olivLaw · European equity research
LAMDA Development A.E. LAMDA.AT
Greece · Athens Stock Exchange · ISIN GRS245213004 · Vertical: Listed companies from Greece
LAMDA Development is a holding company listed on the Athens Exchange that develops, invests in and manages real estate, mainly in Greece and in South-East Europe including Romania. Its central project is the redevelopment of the former Ellinikon airport, which includes a 2 million sq m metropolitan park and a 3.5 km seafront line, so progress on this project matters for the whole group.
At the close of 06 Nov 2026, LAMDA Development A.E. (LAMDA.AT) stock was 5.85 EUR (−2.01% on the day), with market capitalisation 998.5 m EUR, P/E 11.0 on diluted EPS of 0.53 EUR over the last 12 months, beta 0.63, 52-week range 5.85–7.56 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)
- 40.3
- weak (30–45)
- Bollinger (20, 2)
- 5.80 – 6.14
- in the lower half of the band · %B 0.14 · band width 5.8%
- SMA 50 / 200
- 6.22 / 6.41
- 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
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.1% | −0.6% | −3.5 pp | — |
| 3 months | −8.7% | −4.2% | −4.5 pp | — |
| 6 months | −4.2% | +4.3% | −8.5 pp | — |
| Year to date | −17.9% | +7.5% | −25.4 pp | — |
| 1 year | −19.4% | +9.9% | −29.3 pp | +0.4% |
| 3 years | −10.1% | +49.8% | −59.9 pp | +38.4% |
| 5 years | −20.8% | +42.8% | −63.6 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.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 13.4, median 27.1, max 42.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 450.6 m | 665.0 m | 567.2 m |
| Revenue YoY | unavailable | +47.6% | −14.7% |
| Net income | 27.0 m | 46.3 m | 90.5 m |
| Net income YoY | unavailable | +71.2% | +95.8% |
| Diluted EPS | 0.16 | 0.27 | 0.53 |
| Diluted EPS YoY | unavailable | +68.8% | +96.3% |
| net % | 6.0% | 7.0% | 16.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 750.4 m EUR
- Financial debt
- 1.4 bn EUR
- Net debt
- 689.8 m EUR
- Equity
- 1.3 bn EUR
- Total assets
- 5.0 bn EUR
- Debt / equity
- 1.09x
- Current ratio
- unavailable
- ROE
- 7.1%
- ROA
- 1.9%
- 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 | 450.6 m | 665.0 m | 567.2 m | esef· 23 Oct 2026verified |
| Operating income | 187.8 m | 185.1 m | 243.2 m | esef· 23 Oct 2026verified |
| Depreciation & amortisation | 11.3 m | 12.1 m | 12.5 m | esef· 23 Oct 2026verified |
| EBITDA | 199.1 m ≈ | 197.2 m ≈ | 255.7 m ≈ | esef· 23 Oct 2026derived |
| Interest expense | 140.4 m | 127.1 m | 118.7 m | esef· 23 Oct 2026verified |
| Pre-tax income | 57.3 m | 77.0 m | 136.4 m | esef· 23 Oct 2026verified |
| Income tax | 30.2 m | 29.5 m | 43.9 m | esef· 23 Oct 2026verified |
| Net income | 27.0 m | 46.3 m | 90.5 m | esef· 23 Oct 2026verified |
| Diluted EPS | 0.16 | 0.27 | 0.53 | esef· 23 Oct 2026verified |
| Weighted average diluted shares | 173.9 m | 174.2 m | 172.2 m | esef· 23 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 464.1 m | 642.2 m | 750.4 m | esef· 23 Oct 2026verified |
| Receivables | 140.9 m | 165.1 m | 264.3 m | esef· 23 Oct 2026verified |
| Inventories | 251.3 m | 406.1 m | 678.7 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 82.9 m | 89.4 m | 102.8 m | esef· 23 Oct 2026verified |
| Total assets | 4.2 bn | 4.4 bn | 5.0 bn | esef· 23 Oct 2026verified |
| Accounts payable | 339.0 m | 496.3 m | 659.6 m | esef· 23 Oct 2026verified |
| Long-term debt | 757.8 m | 1.1 bn | 1.4 bn | esef· 23 Oct 2026verified |
| Total liabilities | 3.0 bn | 3.2 bn | 3.7 bn | esef· 23 Oct 2026verified |
| Equity | 1.2 bn | 1.2 bn | 1.3 bn | esef· 23 Oct 2026verified |
| Shares outstanding at year end | 168.8 m | 171.3 m | 170.8 m | esef· 23 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 121.4 m | 357.9 m | 75.3 m | esef· 23 Oct 2026verified |
