olivLaw · European equity research
ΣΩΚΡΑΤΗΣ Δ. ΚΩΝΣΤΑΝΤΙΝΟΥ & ΥΙΟΣ Α.Ε. (YALCO) YALCO.AT
Greece · Athens Stock Exchange · ISIN GRS249003005 · Vertical: Listed companies from Greece
YALCO is a Greek distributor of household goods and hotel equipment with a history dating to 1920, now going through a restructuring procedure and a severe liquidity squeeze. Equity is negative and bank debt of about 34.5 mil. EUR has been called, so the coming period depends on completing the reorganisation plan.
At the close of 04 Nov 2026, ΣΩΚΡΑΤΗΣ Δ. ΚΩΝΣΤΑΝΤΙΝΟΥ & ΥΙΟΣ Α.Ε. (YALCO) (YALCO.AT) stock was 0.16 EUR (+0.00% on the day), with market capitalisation 2.1 m EUR, beta -0.17, 52-week range 0.16–0.16 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)
- 33.3
- weak (30–45)
- Bollinger (20, 2)
- 0.14 – 0.20
- in the lower half of the band · %B 0.32 · band width 37.1%
- SMA 50 / 200
- 0.18 / 0.20
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | unavailable | +0.4% | unavailable | — |
| 3 months | unavailable | −3.3% | unavailable | — |
| 6 months | unavailable | +4.0% | unavailable | — |
| Year to date | unavailable | +8.1% | unavailable | — |
| 1 year | unavailable | +10.7% | unavailable | +0.9% |
| 3 years | −18.8% | +50.1% | −68.9 pp | +35.3% |
| 5 years | −4.2% | +43.6% | −47.8 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 5.0 m | 4.1 m | 4.7 m |
| Revenue YoY | unavailable | −18.3% | +15.1% |
| Net income | -94.3 k | -2.6 m | -2.5 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.01 | -0.20 | -0.19 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -1.9% | -65.3% | -53.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 155.9 k EUR
- Financial debt
- 38.5 m EUR
- Net debt
- 38.3 m EUR
- Equity
- -46.8 m EUR
- Total assets
- 5.5 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.07x
- ROE
- unavailable
- ROA
- -40.3%
- 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 | 5.0 m | 4.1 m | 4.7 m | esef· 23 Oct 2026verified |
| Cost of revenue | 3.7 m | 3.1 m | 3.5 m | esef· 23 Oct 2026verified |
| Gross profit | 1.2 m | 953.1 k | 1.2 m | esef· 23 Oct 2026verified |
| Operating income | -347.1 k | -2.4 m | -2.7 m | esef· 23 Oct 2026verified |
| Interest expense | 275.1 k | 362.1 k | 385.2 k | esef· 23 Oct 2026verified |
| Pre-tax income | -97.6 k | -2.8 m | -3.1 m | esef· 23 Oct 2026verified |
| Income tax | 0 | 0 | 0 | esef· 23 Oct 2026verified |
| Net income | -94.3 k | -2.6 m | -2.5 m | esef· 23 Oct 2026verified |
| Diluted EPS | -0.01 | -0.20 | -0.19 | esef· 23 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 83.3 k | 2.3 m | 155.9 k | esef· 23 Oct 2026verified |
| Inventories | 551.6 k | 777.1 k | 1.6 m | esef· 23 Oct 2026verified |
| Current assets | 1.3 m | 4.4 m | 3.4 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 2.5 m | 2.5 m | 1.9 m | esef· 23 Oct 2026verified |
| Intangibles (excl. goodwill) | 18.5 k | 11.7 k | 10.6 k | esef· 23 Oct 2026verified |
| Total assets | 3.9 m | 6.9 m | 5.5 m | esef· 23 Oct 2026verified |
| Short-term debt | 36.2 m | 38.3 m | 38.5 m | esef· 23 Oct 2026verified |
| Current liabilities | 41.9 m | 45.1 m | 47.6 m | esef· 23 Oct 2026verified |
| Total liabilities | 47.9 m | 50.7 m | 52.3 m | esef· 23 Oct 2026verified |
| Equity | -44.0 m | -43.8 m | -46.8 m | esef· 23 Oct 2026verified |
| Shares outstanding at year end | — | 13.2 m | 13.2 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: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.1 m EUR
Key indicators
Coverage and freshness
Score by group
17% · 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 · the base of the ratio is not positive
- 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: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -53.6% | 0 (vs peers) | 38% |
| 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 | -7.0x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 0.1x | 0 (on a fixed band) | 25% |
| 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 sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 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
ΣΩΚΡΑΤΗΣ .Δ. ΚΩΝΣΤΑΝΤΙΝΟΥ & ΥΙΟΣ Α.Ε. ΕΜΠΟΡΙΟ-ΒΙΟΜΗΧΑΝΙΑ ΥΑΛΙΚΩΝ ΚΑΙ ΕΙΔΩΝ ΟΙΚΙΑΚΗΣ ΧΡΗΣΗΣ (YALCO.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 4.7 m EUR in 2025; YoY growth 15.1%; net margin -53.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% 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: -53.6%
- Interest coverage: -7.0x
- Current ratio: 0.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 YALCO.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
YALCO is a Greek distributor of household goods and hotel equipment with a history dating to 1920, now going through a restructuring procedure and a severe liquidity squeeze. Equity is negative and bank debt of about 34.5 mil. EUR has been called, so the coming period depends on completing the reorganisation plan 1.
SWOT
Strengths
- A history of more than a century, recognised own brands and a reference position as a distributor in Greece give the company a solid commercial base.
- An exclusive portfolio of foreign brands and a network of offices and warehouses in several cities support wholesale customer relationships.
- Limited dependence on any single supplier reduces supply and sourcing risk.
