olivLaw · European equity research
ΙΝΤΕΡΓΟΥΝΤ - ΞΥΛΕΜΠΟΡΙΑ Α.Τ.Ε.Ν.Ε. XYLEK.AT
Greece · Athens Stock Exchange · ISIN GRS131003006 · Vertical: Listed companies from Greece
Interground is a Greek wholesale distributor of timber and related materials, whose core wholesale timber trade accounted for 96% of its fiscal 2025 turnover. The company operates with a high level of indebtedness, which remains central to investor attention given volatile timber prices and supply costs.
At the close of 05 Nov 2026, ΙΝΤΕΡΓΟΥΝΤ - ΞΥΛΕΜΠΟΡΙΑ Α.Τ.Ε.Ν.Ε. (XYLEK.AT) stock was 0.23 EUR (+0.00% on the day), with beta 0.36, 52-week range 0.20–0.31 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)
- 45.8
- neutral
- Bollinger (20, 2)
- 0.22 – 0.23
- in the upper half of the band · %B 0.73 · band width 3.8%
- SMA 50 / 200
- 0.24 / 0.25
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -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 | −3.8% | +0.4% | −4.1 pp | — |
| 3 months | −8.4% | −3.3% | −5.1 pp | — |
| 6 months | −14.5% | +4.0% | −18.5 pp | — |
| Year to date | −14.8% | +8.1% | −22.9 pp | — |
| 1 year | −12.5% | +10.7% | −23.2 pp | +0.9% |
| 3 years | −38.3% | +50.1% | −88.4 pp | +35.3% |
| 5 years | −16.1% | +43.6% | −59.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 38.4 m | 38.2 m | 39.2 m |
| Revenue YoY | unavailable | −0.5% | +2.6% |
| Net income | 374.2 k | -482.5 k | 289.1 k |
| Net income YoY | unavailable | −228.9% | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 1.0% | -1.3% | 0.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.1 m EUR
- Financial debt
- 10.1 m EUR
- Net debt
- 9.0 m EUR
- Equity
- 14.3 m EUR
- Total assets
- 50.2 m EUR
- Debt / equity
- 0.71x
- Current ratio
- 1.35x
- ROE
- 2.2%
- ROA
- 0.6%
- 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 | 38.4 m | 38.2 m | 39.2 m | esef· 23 Oct 2026verified |
| Cost of revenue | 29.7 m | 29.1 m | 29.7 m | esef· 23 Oct 2026verified |
| Gross profit | 8.7 m | 9.1 m | 9.5 m | esef· 23 Oct 2026verified |
| Operating income | 2.6 m | 1.7 m | 1.9 m | esef· 23 Oct 2026verified |
| Interest expense | 2.1 m | 2.2 m | 1.7 m | esef· 23 Oct 2026verified |
| Pre-tax income | 545.2 k | -475.0 k | 318.5 k | esef· 23 Oct 2026verified |
| Income tax | 171.0 k | 7.4 k | 29.5 k | esef· 23 Oct 2026verified |
| Net income | 374.2 k | -482.5 k | 289.1 k | esef· 23 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 463.8 k | 629.3 k | 1.1 m | esef· 23 Oct 2026verified |
| Inventories | 12.1 m | 13.2 m | 13.2 m | esef· 23 Oct 2026verified |
| Current assets | 26.6 m | 26.9 m | 28.1 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 13.9 m | 14.3 m | 11.7 m | esef· 23 Oct 2026verified |
| Intangibles (excl. goodwill) | 116.5 k | 115.0 k | 136.1 k | esef· 23 Oct 2026verified |
| Total assets | 44.1 m | 45.3 m | 50.2 m | esef· 23 Oct 2026verified |
| Long-term debt | 10.3 m | 8.4 m | 10.1 m | esef· 23 Oct 2026verified |
| Current liabilities | 22.7 m | 22.8 m | 20.8 m | esef· 23 Oct 2026verified |
| Total liabilities | 34.9 m | 33.7 m | 35.9 m | esef· 23 Oct 2026verified |
| Equity | 9.2 m | 11.6 m | 14.3 m | esef· 23 Oct 2026verified |
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%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.9% | 52 (vs peers) | 38% |
| Net margin · Quality | 0.7% | 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 | 1.1x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.4x | 46 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet18/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality39/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
ΙΝΤΕΡΓΟΥΝΤ - ΞΥΛΕΜΠΟΡΙΑ ΑΝΏΝΥΜΗ ΤΕΧΝΙΚΉ ΕΜΠΟΡΟΒΙΟΜΗΧΑΝΙΚΉ ΝΑΥΤΙΛΙΑΚΉ ΕΤΑΙΡΕΊΑ. (XYLEK.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 39.2 m EUR in 2025; YoY growth 2.6%; net margin 0.7%; ROE 2.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
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: 0.7%
- Interest coverage: 1.1x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, 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% |
| 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 XYLEK.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
Scenarios are not available. input data missing
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
Interground is a Greek wholesale distributor of timber and related materials, whose core wholesale timber trade accounted for 96% of its fiscal 2025 turnover 1. The company operates with a high level of indebtedness, which remains central to investor attention given volatile timber prices and supply costs 1.
