olivLaw · European equity research
REVOIL Α.Ε.Ε.Π. REVOIL.AT
Greece · Athens Stock Exchange · ISIN GRS473003002 · Vertical: Listed companies from Greece
REVOIL is a Greek energy group that sells fuels and heating oil, expanding into renewable energy and, from 2025, solar water heater production through the MALTEZOS acquisition. For investors, the key point is that working capital turned positive in 2025, while sensitivity to weather and oil prices remains high.
At the close of 05 Nov 2026, REVOIL Α.Ε.Ε.Π. (REVOIL.AT) stock was 1.79 EUR (+0.00% on the day), with market capitalisation 38.8 m EUR, P/E 15.8 on diluted EPS of 0.11 EUR over the last 12 months, dividend yield 2.71%, beta 0.45, 52-week range 1.57–2.00 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)
- 47.2
- neutral
- Bollinger (20, 2)
- 1.74 – 1.84
- in the lower half of the band · %B 0.44 · band width 5.1%
- SMA 50 / 200
- 1.82 / 1.73
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -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 | −8.0% | +0.4% | −8.4 pp | — |
| 3 months | −1.4% | −3.3% | +1.9 pp | — |
| 6 months | +9.5% | +4.0% | +5.6 pp | — |
| Year to date | −1.4% | +8.1% | −9.5 pp | — |
| 1 year | +6.9% | +10.7% | −3.8 pp | +0.9% |
| 3 years | −6.1% | +50.1% | −56.1 pp | +35.3% |
| 5 years | +36.3% | +43.6% | −7.3 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 16.0, median 19.0, max 50.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 844.4 m | 869.2 m | 837.1 m |
| Revenue YoY | unavailable | +2.9% | −3.7% |
| Net income | 2.1 m | 736.4 k | 2.5 m |
| Net income YoY | unavailable | −65.2% | +233.7% |
| Diluted EPS | 0.10 | 0.03 | 0.11 |
| Diluted EPS YoY | unavailable | −65.1% | +235.3% |
| net % | 0.3% | 0.1% | 0.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 9.6 m EUR
- Financial debt
- 58.1 m EUR
- Net debt
- 48.5 m EUR
- Equity
- 36.4 m EUR
- Total assets
- 173.4 m EUR
- Debt / equity
- 1.60x
- Current ratio
- 1.01x
- ROE
- 7.0%
- ROA
- 1.5%
- 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 | 844.4 m | 869.2 m | 837.1 m | esef· 23 Oct 2026verified |
| Cost of revenue | 813.4 m | 836.2 m | 801.9 m | esef· 23 Oct 2026verified |
| Gross profit | 31.0 m | 33.0 m | 35.2 m | esef· 23 Oct 2026verified |
| Pre-tax income | 3.3 m | 2.0 m | 3.7 m | esef· 23 Oct 2026verified |
| Income tax | 1.2 m | 1.3 m | 1.3 m | esef· 23 Oct 2026verified |
| Net income | 2.1 m | 736.4 k | 2.5 m | esef· 23 Oct 2026verified |
| Diluted EPS | 0.10 | 0.03 | 0.11 | esef· 23 Oct 2026verified |
| Dividend per share | — | 0.05 | 0.05 | esef· 23 Oct 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 4.0 m | 4.9 m | 9.6 m | esef· 23 Oct 2026verified |
| Inventories | 4.4 m | 4.9 m | 4.6 m | esef· 23 Oct 2026verified |
| Current assets | 69.6 m | 62.9 m | 71.8 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 47.1 m | 58.7 m | 62.7 m | esef· 23 Oct 2026verified |
| Goodwill | 1.1 m | 1.1 m | 1.9 m | esef· 23 Oct 2026verified |
| Intangibles (excl. goodwill) | 2.4 m | 3.5 m | 10.0 m | esef· 23 Oct 2026verified |
| Total assets | 146.2 m | 152.0 m | 173.4 m | esef· 23 Oct 2026verified |
| Accounts payable | 38.2 m | 35.2 m | 41.8 m | esef· 23 Oct 2026verified |
| Short-term debt | 26.1 m | 31.7 m | 18.1 m | esef· 23 Oct 2026verified |
| Long-term debt | 20.0 m | 23.3 m | 40.0 m | esef· 23 Oct 2026verified |
| Current liabilities | 71.6 m | 75.0 m | 71.2 m | esef· 23 Oct 2026verified |
| Total liabilities | 112.5 m | 118.4 m | 137.0 m | esef· 23 Oct 2026verified |
| Equity | 33.7 m | 33.6 m | 36.4 m | esef· 23 Oct 2026verified |
| Shares outstanding at year end | 21.9 m | 21.9 m | 21.8 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: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 38.8 m EUR
Key indicators
Coverage and freshness
Score by group
27% · 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: 0.66 – 1.55 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 · input data missing
- Peers: P/E0.95 – 1.55 (Mid 1.28)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)0.66 – 0.90 (Mid 0.76)
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: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.3% | 18 (vs peers) | 23% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 17 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 15.8x | 30 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.7% | 39 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial17/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial18/100 · 1/3 factors with a value
- Returns· partial39/100 · 1/2 factors with a value
- Valuation· partial30/100 · 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
ΡΕΒΟΙΛ ΑΝΩΝΥΜΟΣ ΕΛΛΗΝΙΚΗ ΕΤΑΙΡΕΙΑ ΠΕΤΡΕΛΑΙΟΕΙΔΩΝ (REVOIL.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 837.1 m EUR in 2025; YoY growth -3.7%; net margin 0.3%; ROE 7.1%.
