Thessaloniki Water Supply & Sewerage Co S.A (EYAPS) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Thessaloniki Water Supply & Sewerage Co S.A stock €2.91, price €4.52, that is 35.6% below the price, quality 56 out of 100. Rating: strongly overvalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range €2.90 – €5.21 · fair‑value band €2.48 – €3.38 · the €4.52 price screens above the €2.91 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Thessaloniki Water Supply & Sewerage Co S.A., doing business as EYATH S.A., provides water supply and sewerage services in Greece.
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The company engages in the design, construction, installation, operation, utilization, management, maintenance, extension, and renewal of water supply and sewerage systems.
Its activities include projects, such as desalination, pumping, treatment, storage, transport, distribution, and management of various types of water, as well as the collection, transport, treatment, storage, and management of waste.
The company also offers telecom services; and generates and sells electricity by utilizing water from springs, dams, aqueducts, and pipelines. The company was founded in 1998 and is headquartered in Thessaloniki, Greece.
Thessaloniki Water Supply & Sewerage Co S.A. is a subsidiary of Hellenic Corporation of Assets and Participations S.A.
Stock analysis
Thessaloniki Water Supply & Sewerage Co S.A (EYAPS) currently trades at €4.52, while our model-based Fair Value estimate is €2.91, 36% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €4.29 per share, and 3 of the 14 models we run sit above the €4.52 price.
Bear case: the Dividend Discount group reads lowest at €0.4100, and 11 of the 14 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €2.48 (bear) to €3.38 (bull), the price of €4.52 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 56/100 (solid quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Thessaloniki Water Supply & Sewerage Co S.A reported revenue of €87.5M in FY2025 versus €73.6M in FY2021, a compound +4.4%/yr. Reported net income was €7.7M in FY2025, compounding −9.2%/yr from FY2021.
Key figures
Market cap €164M Micro · P/E ratio 21.5 · P/S ratio 1.78 · EPS (TTM) €0.2100 · Dividend yield 1.7% · Net margin 7.5% · Return on equity 3.7% · Return on assets (EBIT) 2.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
The share trades about 13% below its 52-week high and 30% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −43% fair-value upside, at −36%, EYAPS screens cheaper than that median.
Fair Value models
Bear€2.48Fair Value €2.91Bull€3.38
Price €4.52 · Downside -35.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.1158 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.28/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+2.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.0%
Start year 2020 (pandemic). Over 10 years: +1.8% a year
Revenue growth 15 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
≈ −12.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−14.6%
Dividend (yield on the price)1.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−8.3% vs −5.4%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.27% → 10%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 112% above its own trend.
Compare Thessaloniki Water Supply & Sewerage Co S.A with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Regulated Water · 64 stocks
Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score56 · Top 25%
Fair Value upside−36.6% · Below median
Profitability
Return on equity (12 months)3.7% · Below median
Return on assets3.2% · Above median
Net margin (12 months)7.5% · Below median
Operating margin (12 months)9.6% · Below median
Growth and dividend
Revenue growth (quarter YoY)14.5% · Top 25%
Dividend yield (12 months)1.7% · Below median
Valuation Multiplesvs Utilities - Regulated Water median · lower = cheaper
P/E (12 months)21.5× · Pricier than median
P/B0.89× · Cheapest 25%
P/S (12 months)1.78× · Cheaper than median
EV/EBITDA7.6× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)73· sector 32
PAST (return on equity)15· sector 30
HEALTH (low debt)0· sector 68
DIVIDEND (yield)33· sector 50
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Thessaloniki Water Supply & Sewerage Co S.A Fair Value". https://www.fairvalue-calculator.com/stock/EYAPS
Frequently asked questions
Is Thessaloniki Water Supply & Sewerage Co S.A (EYAPS) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of €2.91 versus a price of €4.52, about 36% lower (overvalued).
What is the fair value of EYAPS?
Our model-based fair value for Thessaloniki Water Supply & Sewerage Co S.A is €2.91 (as of Nov 7, 2026), built from audited fundamentals. The current price: €4.52.
What is the quality score of EYAPS?
Thessaloniki Water Supply & Sewerage Co S.A has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Thessaloniki Water Supply & Sewerage Co S.A (EYAPS)?
Our model-based price target is the fair value of €2.91 (as of Nov 7, 2026) from 14 valuation models. Cautious scenario €2.48, optimistic scenario €3.38. It is a calculation from audited fundamentals, not an analyst target.
What is the Thessaloniki Water Supply & Sewerage Co S.A stock forecast for 2026?
Our models put fair value at €2.91, about 36% lower versus a price of €4.52 (overvalued). Cautious scenario €2.48, optimistic scenario €3.38. The calculation is refreshed regularly with new filings.
What is the revenue of Thessaloniki Water Supply & Sewerage Co S.A (EYAPS)?
Thessaloniki Water Supply & Sewerage Co S.A reported trailing-twelve-month revenue of about €93.5M (latest available figure, as of Nov 7, 2026).
Does Thessaloniki Water Supply & Sewerage Co S.A pay a dividend?
Thessaloniki Water Supply & Sewerage Co S.A currently shows a dividend yield of 1.66% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Thessaloniki Water Supply & Sewerage Co S.A (EYAPS) and when is the ex-dividend date?