| Investing cash flow | -65.5 m | -92.8 m | -147.4 m | esef· 23 Oct 2026verified |
| Financing cash flow | -107.3 m | -87.0 m | 180.2 m | esef· 23 Oct 2026verified |
| Share repurchases | 8.8 m | 23.9 m | 26.2 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: 57 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 998.5 m EUR
Key indicators
Coverage and freshness
Score by group
- Valuation68
- Balance sheet45
- Returns38
- Quality63
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: 4.42 – 15.36 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/EBITDA6.67 – 15.36 (Mid 7.43)5 companies used · median multiple 7.7x · quartiles 7.2x – 13.0xATTICA.AT, BRIQ.AT, BYLOT.AT, DIMAND.AT, DOMIK.AT
- Peers: P/E4.42 – 7.15 (Mid 5.94)26 companies used · median multiple 11.2x · quartiles 8.3x – 13.5xAEGN.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)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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 57/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.8% | 59 (vs peers) | 17% |
| Net margin · Quality | 16.0% | 69 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.7x | 67 (vs peers) | 17% |
| Interest coverage · Balance sheet | 2.0x | 8 (on a fixed band) | 10% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 11.0x | 57 (vs peers) | 17% |
| EV/EBITDA · Valuation | 6.6x | 80 (vs peers) | 17% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.6% | 38 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet45/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality63/100 · 2/3 factors with a value
- Returns· partial38/100 · 1/2 factors with a value
- Valuation68/100 · 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
LAMDA Development - Ανώνυμη Εταιρεία Συμμετοχών και Αξιοποίησης Ακινήτων (LAMDA.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 567.2 m EUR in 2025; YoY growth -14.7%; net margin 16.0%; ROE 7.1%; net debt/EBITDA 2.7x.
The estimated value range is 5.54–11.25 EUR per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 6.68 EUR, the price of 5.84 EUR leaves a potential of 14.4% (value / price − 1) and a margin of safety of 12.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 57/100, 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, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EV/EBITDA: 6.6x
What contradicts it
- Interest coverage: 2.0x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Current ratio, 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 | 16.5 bn | 12.1 | 14.0% | 39.7% | +2.7% | +32% / +165% |
| ETE.ATΕθνικη Τραπεζα Της Ελλαδος Α.ε. | 14.8 bn | 12.7 | 13.3% | 42.5% | −5.4% | +21% / +159% |
| ELPE.ATHelleniq Energy Ανωνυμη Εταιρεια Συμμετοχων | 4.9 bn | 28.2 | 6.4% | 1.5% | −9.0% | +95% / +111% |
| CENER.ATCenergy Holdings | 4.4 bn | 22.9 | 24.3% | 9.4% | +14.7% | +41% / +199% |
| 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 | 110.6 | 6.7% | 1.3% | +11.2% | +7% / +186% |
| EYDAP.ATΕταιρια Υδρευσεως Και Αποχετευσεως Πρωτευουσης Ανωνυμη Εταιρια | 1.4 bn | — | -2.6% | -5.9% | −2.4% | +83% / +132% |
| ELHA.ATEλβαλχαλκορ Ελληνικη Βιομηχανια Χαλκου Και Αλουμινιου Ανωνυμος Εταιρεια | 1.3 bn | 12.2 | 9.8% | 2.9% | +5.1% | +4% / +80% |
| LAMDA.ATLAMDA Development - Ανώνυμη Εταιρεία Συμμετοχών και Αξιοποίησης Ακινήτων | 998.5 m | 11.0 | 7.1% | 16.0% | −14.7% | −17% / −11% |
| AEGN.ATΑεροπορια Αιγαιου Ανωνυμη Αεροπορικη Εταιρεια | 995.2 m | 6.7 | 27.7% | 7.9% | +4.6% | −23% / −3% |
| AVAX.ATΑβαξ Ανωνυμη Εταιρεια Εργοληπτικη-Τουριστικη-Εμπορικη-Βιομηχανικη-Οικοδομικων Υλικων & Μηχανηματων | 495.3 m | 10.4 | 25.9% | 5.0% | +47.1% | +37% / +119% |
| BYLOT.ATBally's Intralot Α.ε. | 460.2 m | 15.1 | -9.3% | -12.6% | +34.8% | +10% / +17% |
| ELLAKTOR.ATΕλλακτωρ Ανωνυμη Εταιρεια | 419.4 m | 2.7 | 26.1% | 175.2% | −74.8% | −32% / −44% |
| AEM.ATAlter Ego Media Α.ε. | 350.0 m | 17.8 | 18.3% | 14.0% | +12.6% | −3% / unavailable |
