As of June 8, 2025, Hellenic Exchanges Athens Stock Exchange SA's estimated intrinsic value ranges from $4.52 to $6.96 per share, depending on the valuation methodology applied.
| Valuation Method | Fair Value (USD) | Implied Upside/Downside |
|---|---|---|
| Discounted Cash Flow (10Y) | $6.96 | +14.3% |
| Discounted Cash Flow (5Y) | $5.97 | -2.0% |
| Dividend Discount Model (Multi-Stage) | $4.56 | -25.2% |
| Dividend Discount Model (Stable) | $4.65 | -23.6% |
| Earnings Power Value | $4.52 | -25.8% |
Is Hellenic Exchanges Athens Stock Exchange SA (EXAE.AT) undervalued or overvalued?
With the current market price at $6.09, the stock appears to be fairly valued.
Intrinsic value represents the "true" worth of a company based on its fundamentals rather than market sentiment. We've employed multiple methodologies to triangulate Hellenic Exchanges Athens Stock Exchange SA's intrinsic value, including:
The cost of capital is a critical factor in valuation models, representing the required return for investors.
| WACC Component | Low | High |
|---|---|---|
| Long-term bond rate | 3.3% | 3.8% |
| Equity market risk premium | 8.8% | 9.8% |
| Adjusted beta | 0.55 | 0.62 |
| Cost of equity | 8.2% | 10.4% |
| Cost of debt | 5.0% | 5.0% |
| Tax rate | 21.2% | 21.5% |
| Debt/Equity ratio | 0 | 0 |
| After-tax WACC | 8.1% | 10.4% |
Our DCF model projects cash flows over 5-year and 10-year horizons, with the following key assumptions:
| DCF Model | Fair Value | Enterprise Value | % from Terminal Value |
|---|---|---|---|
| 5-Year Growth | $6 | $283M | 76.4% |
| 10-Year Growth | $7 | $343M | 59.4% |
| 5-Year EBITDA | $6 | $315M | 78.8% |
| 10-Year EBITDA | $7 | $370M | 62.4% |
The DDM values a company based on its expected future dividend payments. We used two approaches:
EPV assesses a company's value based on its current normalized earnings power, assuming no growth.
| EPV Component | Value |
|---|---|
| Normalized Earnings | $18M |
| Discount Rate (WACC) | 10.4% - 8.1% |
| Enterprise Value | $172M - $219M |
| Net Debt | $(77)M |
| Equity Value | $249M - $296M |
| Outstanding Shares | 60M |
| Fair Value | $4 - $5 |
| Selected Fair Value | $4.52 |
| Metric | Value |
|---|---|
| Market Capitalization | $368M |
| Enterprise Value | $291M |
| Trailing P/E | 19.65 |
| Forward P/E | 17.86 |
| Trailing EV/EBITDA | 10.85 |
| Current Dividend Yield | 394.10% |
| Dividend Growth Rate (5Y) | 10.67% |
| Debt-to-Equity Ratio | 0.00 |
To determine the most reliable intrinsic value estimate, we weigh each valuation method based on:
| Valuation Method | Weight | Weighted Value |
|---|---|---|
| Discounted Cash Flow (10Y) | 30% | $2.09 |
| Discounted Cash Flow (5Y) | 25% | $1.49 |
| Dividend Discount Model (Multi-Stage) | 20% | $0.91 |
| Dividend Discount Model (Stable) | 15% | $0.70 |
| Earnings Power Value | 10% | $0.45 |
| Weighted Average | 100% | $5.64 |
Based on our comprehensive valuation analysis, Hellenic Exchanges Athens Stock Exchange SA's weighted average intrinsic value is $5.64, which is approximately 7.4% below the current market price of $6.09.
Key investment considerations:
Given these factors, we believe Hellenic Exchanges Athens Stock Exchange SA is currently fairly valued with the potential for long-term appreciation based on the company's growth trajectory and financial strength.