👉 This is clearly written as an analysis/opinion, so you won’t have compliance issues posting it as-is.
Unibios, through its subsidiary Watera Hellas, has become increasingly involved in water infrastructure upgrades across Greece, particularly with desalination projects on islands facing water scarcity. Recent contracts in Ios (three new desalination units, 1,080 m³/day) and Mykonos (two new units, bringing the island’s total capacity to 13,000 m³/day) highlight its strong domestic footprint. The company is also expanding internationally with the recent acquisition of 65% of Osmosun in France, adding innovative solar-powered desalination technology to its portfolio.
Fundamentals (TTM)
- Revenue: ~€14.7m (+13% YoY)
- Net income: ~€1.0m (down YoY)
- Current P/E: ~45x–50x (high relative to peers)
- P/B: ~2.0x
- Dividend yield: ~0.65%
Key Growth Drivers
- Strong project pipeline in Greece, supported by state programs tackling water scarcity.
- International expansion via Osmosun, which could open new markets in Europe and beyond.
- Government plans to consolidate 700 local water utilities into larger entities, which may create additional opportunities for private operators and technology providers.
Valuation Scenarios
- Conservative: If earnings remain ~€1m and the market applies a normalized P/E of 20–25x → fair value €1.8–€2.2.
- Base case (2–3 years): Earnings rise to €2–2.5m through project execution, with P/E 25–30x → fair value €3.5–€4.5.
- Bullish (5 years): Earnings grow to €4–5m with successful international expansion and higher margins, P/E ~30x → target €6–€7.5.
👉 Fair Value in 3 years = €4.2 – €4.8 per share
🔑 Why this narrower range is realistic
- Upside from Greek government water programs is visible and quantifiable.
- Osmosun integration adds growth but carries execution risk → included conservatively.
- Market is unlikely to sustain a P/E above 30x long-term, so this projection avoids over-optimism.
Conclusion At the current price (~€3), Unibios appears expensive on trailing P/E, but the growth story around water scarcity, desalination, and green technology could justify a premium valuation. Execution of its backlog and integration of Osmosun will be key to unlocking upside potential
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Disclaimer
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