SWOT
Strengths
- The company has a well-established wholesale model that generates most of its revenue 1. Management describes its management of customer credit and credit limits as effective 1.
- Management has reduced credit risk by cleaning up the customer portfolio over recent years 1.
- The group states it has sufficient working capital and liquidity to support its operations 1.
Weaknesses
Opportunities
Risks
- High level of debthigh
Consolidated borrowings represent a large share of capital employed, which could restrict access to new financing if the financial position weakens 1.
- Interest rate exposuremedium
Loans are linked to Euribor, and a sharp move in the benchmark could affect cash flows and results in the absence of a hedging policy 1.
- Volatility of raw material priceshigh
A significant change in timber prices on international markets could reduce the company's gross margin 1.
- Dependence on foreign suppliersmedium
Most goods are imported, and supply chain disruptions or lower supplier output could affect product availability 1.
- Competition from alternative materialslow
Higher timber prices could encourage substitution with synthetic or metal materials, reducing sales 1.
Investment thesis
What would need to be true (bull case)
- If infrastructure and tourism projects materialise, demand for wood products could rise meaningfully, and the company could benefit from higher volumes 1.
- The clean-up of the customer portfolio and tighter credit control could reduce bad-debt losses and support margins 1.
- Lower interest rates have already reduced borrowing costs, and a continuation of this trend could free up resources for operations 1.
What would break the thesis
- The high level of debt could limit financial flexibility and the capacity to invest during periods of pressure 1.
- Dependence on imports and transport costs could compress margins if geopolitical tensions persist 1.
- If timber prices fall sharply, the value of inventory could be affected and margins could come under pressure from competition 1.
What to watch
- Trend in international timber prices and gross margin2026
- Effect of infrastructure and tourism projects on volumes2026
- Financing cost linked to Euribor and ECB rate path2026
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 group finances its activity mainly through short- and long-term bank loans, leases and factoring for working capital needs 1. Consolidated borrowings stood at 24.81 million EUR at 31 December 2025, and the net debt to equity ratio was 1.76, against 2.27 in the prior year 1.
Management estimates that in 2026 sales volume and value will increase, supported by new activities, normalisation of the supply chain and large infrastructure and tourism projects, although this estimate depends on the European economy and timber prices 1.
Segments
Market context
According to the report, international timber prices have stabilised with a slight rise, a trend that continued into the first quarter of 2026, and their future path depends on the European and global economy 1. The company also identifies competition from alternative materials such as plastic, aluminium and synthetic materials, and from products originating in CIS states 1.
Demand from construction and infrastructure is a supporting factor, and the company points to large infrastructure projects and investment in tourism and hospitality as potential growth sources 1. Energy and transport costs, influenced by the conflicts in Ukraine and the Middle East, remain a pressure on margins 1.
Trends
- Stabilising timber pricesmixed
International timber prices showed stabilisation with a slight rise, which could support volumes and margins if the trend persists 1.
- Infrastructure and tourism projectstailwind
Management expects large infrastructure projects and investment in tourism and hospitality could boost demand for timber materials 1.
- Energy and transport costsheadwind
Geopolitical tensions in Ukraine and the Middle East have raised transport and energy costs, which can compress the company's margins 1.
- Lower interest rates on debtmixed
Successive ECB rate cuts reduced borrowing costs, producing a saving in financial expenses, though exposure to Euribor movements remains 1.
Competitive position
The company faces competition from alternative products made of plastic, aluminium and synthetic materials, as well as from products lacking sustainability certifications or originating in CIS states 1. Management says it monitors the market and adjusts inventory levels to reduce the risk of obsolescence 1.
The report does not name specific competitors, which makes a direct comparison of market position with other distributors in the region difficult 1. The differentiation the company cites rests on its supply chain and its ability to manage inventory 1.
- Producers of alternative materials (plastic, aluminium, synthetics)
Alternative materials compete directly with wood products, particularly when timber prices rise 1.
- Products originating in CIS states
Products circulating through CIS states are cited as a competitive pressure, without details on suppliers 1.
- Products without sustainability certifications
Competition from uncertified products can affect demand from customers who require sustainability certification 1.
- Other timber distributors in Greece
The report does not name local competitors, so this group remains unidentified in the source 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 202423 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ΙΝΤΕΡΓΟΥΝΤ - ΞΥΛΕΜΠΟΡΙΑ Α.Τ.Ε.Ν.Ε. · 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.