Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €45.50, the stock trades at a trailing P/E ratio of 13.2x. Average forward P/E is 19x in the Infrastructure industry in Europe. Total returns to shareholders of 136% over the past three years. New Risk • Jun 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 3.8% per year for the foreseeable future. High level of non-cash earnings (28% accrual ratio). Minor Risk Dividend is not well covered by cash flows (372% cash payout ratio). Announcement • May 06
Piraeus Port Authority S.A. to Report Q1, 2026 Results on May 06, 2026 Piraeus Port Authority S.A. announced that they will report Q1, 2026 results on May 06, 2026 Reported Earnings • Apr 04
Full year 2025 earnings released Full year 2025 results: Revenue: €250.8m (up 8.6% from FY 2024). Net income: €86.2m (down 1.5% from FY 2024). Profit margin: 34% (down from 38% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 25% per year. Declared Dividend • Apr 02
Dividend reduced to €1.90 Dividend of €1.90 is 1.3% lower than last year. Ex-date: 3rd August 2026 Payment date: 7th August 2026 Dividend yield will be 5.0%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 6.8% per year over the past 10 years. However, payments have been volatile during that time. Announcement • Apr 02
Piraeus Port Authority S.A. announces Annual dividend, payable on August 07, 2026 Piraeus Port Authority S.A. announced Annual dividend of EUR 1.8960 per share payable on August 07, 2026, ex-date on August 03, 2026 and record date on August 04, 2026. Reported Earnings • Nov 02
Third quarter 2025 earnings released Third quarter 2025 results: EPS: €1.17. Revenue: €72.0m (up 6.0% from 3Q 2024). Net income: €29.3m (down 1.5% from 3Q 2024). Profit margin: 41% (down from 44% in 3Q 2024). The decrease in margin was driven by higher expenses. Announcement • Oct 25
Piraeus Port Authority S.A. to Report Q3, 2025 Results on Oct 30, 2025 Piraeus Port Authority S.A. announced that they will report Q3, 2025 results at 10:00 AM, GTB Standard Time on Oct 30, 2025 Reported Earnings • Oct 05
First half 2025 earnings released: EPS: €1.87 (vs €1.62 in 1H 2024) First half 2025 results: EPS: €1.87 (up from €1.62 in 1H 2024). Revenue: €122.8m (up 15% from 1H 2024). Net income: €46.7m (up 16% from 1H 2024). Profit margin: 38% (in line with 1H 2024). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 28
Upcoming dividend of €1.92 per share Eligible shareholders must have bought the stock before 04 August 2025. Payment date: 08 August 2025. Payout ratio is a comfortable 55% but the company is paying out more than the cash it is generating. Trailing yield: 4.1%. Lower than top quartile of Greek dividend payers (4.9%). Higher than average of industry peers (3.6%). Buy Or Sell Opportunity • May 14
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 34% to €44.50. The fair value is estimated to be €37.03, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to decline by 46% in 2 years. Earnings are forecast to decline by 49% in the next 2 years. New Risk • May 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 37% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 37% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.0% average weekly change). Declared Dividend • Apr 02
Dividend increased to €1.92 Dividend of €1.92 is 44% higher than last year. Ex-date: 4th August 2025 Payment date: 8th August 2025 Dividend yield will be 4.9%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 30% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 17% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Apr 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Greek stocks, typically moving 5.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.1% average weekly change). Announcement • Apr 01
Piraeus Port Authority S.A. announces Annual dividend, payable on August 08, 2025 Piraeus Port Authority S.A. announced Annual dividend of EUR 1.9200 per share payable on August 08, 2025, ex-date on August 04, 2025 and record date on August 05, 2025. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €39.60, the stock trades at a trailing P/E ratio of 13.9x. Average forward P/E is 16x in the Infrastructure industry in Europe. Total returns to shareholders of 169% over the past three years. Buy Or Sell Opportunity • Jan 17
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €28.40. The fair value is estimated to be €36.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 21%. Revenue is forecast to grow by 6.5% in 2 years. Earnings are forecast to grow by 23% in the next 2 years. Price Target Changed • Nov 07
