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olivLaw · European equity research

FLEXOPACK ΑΝΩΝΥΜΗ ΕΜΠΟΡΙΚΗ ΚΑΙ ΒΙΟΜΗΧΑΝΙΚΗ ΕΤΑΙΡΕΙΑ ΠΛΑΣΤΙΚΩΝ FLEXO.AT

Greece · Athens Stock Exchange · ISIN GRS259003002 · Vertical: Listed companies from Greece

7.85EUR0.00% · 1 dayClose 02 Nov 2026

Flexopack is a Greek maker of flexible plastic packaging, with operations across several European countries as well as Australia and New Zealand. Profit before tax rose 9.3% in fiscal 2025, and net debt remains modest relative to capital employed.

At the close of 02 Nov 2026, FLEXOPACK ΑΝΩΝΥΜΗ ΕΜΠΟΡΙΚΗ ΚΑΙ ΒΙΟΜΗΧΑΝΙΚΗ ΕΤΑΙΡΕΙΑ ΠΛΑΣΤΙΚΩΝ (FLEXO.AT) stock was 7.85 EUR (+0.00% on the day), with market capitalisation 92.5 m EUR, P/E 8.3 on diluted EPS of 0.95 EUR over the last 12 months, dividend yield 2.10%, beta 0.20, 52-week range 7.40–8.60 EUR.

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

Market cap
92.5 m EUR
shares as of 31 Dec 2025
P/E (TTM)
8.3
Diluted EPS TTM 0.95 · TTM to 31 Dec 2025
E/P (TTM)
12.09%
TTM to 31 Dec 2025
Dividend yield
2.10%
DPS 12m 0.16
Beta (2y)
0.20
Volatility (1y) 35%
52-week range
7.408.60

Price history

Loading chart…

Technical reading

RSI (14)
47.1
neutral
Bollinger (20, 2)
7.58 – 8.18
in the lower half of the band · %B 0.45 · band width 7.5%
SMA 50 / 200
8.02 / 8.02
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.07 / -0.08
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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−2.5%−1.0%−1.5 pp—
3 months−4.8%−3.9%−1.0 pp—
6 months−1.9%+7.2%−9.0 pp—
Year to dateunavailable+6.6%unavailable—
1 yearunavailable+9.1%unavailable+0.6%
3 years+1.9%+47.9%−46.0 pp+43.8%
5 years+17.2%+43.3%−26.1 pp—
Max drawdown (1y)
−14.0%
15 Jan 2026 → 27 Mar 2026
Max drawdown (5y)
−23.3%
22 Mar 2023 → 07 Apr 2025
Compound annual growth (5y)
+3.2%
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 33 percentile of its own 3-quarter history (min 6.1, median 8.8, max 9.0; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue153.1 m156.6 m163.8 m
Revenue YoYunavailable+2.3%+4.6%
Net income15.1 m10.7 m11.2 m
Net income YoYunavailable−29.3%+5.1%
Diluted EPS1.280.900.95
Diluted EPS YoYunavailable−29.8%+5.6%
net %9.9%6.8%6.8%
Free cash flow14.3 m-10.0 m1.6 m

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
30.0 m EUR
Financial debt
37.3 m EUR
Net debt
7.3 m EUR
Equity
139.5 m EUR
Total assets
221.2 m EUR
Debt / equity
0.27x
Current ratio
2.95x
ROE
8.3%
ROA
5.0%
FCF margin
1.0%

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
153.1 m
2024
156.6 m
2025
163.8 m

