Hellenic Exchanges - Athens Stock Exchange S.A.

ATSE:EXAE Stock Report

Market Cap: €262.6m

Hellenic Exchanges - Athens Stock Exchange Valuation

Is EXAE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of EXAE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: EXAE (€4.54) is trading above our estimate of fair value (€1.6)

Significantly Below Fair Value: EXAE is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for EXAE?

Key metric: As EXAE is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for EXAE. This is calculated by dividing EXAE's market cap by their current earnings.
What is EXAE's PE Ratio?
PE Ratio15.8x
Earnings€16.61m
Market Cap€262.64m

Price to Earnings Ratio vs Peers

How does EXAE's PE Ratio compare to its peers?

The above table shows the PE ratio for EXAE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average12.9x
BLEKEDROS Ble Kedros REIC
17.1xn/a€152.5m
PVMEZZ Phoenix Vega Mezz
1.8xn/a€104.5m
EX Euroxx Securities
29.9xn/a€63.9m
TELL Bank of Greece
2.9xn/a€283.1m
EXAE Hellenic Exchanges - Athens Stock Exchange
15.8x9.1%€262.6m

Price-To-Earnings vs Peers: EXAE is expensive based on its Price-To-Earnings Ratio (15.8x) compared to the peer average (12.9x).

Price to Earnings Ratio vs Industry

How does EXAE's PE Ratio compare vs other companies in the European Capital Markets Industry?

18 CompaniesPrice / EarningsEstimated GrowthMarket Cap
EXAE 15.8xIndustry Avg. 13.1xNo. of Companies37PE01224364860+
18 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: EXAE is expensive based on its Price-To-Earnings Ratio (15.8x) compared to the European Capital Markets industry average (13.2x).

Price to Earnings Ratio vs Fair Ratio

What is EXAE's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

EXAE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15.8x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate EXAE's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst EXAE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€4.54
€6.86
+51.0%
12.9%€8.60€5.60n/a7
Dec ’25€4.34
€6.93
+59.6%
11.4%€8.60€6.10n/a7
Nov ’25€4.25
€6.69
+57.3%
16.3%€8.60€4.80n/a7
Oct ’25€4.54
€6.69
+47.4%
16.3%€8.60€4.80n/a7
Sep ’25€4.52
€6.69
+47.9%
16.3%€8.60€4.80n/a7
Aug ’25€4.78
€6.69
+39.9%
16.3%€8.60€4.80n/a7
Jul ’25€4.90
€6.66
+35.9%
16.5%€8.60€4.80n/a7
Jun ’25€4.91
€6.66
+35.6%
16.5%€8.60€4.80n/a7
May ’25€5.16
€6.63
+28.6%
17.8%€8.60€4.80n/a6
Apr ’25€5.46
€6.62
+21.2%
18.0%€8.60€4.80n/a6
Mar ’25€5.59
€6.44
+15.2%
19.1%€8.60€4.80n/a5
Feb ’25€5.63
€5.90
+4.8%
11.1%€6.40€4.80n/a4
Jan ’25€5.30
€5.80
+9.4%
10.3%€6.40€4.80n/a4
Dec ’24€5.31
€6.13
+15.5%
3.1%€6.40€6.00€4.343
Nov ’24€4.82
€6.20
+28.6%
2.6%€6.40€6.00€4.253
Oct ’24€4.79
€5.85
+22.1%
10.6%€6.40€4.80€4.544
Sep ’24€5.20
€5.85
+12.5%
10.6%€6.40€4.80€4.524
Aug ’24€5.56
€5.70
+2.5%
10.4%€6.40€4.80€4.784
Jul ’24€5.15
€5.32
+3.3%
8.4%€6.00€4.80€4.905
Jun ’24€4.91
€4.85
-1.2%
6.6%€5.30€4.40€4.914
May ’24€4.01
€4.74
+18.2%
7.6%€5.30€4.30€5.165
Apr ’24€3.93
€4.74
+20.8%
7.6%€5.30€4.30€5.465
Mar ’24€4.33
€4.60
+6.4%
5.5%€4.90€4.30€5.594
Feb ’24€3.95
€4.60
+16.6%
5.5%€4.90€4.30€5.634
Jan ’24€3.10
€4.67
+50.5%
5.6%€4.90€4.30€5.303
Dec ’23€3.16
€4.67
+47.7%
5.6%€4.90€4.30€5.313

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/19 04:03
End of Day Share Price 2024/12/19 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Hellenic Exchanges - Athens Stock Exchange S.A. is covered by 19 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Nikos KatsenosAlpha Finance Investment Services S.A.
Eleni IsmailouAxia Ventures Group Ltd
Manos ChatzidakisBeta Securities S.A.