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Hellenic Exchanges - Athens Stock Exchange

ATSE:EXAE
Snowflake Description

Flawless balance sheet with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
EXAE
ATSE
€230M
Market Cap
  1. Home
  2. GR
  3. Diversified Financials
Company description

Hellenic Exchanges - Athens Stock Exchange SA provides support services for the operation of Greek capital market. The last earnings update was 82 days ago. More info.


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EXAE Share Price and Events
7 Day Returns
0.8%
ATSE:EXAE
1.8%
Europe Capital Markets
1%
GR Market
1 Year Returns
-28.5%
ATSE:EXAE
-20.7%
Europe Capital Markets
-19.8%
GR Market
EXAE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Hellenic Exchanges - Athens Stock Exchange (EXAE) 0.8% 6.1% -2.1% -28.5% -8% -51.2%
Europe Capital Markets 1.8% -1.2% -3.1% -20.7% -0.9% -30%
GR Market 1% 4.2% 3.8% -19.8% 35% -63.4%
1 Year Return vs Industry and Market
  • EXAE underperformed the Capital Markets industry which returned -20.7% over the past year.
  • EXAE underperformed the Market in Greece which returned -19.8% over the past year.

EXAE Value

 Is Hellenic Exchanges - Athens Stock Exchange undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Hellenic Exchanges - Athens Stock Exchange to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Hellenic Exchanges - Athens Stock Exchange.

ATSE:EXAE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 6 analysts.
= Stable Book Value * Return on Equity
= €1.83 * 7.5%
€0.14
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. €1.83
Discount Rate (Cost of Equity) See below 9%
Perpetual Growth Rate 10-Year GR Government Bond Rate 4.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ATSE:EXAE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GR Govt Bond Rate 4.9%
Equity Risk Premium S&P Global 5.1%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.56
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.557 (1 + (1- 29%) (0%))
0.557
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 4.93% + (0.8 * 5.07%)
8.99%

Discounted Cash Flow Calculation for ATSE:EXAE using Excess Returns Model Model

The calculations below outline how an intrinsic value for Hellenic Exchanges - Athens Stock Exchange is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

ATSE:EXAE Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (7.5% – 8.99%) * €1.83)
€-0.03
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €-0.03 / (8.99% - 4.93%)
€-0.67
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €1.83 + €-0.67
€1.16
ATSE:EXAE Discount to Share Price
Calculation Result
Value per share (EUR) From above. €1.16
Current discount Discount to share price of €3.81
= -1 x (€3.81 - €1.16) / €1.16
-229.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Hellenic Exchanges - Athens Stock Exchange is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Hellenic Exchanges - Athens Stock Exchange's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Hellenic Exchanges - Athens Stock Exchange's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ATSE:EXAE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in EUR €0.05
ATSE:EXAE Share Price ** ATSE (2019-02-15) in EUR €3.81
Europe Capital Markets Industry PE Ratio Median Figure of 136 Publicly-Listed Capital Markets Companies 16.65x
Greece Market PE Ratio Median Figure of 94 Publicly-Listed Companies 13.77x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Hellenic Exchanges - Athens Stock Exchange.

ATSE:EXAE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ATSE:EXAE Share Price ÷ EPS (both in EUR)

= 3.81 ÷ 0.05

72.21x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hellenic Exchanges - Athens Stock Exchange is overvalued based on earnings compared to the Europe Capital Markets industry average.
  • Hellenic Exchanges - Athens Stock Exchange is overvalued based on earnings compared to the Greece market.
Price based on expected Growth
Does Hellenic Exchanges - Athens Stock Exchange's expected growth come at a high price?
Raw Data
ATSE:EXAE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 72.21x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
22.2%per year
Europe Capital Markets Industry PEG Ratio Median Figure of 58 Publicly-Listed Capital Markets Companies 1.21x
Greece Market PEG Ratio Median Figure of 18 Publicly-Listed Companies 1.02x

*Line of best fit is calculated by linear regression .