Thessaloniki Water Supply & Sewerage Co S.A pays a dividend of €0.075 per share a year, a dividend yield of 1.7%. The last ex-dividend date was Aug 25, 2026. The payout ratio is 35.7% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Thessaloniki Water Supply & Sewerage Co S.A (EYAPS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thessaloniki Water Supply & Sewerage Co S.A it is €2.91 per share (as of Nov 7, 2026), against a price of €4.52. It is the blended result of 14 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Thessaloniki Water Supply & Sewerage Co S.A stock overvalued or undervalued in 2026?
As of Nov 7, 2026, EYAPS trades above its calculated fair value: price €4.52, fair value €2.91, a gap of about −36% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of EYAPS?
No. The price is what the market pays today (€4.52); the fair value is what the company's own numbers justify (€2.91). For Thessaloniki Water Supply & Sewerage Co S.A the two are €1.61 per share apart. That gap is exactly why we show both numbers side by side.
How much is Thessaloniki Water Supply & Sewerage Co S.A worth?
The market values Thessaloniki Water Supply & Sewerage Co S.A at about €164M (market capitalisation, as of Nov 7, 2026). Per share that is €4.52; our models calculate a fair value of €2.91 per share.
What do the bullish and bearish scenarios say about EYAPS?
Our models span a range for Thessaloniki Water Supply & Sewerage Co S.A: cautious scenario €2.48, base €2.91, optimistic €3.38 per share (as of Nov 7, 2026, price €4.52). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of EYAPS?
Thessaloniki Water Supply & Sewerage Co S.A trades at a price-to-earnings ratio of 21.5 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €2.91 is built from several models across several years. Other multiples: P/B 0.9, P/S 1.8, EV/EBITDA 7.6.
How solid is the balance sheet of Thessaloniki Water Supply & Sewerage Co S.A (EYAPS)?
Balance-sheet figures for Thessaloniki Water Supply & Sewerage Co S.A (as of Nov 7, 2026): return on equity 3.7%. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is EYAPS from its 52-week high?
Thessaloniki Water Supply & Sewerage Co S.A trades at €4.52, about 13% below its 52-week high of €5.21 and 30% above the low of €3.47 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of €2.91 is for.
Which stocks are comparable to Thessaloniki Water Supply & Sewerage Co S.A?
From the same area (Utilities) we also value American Water Works Company, Essential Utilities, Inc, Grandblue Environment Co, American States Water Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Thessaloniki Water Supply & Sewerage Co S.A stock attractive at the current price?
The data as of Nov 7, 2026: price €4.52, calculated fair value €2.91 (−36%), Quality Score 56/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of EYAPS calculated?
We run Thessaloniki Water Supply & Sewerage Co S.A through 14 models from 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €2.91 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Thessaloniki Water Supply & Sewerage Co S.A itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Thessaloniki Water Supply & Sewerage Co S.A (EYAPS)?
The closing price on Nov 9, 2026 was €4.52. Our model-based fair value is €2.91, about 36% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thessaloniki Water Supply & Sewerage Co S.A right now?
The price sits above even our optimistic bull case (€3.38). The favourable scenario is already priced in. Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Thessaloniki Water Supply & Sewerage Co S.A (EYAPS) come from?
Earnings per share at Thessaloniki Water Supply & Sewerage Co S.A grew −10.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.6 %, EBIT margin −11.5 %, tax rate +1.2 %, residual (interest, one-offs) −1.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Thessaloniki Water Supply & Sewerage Co S.A
How large is the market capitalisation of Thessaloniki Water Supply & Sewerage Co S.A (EYAPS)?
The market capitalisation of Thessaloniki Water Supply & Sewerage Co S.A is €164M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Thessaloniki Water Supply & Sewerage Co S.A (EYAPS)?
The price-to-sales ratio of Thessaloniki Water Supply & Sewerage Co S.A is 1.78 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Thessaloniki Water Supply & Sewerage Co S.A (EYAPS)?
Earnings per share at Thessaloniki Water Supply & Sewerage Co S.A are €0.2100 (price ÷ EPS = P/E 21.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Thessaloniki Water Supply & Sewerage Co S.A (EYAPS)?
The dividend yield of Thessaloniki Water Supply & Sewerage Co S.A is 1.7% (payout 35.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Thessaloniki Water Supply & Sewerage Co S.A (EYAPS)?
The net margin of Thessaloniki Water Supply & Sewerage Co S.A is 7.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Thessaloniki Water Supply & Sewerage Co S.A (EYAPS)?
The return on equity (ROE) of Thessaloniki Water Supply & Sewerage Co S.A is 3.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Thessaloniki Water Supply & Sewerage Co S.A (EYAPS)?
On an EBIT basis the return on assets of Thessaloniki Water Supply & Sewerage Co S.A is 2.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Thessaloniki Water Supply & Sewerage Co S.A (EYAPS)?
The operating margin of Thessaloniki Water Supply & Sewerage Co S.A is 9.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thessaloniki Water Supply & Sewerage Co S.A (EYAPS)?
Revenue at Thessaloniki Water Supply & Sewerage Co S.A is growing +14.5% versus a year earlier (3y avg +7.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Thessaloniki Water Supply & Sewerage Co S.A (EYAPS)?
Earnings per share at Thessaloniki Water Supply & Sewerage Co S.A are growing −22.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Thessaloniki Water Supply & Sewerage Co S.A (EYAPS) generate?
The free cash flow of Thessaloniki Water Supply & Sewerage Co S.A is −€11.9M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Thessaloniki Water Supply & Sewerage Co S.A (EYAPS) hold?
Thessaloniki Water Supply & Sewerage Co S.A holds more cash than debt, €48.4M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Some data
Nov 7, 2026