Weaknesses
- Equity and working capital are negative, which restricts access to financing.
- Bank debt has been called and is immediately payable, creating acute liquidity pressure.
- Reliance on loans from the shareholder and related parties raises governance and concentration risk.
Opportunities
- Completing the debt conversion and capital increase could rebuild the group's financial structure.
- Separation into more flexible entities could facilitate partnerships or asset transfers.
- Growing FEST exports could diversify revenue beyond the Greek market.
Threats
- If the rescue procedure is not confirmed or creditors do not cooperate, the company could be left without sufficient liquidity.
- Competition in distribution and imports of household goods could erode margins.
- Currency moves or rising import costs could affect purchase prices.
Risks
- Going-concern riskhigh
Negative equity and called debt raise the question of whether the group can continue operating without the planned reorganisation.
- Liquidity riskhigh
Immediately payable bank debt and negative working capital could force the group to cut inventory or delay payments if funding is not secured.
- Court confirmation riskmedium
The plan's effectiveness depends on the court's ruling and creditors accepting the conversions, adding uncertainty on timing and outcome.
- Funding concentration riskmedium
Dependence on loans from the main shareholder and related parties could expose the company to their decisions and to conflicts of interest.
- Trade credit risklow
Wholesale sales create exposure to customers who may delay or fail to pay, and annual provisions could rise.
Investment thesis
What would need to be true (bull case)
- If the restructuring is completed and the capitalisation goes through, the balance sheet could normalise and the company could return to ordinary bank financing.
- Its reference position as a distributor and exclusive foreign brand portfolio could support sales once liquidity stabilises.
- Separation into flexible entities could simplify management and attract investors interested in the operating business.
What would break the thesis
- If court confirmation is delayed or fails, the called debts could force harsher outcomes for creditors.
- Negative equity could persist for a long time, limiting any return to normal commercial financing.
- Dependence on the shareholder for funding could make the company vulnerable if that support diminishes.
What to watch
- Court ruling on confirmation of the rescue agreement2026
- Completion of the debt reduction with Sohanalo Limited and the capital increase2026
- Development of working capital and equity in the next annual financial statementsnext annual report
- Long-term rescheduling of obligations to the state, EFKA and other creditors2026
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 company, founded in Drama in 1920, grew into one of Greece's leading trading names and is described in its annual report as the largest distributor of household goods and hotel equipment in Greece 1. It distributes exclusively products of European, American and Asian houses, plus its own FEST non-stick cookware and IONIA household items with production and exports. It operates offices and showrooms in Athens, Thessaloniki and Rhodes, with distribution based at Oinofyta, Boeotia since 2008 1.
Legally, the subsidiary YALCO TRADING S.A. is 51% owned after 49% was sold to Tethys in a transaction approved in June 2025 for 3 mil. EUR 1. The report also records a split of activities into two more flexible entities as part of the group's recovery strategy 1.
Financially, the group has negative equity and negative working capital, which led management to pursue a remediation plan including debt conversion, long-term rescheduling of tax and social security obligations, and a capital increase of about 3 mil. EUR by capitalising a claim of the main shareholder 1.
Segments
Household and hotel goods distribution
The core segment is wholesale distribution of foreign brands, with emphasis on European imports after purchases in foreign currency were reduced; wholesale dominates and retail is secondary 1.
Manufacturing and own brands (FEST, IONIA)
FEST makes non-stick cookware with a significant share of the Greek market and exports to several countries, while IONIA rounds out the household range; both brands form the group's own-product component 1.
Logistics and corporate operations
The Oinofyta distribution and storage centre supports all channels, while YALCO TRADING handles part of the commercial activity; the restructuring aims to simplify these entities 1.
Market context
The company operates in the Greek market for household goods and hotel equipment, where it says it is the leading distributor, and exports FEST products to several countries 1. The report gives no total market size or calculated shares, so its competitive position rests on company statements rather than independent estimates.
Market risks cited in the report concern foreign exchange exposure, now limited after the shift to European suppliers, and credit risk in wholesale sales; the company notes no supplier exceeds 15% of turnover, which reduces single-partner dependence 1.
Trends
- Restructuring under a rescue agreementmixed
The rescue agreement, approved by shareholders, provides for debt reduction and long-term instalments; if the court confirms it and creditors honour it, it could ease liquidity pressure.
- Negative equity and working capitalheadwind
Equity and working capital are negative, limiting access to ordinary bank financing and forcing capitalisation solutions; the situation remains an obstacle until the planned conversions are completed.
- Funding from shareholders and related partiesmixed
The company has relied on loans from its main shareholder and related parties at fixed interest near 5%; this support covered working capital needs but increases dependence on shareholders.
- Lower foreign exchange exposuretailwind
Management reduced dollar purchases and shifted sourcing toward Europe, which dampens the impact of currency moves on purchase costs.
Competitive position
The annual report does not name competitors, so the competitive map has to be reconstructed from available sources; the company presents itself as Greece's largest household and hotel goods distributor, which implies rivalry with other local distributors and importers in the same product categories 1.
In non-stick cookware, FEST competes with imported brands and other producers exporting into the markets where the company is present; the advantage it cites is brand recognition in Greece 1.
- Greek household goods distributors and importers
Local competitors in distribution of the same product categories; not named in the report.
- European and Asian cookware brands
Indirect competition through the products YALCO distributes and sells in the same market.
- Non-stick cookware exporters
Competition in the FEST segment, mainly in export markets where the company is present.
- Wholesalers of hotel equipment
Competition in the hotel segment, where the company sells mainly at wholesale.
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 / ΣΩΚΡΑΤΗΣ Δ. ΚΩΝΣΤΑΝΤΙΝΟΥ & ΥΙΟΣ Α.Ε. (YALCO) · 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.