ATSE:EXAE PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 72.21x ÷ 22.2%

3.25x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hellenic Exchanges - Athens Stock Exchange is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Hellenic Exchanges - Athens Stock Exchange's assets?
Raw Data
ATSE:EXAE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in EUR €1.80
ATSE:EXAE Share Price * ATSE (2019-02-15) in EUR €3.81
Europe Capital Markets Industry PB Ratio Median Figure of 216 Publicly-Listed Capital Markets Companies 1.36x
Greece Market PB Ratio Median Figure of 139 Publicly-Listed Companies 0.82x
ATSE:EXAE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ATSE:EXAE Share Price ÷ Book Value per Share (both in EUR)

= 3.81 ÷ 1.80

2.12x

* Primary Listing of Hellenic Exchanges - Athens Stock Exchange.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hellenic Exchanges - Athens Stock Exchange is overvalued based on assets compared to the Europe Capital Markets industry average.
X
Value checks
We assess Hellenic Exchanges - Athens Stock Exchange's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Hellenic Exchanges - Athens Stock Exchange has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

EXAE Future Performance

 How is Hellenic Exchanges - Athens Stock Exchange expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
22.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Hellenic Exchanges - Athens Stock Exchange expected to grow at an attractive rate?
  • Hellenic Exchanges - Athens Stock Exchange's earnings growth is expected to exceed the low risk savings rate of 4.9%.
Growth vs Market Checks
  • Hellenic Exchanges - Athens Stock Exchange's earnings growth is expected to exceed the Greece market average.
  • Hellenic Exchanges - Athens Stock Exchange's revenue growth is expected to exceed the Greece market average.
Annual Growth Rates Comparison
Raw Data
ATSE:EXAE Future Growth Rates Data Sources
Data Point Source Value (per year)
ATSE:EXAE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 22.2%
ATSE:EXAE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 9.1%
Europe Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 14.8%
Europe Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 4.9%
Greece Market Earnings Growth Rate Market Cap Weighted Average 13.9%
Greece Market Revenue Growth Rate Market Cap Weighted Average 5.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ATSE:EXAE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ATSE:EXAE Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 41 14 12 1
2022-12-31 38 13 10 1
2021-12-31 39 11 10 2
2020-12-31 37 13 8 6
2019-12-31 32 11 6 6
2018-12-31 27 6 3 2
ATSE:EXAE Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-09-30 25 7 3
2018-06-30 27 5 4
2018-03-31 27 12 4
2017-12-31 25 12 3
2017-09-30 24 9 2
2017-06-30 23 5 -0
2017-03-31 23 5 0
2016-12-31 25 4 1
2016-09-30 30 9 5
2016-06-30 29 9 7
2016-03-31 31 2 7
2015-12-31 33 7 9

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Hellenic Exchanges - Athens Stock Exchange's earnings are expected to grow significantly at over 20% yearly.
  • Hellenic Exchanges - Athens Stock Exchange's revenue is expected to grow by 9.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ATSE:EXAE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Hellenic Exchanges - Athens Stock Exchange Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ATSE:EXAE Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 0.20 0.20 0.20 1.00
2022-12-31 0.16 0.16 0.16 1.00
2021-12-31 0.13 0.13 0.13 1.00
2020-12-31 0.15 0.17 0.12 4.00
2019-12-31 0.10 0.10 0.08 4.00
2018-12-31 0.05 0.06 0.05 2.00
ATSE:EXAE Past Financials Data
Date (Data in EUR Millions) EPS *
2018-09-30 0.05
2018-06-30 0.07
2018-03-31 0.06
2017-12-31 0.05
2017-09-30 0.03
2017-06-30 -0.00
2017-03-31 0.00
2016-12-31 0.02
2016-09-30 0.09
2016-06-30 0.11
2016-03-31 0.11
2015-12-31 0.14

