olivLaw · European equity research
MIG ΑΝΩΝΥΜΟΣ ΕΤΑΙΡΕΙΑ ΣΥΜΜΕΤΟΧΩΝ MIG.AT
Greece · Athens Stock Exchange · ISIN GRS314003013 · Vertical: Listed companies from Greece
MIG is an Athens-based investment holding company with stakes in Greece, Serbia and Cyprus, including RKB, one of the largest commercial property managers in Serbia. At year-end 2025 the Group's gearing was 33.73 percent, while the parent company's was 0.69 percent.
At the close of 05 Nov 2026, MIG ΑΝΩΝΥΜΟΣ ΕΤΑΙΡΕΙΑ ΣΥΜΜΕΤΟΧΩΝ (MIG.AT) stock was 3.00 EUR (−2.12% on the day), with market capitalisation 94.2 m EUR, P/E 22.1 on diluted EPS of 0.14 EUR over the last 12 months, beta 0.55, 52-week range 2.87–3.94 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)
- 46.2
- neutral
- Bollinger (20, 2)
- 2.84 – 3.05
- in the upper half of the band · %B 0.78 · band width 6.9%
- SMA 50 / 200
- 3.18 / 3.31
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.07
- 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 | −6.3% | +0.4% | −6.6 pp | — |
| 3 months | −15.5% | −3.3% | −12.2 pp | — |
| 6 months | −9.6% | +4.0% | −13.6 pp | — |
| Year to date | −18.9% | +8.1% | −27.0 pp | — |
| 1 year | −22.7% | +10.7% | −33.4 pp | +0.9% |
| 3 years | −24.1% | +50.1% | −74.1 pp | +35.3% |
| 5 years | +270.4% | +43.6% | +226.8 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 50 percentile of its own 2-quarter history (min 14.1, median 20.7, max 27.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 11.4 m | 14.8 m |
| Revenue YoY | unavailable | +30.0% |
| Net income | 6.4 m | 4.3 m |
| Net income YoY | unavailable | −33.6% |
| Diluted EPS | 0.20 | 0.14 |
| Diluted EPS YoY | unavailable | −33.7% |
| net % | 56.5% | 28.9% |
| Free cash flow | -1.6 m | -236.0 k |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.9 m EUR
- Financial debt
- 72.5 m EUR
- Net debt
- 68.6 m EUR
- Equity
- 132.8 m EUR
- Total assets
- 212.1 m EUR
- Debt / equity
- 0.55x
- Current ratio
- 4.21x
- ROE
- 3.3%
- ROA
- 2.0%
- FCF margin
- -1.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 11.4 m | 14.8 m | esef· 23 Oct 2026verified |
| Operating income | 2.4 m | 5.7 m | esef· 23 Oct 2026verified |
| Depreciation & amortisation | 275.0 k | 271.0 k | esef· 23 Oct 2026verified |
| EBITDA | 2.7 m ≈ | 6.0 m ≈ | esef· 23 Oct 2026derived |
| Interest expense | 3.2 m | 2.8 m | esef· 23 Oct 2026verified |
| Pre-tax income | 6.4 m | 4.3 m | esef· 23 Oct 2026verified |
| Income tax | 0 | 0 | esef· 23 Oct 2026verified |
| Net income | 6.4 m | 4.3 m | esef· 23 Oct 2026verified |
| Diluted EPS | 0.20 | 0.14 | esef· 23 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 1.6 m | 3.9 m | esef· 23 Oct 2026verified |
| Receivables | 1.5 m | 1.8 m | esef· 23 Oct 2026verified |
| Current assets | 11.2 m | 19.6 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 108.0 k | 118.0 k | esef· 23 Oct 2026verified |
| Intangibles (excl. goodwill) | 84.0 k | 64.0 k | esef· 23 Oct 2026verified |
| Total assets | 218.9 m | 212.1 m | esef· 23 Oct 2026verified |
| Accounts payable | 776.0 k | 1.1 m | esef· 23 Oct 2026verified |
| Short-term debt | 306.0 k | 364.0 k | esef· 23 Oct 2026verified |
| Long-term debt | 84.1 m | 72.1 m | esef· 23 Oct 2026verified |
| Current liabilities | 3.9 m | 4.7 m | esef· 23 Oct 2026verified |
| Total liabilities | 90.4 m | 79.4 m | esef· 23 Oct 2026verified |
| Equity | 128.5 m | 132.8 m | esef· 23 Oct 2026verified |
| Shares outstanding at year end | 31.3 m | 31.4 m | esef· 23 Oct 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -1.6 m | -190.0 k | esef· 23 Oct 2026verified |
| Capex | 15.0 k | 46.0 k | esef· 23 Oct 2026verified |
| Free cash flow | -1.6 m ≈ | -236.0 k ≈ | esef· 23 Oct 2026derived |
| Investing cash flow | -2.1 m | 15.5 m | esef· 23 Oct 2026verified |
| Financing cash flow | -2.1 m | -13.1 m | esef· 23 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 19 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 94.2 m EUR
Key indicators
Coverage and freshness
Score by group
- Valuation6
- Balance sheet23
- Quality33
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: 0.04 – 1.86 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)0.04 – 0.96 (Mid 0.04)WACC 7.0% · starting FCFF 2.5 m EUR · terminal value share of EV 80%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · insufficient data
- Peers: P/E1.14 – 1.86 (Mid 1.54)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, 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
Unattractive profile · Score 19/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.8% | 26 (vs peers) | 14% |
| Net margin · Quality | 28.9% | 77 (vs peers) | 9% |
| FCF conversion · Quality | -5.5% | 0 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 11.4x | 0 (vs peers) | 14% |
| Interest coverage · Balance sheet | 2.1x | 9 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 4.2x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 22.1x | 17 (vs peers) | 14% |
| EV/EBITDA · Valuation | 27.0x | 0 (vs peers) | 14% |
| FCF yield · Valuation | -0.3% | 0 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet23/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality33/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation6/100 · 3/3 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
MIG ΑΝΩΝΥΜΟΣ ΕΤΑΙΡΕΙΑ ΣΥΜΜΕΤΟΧΩΝ (MIG.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 14.8 m EUR in 2025; YoY growth 30.0%; net margin 28.9%; ROE 3.3%; net debt/EBITDA 11.4x.
