olivLaw · European equity research
ΦΙΛΙΠΠΟΣ ΝΑΚΑΣ Α.Β.Ε.Ε.Τ.Ε. NAKAS.AT
Greece · Athens Stock Exchange · ISIN GRS387503006 · Vertical: Listed companies from Greece
Φίλιππος Νάκας operates in musical instruments, books and audio systems in Greece and Cyprus, and runs the « Ωδείο Φίλιππος Νάκας » music school. This profile is based solely on the annual report for the year ended 30 June 2025, which does not give revenue figures in the available source.
At the close of 04 Nov 2026, ΦΙΛΙΠΠΟΣ ΝΑΚΑΣ Α.Β.Ε.Ε.Τ.Ε. (NAKAS.AT) stock was 3.68 EUR (+0.00% on the day), with market capitalisation 23.3 m EUR, P/E 13.4 on diluted EPS of 0.28 EUR over the last 12 months, dividend yield 6.25%, beta 0.06, 52-week range 3.32–4.10 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)
- 73.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 3.29 – 3.65
- above the upper band · %B 1.10 · band width 10.2%
- SMA 50 / 200
- 3.48 / 3.53
- mixed trend
- MACD (12, 26, 9)
- 0.02 / -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 | +5.1% | +0.4% | +4.8 pp | — |
| 3 months | unavailable | −3.3% | unavailable | — |
| 6 months | +7.6% | +4.0% | +3.6 pp | — |
| Year to date | −2.6% | +8.1% | −10.7 pp | — |
| 1 year | +8.2% | +10.7% | −2.5 pp | +0.9% |
| 3 years | +26.9% | +50.1% | −23.2 pp | +35.3% |
| 5 years | +70.4% | +43.6% | +26.8 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 100 percentile of its own 3-quarter history (min 9.6, median 10.8, max 10.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 26.1 m | 27.7 m | 28.1 m |
| Revenue YoY | unavailable | +6.3% | +1.4% |
| Net income | 1.7 m | 1.7 m | 1.7 m |
| Net income YoY | unavailable | +3.0% | +0.3% |
| Diluted EPS | 0.27 | 0.27 | 0.28 |
| Diluted EPS YoY | unavailable | +3.0% | +0.3% |
| net % | 6.5% | 6.3% | 6.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 30 Jun 2025
- Cash
- 797.4 k EUR
- Financial debt
- 2.6 m EUR
- Net debt
- 1.8 m EUR
- Equity
- 19.2 m EUR
- Total assets
- 29.4 m EUR
- Debt / equity
- 0.13x
- Current ratio
- 2.81x
- ROE
- 9.1%
- ROA
- 5.9%
- 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 | 26.1 m | 27.7 m | 28.1 m | esef· 23 Oct 2026verified |
| Cost of revenue | 17.3 m | 18.2 m | — | esef· 23 Oct 2026verified |
| Gross profit | 8.8 m | 28.0 m | 28.4 m | esef· 23 Oct 2026verified |
| Operating income | 2.6 m | 2.8 m | 2.7 m | esef· 23 Oct 2026verified |
| Depreciation & amortisation | — | 916.5 k | 957.2 k | esef· 23 Oct 2026verified |
| EBITDA | — | 3.7 m ≈ | 3.7 m ≈ | esef· 23 Oct 2026derived |
| Interest expense | 470.6 k | 553.3 k | 509.9 k | esef· 23 Oct 2026verified |
| Pre-tax income | 2.2 m | 2.3 m | 2.3 m | esef· 23 Oct 2026verified |
| Income tax | 543.4 k | 529.4 k | 519.5 k | esef· 23 Oct 2026verified |
| Net income | 1.7 m | 1.7 m | 1.7 m | esef· 23 Oct 2026verified |
| Diluted EPS | 0.27 | 0.27 | 0.28 | esef· 23 Oct 2026verified |
| Dividend per share | 0.10 | 0.20 | 0.23 | esef· 23 Oct 2026derived |
≈ 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 | 1.7 m | 1.2 m | 797.4 k | esef· 23 Oct 2026verified |
| Inventories | 10.5 m | 9.8 m | 10.1 m | esef· 23 Oct 2026verified |
| Current assets | 15.7 m | 15.3 m | 15.4 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 12.2 m | 12.0 m | 11.9 m | esef· 23 Oct 2026verified |
| Total assets | 30.2 m | 29.6 m | 29.4 m | esef· 23 Oct 2026verified |
| Accounts payable | 3.7 m | 4.1 m | 4.1 m | esef· 23 Oct 2026verified |
| Short-term debt | 751.2 k | 1.6 m | 692.8 k | esef· 23 Oct 2026verified |
| Long-term debt | 2.8 m | 1.4 m | 1.9 m | esef· 23 Oct 2026verified |