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Hellenic Exchanges - Athens Stock Exchange is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Hellenic Exchanges - Athens Stock Exchange's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Hellenic Exchanges - Athens Stock Exchange has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

EXAE Past Performance

  How has Hellenic Exchanges - Athens Stock Exchange performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Hellenic Exchanges - Athens Stock Exchange's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Hellenic Exchanges - Athens Stock Exchange's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Hellenic Exchanges - Athens Stock Exchange's 1-year earnings growth exceeds its 5-year average (90% vs -55.8%)
  • Hellenic Exchanges - Athens Stock Exchange's earnings growth has exceeded the Europe Capital Markets industry average in the past year (90% vs 7.4%).
Earnings and Revenue History
Hellenic Exchanges - Athens Stock Exchange's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Hellenic Exchanges - Athens Stock Exchange Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ATSE:EXAE Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 25.26 3.18 13.05
2018-06-30 26.78 4.31 12.91
2018-03-31 26.67 3.82 13.38
2017-12-31 25.22 3.08 13.09
2017-09-30 23.94 1.68 12.52
2017-06-30 22.81 -0.23 12.64
2017-03-31 22.68 0.01 12.72
2016-12-31 24.70 1.43 12.82
2016-09-30 30.46 5.42 12.35
2016-06-30 29.43 6.80 12.88
2016-03-31 30.61 6.83 13.03
2015-12-31 32.84 9.04 12.90
2015-09-30 31.68 9.31 13.56
2015-06-30 36.30 13.00 13.05
2015-03-31 43.77 20.28 13.10
2014-12-31 44.12 21.01 13.18
2014-09-30 46.10 9.08 12.56
2014-06-30 45.05 9.91 12.74
2014-03-31 79.87 33.05 13.13
2013-12-31 78.57 32.28 13.11
2013-09-30 74.23 43.57 14.21
2013-06-30 72.05 40.60 14.08
2013-03-31 29.20 11.12 14.31
2012-12-31 30.51 11.92 14.96
2012-09-30 29.87 8.51 14.24
2012-06-30 34.32 11.90 14.18
2012-03-31 37.00 17.12 14.58

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Hellenic Exchanges - Athens Stock Exchange has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Hellenic Exchanges - Athens Stock Exchange used its assets less efficiently than the Europe Capital Markets industry average last year based on Return on Assets.
  • Hellenic Exchanges - Athens Stock Exchange's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Hellenic Exchanges - Athens Stock Exchange's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Hellenic Exchanges - Athens Stock Exchange has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

EXAE Health

 How is Hellenic Exchanges - Athens Stock Exchange's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Hellenic Exchanges - Athens Stock Exchange's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Hellenic Exchanges - Athens Stock Exchange is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Hellenic Exchanges - Athens Stock Exchange's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Hellenic Exchanges - Athens Stock Exchange's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Hellenic Exchanges - Athens Stock Exchange has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Hellenic Exchanges - Athens Stock Exchange Company Filings, last reported 4 months ago.

ATSE:EXAE Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 108.60 0.00 73.27
2018-06-30 109.56 0.00 84.95
2018-03-31 119.93 0.00 88.69
2017-12-31 118.99 0.00 87.90
2017-09-30 118.05 0.00 84.61
2017-06-30 118.05 0.00 98.88
2017-03-31 137.12 0.00 99.81
2016-12-31 140.69 0.00 102.81
2016-09-30 144.55 0.00 105.52
2016-06-30 148.67 0.00 126.84
2016-03-31 175.51 0.00 137.36
2015-12-31 177.90 0.00 140.95
2015-09-30 173.11 0.00 134.83
2015-06-30 172.99 0.00 150.68
2015-03-31 192.69 0.00 159.97
2014-12-31 189.21 0.00 154.93
2014-09-30 185.88 0.00 163.75
2014-06-30 182.12 0.00 172.08
2014-03-31 186.49 0.00 171.98
2013-12-31 180.76 0.00 165.38
2013-09-30 185.62 0.00 164.92
2013-06-30 180.84 0.00 155.23
2013-03-31 156.64 0.00 122.13
2012-12-31 152.53 0.00 116.23
2012-09-30 149.78 0.00 119.41
2012-06-30 148.20 0.00 119.22
2012-03-31 158.71 0.00 125.89
  • Hellenic Exchanges - Athens Stock Exchange has no debt.
  • Hellenic Exchanges - Athens Stock Exchange has not taken on any debt in the past 5 years.
  • Hellenic Exchanges - Athens Stock Exchange has no debt, it does not need to be covered by operating cash flow.
  • Hellenic Exchanges - Athens Stock Exchange has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Hellenic Exchanges - Athens Stock Exchange's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Hellenic Exchanges - Athens Stock Exchange has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

