Financials Hellenic Exchanges - Athens Stock Exchange S.A.

Equities

EXAE

GRS395363005

Financial & Commodity Market Operators

Market Closed - Athens S.E. 10:19:38 2024-04-26 am EDT 5-day change 1st Jan Change
5.18 EUR +1.77% Intraday chart for Hellenic Exchanges - Athens Stock Exchange S.A. +3.19% -2.26%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 223.3 279.7 235.1 223.9 179.6 299.7 299.7 -
Enterprise Value (EV) 1 148.7 206.4 167.1 152.3 179.6 243.6 232.6 229.1
P/E ratio 73.7 x 40.3 x 33 x 27.3 x - 23.6 x 18.5 x 16.4 x
Yield 5.41% 4.31% 1.8% 4.08% 4.89% 4.53% 3.48% 5.95%
Capitalization / Revenue 8.4 x 8.38 x 7.65 x 6.2 x 4.74 x 6.51 x 6.51 x 5.24 x
EV / Revenue 5.59 x 6.18 x 5.44 x 4.21 x 4.74 x 5.17 x 5.06 x 4.01 x
EV / EBITDA 20.1 x 15.6 x 20 x 11.6 x 14.4 x 12.8 x 9.56 x 8.28 x
EV / FCF 109 x 22.7 x 40.3 x 11.5 x - 17.7 x 14.6 x 10.7 x
FCF Yield 0.92% 4.41% 2.48% 8.67% - 5.65% 6.84% 9.36%
Price to Book 2.02 x 2.59 x 2.23 x 2.06 x - 2.93 x 2.88 x 2.76 x
Nbr of stocks (in thousands) 60,348 60,348 60,348 60,348 57,925 57,850 57,850 -
Reference price 2 3.700 4.635 3.895 3.710 3.100 5.180 5.180 5.180
Announcement Date 3/18/19 4/2/20 3/29/21 3/28/22 6/8/23 3/27/24 - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 26.59 33.37 30.74 36.13 37.85 47.1 46 57.15
EBITDA 1 7.382 13.24 8.34 13.08 12.48 19 24.33 27.65
EBIT 1 3.878 9.153 4.128 8.585 8.728 15.2 15 21.52
Operating Margin 14.59% 27.43% 13.43% 23.76% 23.06% 32.27% 32.61% 37.66%
Earnings before Tax (EBT) 1 4.008 9.482 4.908 9.466 - 16.86 21.07 25.3
Net income 1 3.027 6.08 3.87 8.207 8.214 13 16.64 20.25
Net margin 11.39% 18.22% 12.59% 22.72% 21.7% 27.6% 36.17% 35.43%
EPS 2 0.0502 0.1150 0.1180 0.1360 - 0.2247 0.2800 0.3167
Free Cash Flow 1 1.361 9.11 4.147 13.21 - 13.76 15.9 21.45
FCF margin 5.12% 27.3% 13.49% 36.55% - 29.21% 34.57% 37.53%
FCF Conversion (EBITDA) 18.44% 68.83% 49.72% 100.94% - 72.42% 65.34% 77.56%
FCF Conversion (Net income) 44.96% 149.84% 107.16% 160.91% - 105.84% 95.56% 105.93%
Dividend per Share 2 0.2000 0.2000 0.0700 0.1515 0.1515 0.2400 0.1803 0.3080
Announcement Date 3/18/19 4/2/20 3/29/21 3/28/22 6/8/23 3/27/24 - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2020 S1 2021 Q2 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q2 2023 S1 2023 Q3 2023 Q4
Net sales 1 14.23 15.18 10.05 18.41 8.591 9.131 9.471 9.318 - 8.592 11,250 22,916 11.02 14.16
EBITDA 1 4.984 5.014 4.102 7.45 3.433 2.202 4.554 3.479 - 1.274 4,273 9,540 4.77 4.69
EBIT 2.963 2.875 3.007 5.29 - 0.978 3.427 2.299 - 1.032 - - - -
Operating Margin 20.82% 18.94% 29.93% 28.73% - 10.71% 36.18% 24.67% - 12.01% - - - -
Earnings before Tax (EBT) 1 3.156 2.988 3.326 5.596 - 1.58 4.033 - - - - - - 4.408
Net income 2.239 2.273 3.112 5.06 1.948 1.196 3.271 - 1.472 - - - - -
Net margin 15.73% 14.97% 30.97% 27.49% 22.67% 13.1% 34.54% - - - - - - -
EPS - - - - - - - - 0.0250 - - - - -
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 7/25/19 7/27/20 7/26/21 7/26/21 11/29/21 3/28/22 5/30/22 7/25/22 11/21/22 6/8/23 7/31/23 7/31/23 11/20/23 3/27/24
1EUR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - - - - - -
Net Cash position 1 74.6 73.3 67.9 71.6 - 63 67.1 70.6
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 1.36 9.11 4.15 13.2 - 13.8 15.9 21.5
ROE (net income / shareholders' equity) 2.86% 5.62% 3.62% 7.67% 8.1% 12.3% 15.6% 18.3%
ROA (Net income/ Total Assets) 1.16% 2.07% 1.18% 2.28% - 3.42% 3.9% 4.7%
Assets 1 261.2 293.4 329.1 359.4 - 380.2 426.6 430.9
Book Value Per Share 2 1.830 1.790 1.750 1.800 - 1.810 1.800 1.880
Cash Flow per Share 0.0800 - - - - - - -
Capex 1 3.25 3.13 3.12 2.47 - 4.48 3.4 3.4
Capex / Sales 12.24% 9.37% 10.14% 6.83% - 9.51% 7.39% 5.95%
Announcement Date 3/18/19 4/2/20 3/29/21 3/28/22 6/8/23 3/27/24 - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
6
Last Close Price
5.18 EUR
Average target price
6.24 EUR
Spread / Average Target
+20.46%
Consensus

Quarterly revenue - Rate of surprise

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