esef· 23 Oct 2026verified

Cost of revenue
2023
111.1 m
2024
117.3 m
2025
118.2 m

esef· 23 Oct 2026verified

Gross profit
2023
42.0 m
2024
39.3 m
2025
45.6 m

esef· 23 Oct 2026verified

Research & development
2023
1.8 m
2024
1.8 m
2025
1.7 m

esef· 23 Oct 2026verified

Operating income
2023
19.8 m
2024
13.5 m
2025
18.2 m

esef· 23 Oct 2026verified

Interest expense
2023
1.7 m
2024
2.0 m
2025
1.9 m

esef· 23 Oct 2026verified

Pre-tax income
2023
19.1 m
2024
14.1 m
2025
15.4 m

esef· 23 Oct 2026verified

Income tax
2023
4.0 m
2024
3.4 m
2025
4.2 m

esef· 23 Oct 2026verified

Net income
2023
15.1 m
2024
10.7 m
2025
11.2 m

esef· 23 Oct 2026verified

Diluted EPS
2023
1.28
2024
0.90
2025
0.95

esef· 23 Oct 2026verified

Dividend per share
2023
0.15
2024
0.15
2025
0.16

esef· 23 Oct 2026derived

Balance sheet · EUR

Cash
2023
40.0 m
2024
38.4 m
2025
30.0 m

esef· 23 Oct 2026verified

Inventories
2023
45.7 m
2024
54.9 m
2025
61.8 m

esef· 23 Oct 2026verified

Current assets
2023
115.8 m
2024
124.4 m
2025
120.1 m

esef· 23 Oct 2026verified

Property, plant & equipment, net
2023
71.4 m
2024
87.0 m
2025
87.6 m

esef· 23 Oct 2026verified

Goodwill
2023
252.0 k
2024
252.0 k
2025
252.0 k

esef· 23 Oct 2026verified

Intangibles (excl. goodwill)
2023
1.9 m
2024
1.8 m
2025
1.7 m

esef· 23 Oct 2026verified

Total assets
2023
197.9 m
2024
224.0 m
2025
221.2 m

esef· 23 Oct 2026verified

Long-term debt
2023
32.3 m
2024
43.1 m
2025
37.3 m

esef· 23 Oct 2026verified

Current liabilities
2023
39.2 m
2024
44.5 m
2025
40.8 m

esef· 23 Oct 2026verified

Total liabilities
2023
76.5 m
2024
92.8 m
2025
81.7 m

esef· 23 Oct 2026verified

Equity
2023
121.4 m †
2024
131.2 m †
2025
139.5 m †

esef· 23 Oct 2026verified

Shares outstanding at year end
2023
11.7 m
2024
11.8 m
2025
11.8 m

esef· 23 Oct 2026derived

Cash flow · EUR

Operating cash flow
2023
28.1 m
2024
10.7 m
2025
11.8 m

esef· 23 Oct 2026verified

Capex
2023
13.8 m
2024
20.7 m
2025
10.3 m

esef· 23 Oct 2026verified

Free cash flow
2023
14.3 m ≈
2024
-10.0 m ≈
2025
1.6 m ≈

esef· 23 Oct 2026derived

Investing cash flow
2023
-13.8 m
2024
-20.0 m
2025
-9.9 m

esef· 23 Oct 2026verified

Financing cash flow
2023
2.3 m
2024
7.6 m
2025
-9.9 m

esef· 23 Oct 2026verified

Dividends paid
2023
1.8 m
2024
1.8 m
2025
1.9 m

esef· 23 Oct 2026verified

Computed indicators

Growth

Revenue growth (YoY)
4.6%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
34.7%
computed by olivLawFY 2025
Net income growth (YoY)
5.1%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
5.6%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
27.8%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
11.1%
computed by olivLawFY 2025
Net margin
6.8%
computed by olivLawFY 2025
FCF margin
1.0%
computed by olivLawFY 2025

Returns

ROE
8.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
5.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
9.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
10.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
17.4%
computed by olivLawFY 2025
Payout ratio (FCF)
123.1%
computed by olivLawFY 2025

Balance sheet

Net debt
7.3 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.3x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
9.4x
computed by olivLawFY 2025

Liquidity

Current ratio
2.9x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.4x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.7x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
11.8 m EUR
computed by olivLawFY 2025
Capital expenditure
10.3 m EUR
computed by olivLawFY 2025
Free cash flow
1.6 m EUR
computed by olivLawFY 2025
FCF conversion
14.1%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
180 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
92.5 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
99.8 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
8.2x
computed by olivLawFY 2025
P/E (TTM)
8.3x
computed by olivLawFY 2025
Earnings yield
12.1%
computed by olivLawFY 2025
P/B
0.7x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.6x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
5.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
0.6x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
58.6x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
1.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
2.1%
computed by olivLawFY 2025
Shareholder yield (distributions)
2.1%
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: 50 / 100

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

Closing price

7.85 EUR

02 Nov 2026Source: olivLaw, closing series

Market cap: 92.5 m EUR

Key indicators

Market capitalisation
92.5 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
8.3x
computed by olivLawFY 2025
P/B
0.7x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
8.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
6.8%
computed by olivLawFY 2025
Revenue growth (YoY)
4.6%
computed by olivLawFY 2025
Dividend yield
2.1%
computed by olivLawFY 2025