EXAE Dividends

 What is Hellenic Exchanges - Athens Stock Exchange's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.27%
Current annual income from Hellenic Exchanges - Athens Stock Exchange dividends. Estimated to be 3.14% next year.
If you bought €2,000 of Hellenic Exchanges - Athens Stock Exchange shares you are expected to receive €105 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Hellenic Exchanges - Athens Stock Exchange's pays a higher dividend yield than the bottom 25% of dividend payers in Greece (1.69%).
  • Hellenic Exchanges - Athens Stock Exchange's dividend is above the markets top 25% of dividend payers in Greece (5.02%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ATSE:EXAE Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Europe Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 107 Stocks 3.5%
Greece Market Average Dividend Yield Market Cap Weighted Average of 51 Stocks 4.8%
Greece Minimum Threshold Dividend Yield 10th Percentile 1.2%
Greece Bottom 25% Dividend Yield 25th Percentile 1.7%
Greece Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ATSE:EXAE Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.15 1.00
2022-12-31 0.12 1.00
2021-12-31 0.10 1.00
2020-12-31 0.14 5.00
2019-12-31 0.10 5.00
2018-12-31 0.19 1.00
ATSE:EXAE Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2018-05-21 0.201 4.831
2018-03-26 0.201 4.060
2017-05-23 0.325 6.356
2017-03-27 0.325 6.503
2016-07-25 0.320 7.112
2016-05-26 0.100 2.221
2016-03-23 0.330 6.521
2015-05-18 0.320 6.632
2014-11-18 0.200 3.783
2014-07-29 0.200 3.139
2014-05-27 0.200 2.405
2014-03-20 0.200 2.331
2013-07-29 0.120 1.654
2013-05-27 0.120 2.026
2013-03-11 0.120 2.437
2012-05-14 0.190 5.800
2012-03-05 0.190 6.642
2011-07-28 0.250 7.841
2010-11-01 0.000 0.000
2010-10-15 0.000 0.000
2010-07-28 0.000 0.000
2010-04-30 0.370 7.482
2010-03-01 0.370 5.684
2010-01-15 0.370 5.240
2009-11-04 0.300 3.692
2009-10-15 0.300 3.037
2009-07-15 0.300 3.526
2009-06-30 0.300 3.878
2009-03-31 0.450 6.111
2009-02-23 0.450 9.783
2009-02-17 0.450 11.074

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Hellenic Exchanges - Athens Stock Exchange's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.3x coverage).
X
Income/ dividend checks
We assess Hellenic Exchanges - Athens Stock Exchange's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Hellenic Exchanges - Athens Stock Exchange afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Hellenic Exchanges - Athens Stock Exchange has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

EXAE Management

 What is the CEO of Hellenic Exchanges - Athens Stock Exchange's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jakob Lazaridis
COMPENSATION €247,484
AGE 56
TENURE AS CEO 8.3 years
CEO Bio