The estimated value range is 0.81–1.22 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1.02 EUR, the price of 1.78 EUR leaves a potential of -42.9% (value / price − 1) and a margin of safety of -75.2% (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: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
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.
What contradicts it
- Net margin: 0.3%
- Current ratio: 1.0x
- P/E (TTM): 15.8x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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% |
| 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 REVOIL.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 | 0.97 Total return -44% · Per year -44% | 1.72 Total return -1% · Per year -1% | 2.60 Total return 49% · Per year 49% |
| 3 years | 0.79 Total return -50% · Per year -21% | 1.59 Total return -3% · Per year -1% | 2.67 Total return 59% · Per year 17% |
| 5 years | 0.65 Total return -56% · Per year -15% | 1.48 Total return -5% · Per year -1% | 2.74 Total return 70% · Per year 11% |
- Exit P/E± 0.40
- Net margin± 0.28
- Annual revenue growth± 0.25
- Annual dilution± 0.02
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
REVOIL is a Greek energy group that sells fuels and heating oil, expanding into renewable energy and, from 2025, solar water heater production through the MALTEZOS acquisition. For investors, the key point is that working capital turned positive in 2025 1, while sensitivity to weather and oil prices remains high.
SWOT
Strengths
- A national distribution network and a recognised brand, reinforced by the WINCLUB loyalty programme 1.
- Improved working capital in 2025 compared with a year earlier, after refinancing part of the loans 1.
- Supply from two domestic refineries, which spares the group some stock obligations applicable to importers 1.
Weaknesses
Opportunities
Risks
- Weather sensitivitymedium
Heating oil revenue depends on temperatures, and a mild winter can reduce sales and profit 1.
- Stock price riskmedium
The value of stocks moves with the oil price, and the group limits its exposure through daily pricing and minimal stock levels 1.
- Interest costmedium
Loans with variable rates linked to Euribor could raise financing costs if rates rise 1.
- Dependence on two suppliersmedium
Sourcing from two domestic refineries creates reliance on these sources, and an interruption could affect stocks 1.
- Compliance and cyber risklow
Failure to meet the legal framework or a security incident could lead to sanctions and data losses 1.
Investment thesis
What would need to be true (bull case)
- If the MALTEZOS integration and solar projects develop, the group could depend less on seasonal heating oil sales 1.
- Positive working capital after refinancing could offer more operating flexibility if it is maintained 1.
- The national network and loyalty programme could support market share and customer retention 1.
What would break the thesis
What to watch
- Progress of MALTEZOS integration and its contribution to results2026
- Heating oil volumes as a function of the seasonQ1 2026
- Use of revolving credit lines and factoringnext 10-K
- Progress of the treasury share buyback programme until October 20272027
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
The REVOIL group sells motor fuels, heating oil and other petroleum products across Greece through a station network and a national presence, supported by its own brand and the WINCLUB loyalty programme 1. Heating oil accounted for 17.51% of total fuel volumes sold in 2025, compared with 16.09% in 2024 1. The group sources from the two Greek refineries and does not import, so it keeps stocks based on those two suppliers 1.
Segments
Fuels and petroleum products
The core segment covers sales of petrol, diesel and other petroleum products through the group's own station network, with daily selling prices aligned to daily purchase prices 1.
Heating oil
Heating oil sales, at 17.51% of group volumes in 2025, depend directly on the intensity of winter, making profitability seasonal 1.
Market context
The Greek fuel market is organised by rules on stocks and refineries, and the group operates across the national territory with a broad customer base 1. Heating oil demand is influenced by temperatures, while fuel demand is influenced by international oil prices and inflation 1.
By entering solar thermal systems production, the group moves into a sector with growth prospects and its own competition, which the annual report describes as having margins different from those of fuels 1.
Trends
- Relaunch of the share buyback programmemixed
The board resumed the treasury share purchase programme in January 2025, and the October 2025 Extraordinary General Meeting approved a new framework for 24 months 1.
- Debt reduction through refinancingtailwind
Refinancing part of the bank loans in 2025 eased pressure on working capital, turning it from negative to positive 1.
- Exposure to variable interest ratesheadwind
The group's loans carry variable rates linked to three-month Euribor and it uses no derivatives, which could make financing costs more sensitive to markets 1.
- Expansion into energy and solar systemstailwind
The MALTEZOS acquisition and photovoltaic projects diversify activity beyond fuels, which could reduce reliance on seasonal sales 1.
Competitive position
Competition in Greek fuel distribution comes from other operators with station networks and loyalty programmes, and in energy from regional suppliers. The sources supplied do not name competitors, so they cannot be identified here 1.
In solar thermal systems, MALTEZOS held a leading position with a long history, and the group aims to use its network and brand to strengthen that position 1.
- Greek refineries
The group's main fuel suppliers; the supply relationship is essential for stocks and prices.
- Other Greek fuel distributors
Competitors on station networks and loyalty programmes, not identified in the source.
- Renewable energy suppliers
Competitors in photovoltaic projects and renewable energy supply.
- Solar thermal system makers
Competitors in solar water heating, where MALTEZOS is active.
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
- Annual report 202423 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / REVOIL Α.Ε.Ε.Π. · 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.