Euronext Athens Holding stock: fair value
EXAE.ATThe fair value of Euronext Athens Holding under our model is $23.77, the price is 49% below.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Significantly undervaluedIn our model the price counts as cheap below $18.29 and expensive above $33.96 (uncertainty medium, based on the price swings of the past year).
The two parts of the fair value come to $28.36 (cash-flow model) and $19.18 (industry comparison), and the gap between them shows how uncertain the estimate is. The price is below both.
Calculated with a cost of equity of 9.9%. At 10.9% the fair value would be $21.74, at 8.9% it would be $26.57.
Where the number comes from
Half from the cash-flow model, half from earnings times the industry P/E (24.5).
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 3.5%. Discounted at 9.9% (government bond yield 3.5% plus beta 0.91 times a risk premium of 7.1%); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $28.36 per share: free cash flow for the next ten years, each year discounted to today at 9.9%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 9.9%) |
|---|---|---|---|---|
| 2026 | $71.45M | extrapolated at 31.3% | 0.9099 | $65.02M |
| 2027 | $87.83M | extrapolated at 22.9% | 0.8280 | $72.72M |
| 2028 | $102.84M | extrapolated at 17.1% | 0.7534 | $77.48M |
| 2029 | $116.21M | extrapolated at 13.0% | 0.6856 | $79.67M |
| 2030 | $127.98M | extrapolated at 10.1% | 0.6238 | $79.84M |
| 2031 | $138.39M | extrapolated at 8.1% | 0.5676 | $78.56M |
| 2032 | $147.71M | extrapolated at 6.7% | 0.5165 | $76.3M |
| 2033 | $156.2M | extrapolated at 5.8% | 0.4700 | $73.42M |
| 2034 | $164.11M | extrapolated at 5.1% | 0.4277 | $70.19M |
| 2035 | $171.63M | extrapolated at 4.6% | 0.3892 | $66.79M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $739.98M |
| Terminal value: cash flow 2035 × (1 + 3.5%) / (9.9% − 3.5%) | $2.76B |
| Present value of terminal value (× 0.3892) | $1.07B |
| Equity value (sum plus present value of terminal value) | $1.81B |
| Shares (diluted) | 63.94M |
| Value per share (equity value divided by shares) | $28.36 |
| Earnings per share, last twelve months | $0.78 |
| × 24.5 (industry P/E) | $19.18 |
| Fair value (average of both parts) | $23.77 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = €0.9024)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Strong, published since 7 Nov 2026 (in the score history since 31 Dec 2022)
- Valuation signal Undervalued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.