Euronext Athens Holding SA HEXEY

FinancialsInvestment Banking & Investment ServicesGreece

Last close 15.75 USD on Nov 1, 2026, +3.3% year to date

Quant rating

Quant rating D Rank 235 of 304 in Financials

Growth C 146 of 304
Valuation D 234 of 304
Quality A 19 of 304
Revisions D 253 of 304
Momentum D 247 of 304

Wall Street consensus Buy (2.00)Average target 5.04 USD −68.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 742M
Enterprise value: 623M
52-week range: 14.20 – 15.75
3-year range: 9.16 – 16.00
Dividend yield: 1.66%
Beta (5 years): –
Shares outstanding: 60.3M
Next earnings: –

About the company

Euronext Athens Holding SA, formerly Hellenic Exchanges Athens Stock Exchange SA, is a Greece-based company that provides support services for the operation of the Greek capital market. It operates, together with 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 to organize and support the operation of the cash market and the derivatives market, as well as other financial instruments in Greece and abroad.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	97.3	53.9	49.9	39.0	39.5	–
Revenue growth	80.6%	8.1%	27.8%	−1.3%	9.7%	22.0%
EPS (basic, normalized)	0.72	0.38	0.23	0.17	0.22	–
EPS growth	90.8%	65.4%	33.1%	−21.8%	–	–
Gross margin	–	–	–	–	–	–
Net margin	38.2%	33.3%	28.8%	22.5%	23.6%	29.3%
ROE	–	16.1%	12.4%	–	7.7%	12.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	125
Current ratio	1.16x
Long-term debt (mil)	0.2
Net debt (mil)	−125
Total equity (mil)	152
Net debt / equity	−0.82x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	97.3	+80.6%	6.4x	2.59	+35.7%	6.1x	0.72	+90.8%	21.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	12.2	12.9	12.7	12.5	13.9	15.1	17.4	29.7	20.6
Sales mean (mil)	–	11.9	14.0	13.0	–	–	16.0	17.0	–	–
Surprise	–	+2.8%	−7.6%	−2.1%	–	–	−5.4%	+2.2%	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
HEXEY Euronext Athens Holding SA	742M	−2.55x	38.2%	4.92x	–	–	–	–
VRTS Virtus Investment Partners, Inc.	783M	11.72x	16.2%	0.83x	5.3x	5.5x	18.8x	18.4x
SEC Senvest Capital Inc	762M	–	96.9%	0.42x	–	–	–	–
BUR Burford Capital Ltd	747M	–	15.1%	0.93x	−0.5x	6.1x	–	–
CGBD Carlyle Secured Lending Inc	742M	–	27.1%	0.69x	7.6x	7.4x	–	–
BCSF Bain Capital Specialty Finance Inc	699M	–	36.1%	0.65x	6.6x	8.1x	–	–
Mean		4.58x	38.3%	1.41x	4.7x	6.8x	18.8x	18.4x
Median		4.58x	31.6%	0.76x	6.0x	6.8x	18.8x	18.4x

Technical analysis

1M–
3M–
1Y+3.3%
3Y+37.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Euronext Athens Holding SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	97.3	53.9	49.9	39.0	39.5	36.0
Cost of revenue	–	–	–	–	–	–
Gross profit	97.3	53.9	49.9	39.0	39.5	36.0
Selling, general & administrative expenses	42.2	24.9	24.4	21.4	19.2	21.6
Research & development	–	–	–	–	–	–
Depreciation/amortization	5.3	4.4	4.2	4.0	5.1	5.1
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	−0.1	−0.5	−0.8
Other operating expenses	5.5	4.5	4.4	4.2	5.4	4.3
Operating income	44.3	20.1	16.8	9.4	10.3	5.9
Net interest income (expense)	3.3	2.9	1.9	1.1	0.6	0.3
Gain (loss) on sale of assets	0.3	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0.6	−0.1	−0.2
Net income before taxes	47.8	23.0	18.6	11.1	10.8	6.0
Provision for taxes	10.7	5.0	4.3	2.4	1.4	1.3
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	37.2	17.9	14.3	8.8	9.3	4.7
Extraordinary items	–	–	–	–	–	–
Net income	37.2	17.9	14.3	8.8	9.3	4.7
EBIT, normalized	44.3	20.1	16.8	9.3	9.8	5.0
EBITDA, normalized	49.6	24.5	21.0	13.4	14.9	10.2
Basic EPS, normalized	0.72	0.38	0.23	0.17	0.22	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Euronext Athens Holding SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	125	71.6	73.3	64.9	81.7	83.0
Receivables	15.2	11.5	12.1	7.9	8.2	11.9
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	0	0
Other current assets	615	368	295	263	276	276
Total current assets	755	451	381	335	366	371
Property, plant & equipment	25.0	22.6	25.0	22.2	27.1	29.3
Goodwill	–	–	–	–	–	–
Intangibles	9.7	8.8	7.9	7.6	7.2	8.3
Long-term investments	35.6	25.8	23.8	24.6	21.0	17.0
Note receivable	–	–	–	–	–	–
Other long-term assets	0.4	0.1	0.1	0.1	0.1	0.1
Total assets	826	508	437	390	421	425
Liabilities
Accounts payable	8.9	5.5	5.9	3.1	3.6	5.4
Payable/accrued	–	–	–	–	–	–
Accrued expenses	8.2	4.2	1.5	1.1	1.9	1.8
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0.1	0.1	0.1	0.1	0.1	0
Other current liabilities	636	374	306	270	284	283
Total current liabilities	653	384	314	274	289	290
Long-term debt	0.2	0.3	0.4	0.2	0.2	0.1
Minority interest	–	–	–	–	–	–
Other liabilities	21.2	9.8	7.7	7.2	8.5	6.4
Total liabilities	674	394	322	281	298	296
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	29.8	26.2	28.0	27.1	28.8	36.1
Additional paid-in capital	0.2	0.2	0.2	0.2	0.2	0.2
Retained earnings (accumulated deficit)	125	88.9	88.6	83.4	74.5	71.1
Treasury stock	−24.7	−21.7	−23.2	−22.5	−15.4	−15.5
Other equity	21.7	20.7	21.7	20.3	35.2	37.0
Total equity	152	114	115	108	123	129
Total liabilities & shareholders' equity	826	508	437	390	421	425

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Euronext Athens Holding SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	47.8	23.0	18.6	11.1	10.8	6.0
Depreciation, depletion & amortization	5.3	4.4	4.2	4.0	5.1	5.1
Deferred taxes	–	–	–	–	–	–
Non-cash items	−2.7	−2.6	−1.5	−1.1	−1.0	−0.8
Changes in working capital	12.5	−2.9	−1.2	−4.8	2.5	−1.5
Cash from operations	62.9	21.8	20.1	9.3	17.3	8.9
Investing activities
Capital expenditures	−3.7	−6.0	−4.9	−4.3	−2.8	−3.8
Other investing cash flows	6.2	4.7	−2.1	0.8	0.5	0.1
Cash from investing	2.6	−1.3	−7.0	−3.5	−2.3	−3.7
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	−20.6	−15.0	−10.0	−9.7	−9.6	−11.8
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−0.2	−0.1	−0.1	−8.1	−1.0	0
Cash from financing	−20.7	−15.1	−10.1	−17.8	−10.6	−11.8
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	44.8	5.4	3.0	−12.0	4.4	−6.6
Free cash flow	59.3	15.8	15.2	4.9	14.5	5.1

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.