Mr. Sokrates George Lazaridis, also known as Jakob, has been the Chief Executive Officer of Hellenic Exchanges - Athens Stock Exchange S.A. Holding since October 29, 2010 and serves as its Vice Chairman. Mr. Lazaridis has been Chairman and Chief Executive Officer of Athens Exchange Clearing House since October 29, 2010. He serves as Chief Executive Officer of HELEX and Athens Exchange Clearing House. He serves as the Chief Executive Officer of ATHEXClear SA. He served as a Vice President of Athens Stock Exchange S.A. Since January 2007. He serves as General Director of Clearing, Settlement and Registration at the HELEX Group. He served as General Director of Clearing, Settlement and Registration of Hellenic Exchanges SA from May 1998 to October 29, 2010. In 1987 he found “Effect Ltd“ which specialized in the development of financial software. He joined the HELEX group in 1994 in charge of Financial Affairs at the Central Securities Depository (CSD). In 1995, Mr. Lazaridis was responsible for the creation of the technology arm of the Group, “Systems Development and Support of Capital Market“ (ASYK SA), in which he served as General Director until May 1998. Since 1994, he has been responsible for all the large projects that have taken place in the Greek capital market such as: The technological upgrade of the infrastructure of the Group (ASIS trading system in the 1994-1999 period, the installation of the OASIS trading system and the development of ATHEXNet - the exchange trading network, while also contributing to the dematerialization of securities project), the creation of the derivatives market, the partial privatization of the exchange up until the listing of HELEX shares in the stock market, the drafting of the first rulebook governing the operation of the Athens Exchange in 2004, as well as the drafting of the regulatory decisions that proceeded it, the implementation of the Common Platform project with the Cyprus Stock Exchange, the creation of the Auxiliary Fund for covering counterparty risk, the relocation to the new data centre at the Athinon Ave. building, the creation of the X-NET network to interconnect members of the Greek market with capital markets abroad, the unbundling of the clearing and settlement services. Mr. Lazaridis was in charge of the negotiations with FTSE and the LIBA representatives which led to the upgrade and subsequent maintenance of that status, of the Greek capital market to the developed markets Published by HT Syndication with permission from Right Vision News. He serves as the Chairman of Athens Stock Exchange S.A. Since December 2000, he has been Executive Vice-Chairman of Athens Exchange. He serves as a Vice-Chairman of ATHEXClear SA. He serves as Executive Director of Hellenic Exchanges - Athens Stock Exchange S.A. Holding. Mr. Lazaridis studied at the Department of Economics at the University of Athens and continued his studies for an MSc at Queen Mary College of London, specializing in econometrics.

CEO Compensation
  • Insufficient data for Jakob to compare compensation growth.
  • Insufficient data for Jakob to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team Tenure

Average tenure of the Hellenic Exchanges - Athens Stock Exchange management team in years:

8.1
Average Tenure
  • The average tenure for the Hellenic Exchanges - Athens Stock Exchange management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Jakob Lazaridis

TITLE
Vice Chairman & CEO
COMPENSATION
€247K
AGE
56
TENURE
8.3 yrs

Vassilios Govaris

TITLE
Chief Financial Officer
TENURE
7.8 yrs

Dimitrios Karaiskakis

TITLE
COO & Executive Director
AGE
54
TENURE
8.1 yrs

Charalambos Antonatos

TITLE
Deputy Director of Financial Controlling

Apostolos Patrikios

TITLE
Director of Legal Affairs

Andreas Daskalakis

TITLE
Director of Market Operation and Member Support

Nikolaos Porfyris

TITLE
Chief Business Development Officer
TENURE
8.1 yrs

Maria Saxoni

TITLE
Secretary

Pantelis Lamprou

TITLE
Director of Strategic Communication & Markets Analysis
TENURE
11.1 yrs

Konstantinos Karanassios

TITLE
Director of Central Registry
Board of Directors Tenure

Average tenure and age of the Hellenic Exchanges - Athens Stock Exchange board of directors in years:

5.2
Average Tenure
58
Average Age
  • The tenure for the Hellenic Exchanges - Athens Stock Exchange board of directors is about average.
Board of Directors

