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Hellenic Exchanges Athens Stock Exchange SA
ATHEX:EXAE

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Hellenic Exchanges Athens Stock Exchange SA
ATHEX:EXAE
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Price: 7.2 EUR 1.69% Market Closed
Market Cap: €434.5m

EV/S

3.9
Current
8%
Cheaper
vs 3-y average of 4.2

Enterprise Value to Sales (EV/S) ratio compares a company`s total enterprise value to its revenue. It shows how much investors are paying for each dollar of the company`s sales, including both equity and debt.

EV/S
3.9
=
Enterprise Value
€310.9m
/
Revenue
€82.9m

Enterprise Value to Sales (EV/S) ratio compares a company`s total enterprise value to its revenue. It shows how much investors are paying for each dollar of the company`s sales, including both equity and debt.

EV/S
3.9
=
Enterprise Value
€310.9m
/
Revenue
€82.9m

Valuation Scenarios

Hellenic Exchanges Athens Stock Exchange SA is trading below its 3-year average

If EV/S returns to its 3-Year Average (4.2), the stock would be worth €7.8 (8% upside from current price).

Statistics
Positive Scenarios
2/4
Maximum Downside
-36%
Maximum Upside
+8%
Average Downside
8%
Scenario EV/S Value Implied Price Upside/Downside
Current Multiple 3.9 €7.2
0%
3-Year Average 4.2 €7.8
+8%
5-Year Average 4.2 €7.75
+8%
Industry Average 3.4 €6.22
-14%
Country Average 2.5 €4.64
-36%

Forward EV/S
Today’s price vs future revenue

Today's Enterprise Value Revenue Forward EV/S
€310.9m
/
Jan 2026
€82.9m
=
3.9
Current
€310.9m
/
Dec 2026
€75.4m
=
4.1
Forward
€310.9m
/
Dec 2027
€76.4m
=
4.1
Forward

Forward EV/S shows whether today’s EV/S still looks high or low once future revenue are taken into account.

Peer Comparison

All Multiples
EV/S
P/E
All Countries
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Market Distribution

Higher than 71% of companies in Greece
Percentile
71th
Based on 270 companies
71th percentile
3.9
Low
0.2 — 1.4
Typical Range
1.4 — 3.6
High
3.6 —
Distribution Statistics
Greece
Min 0.2
30th Percentile 1.4
Median 2.5
70th Percentile 3.6
Max 2 690.8

Hellenic Exchanges Athens Stock Exchange SA
Glance View

Hellenic Exchanges-Athens Stock Exchange SA is a holding company which engages in settlement of off-exchange transfers on transferrable securities. The company is headquartered in Athina, Attiki and currently employs 228 full-time employees. The company went IPO on 2000-08-21. The company operates through its subsidiaries Hellenic Central Securities Depository (ATHEXCSD) and Athens Exchange Clearing House (ATHEXClear) in the following segments: Trading, Clearing, Settlement, Data Feed, Information Technology (IT), Exchange Services, Depository Services, Clearing House Services, as well as Other. The Company’s purpose is the participation in companies and businesses having activities related to the support and operation of organized capital markets, as well as the development of activities and provision of services related to the support and operation of organized capital markets. Furthermore its purpose is the organization and support of the operation of a cash market, a derivatives market, as well as other financial means in Greece and abroad.

EXAE Intrinsic Value
7.61 EUR
Undervaluation 5%
Intrinsic Value
Price €7.2
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