Price target increased by 54% to €35.40 Up from €23.00, the current price target is an average from 2 analysts. New target price is 26% above last closing price of €28.00. Stock is up 29% over the past year. The company posted earnings per share of €2.67 last year. Buy Or Sell Opportunity • Nov 06
Now 20% undervalued Over the last 90 days, the stock has risen 8.3% to €28.00. The fair value is estimated to be €35.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 21%. Revenue is forecast to grow by 6.5% in 2 years. Earnings are forecast to grow by 23% in the next 2 years. Reported Earnings • Nov 01
Third quarter 2024 earnings released Third quarter 2024 results: EPS: €1.19. Revenue: €67.9m (up 9.0% from 3Q 2023). Net income: €29.8m (up 9.6% from 3Q 2023). Profit margin: 44% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Oct 31
Piraeus Port Authority S.A. to Report Nine Months, 2024 Results on Oct 31, 2024 Piraeus Port Authority S.A. announced that they will report nine months, 2024 results on Oct 31, 2024 Reported Earnings • Sep 29
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €62.0m (up 6.1% from 2Q 2023). Net income: €26.6m (up 3.1% from 2Q 2023). Profit margin: 43% (down from 44% in 2Q 2023). The decrease in margin was driven by higher expenses. Buy Or Sell Opportunity • Sep 20
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 4.8% to €27.25. The fair value is estimated to be €22.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 32%. Announcement • Sep 01
Piraeus Port Authority S.A. to Report First Half, 2024 Results on Sep 27, 2024 Piraeus Port Authority S.A. announced that they will report first half, 2024 results on Sep 27, 2024 Upcoming Dividend • Jul 22
Upcoming dividend of €1.34 per share Eligible shareholders must have bought the stock before 29 July 2024. Payment date: 02 August 2024. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Greek dividend payers (5.6%). Higher than average of industry peers (3.7%). Reported Earnings • Jun 04
First quarter 2024 earnings released First quarter 2024 results: EPS: €0.56. Revenue: €45.0m (up 2.5% from 1Q 2023). Net income: €13.9m (up 6.9% from 1Q 2023). Profit margin: 31% (up from 30% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 03
Full year 2023 earnings released: EPS: €2.67 (vs €2.12 in FY 2022) Full year 2023 results: EPS: €2.67 (up from €2.12 in FY 2022). Revenue: €219.8m (up 13% from FY 2022). Net income: €66.8m (up 26% from FY 2022). Profit margin: 30% (up from 27% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 31
Dividend of €1.34 announced Shareholders will receive a dividend of €1.34. Ex-date: 29th July 2024 Payment date: 2nd August 2024 Dividend yield will be 4.7%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 35% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 24% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 07
Piraeus Port Authority S.A. to Report Fiscal Year 2023 Results on Mar 29, 2024 Piraeus Port Authority S.A. announced that they will report fiscal year 2023 results on Mar 29, 2024 Reported Earnings • Oct 27
Third quarter 2023 earnings released Third quarter 2023 results: EPS: €1.09. Revenue: €62.3m (up 18% from 3Q 2022). Net income: €27.1m (up 28% from 3Q 2022). Profit margin: 44% (up from 40% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 7.9% p.a. on average during the next 2 years, while revenues in the Infrastructure industry in Europe are expected to grow by 4.5%. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Oct 25
Piraeus Port Authority S.A. to Report Nine Months, 2023 Results on Oct 25, 2023 Piraeus Port Authority S.A. announced that they will report nine months, 2023 results on Oct 25, 2023 Reported Earnings • Sep 28
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €58.5m (up 12% from 2Q 2022). Net income: €25.8m (up 94% from 2Q 2022). Profit margin: 44% (up from 25% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Announcement • Sep 01
Piraeus Port Authority S.A. to Report First Half, 2023 Results on Sep 29, 2023 Piraeus Port Authority S.A. announced that they will report first half, 2023 results on Sep 29, 2023 Upcoming Dividend • Jul 31
Upcoming dividend of €1.04 per share at 4.6% yield Eligible shareholders must have bought the stock before 07 August 2023. Payment date: 11 August 2023. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 4.6%. Within top quartile of Greek dividend payers (4.6%). Higher than average of industry peers (3.2%). Reported Earnings • Apr 02