| Current liabilities | 5.5 m | 6.3 m | 5.5 m | esef· 23 Oct 2026verified |
| Total liabilities | 11.3 m | 10.7 m | 10.2 m | esef· 23 Oct 2026verified |
| Equity | 18.9 m | 18.9 m | 19.2 m | esef· 23 Oct 2026verified |
| Shares outstanding at year end | 6.3 m | 6.3 m | 6.3 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
Score: 67 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 23.3 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Valuation58
- Balance sheet79
- Returns89
- Quality52
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: 2.32 – 7.22 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/EBITDA3.85 – 7.22 (Mid 4.17)5 companies used · median multiple 7.7x · quartiles 7.2x – 13.0xATTICA.AT, BRIQ.AT, BYLOT.AT, DIMAND.AT, DOMIK.AT
- Peers: P/E2.32 – 3.77 (Mid 3.11)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)3.13 – 4.27 (Mid 3.61)
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 67/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.0% | 59 (vs peers) | 16% |
| Net margin · Quality | 6.2% | 41 (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 | 0.5x | 83 (vs peers) | 16% |
| Interest coverage · Balance sheet | 5.3x | 58 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.8x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 13.4x | 37 (vs peers) | 16% |
| EV/EBITDA · Valuation | 6.9x | 80 (vs peers) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 6.2% | 89 (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 sheet79/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality52/100 · 2/3 factors with a value
- Returns· partial89/100 · 1/2 factors with a value
- Valuation58/100 · 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
ΦΙΛΙΠΠΟΣ ΝΑΚΑΣ Α.Β.Ε.Ε.Τ.Ε. (NAKAS.AT). Latest full fiscal year: 2025; data up to 2025-06-30.
Figures computed from the financial statements: revenue 28.1 m EUR in 2025; YoY growth 1.4%; net margin 6.2%; ROE 9.1%; net debt/EBITDA 0.5x.
The estimated value range is 3.13–4.27 EUR per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 3.61 EUR, the price of 3.68 EUR leaves a potential of -1.9% (value / price − 1) and a margin of safety of -2.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 67/100, 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
- Net debt / EBITDA: 0.5x
- Current ratio: 2.8x
- EV/EBITDA: 6.9x
- Shareholder yield (distributions): 6.2%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, 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% |
| 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% |
| ELSTR.ATΕλαστρον Α.ε.β.ε. Χαλυβουργικα Προϊοντα | 46.3 m | 8.3 | 6.6% | 3.3% | −5.2% | +5% / −13% |
1- and 3-year price returns: for NAKAS.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 | 2.11 Total return -38% · Per year -38% | 3.73 Total return 8% · Per year 8% | 5.63 Total return 61% · Per year 61% |
| 3 years | 1.92 Total return -34% · Per year -13% | 3.83 Total return 23% · Per year 7% | 6.37 Total return 97% · Per year 25% |
| 5 years | 1.75 Total return -31% · Per year -7% | 3.94 Total return 40% · Per year 7% | 7.21 Total return 139% · Per year 19% |
- Exit P/E± 0.96
- Net margin± 0.67
- Annual revenue growth± 0.57
- Annual dilution± 0.06
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
Φίλιππος Νάκας operates in musical instruments, books and audio systems in Greece and Cyprus, and runs the « Ωδείο Φίλιππος Νάκας » music school. This profile is based solely on the annual report for the year ended 30 June 2025, which does not give revenue figures in the available source.