The estimated value range is 0.59–1.41 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 0.79 EUR, the price of 3.00 EUR leaves a potential of -73.7% (value / price − 1) and a margin of safety of -280.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 19/100, methodological classification: unattractive 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
- Net margin: 28.9%
- Current ratio: 4.2x
What contradicts it
- ROIC: 2.8%
- FCF conversion: -5.5%
- Net debt / EBITDA: 11.4x
- Interest coverage: 2.1x
- P/E (TTM): 22.1x
- EV/EBITDA: 27.0x
- FCF yield: -0.3%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Shareholder yield (distributions), 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% |
| MIG.ATMig Ανωνυμος Εταιρεια Συμμετοχων | 94.2 m | 22.1 | 3.3% | 28.9% | +30.0% | −21% / −36% |
| ASTAK.ATAlpha Real Estate Services Ae | 93.3 m | 12.4 | 10.4% | 30.3% | +22.4% | −8% / −8% |
| 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 MIG.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 | 1.96 Total return -35% · Per year -35% | 3.45 Total return 15% · Per year 15% | 5.17 Total return 72% · Per year 72% |
| 3 years | 2.33 Total return -22% · Per year -8% | 4.56 Total return 52% · Per year 15% | 7.45 Total return 148% · Per year 35% |
| 5 years | 2.76 Total return -8% · Per year -2% | 6.03 Total return 101% · Per year 15% | 10.73 Total return 258% · Per year 29% |
- Exit P/E± 1.14
- Net margin± 0.80
- Annual revenue growth± 0.60
- 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
MIG is an Athens-based investment holding company with stakes in Greece, Serbia and Cyprus, including RKB, one of the largest commercial property managers in Serbia. At year-end 2025 the Group's gearing was 1 33.73 percent, while the parent company's was 0.69 percent 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Interest rate riskhigh
Debt with variable interest exposes the Group to higher costs if EURIBOR rises 1.
- Market riskmedium
Equity and other securities holdings are subject to price movements, affecting results 1.
- Currency riskmedium
Part of the portfolio and transactions is in US dollars, creating exchange rate exposure 1.
- Liquidity riskmedium
Long-term debt maturities are concentrated, which could require refinancing at future dates 1.
- Climate risklow
Physical and transition effects of climate change are identified as a non-financial risk 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Trend in gearing and the cost of variable-rate debt2026
- RKB results and rental levels2026
- Progress of the liquidation of MIG Leisure and Athenian Investmentsnext 10-K
- Evolution of emissions following the purchase of guarantees of origin2026
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
MIG Anonymos Etaireia Symmeton, known as MIG, is headquartered in Athens and operates as an investment holding company under Greek law. The Group's core activity is equity participations and investments in Greece, Serbia and Cyprus 1. The company's shares are listed on the Athens Stock Exchange 1.
The Group employed 47 people in Greece and Serbia in 2025, mostly full-time, and all staff are covered by the national collective agreements of both countries 1. The company reports no workplace accidents in 2025 1. Its risk management also covers non-financial risks such as climate change and occupational safety 1.
The operating structure has two areas: financial services, comprising MIG, MIG Aviation Holdings and entities in liquidation, and real estate operation through the RKB subsidiary 1. Revenue and profit by segment are not broken out in the available text, so this profile relies on the organisational description in the report 1.
Segments
Market context
The market the Group operates in is investment in participations across Greece, Serbia and Cyprus, where the company concentrates its capital 1. Market exposure is material: assets exposed to market risk stood at 12692 thousand euro at 31/12/2025 1. A 10 percent move in those holdings would change results by about 1269 thousand euro 1.
The interest rate environment is relevant because the Group's debt has a variable component linked to EURIBOR 1. Assets and liabilities exposed to interest rate risk amounted to 72493 thousand euro, and a 1 percent change would have an impact of 806 thousand euro 1.
Trends
- Higher interest ratesheadwind
A rise in EURIBOR could increase the cost of the Group's debt, which carries a variable component 1.
- Emissions reductiontailwind
The purchase of guarantees of origin for electricity used at RKB has significantly reduced reported emissions 1.
- Currency riskmixed
Part of the trading portfolio is in US dollars, exposing the company to exchange rate movements 1.
- Climate changemixed
Physical and transition climate risks are monitored by management and could affect activity in the countries where the Group operates 1.
Competitive position
The annual report does not provide a detailed competitive analysis and does not name direct competitors 1. The Group's position depends on the quality of its participation portfolio and its real estate assets in Serbia 1.
Competition in commercial property management in Serbia is not described in the available source 1. The analysis therefore remains limited to what the company has published 1.
- Greek investment and holding companies
The source does not name individual competitors, so a direct comparison cannot be made from the report 1.
- Commercial property managers in Serbia
The report does not name RKB's competitors in Serbia 1.
- Real estate funds in Central and South-Eastern Europe
Not identified in the source as rivals of the Group 1.
- Aviation investors
The subsidiary MIG Aviation Holdings is mentioned, but the source does not describe competition in this area 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 / MIG ΑΝΩΝΥΜΟΣ ΕΤΑΙΡΕΙΑ ΣΥΜΜΕΤΟΧΩΝ · 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.