Full year 2022 earnings released: EPS: €2.12 (vs €1.47 in FY 2021) Full year 2022 results: EPS: €2.12 (up from €1.47 in FY 2021). Revenue: €194.6m (up 26% from FY 2021). Net income: €52.9m (up 44% from FY 2021). Profit margin: 27% (up from 24% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 3.4% p.a. on average during the next 2 years, while revenues in the Infrastructure industry in Europe are expected to grow by 5.6%. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Non-Executive Director Gordon Kwong was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 02
First half 2022 earnings released: EPS: €1.04 (vs €0.60 in 1H 2021) First half 2022 results: EPS: €1.04 (up from €0.60 in 1H 2021). Revenue: €93.1m (up 29% from 1H 2021). Net income: €25.9m (up 72% from 1H 2021). Profit margin: 28% (up from 21% in 1H 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 18
Upcoming dividend of €0.63 per share Eligible shareholders must have bought the stock before 25 July 2022. Payment date: 29 July 2022. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Greek dividend payers (5.5%). Higher than average of industry peers (3.0%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Non-Executive Director Gordon Kwong was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 15
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: €1.47 (up from €1.06 in FY 2020). Revenue: €154.2m (up 16% from FY 2020). Net income: €36.8m (up 39% from FY 2020). Profit margin: 24% (up from 20% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 4.4%, compared to a 25% growth forecast for the industry in Greece. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 1% per year. Buying Opportunity • Mar 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €19.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has been flat over the last 3 years. Reported Earnings • Nov 27
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: EPS: €0.56. Revenue: €41.9m (up 27% from 3Q 2020). Net income: €14.0m (up 75% from 3Q 2020). Profit margin: 34% (up from 24% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.7%. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 4% per year. Reported Earnings • Oct 01
First half 2021 earnings released: EPS €0.60 (vs €0.62 in 1H 2020) The company reported a soft first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: €72.0m (up 8.3% from 1H 2020). Net income: €15.1m (down 2.8% from 1H 2020). Profit margin: 21% (down from 23% in 1H 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 5% per year. Upcoming Dividend • Jul 19
Upcoming dividend of €0.40 per share Eligible shareholders must have bought the stock before 26 July 2021. Payment date: 30 July 2021. Trailing yield: 2.0%. Lower than top quartile of Greek dividend payers (3.6%). Higher than average of industry peers (1.6%). Is New 90 Day High Low • Mar 11
New 90-day high: €21.20 The company is up 9.0% from its price of €19.46 on 11 December 2020. The Greek market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 8.0% over the same period. Reported Earnings • Feb 24
Full year 2020 earnings released: EPS €1.06 (vs €1.42 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €132.9m (down 11% from FY 2019). Net income: €26.4m (down 26% from FY 2019). Profit margin: 20% (down from 24% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Feb 24
Revenue beats expectations Revenue exceeded analyst estimates by 1.7%. Is New 90 Day High Low • Dec 09
New 90-day high: €19.56 The company is up 18% from its price of €16.64 on 10 September 2020. The Greek market is up 20% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Infrastructure industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 09
New 90-day high: €18.20 The company is up 14% from its price of €16.00 on 11 August 2020. The Greek market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is down 2.0% over the same period. Is New 90 Day High Low • Oct 07
New 90-day high: €17.56 The company is up 4.0% from its price of €16.96 on 09 July 2020. The Greek market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is down 5.0% over the same period. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total profits of €35.1m, up 15% from the prior year. Total revenue was €145.1m over the last 12 months, up 3.6% from the prior year.