| ALMY.ATΑλουμυλ Βιομηχανια Αλουμινιου Αε | 319.4 m | 10.4 | 23.5% | 6.0% | +11.7% | +15% / +118% |
| 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% |
| EVR.ATΕυρώπη Holdings Α.ε. | 168.6 m | 37.2 | 2.9% | 30.7% | +435.3% | −32% / +33% |
| EYAPS.ATΕταιρεια Υδρευσης & Αποχετευσης Θεσσαλονικης Α.ε. | 166.6 m | 21.6 | 4.1% | 8.8% | +2.4% | +22% / +39% |
| BRIQ.ATBriq Properties Ανωνυμη Εταιρεια Επενδυσεων Σε Ακινητη Περιουσια | 148.6 m | 5.9 | 15.5% | 116.9% | +37.8% | +12% / +69% |
| 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. | 102.0 m | 10.3 | 14.0% | 15.6% | +9.1% | −5% / +113% |
| ASTAK.ATAlpha Real Estate Services Ae | 94.7 m | 12.6 | 10.4% | 30.3% | +22.4% | −7% / −7% |
| ASCO.ATA.s. Εμπορικη-Βιομηχανικη Εταιρια Η/υ & Παιχνιδιων Α.ε. | 59.6 m | 10.4 | 14.1% | 15.8% | +16.4% | +10% / +105% |
| AVE.ATAve Α.ε. | 50.4 m | — | -25.2% | -7.4% | +8.2% | −8% / −13% |
| ELTON.ATΕλτον Διεθνους Εμποριου Ανωνυμη Εμπορικη Βιομηχανικη Εταιρεια | 46.8 m | 13.7 | 4.9% | 1.9% | +8.6% | −12% / −19% |
1- and 3-year price returns: for LAMDA.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 | 3.13 Total return -47% · Per year -47% | 5.55 Total return -5% · Per year -5% | 8.40 Total return 44% · Per year 44% |
| 3 years | 2.48 Total return -58% · Per year -25% | 5.01 Total return -14% · Per year -5% | 8.40 Total return 44% · Per year 13% |
| 5 years | 1.97 Total return -66% · Per year -20% | 4.52 Total return -23% · Per year -5% | 8.40 Total return 44% · Per year 8% |
- Exit P/E± 1.25
- Net margin± 0.88
- Annual revenue growth± 0.79
- Annual dilution± 0.07
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
LAMDA Development is a holding company listed on the Athens Exchange that develops, invests in and manages real estate, mainly in Greece and in South-East Europe including Romania. Its central project is the redevelopment of the former Ellinikon airport, which includes a 2 million sq m metropolitan park and a 3.5 km seafront line, so progress on this project matters for the whole group.
SWOT
Strengths
- Declared leadership position in real estate development in Greece, with a portfolio of shopping centres and marinas already operating.
- Large-scale The Ellinikon project with potential to generate long-term development in the Athens metropolitan area.
- Formalised sustainability strategy with decarbonisation targets validated by an independent body.
Weaknesses
- Pronounced geographic concentration in Greece, making results sensitive to local economic conditions.
- Dependence on large development projects whose execution can be delayed by administrative processes and financing.
- Sustainability reporting requires multiple verifications, raising administrative costs.
Opportunities
- Completion of the Corfu marina and the shopping centres under construction could add income-generating assets.
- Extending the sustainability strategy to all activities could attract investors focused on ESG criteria.
- Developing housing, hotels and office space at The Ellinikon could diversify revenue sources.
Threats
- Climate change may bring floods, heatwaves and wildfires that affect project infrastructure.
- CSRD and ESRS reporting requirements may evolve quickly and impose additional costs.
- Financing conditions and market demand could influence the timing of large projects.
Risks
- Delay in The Ellinikon projecthigh
The project is complex and large in scale, and execution could be postponed by permits, financing or infrastructure works.
- Physical climate risksmedium
The report flags asset exposure to floods, heatwaves and wildfires, which could cause damage and disruption.
- Quality of sustainability datamedium
Reporting relies on collecting and verifying data from many sources, and errors could affect the credibility of public information.