Coverage and freshness

29/37 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 85derived 6

Score by group

  • Returns18
  • Quality40
  • Valuation52
  • Balance sheet100

Estimated value range

Low
5.77
EUR per share
Mid
7.71
EUR per share
High
9.84
EUR per share
Price: 7.85 EUR
The price is within the range
Potential to the central value: -1.8% (value / price − 1)
Margin of safety: -1.8% (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: 3.60 – 12.82 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)3.60 – 6.86 (Mid 4.76)
    WACC 7.1% · starting FCFF 3.0 m EUR · terminal value share of EV 79%
    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): 25.8%
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E7.94 – 12.82 (Mid 10.66)
    26 companies used · median multiple 11.2x · quartiles 8.4x – 13.5x
    AEGN.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, ELLAKTOR.AT, ELSTR.AT, ELTON.AT, ETE.AT, EUROB.AT, EYAPS.AT, FAIS.AT
  • Dividend discount (DDM)outside the aggregate2.24 – 3.06 (Mid 2.59)
    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 50/100

FactorValueScoreWeight used
ROIC · Quality9.4%59 (vs peers)17%
Net margin · Quality6.8%46 (vs peers)10%
FCF conversion · Quality14.1%0 (on a fixed band)10%
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet9.4x100 (on a fixed band)10%
Current ratio · Balance sheet2.9x100 (on a fixed band)7%
P/E (TTM) · Valuation8.3x77 (vs peers)17%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation1.7%21 (on a fixed band)13%
Shareholder yield (distributions) · Returns2.1%30 (on a fixed band)10%
Payout ratio (FCF) · Returns123.1%0 (on a fixed band)7%

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

Score groups

  • Balance sheet100/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality40/100 · 3/3 factors with a value
  • Returns18/100 · 2/2 factors with a value
  • Valuation52/100 · 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

FLEXOPACK ΑΝΩΝΥΜΗ ΕΜΠΟΡΙΚΗ ΚΑΙ ΒΙΟΜΗΧΑΝΙΚΗ ΕΤΑΙΡΕΙΑ ΠΛΑΣΤΙΚΩΝ (FLEXO.AT). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 163.8 m EUR in 2025; YoY growth 4.6%; net margin 6.8%; ROE 8.3%.

The estimated value range is 5.77–9.84 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 7.71 EUR, the price of 7.85 EUR leaves a potential of -1.8% (value / price − 1) and a margin of safety of -1.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 50/100, 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

