olivLaw · European equity research
Οργανισμος Λιμενος Θεσσαλονικης Α.ε. OLTH.AT
Greece · Athens Stock Exchange · ISIN GRS427003009 · Vertical: Listed companies from Greece
At the close of 05 Nov 2026, Οργανισμος Λιμενος Θεσσαλονικης Α.ε. (OLTH.AT) stock was 39.70 EUR (−0.50% on the day), with market capitalisation 399.6 m EUR, P/E 13.0 on diluted EPS of 3.06 EUR over the last 12 months, dividend yield 5.05%, beta 0.42, 52-week range 33.60–41.30 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 44.9
- weak (30–45)
- Bollinger (20, 2)
- 39.15 – 40.82
- in the lower half of the band · %B 0.33 · band width 4.2%
- SMA 50 / 200
- 39.91 / 38.19
- mixed trend
- MACD (12, 26, 9)
- -0.05 / 0.02
- MACD below 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 | −2.9% | −0.6% | −2.3 pp | — |
| 3 months | +4.5% | −4.2% | +8.6 pp | — |
| 6 months | +1.3% | +4.3% | −3.1 pp | — |
| Year to date | +2.1% | +7.5% | −5.5 pp | — |
| 1 year | +12.1% | +9.9% | +2.2 pp | +0.9% |
| 3 years | +70.4% | +49.8% | +20.5 pp | +35.3% |
| 5 years | +54.5% | +42.8% | +11.6 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 100 percentile of its own 3-quarter history (min 0.0, median 8.1, max 12.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 85.9 m | 100.7 m | 107.4 m |
| Revenue YoY | unavailable | +17.2% | +6.7% |
| Net income | 20.3 m | 28.0 m | 30.8 m |
| Net income YoY | unavailable | +38.4% | +9.9% |
| Diluted EPS | 2,010.00 | 2.78 | 3.06 |
| Diluted EPS YoY | unavailable | −99.9% | +10.1% |
| net % | 23.6% | 27.8% | 28.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 77.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 208.3 m EUR
- Total assets
- 281.3 m EUR
- Debt / equity
- unavailable
- Current ratio
- 6.01x
- ROE
- 15.2%
- ROA
- 11.1%
- 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 | 85.9 m | 100.7 m | 107.4 m | esef· 23 Oct 2026verified |
| Cost of revenue | 48.3 m | 53.6 m | 57.0 m | esef· 23 Oct 2026verified |
| Gross profit | 37.6 m | 47.1 m | 50.3 m | esef· 23 Oct 2026verified |
| Operating income | 26.5 m | 34.9 m | 39.7 m | esef· 23 Oct 2026verified |
| Interest expense | 2.2 m | 2.2 m | 2.1 m | esef· 23 Oct 2026verified |
| Pre-tax income | 26.4 m | 36.3 m | 40.3 m | esef· 23 Oct 2026verified |
| Income tax | 6.1 m | 8.2 m | 9.5 m | esef· 23 Oct 2026verified |
| Net income | 20.3 m | 28.0 m | 30.8 m | esef· 23 Oct 2026verified |
| Diluted EPS | 2,010.00 | 2.78 | 3.06 | esef· 23 Oct 2026verified |
| Dividend per share | 1,450.72 | 1.30 | 2.00 | esef· 23 Oct 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 95.2 m | 46.6 m | 77.1 m | esef· 23 Oct 2026verified |
| Receivables | 5.0 m | 5.3 m | 2.2 m | esef· 23 Oct 2026verified |
| Inventories | 4.5 m | 5.1 m | 7.5 m | esef· 23 Oct 2026verified |
| Current assets | 108.9 m | 137.7 m | 142.1 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 85.9 m | 85.9 m | 90.9 m | esef· 23 Oct 2026verified |
| Intangibles (excl. goodwill) | 2.9 m | 2.8 m | 2.9 m | esef· 23 Oct 2026verified |
| Total assets | 252.3 m | 273.1 m | 281.3 m | esef· 23 Oct 2026verified |
| Accounts payable | 5.0 m | 5.3 m | 6.1 m | esef· 23 Oct 2026verified |
| Current liabilities | 19.1 m | 25.6 m | 23.6 m | esef· 23 Oct 2026verified |
| Total liabilities | 69.5 m | 75.4 m | 73.0 m | esef· 23 Oct 2026verified |
| Equity | 182.8 m | 197.7 m | 208.3 m | esef· 23 Oct 2026verified |
| Shares outstanding at year end | 10.1 k | 10.1 m | 10.1 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
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 399.6 m EUR
Key indicators
Coverage and freshness
Score by group
33% · 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: 25.80 – 41.95 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E25.80 – 41.95 (Mid 34.60)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)27.24 – 37.15 (Mid 31.43)
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: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 28.7% | 77 (vs peers) | 19% |
| 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 | 18.7x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 6.0x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 13.0x | 40 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.0% | 72 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
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
- Quality· partial77/100 · 1/3 factors with a value
- Returns· partial72/100 · 1/2 factors with a value
- Valuation· partial40/100 · 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
ΟΡΓΑΝΙΣΜΟΣ ΛΙΜΕΝΟΣ ΘΕΣΣΑΛΟΝΙΚΗΣ Α.Ε. (OLTH.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 107.4 m EUR in 2025; YoY growth 6.7%; net margin 28.7%; ROE 15.2%.
The estimated value range is 26.52–39.55 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 33.02 EUR, the price of 39.70 EUR leaves a potential of -16.8% (value / price − 1) and a margin of safety of -20.2% (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 (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 28.7%
- Interest coverage: 18.7x
- Current ratio: 6.0x
- Shareholder yield (distributions): 5.0%
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, 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% |
| OLTH.ATΟργανισμος Λιμενος Θεσσαλονικης Α.ε. | 399.6 m | 13.0 | 15.2% | 28.7% | +6.7% | +14% / +72% |
| 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% |
1- and 3-year price returns: for OLTH.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 | 23.98 Total return -36% · Per year -36% | 42.36 Total return 12% · Per year 12% | 63.74 Total return 67% · Per year 67% |
| 3 years | 24.31 Total return -26% · Per year -10% | 48.22 Total return 39% · Per year 12% | 79.52 Total return 122% · Per year 30% |
| 5 years | 24.65 Total return -17% · Per year -4% | 54.89 Total return 69% · Per year 11% | 99.21 Total return 191% · Per year 24% |
- Exit P/E± 12.05
- Net margin± 8.44
- Annual revenue growth± 6.78
- Annual dilution± 0.71
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
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
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.