SWOT
Strengths
- Strong recognised brand in musical instrument retail, supported by a reputation for quality and reliability 1.
- Network of partnerships with major international brands, supporting the range and credibility of the offer 1.
- Its own music school provides differentiation and a direct link to the musical community 1.
Weaknesses
Opportunities
Threats
- Rising costs for goods, rents and salaries could compress margins if they cannot be passed on in prices 1.
- Higher interest rates could affect financing costs, as borrowings are tied to EURIBOR 1.
- Reliance on third-party suppliers and distribution partners could expose the group to changes in trading terms 1.
Risks
- Regulatory compliance riskmedium
Failure to comply with rules could lead to supervisory sanctions and fines, according to the report 1.
- Interest rate riskmedium
Loans tied to EURIBOR expose the group to rising financing costs 1.
- Price riskmedium
Higher prices for goods, rents and salaries could weigh on profitability, although the group can adjust selling prices 1.
- Liquidity risklow
Meeting obligations when due depends on keeping sufficient cash resources, according to the report 1.
- Information risklow
Missing or incorrect information for management could make strategic decisions less effective 1.
Investment thesis
What would need to be true (bull case)
- The established brand and international distribution network could sustain the group's relevance in its markets 1.
- Its own music school offers a source of differentiation that could build loyalty among music customers 1.
- Limited currency exposure and no speculative instruments could reduce volatility in results 1.
What would break the thesis
What to watch
- Level of bank borrowings and interest expense2026
- Sales development in Greece and Cyprus2026
- Results of the music school and its effect on the brand2026
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 30 June 2025 1, the group operates mainly in Greece and Cyprus, where it builds its reputation on quality, reliability and music education. The model combines retail of musical instruments, books and audio systems with a music school bearing the company's name, linking sales to the music and cultural world.
The group has partnerships and distribution arrangements with major international brands cited in the report, including Yamaha, Fender, Gibson and Sennheiser 1. Customers include professional musicians, schools, conservatories and choirs, supported by long-standing relationships based on trust 1.
On staffing, the report shows 161 permanent-contract employees at the reporting date, of which 101 are men and 60 are women 1. Average tenure is 11.04 years for men and 15.38 years for women 1.
Segments
Musical instruments and books retail
The retail segment sells musical instruments, books and audio systems, based on a strong brand and a portfolio of international distribution arrangements 1. The report notes that wholesale sales are made to customers with assessed credit histories, while retail sales are mainly cash or card 1.
Market context
Trends
- Rising costs for goods, leases and salariesheadwind
The report notes exposure to price changes for goods, store lease costs and staff pay 1. The group can adjust its selling prices, which could limit the effect of significant cost increases 1.
- Variable-rate bank financingmixed
The group's bank borrowings carry variable rates tied to EURIBOR, which could raise financing costs if rates rise 1. Most assets do not bear interest, so operating income is largely independent of rate changes 1.
- Limited currency exposuretailwind
Most sales are domestic and purchases are largely in euro, limiting currency exposure 1. The report states the group generally does not use derivative financial instruments 1.
- Demand for established instrument brandsmixed
Reliance on major international brands such as Yamaha or Fender means demand for these brands matters for group sales 1. The report stresses that reputation and partnership network are sources of competitive advantage 1.
Competitive position
The available source does not identify the group's direct competitors. The advantage described rests on long-standing reputation, the international distribution network and the music school brand 1.
According to the report, differentiation from competitors comes from combining instrument retail with the conservatory's educational activity 1. Market position or exact market share cannot be confirmed from the source provided.
- Unnamed competitors
The analysed source does not name direct competitors; relative positions cannot be stated without further data.
- International instrument brands, group partners
Yamaha, Fender, Gibson and Sennheiser appear as distribution partners rather than rivals.
- Music schools and conservatories
Mentioned as part of the customer base, not as identified rivals in the report.
- Audio systems and book suppliers
Extensive activity in these categories could involve competitors not named in the source.
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 2025-06-30 (ESEF) · SEC / ΦΙΛΙΠΠΟΣ ΝΑΚΑΣ Α.Β.Ε.Ε.Τ.Ε. · 30 Jun 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.