  • Interest coverage: 9.4x
  • Current ratio: 2.9x
  • P/E (TTM): 8.3x

What contradicts it

  • FCF conversion: 14.1%
  • FCF yield: 1.7%
  • Shareholder yield (distributions): 2.1%
  • Payout ratio (FCF): 123.1%
  • 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
8.3x
vertical median 12.3x
below median (−32.9%)
EV/EBITDA
—
vertical median 7.8x
P/S
0.6x
vertical median 1.6x
below median (−65.5%)
P/B
0.7x
vertical median 1.4x
below median (−51.6%)
ROE
8.3%
vertical median 10.2%
below median (−18.5%)
Net margin
6.8%
vertical median 7.9%
below median (−13.8%)
EBIT margin
11.1%
vertical median 8.9%
above median (+25.3%)
Revenue YoY
4.6%
vertical median 7.2%
below median (−36.5%)
Net debt/EBITDA
—
vertical median 2.9x
Dividend yield
2.1%
vertical median 2.6%
below median (−20.4%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
EUROB.ATΤραπεζα Eurobank Ανωνυμη Eταιρεια16.7 bn12.314.0%39.7%+2.7%+33% / +168%
ETE.ATΕθνικη Τραπεζα Της Ελλαδος Α.ε.14.4 bn12.413.3%42.5%−5.4%+18% / +153%
ELPE.ATHelleniq Energy Ανωνυμη Εταιρεια Συμμετοχων5.1 bn29.46.4%1.5%−9.0%+103% / +120%
CENER.ATCenergy Holdings4.6 bn23.924.3%9.4%+14.7%+47% / +212%
BELA.ATJumbo Ανωνυμη Εμπορικη Εταιρεια3.7 bn11.521.5%26.0%+7.2%+1% / +14%
AKTR.ATΑκtor Ανώνυμη Εταιρεία Συμμετοχών, Τεχνικών Και Ενεργειακών Έργων2.1 bn114.66.7%1.3%+11.2%+11% / +197%
EYDAP.ATΕταιρια Υδρευσεως Και Αποχετευσεως Πρωτευουσης Ανωνυμη Εταιρια1.5 bn—-2.6%-5.9%−2.4%+88% / +139%
ELHA.ATEλβαλχαλκορ Ελληνικη Βιομηχανια Χαλκου Και Αλουμινιου Ανωνυμος Εταιρεια1.3 bn12.69.8%2.9%+5.1%+7% / +86%
AEGN.ATΑεροπορια Αιγαιου Ανωνυμη Αεροπορικη Εταιρεια1.0 bn6.827.7%7.9%+4.6%−22% / −3%
AVAX.ATΑβαξ Ανωνυμη Εταιρεια Εργοληπτικη-Τουριστικη-Εμπορικη-Βιομηχανικη-Οικοδομικων Υλικων & Μηχανηματων502.7 m10.625.9%5.0%+47.1%+39% / +122%
BYLOT.ATBally's Intralot Α.ε.469.8 m15.4-9.3%-12.6%+34.8%+13% / +20%
ELLAKTOR.ATΕλλακτωρ Ανωνυμη Εταιρεια427.7 m2.726.1%175.2%−74.8%−31% / −43%
AEM.ATAlter Ego Media Α.ε.350.5 m17.818.3%14.0%+12.6%−3% / unavailable
ALMY.ATΑλουμυλ Βιομηχανια Αλουμινιου Αε321.1 m10.523.5%6.0%+11.7%+15% / +119%
DIMAND.ATDimand Ανωνυμη Εταιρεια Αξιοποιησης Και Εκμεταλλευσης Ακινητων Και Κατασκευων Υπηρεσιων Και Συμμετοχων270.6 m7.718.5%58.5%+110.6%+44% / +30%
EYAPS.ATΕταιρεια Υδρευσης & Αποχετευσης Θεσσαλονικης Α.ε.172.2 m22.44.1%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 Περιουσια152.2 m6.015.5%116.9%+37.8%+15% / +73%
FAIS.ATΦαις Συμμετοχων Ανωνυμη Εταιρεια116.1 m8.722.1%6.3%+12.9%−7% / unavailable
DAIOS.ATΔαϊος Πλαστικα Ανωνυμη Βιομηχανικη Εμπορικη Εταιρεια Α.ε.100.5 m10.214.0%15.6%+9.1%−6% / +109%
ASTAK.ATAlpha Real Estate Services Ae96.1 m12.810.4%30.3%+22.4%−5% / −6%
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.59.5 m10.414.1%15.8%+16.4%+10% / +105%
AVE.ATAve Α.ε.50.9 m—-25.2%-7.4%+8.2%−7% / −12%
ELTON.ATΕλτον Διεθνους Εμποριου Ανωνυμη Εμπορικη Βιομηχανικη Εταιρεια46.8 m13.74.9%1.9%+8.6%−12% / −19%

1- and 3-year price returns: for FLEXO.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%
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Estimated price (EUR)

Estimated priceBearBaseBull
1 years
4.66
Total return -39% · Per year -39%
8.23
Total return 7% · Per year 7%
12.40
Total return 61% · Per year 61%
3 years
4.53
Total return -37% · Per year -14%
9.00
Total return 22% · Per year 7%
14.88
Total return 98% · Per year 26%
5 years
4.40
Total return -36% · Per year -9%
9.84
Total return 37% · Per year 7%
17.87
Total return 144% · Per year 20%
What moves the 3-year price the most
  • Exit P/E± 2.25
  • Net margin± 1.58
  • Annual revenue growth± 1.29
  • 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

Flexopack is a Greek maker of flexible plastic packaging, with operations across several European countries as well as Australia and New Zealand. Profit before tax rose 9.3% in fiscal 2025 1, and net debt remains modest relative to capital employed 1.

SWOT

Strengths

  • A solid capital structure, with a high share of equity in total assets and a low level of net debt 1.
  • A wide geographic footprint, with subsidiaries across several European countries and the Pacific.
  • Profit growth in 2025 points to consistent operational execution 1.

Weaknesses

  • Cash flows from investing activities were negative and absorbed financial resources 1.
  • Dependence on a control structure concentrated in one family creates governance vulnerabilities.
  • Profit margin depends on operating efficiency and can fluctuate from year to year.

Opportunities

  • Demand for recyclable packaging could open new contracts with food-industry customers.
  • Expansion into new international markets could diversify income sources.
  • Efficiency investments could lower production costs over the medium term.

