H

Hellenic Exchanges Athens Stock Exchange SA
ATHEX:EXAE

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Hellenic Exchanges Athens Stock Exchange SA
ATHEX:EXAE
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Price: 4.3 EUR -0.23% Market Closed
Market Cap: 248.8m EUR
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Intrinsic Value

The intrinsic value of one EXAE stock under the Base Case scenario is 7.18 EUR. Compared to the current market price of 4.3 EUR, Hellenic Exchanges Athens Stock Exchange SA is Undervalued by 40%.

The Intrinsic Value is calculated as the average of DCF and Relative values:

EXAE Intrinsic Value
7.18 EUR
Undervaluation 40%
Intrinsic Value
Price
H
Worst Case
Base Case
Best Case

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Hellenic Exchanges Athens Stock Exchange SA

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Backtest Conclusion
Very Attractive
Current Valuation
+45%
Avg Valuation
-12%
Worst Valuation
-49%
Best Valuation
+45%

Stock is trading at its lowest valuation over the past 5 years.

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Fundamental Analysis

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Financials
Annual
Quarterly
TTM
Annual
Quarterly
TTM

Balance Sheet Decomposition
Hellenic Exchanges Athens Stock Exchange SA

Current Assets 500.8m
Cash & Short-Term Investments 77.8m
Receivables 8.8m
Other Current Assets 414.3m
Non-Current Assets 53.3m
Long-Term Investments 23.4m
PP&E 22m
Intangibles 7.8m
Other Non-Current Assets 46k
Current Liabilities 444.5m
Accounts Payable 4m
Accrued Liabilities 1.1m
Other Current Liabilities 439.4m
Non-Current Liabilities 9m
Long-Term Debt 334k
Other Non-Current Liabilities 8.6m
Efficiency

Earnings Waterfall
Hellenic Exchanges Athens Stock Exchange SA

Revenue
48.9m EUR
Operating Expenses
-30.6m EUR
Operating Income
18.3m EUR
Other Expenses
-2.5m EUR
Net Income
15.8m EUR

Free Cash Flow Analysis
Hellenic Exchanges Athens Stock Exchange SA

Last Value
3-Years Average
FCF Margin
Conversion Rate
Earnings Calls

The company reported a 16% increase in consolidated turnover, reaching €13.5 million for Q1 2024. Trading revenue grew by 5%, and post-trading revenue saw a 10% rise. Despite a 13.5% drop in derivatives revenue, listing and IT service revenues rose by 26% and 42%, respectively. Operating expenses increased by 12%, with personnel costs up 22%. Profit before interest and taxes climbed 24%, while net after-tax earnings surged 31%. The company proposed a 60% higher dividend of €0.24. Future OpEx growth is guided to single digits, potentially hitting low double digits due to variable pay.

What is Earnings Call?
Fundamental Scores

EXAE Profitability Score
Profitability Due Diligence

Hellenic Exchanges Athens Stock Exchange SA's profitability score is 59/100. The higher the profitability score, the more profitable the company is.

Positive Free Cash Flow
Positive Operating Income
Positive Net Income
Positive 3-Years Revenue Growth
59/100
Profitability
Score

Hellenic Exchanges Athens Stock Exchange SA's profitability score is 59/100. The higher the profitability score, the more profitable the company is.

EXAE Solvency Score
Solvency Due Diligence

Hellenic Exchanges Athens Stock Exchange SA's solvency score is 57/100. The higher the solvency score, the more solvent the company is.

Negative Net Debt
Low D/E
Long-Term Solvency
Short-Term Solvency
57/100
Solvency
Score

Hellenic Exchanges Athens Stock Exchange SA's solvency score is 57/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

EXAE Price Targets Summary
Hellenic Exchanges Athens Stock Exchange SA

Wall Street analysts forecast EXAE stock price to rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for EXAE is 6.42 EUR with a low forecast of 4.85 EUR and a high forecast of 7.25 EUR.

Lowest
Price Target
4.85 EUR
13% Upside
Average
Price Target
6.42 EUR
49% Upside
Highest
Price Target
7.25 EUR
68% Upside
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Dividends

Dividend Yield
Lowest
Average
Highest
Dividend Per Share
N/A
Growth 3Y
Growth 5Y
Growth 10Y
Dividend Safety Score
Very
Unsafe
Unsafe
Safe
Very
Safe
0
25
50
75
100
Shareholder Yield

Current shareholder yield for EXAE is .

Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?

Shareholder Yield
Dividend Yield
Lowest
Average
Highest
Buyback Yield
Lowest
Average
Highest
Debt Paydown Yield
Lowest
Average
Highest

Profile

Hellenic Exchanges Athens Stock Exchange SA

Country

Greece

Industry

Financial Services

Market Cap

248.8m EUR

Dividend Yield

0%

Description

Hellenic Exchanges-Athens Stock Exchange SA is a holding company which engages in settlement of off-exchange transfers on transferrable securities. The company is headquartered in Athina, Attiki and currently employs 228 full-time employees. The company went IPO on 2000-08-21. The company operates through its subsidiaries Hellenic Central Securities Depository (ATHEXCSD) and Athens Exchange Clearing House (ATHEXClear) in the following segments: Trading, Clearing, Settlement, Data Feed, Information Technology (IT), Exchange Services, Depository Services, Clearing House Services, as well as Other. The Company’s purpose is the participation in companies and businesses having activities related to the support and operation of organized capital markets, as well as the development of activities and provision of services related to the support and operation of organized capital markets. Furthermore its purpose is the organization and support of the operation of a cash market, a derivatives market, as well as other financial means in Greece and abroad.

Contact

ATTIKI
ATHINA
110 Athinon Ave.
+302103366800.0
www.athexgroup.gr

IPO

2000-08-21

Employees

228

Officers

CEO & Executive Director
Dr. Yianos Kontopoulos Ph.D.
Chief Financial Officer
Mr. Nikolaos Koskoletos C.F.A.
Chief Operating Officer
Mr. Nikolaos Evangellos Porfyris
Head of Investor Relations
Mr. Stelios Konstantinou
Director of New Markets Development & International Markets
Mr. Andreas Stylianos Daskalakis
Chief Internal Audit Officer
Ms. Georgia Mourla
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President of the Union of Listed Companies
Panagiotis Drakos
Head of the Risk Management Unit
Mr. Anastasios Zafeiropoulos
Head of the Clearing Unit
Ms. Vaitsa Koudona
Deputy Chief Executive Officer of Post-Trading Services
Mr. Konstantinos Karanasios
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See Also

Discover More
What is the Intrinsic Value of one EXAE stock?

The intrinsic value of one EXAE stock under the Base Case scenario is 7.18 EUR.

Is EXAE stock undervalued or overvalued?

Compared to the current market price of 4.3 EUR, Hellenic Exchanges Athens Stock Exchange SA is Undervalued by 40%.

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