George Handjinicolaou

TITLE
Non Executive Chairman
AGE
65
TENURE
1.2 yrs

Jakob Lazaridis

TITLE
Vice Chairman & CEO
COMPENSATION
€247K
AGE
56

Dimitrios Karaiskakis

TITLE
COO & Executive Director
AGE
54

Nikolaos Milonas

TITLE
Independent Non Executive Director

Alexandros Antonopoulos

TITLE
Independent Non-Executive Director

Ioannis Kyriakopoulos

TITLE
Non-Executive Director
TENURE
3 yrs

Alexios Pilavios

TITLE
Non Executive Director
AGE
65
TENURE
7.4 yrs

Nikolaos Chryssochoidis

TITLE
Non Executive Director
AGE
44
TENURE
11.8 yrs

Adamantini Lazari

TITLE
Independent Non-Executive Director
AGE
60

Sofia Kounenaki – Efraimoglou

TITLE
Independent Non-Executive Director
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Hellenic Exchanges - Athens Stock Exchange's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Hellenic Exchanges - Athens Stock Exchange has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

EXAE News

Simply Wall St News

What Kind Of Share Price Volatility Should You Expect For Hellenic Exchanges - Athens Stock Exchange SA (ATH:EXAE)?

Volatility is considered to be a measure of risk in modern finance theory. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market.

Simply Wall St -

Should We Worry About Hellenic Exchanges - Athens Stock Exchange SA's (ATH:EXAE) P/E Ratio?

To keep it practical, we'll show how Hellenic Exchanges - Athens Stock Exchange SA's (ATH:EXAE) P/E ratio could help you assess the value on offer. … Based on the last twelve months, Hellenic Exchanges - Athens Stock Exchange's P/E ratio is 68.61. … View our latest analysis for Hellenic Exchanges - Athens Stock Exchange?

Simply Wall St -

Do Directors Own Hellenic Exchanges - Athens Stock Exchange SA (ATH:EXAE) Shares?

If you want to know who really controls Hellenic Exchanges - Athens Stock Exchange SA (ATH:EXAE), then you'll have to look at the makeup of its share registry. … Hellenic Exchanges - Athens Stock Exchange is a smaller company with a market capitalization of €235m, so it may still be flying under the radar of many institutional investors. … See our latest analysis for Hellenic Exchanges - Athens Stock Exchange

Simply Wall St -

Why Hellenic Exchanges - Athens Stock Exchange SA (ATH:EXAE) Could Be Your Next Investment

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … In the case of Hellenic Exchanges - Athens Stock Exchange SA (ATH:EXAE), it

Simply Wall St -

Should You Be Tempted To Sell Hellenic Exchanges - Athens Stock Exchange SA (ATH:EXAE) Because Of Its PE Ratio?

Hellenic Exchanges - Athens Stock Exchange SA (ATH:EXAE) is trading with a trailing P/E of 59.5x, which is higher than the industry average of 17.1x. … Although some investors may jump to the conclusion that you should avoid the stock or sell if you own it, understanding the assumptions behind the P/E ratio might change your mind. … See our latest analysis for Hellenic Exchanges - Athens Stock Exchange

Simply Wall St -

Hellenic Exchanges - Athens Stock Exchange SA (ATH:EXAE): Ex-Dividend Is In 2 Days, Should You Buy?

Shares of Hellenic Exchanges - Athens Stock Exchange SA (ATH:EXAE) will begin trading ex-dividend in 2 days. … Investors looking for higher income-generating stocks to add to their portfolio should keep reading, as I take a deeper dive into Hellenic Exchanges - Athens Stock Exchange's latest financial data to analyse its dividend attributes. … See our latest analysis for Hellenic Exchanges - Athens Stock Exchange?

Simply Wall St -

Should Hellenic Exchanges - Athens Stock Exchange SA (ATH:EXAE) Be Part Of Your Portfolio?