Threats

  • Volatility in petroleum-based raw material prices could compress margins.
  • Currency fluctuations can affect results of subsidiaries outside the euro area 1.
  • Competition from lower-cost producers could limit price increases.

Risks

  • Change-of-control clausesmedium

    Several bond agreements contain clauses allowing creditors to demand repayment if the control structure changes 1. A shift in shareholding could create refinancing pressure.

  • Shareholder concentrationmedium

    The founding family's majority stake limits minority shareholders' influence over strategic decisions.

  • Currency riskmedium

    Subsidiaries outside the euro area expose the group to exchange-rate movements that can affect reported results 1.

  • Raw material costshigh

    Higher polymer prices could reduce margins if they cannot be passed on to customers.

  • Negative investing cash flowslow

    Investment spending exceeded operating cash flows, which could reduce financial flexibility 1.

Investment thesis

What would need to be true (bull case)

  • Profit before tax grew in 2025 and equity makes up a large share of total assets 1. If this trend holds, the group could strengthen its position in flexible packaging.
  • Net debt remains low relative to capital employed, leaving room for investment 1.
  • A broad international presence can spread regional risks.

What would break the thesis

  • Investing cash flows were negative in 2025 1, and if returns on investment do not improve, funding pressure could become relevant.
  • Change-of-control clauses in financing agreements could complicate any shareholding transactions.
  • Margins depend on raw material costs and on the ability to pass increases on to customers.

What to watch

  • Trend in profit and margins in the quarterly reportQ1 2027
  • Investing cash flows and capex plan2027
  • Compliance with control clauses in bond agreementsnext 10-K
  • Changes in the founding family's stake and treasury shares2027

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

Flexopack SA, listed on the Athens Stock Exchange, is a group that designs and produces flexible plastic packaging. According to the 2025 annual report 1, the parent company holds subsidiaries in Poland, Serbia, Cyprus, Australia, New Zealand, the United Kingdom, France, the USA, Ireland and Spain, plus stakes in Greek companies. The group reported profit before tax of 15.375 million EUR in 2025 1.

The capital structure is controlled by the Ginosatis family, which holds a significant direct stake 1. Some bond agreements include change-of-control clauses that could allow creditors to demand repayment if control changes 1.

In 2025 the company increased share capital by issuing shares under an employee stock option plan 1, and the total number of shares reached 11,943,624 1.

Segments

Flexible packaging

The group's core activity is the production of flexible plastic packaging sold to the food industry and other consumer sectors in European and international markets 1.

Holdings and distribution

The group operates through commercial and service subsidiaries in several countries and holds minority stakes in Greek and New Zealand companies 1.

Market context

The flexible packaging market is sensitive to the cost of petroleum-based raw materials and to demand from consumer sectors. The group's pre-tax profit margin was 9.4% of revenue in fiscal 2025 1, showing profitability that depends on operating efficiency.

International activity, with subsidiaries in Australia, New Zealand and several European countries, exposes the group to currency movements, a factor that affected cash flows in 2025 1.

Trends

  • Bank and bond financingmixed

    The group has concluded new bond issues in recent years 1. This could support investment funding, but it also requires compliance with contractual covenants.

  • Raw material cost pressureheadwind

    Polymer and energy costs can influence margins, especially if they cannot be fully passed on to customers.

  • Demand for sustainable packagingtailwind

    European packaging rules could favour products that are easier to recycle, if the company adapts its range.

  • International expansionmixed

    A presence in Australia and New Zealand may diversify revenue, but it also brings additional operational and market risks.

Competitive position

The group competes with European and international producers of flexible plastic packaging. The available sources do not explicitly name competitors, so the analysis rests on general industry characteristics.

The group's competitive advantages lie in its broad geographic presence and the integration of production and distribution, which may lower costs for international customers.

  • European flexible packaging producers

    Producers in Europe competing in flexible packaging; not identified in the source.

  • International packaging producers

    Companies with global packaging operations; the source does not name them.

  • Regional Asia-Pacific producers

    Local competitors in Australia and New Zealand; not named in the source.

  • Food packaging suppliers

    Companies competing for contracts with major retail chains; not identified in the source.

News & filings

In the press

No news in our archive over the last 180 days.

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / FLEXOPACK ΑΝΩΝΥΜΗ ΕΜΠΟΡΙΚΗ ΚΑΙ ΒΙΟΜΗΧΑΝΙΚΗ ΕΤΑΙΡΕΙΑ ΠΛΑΣΤΙΚΩΝ · 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.