Sustainability of distributionsmedium
Dividends and capital returns in 2025 could reduce available liquidity if operating cash flows decline 1.
- Lack of operating data in the sourcelow
The document provided includes no revenue or segment margin figures, which limits the assessment of core performance 1.
Investment thesis
What would need to be true (bull case)
- If the real estate reorganisation generates recurring revenue, the company could have a steadier cash base for dividends and buybacks 1.
- The capital return policy shows a commitment to shareholders, which could sustain investor interest over the medium term 1.
- Acquisitions financed from own funds suggest a balance sheet that could allow further investment 1.
What would break the thesis
- The concentrated shareholding could limit liquidity and interest from institutional investors 1.
- If property transactions do not translate into operating revenue, dividends could become hard to sustain 1.
- The lack of operating detail in the report makes it difficult to directly assess growth in the core business 1.
What to watch
- Revenue development from the transferred and acquired property assets2026
- Pace of execution of the treasury share buyback programme2026
- Changes in the major shareholder structurenext 10-K
- Dividend policy for the following financial year2027
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
According to the 2025 annual report, ΕΛΛΑΚΤΩΡ ΑΕ is listed on the Main Market of the Athens Exchange in the 'Construction & Materials' sector 1. Share capital is 13,927,680.20 euro, divided into 348,192,005 ordinary registered voting shares with a nominal value of 0.04 euro 1. In 2025 the company ran a capital reduction that returned 0.85 euro per share to shareholders in cash 1.
Segments
Real estate assets
In February 2026 the transfer of land plots of over 323 thousand square metres in Attica to DIMAND was completed for a price of 45.8 million euro 1. In March 2026 the subsidiary LANDMARK acquired an office building on Vasilissis Sofias Avenue in Athens for 44.00 million euro, financed entirely from the company's own funds 1.
Shareholding and returns to shareholders
The annual report describes the shareholding based on notifications as at 31.12.2025 and shows a concentrated group of majority shareholders, while the company used its funds for dividends and for its share buyback programme 1.
Market context
Trends
- Real estate portfolio reorganisationmixed
The 2026 transactions with DIMAND and the purchase of the Athens headquarters point to a shift of property assets into a different format from before, which could change the revenue structure if these assets continue to be operated 1.
- Dividend policy and capital returntailwind
The interim dividend for 2025 and the 2025 capital return show shareholders receiving substantial cash amounts, which could support investor interest if operating results allow it 1.
- Buyback of own sharestailwind
The 2025-2027 treasury share programme, with a price band between 0.30 and 3.00 euro, gives the company flexibility for capital reductions or distribution to staff if conditions justify it 1.
- Concentrated shareholdingheadwind
One shareholder holds more than half the shares and a second holds a significant part, which may limit the free float and influence corporate governance decisions 1.
Competitive position
The source provided does not explicitly identify the company's competitors, so no comparisons based on document data can be made 1. From the information available, competition could only be assessed using a list of peers indicated by analysts, separate from the annual report.
- DIMAND
Buyer of the Attica land plots in February 2026 through its subsidiaries, indicating a direct commercial relationship with ΕΛΛΑΚΤΩΡ in real estate 1.
- Prodea Investments
Seller of the Athens office building acquired by LANDMARK in 2026, hence a counterparty in the Greek property market 1.
- MOTOR OIL (HELLAS)
Major shareholder with a stake of 22.40%, not a direct competitor but relevant to the control structure 1.
- ATLAS N.V.
Shareholder with 9.80% of capital, controlled by a Dutch structure, relevant to the analysis of shareholding 1.
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 202523 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ΕΛΛΑΚΤΩΡ ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ · 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.