- Changes to the regulatory frameworkmedium
Changes to sustainability rules and building regulations could raise costs or shift project timelines.
- Dependence on suppliers and contractorslow
Project execution depends on third parties, and their problems could delay works or raise costs.
Investment thesis
What would need to be true (bull case)
- If The Ellinikon advances as planned, the group could benefit from a new portfolio of commercial, residential and hotel assets.
- Its leadership in Greece and its partner network may support running several projects in parallel.
- A validated decarbonisation strategy could make its assets more attractive to tenants and ESG-focused investors.
What would break the thesis
- Concentration in Greece and in large projects makes the group sensitive to administrative delays and changes in the local economy.
- Climate risks and rising reporting requirements could add costs that compress profit margins.
- If financing or demand for retail and housing space weakens, the development timetable could be reconsidered.
What to watch
- Construction progress at The Ellinikon Mall and Riviera Galleria2027
- Completion date of the Corfu Mega Yacht marina2027
- Progress against the SBTi-validated decarbonisation targetsnext annual report
- Update of the sustainability strategy for The Ellinikonnext annual report
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 annual report for the year ended 31 December 2025, the group operates as a holding company that develops, invests in and manages real estate, mainly in Greece and, through subsidiaries, in Serbia, Romania and Montenegro. Its model covers the property life cycle, split into managing the investment portfolio and carrying out development projects, supported by a network of strategic partners. The document describes the group as the leader in real estate development in Greece.
The investment portfolio includes The Mall Athens, Golden Hall, Mediterranean Cosmos and Designer Outlet Athens shopping centres, plus the Flisvos, Agios Kosmas and Corfu Mega Yacht marinas, the latter under development. The report also mentions property investments (land, offices, parking spaces) and investments in the energy sector.
Development projects are dominated by The Ellinikon, where the group intends to build housing, hotels, retail areas, offices, cultural and educational centres, alongside the metropolitan park and seafront redevelopment. The report also lists The Ellinikon Mall and Riviera Galleria as under development or construction.
Segments
Investment portfolio management
Covers shopping centres, marinas and other income-generating property assets. The annual report describes this segment as supported by property managers, energy suppliers and technical service providers.
Development project execution
Covers The Ellinikon project, the shopping centres under construction and the Corfu marina. Execution relies on design consultants, contractors and legal, financial and technology partners.
Other energy and real estate investments
The report mentions investments in the energy sector and in other properties in Greece and abroad, without detailing their size in the available text.
Market context
The annual report shows activity concentrated in Greece, with a presence in Serbia, Romania and Montenegro, and presents the group as the leader in Greek real estate development. Exact market figures do not appear in the available excerpt.
Demand for retail and leisure space remains linked to tourism and urban consumption in Athens and Thessaloniki, where most assets are located. The report does not quantify this demand in the available excerpt.
Trends
- Stricter sustainability reporting rulesheadwind
The report refers to CSRD and ESRS as evolving frameworks that require updated reporting processes and additional checks. The cost and complexity of these requirements could add to the administrative burden.
- Decarbonisation and building standardsmixed
The group set a 2030 decarbonisation strategy, validated by SBTi in 2025, and its building targets could lower operating costs for tenants. The same process requires ongoing investment.
- Demand for regenerated urban projectstailwind
Redevelopment of former industrial or airport land, such as The Ellinikon, could attract investors and users if infrastructure and local acceptance advance. The report links long-term value to such projects.
- Physical climate risksheadwind
The report flags exposure to floods, heatwaves and wildfires, which could affect project infrastructure and ecosystems. Mitigation measures are described as part of the continuity strategy.
Competitive position
The available report excerpt does not explicitly name the group's competitors. Competition likely comes from other developers and operators of shopping centres and marinas in Greece and South-East Europe, but the source contains no verified list.
The advantage the company describes rests on its leadership position in Greek real estate development, the scale of the Ellinikon project and its partner network. Without comparative data in the source, the size of this advantage cannot be assessed.
- Greek real estate developers
Competitors in the local development and property investment market, named generically in the source.
- Shopping centre operators
Competition comes from other shopping centres and outlets in Athens and northern Greece.
- Marina operators
The Flisvos, Agios Kosmas and Corfu marinas compete with other Mediterranean marinas.
- Regional property investors
Competition in Serbia, Romania and Montenegro comes from local and regional investors.
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
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / LAMDA Development A.E. · 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.