In the past 10 years Hellenic Exchanges - Athens Stock Exchange SA (ATH:EXAE) has returned an average of 5.00% per year to investors in the form of dividend payouts. … Let's take a look at Hellenic Exchanges - Athens Stock Exchange in more detail. … View our latest analysis for Hellenic Exchanges - Athens Stock Exchange

Simply Wall St -

How Has Hellenic Exchanges - Athens Stock Exchange SA's (ATH:EXAE) Earnings Fared Against The Long Term Trend

Examining how Hellenic Exchanges - Athens Stock Exchange SA (ATH:EXAE) is performing as a company requires looking at more than just a years' earnings. … Below, I will run you through a simple sense check to build perspective on how Hellenic Exchanges - Athens Stock Exchange is doing by comparing its most recent earnings with its historical trend, in addition to the performance of its capital markets industry peers. … View out our latest analysis for Hellenic Exchanges - Athens Stock Exchange?

Simply Wall St -

Have Investors Priced In Hellenic Exchanges - Athens Stock Exchange SA's (ATH:EXAE) Growth?

Hellenic Exchanges - Athens Stock Exchange SA (ATH:EXAE), a capital markets company based in Greece,. … A question to answer is whether Hellenic Exchanges - Athens Stock Exchange's current trading price of €4.66 reflective of the actual value of the? … Let’s take a look at Hellenic Exchanges - Athens Stock Exchange’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

Should You Be Holding Hellenic Exchanges - Athens Stock Exchange SA (ATSE:EXAE)?

Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on Hellenic Exchanges - Athens Stock Exchange SA (ATSE:EXAE) due to its excellent fundamentals in more than one area. … Below, I've touched on some key aspects you should know on a high level.

Simply Wall St -

EXAE Company Info

Map
Description

Hellenic Exchanges - Athens Stock Exchange SA provides support services for the operation of Greek capital market. It operates equities and derivatives markets, and the alternative market; and performs clearing and settlement of trades, as well as offers financing tools and solutions to companies. The company is involved in the management of clearing systems and central counterparty; and finalizing, reconciling, or settling the finalization of transactions in financial instruments, as well as operates as a system administrator in the Athens Exchange Clearing House. It engages in carrying out commercial activities to promote and provide IT services and use/broadcast market data, as well as in general the promotion, distribution, support, monitoring, operation and commercial exploitation of products, systems and customized software applications based on corresponding licenses to resell and commercially exploit. In addition, the company offers listing, trading, clearing, settlement, exchange, data feeds, and depository services. The company was formerly known as Hellenic Exchanges S.A. and changed its name to Hellenic Exchanges - Athens Stock Exchange SA in December 2013. Hellenic Exchanges - Athens Stock Exchange SA was founded in 1876 and is headquartered in Athens, Greece.

Details
Name: Hellenic Exchanges - Athens Stock Exchange SA
EXAE
Exchange: ATSE
Founded: 1876
€229,925,880
60,348,000
Website: http://www.helex.gr
Address: Hellenic Exchanges - Athens Stock Exchange SA
110 Athinon Avenue,
Athens,
104 42,
Greece
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ATSE EXAE Common Registered Shares The Athens Stock Exchange GR EUR 24. Aug 2000
OTCPK HEHS.F Common Registered Shares Pink Sheets LLC US USD 24. Aug 2000
DB HEE Common Registered Shares Deutsche Boerse AG DE EUR 24. Aug 2000
LSE 0OKR Common Registered Shares London Stock Exchange GB EUR 24. Aug 2000
OTCPK HEXE.Y ADR Pink Sheets LLC US USD 03. Jun 2013
Number of employees
Current staff
Staff numbers
222
Hellenic Exchanges - Athens Stock Exchange employees.
Industry
Financial Exchanges and Data
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/16 20:48
End of day share price update: 2019/02/15 00:00
Last estimates confirmation: 2019/01/16
Last earnings filing: 2018/11/26
Last earnings reported: 2018/09/30
Last annual earnings reported: 2017/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.