Hellenic Exchanges - Athens Stock Exchange SA (EXAE) fair value: what the stock is really worth
As of Nov 12, 2026: fair value (intrinsic value) of Hellenic Exchanges - Athens Stock Exchange SA stock €6.04, price €11.00, that is 45.1% below the price, quality 62 out of 100. Rating: strongly overvalued. Calculated from audited financials with 13 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 9, 2026.
How to read this chart
60‑month range €2.74 – €11.48 · fair‑value band €4.53 – €7.56 · the €11.00 price screens above the €6.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Hellenic Exchanges - Athens Stock Exchange S.A. provides support services for the operation of Greek capital market. It operates equities and derivatives, and the alternative markets; performs clearing and settlement of trades; and offers financing tools and solutions.
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The company is also involved in the management of clearing systems and/or central counterparty; and finalizing, reconciling, or settling the finalization of transactions in financial instruments, as well as operates as a system administrator in the Athens Exchange Clearing House.
In addition, it engages in carrying out activities relating to the provision of central securities depository services, and ancillary or supplementary services. Further, the company offers listing, trading, clearing, settlement, registry, and regulatory services, as well as IT and digital services.
Hellenic Exchanges - Athens Stock Exchange S.A. was formerly known as Hellenic Exchanges S.A. and changed its name to Hellenic Exchanges - Athens Stock Exchange S.A. in December 2013. The company was founded in 1876 and is headquartered in Athens, Greece.
Stock analysis
Hellenic Exchanges - Athens Stock Exchange SA (EXAE) currently trades at €11.00, while our model-based Fair Value estimate is €6.04, 45% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of €8.87 per share, and 1 of the 13 models we run sit above the €11.00 price.
Bear case: the Asset-Based group reads lowest at €1.20, and 12 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: €4.53 (bear) to €7.56 (bull), the price of €11.00 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 62/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Hellenic Exchanges - Athens Stock Exchange SA reported revenue of €85.8M in FY2025 versus €35.8M in FY2021, a compound +24.5%/yr. Reported net income was €31.6M in FY2025, compounding +40.1%/yr from FY2021.
Key figures
Market cap €703M Small · P/E ratio 14.9 · P/S ratio 6.96 · EPS (TTM) €0.7400 · Dividend yield 1.0% · Net margin 44.7% · Return on equity 35.4% · Return on assets (EBIT) 3.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 84 out of 100 (medium confidence).
What moves the price
The share trades about 4% below its 52-week high and 90% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −36% fair-value upside, at −45%, EXAE screens richer than that median.
Fair Value models
Bear€4.53Fair Value €6.04Bull€7.56
Price €11.00 · Downside -45.1%
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 (€0.5472 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.
Best data coverage
Growth DCF€6.86€8.56€10.5677
Owner Earnings€6.64€8.52€10.8775
Residual Income€2.68€3.36€4.9375
All 13 models by family
DCF Models
Owner Earnings€6.64€8.52€10.8775
5Y P/E Exit€6.67€9.22€11.8669
10Y P/E Exit€6.69€8.70€11.1062
Earnings-Based
Graham-Dodd€3.72€11.51€15.2965
Lynch FV€4.35€6.22€8.0961
Dividend Discount
Gordon GGM€2.13€3.59€4.6868
DDM Multi-Stage€2.13€3.20€3.8667
Multiples
P/E Multiple€5.33€7.11€8.8963
P/B Multiple€2.20€2.93€3.6655
Asset-Based
NCAV (Graham)€0.7900€1.20€1.5052
Growth DCF
Growth DCF€6.86€8.56€10.5677
Rev-Margin DCF€5.12€6.42€7.9371
Economic Profit
Residual Income€2.68€3.36€4.9375
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+59.2%
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.
+31.8%
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.
+24.1%
Start year 2020 (pandemic). Over 10 years: +9.8% a year
Revenue growth 23 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.
+1.5%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+48.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+47.2%
Dividend (yield on the price)1.0%
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.base effect: 40.3% / 14.7%
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.14% → 44%
2025 sits 143% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
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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.Financial Data & Stock Exchanges · 53 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score62 · Below median
Fair Value upside−45.1% · Below median
Profitability
Return on equity (12 months)35.4% · Top 25%
Return on assets4.5% · Below median
Net margin (12 months)44.7% · Top 25%
Operating margin (12 months)64.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)46.1% · Top 25%
Dividend yield (12 months)1.0% · Below median
Valuation Multiplesvs Financial Data & Stock Exchanges median · lower = cheaper
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). "Hellenic Exchanges - Athens Stock Exchange SA Fair Value". https://www.fairvalue-calculator.com/stock/EXAE
Frequently asked questions
Is Hellenic Exchanges - Athens Stock Exchange SA (EXAE) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of €6.04 versus a price of €11.00, about 45% lower (overvalued).
What is the fair value of EXAE?
Our model-based fair value for Hellenic Exchanges - Athens Stock Exchange SA is €6.04 (as of Nov 9, 2026), built from audited fundamentals. The current price: €11.00.
What is the quality score of EXAE?
Hellenic Exchanges - Athens Stock Exchange SA has a Quality Score of 62/100. 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 Hellenic Exchanges - Athens Stock Exchange SA (EXAE)?
Our model-based price target is the fair value of €6.04 (as of Nov 9, 2026) from 13 valuation models. Cautious scenario €4.53, optimistic scenario €7.56. It is a calculation from audited fundamentals, not an analyst target.
What is the Hellenic Exchanges - Athens Stock Exchange SA stock forecast for 2026?
Our models put fair value at €6.04, about 45% lower versus a price of €11.00 (overvalued). Cautious scenario €4.53, optimistic scenario €7.56. The calculation is refreshed regularly with new filings.
What is the revenue of Hellenic Exchanges - Athens Stock Exchange SA (EXAE)?
Hellenic Exchanges - Athens Stock Exchange SA reported trailing-twelve-month revenue of about €101M (latest available figure, as of Nov 9, 2026).
Does Hellenic Exchanges - Athens Stock Exchange SA pay a dividend?
Hellenic Exchanges - Athens Stock Exchange SA currently shows a dividend yield of 1.00% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Hellenic Exchanges - Athens Stock Exchange SA (EXAE) and when is the ex-dividend date?
Hellenic Exchanges - Athens Stock Exchange SA pays a dividend of €0.11 per share a year, a dividend yield of 1.0%. The last ex-dividend date was Jun 23, 2026. The payout ratio is 14.9% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Hellenic Exchanges - Athens Stock Exchange SA (EXAE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hellenic Exchanges - Athens Stock Exchange SA it is €6.04 per share (as of Nov 9, 2026), against a price of €11.00. It is the blended result of 13 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Hellenic Exchanges - Athens Stock Exchange SA stock overvalued or undervalued in 2026?
As of Nov 9, 2026, EXAE trades above its calculated fair value: price €11.00, fair value €6.04, a gap of about −45% (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 EXAE?
No. The price is what the market pays today (€11.00); the fair value is what the company's own numbers justify (€6.04). For Hellenic Exchanges - Athens Stock Exchange SA the two are €4.96 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hellenic Exchanges - Athens Stock Exchange SA worth?
The market values Hellenic Exchanges - Athens Stock Exchange SA at about €703M (market capitalisation, as of Nov 9, 2026). Per share that is €11.00; our models calculate a fair value of €6.04 per share.
What do the bullish and bearish scenarios say about EXAE?
Our models span a range for Hellenic Exchanges - Athens Stock Exchange SA: cautious scenario €4.53, base €6.04, optimistic €7.56 per share (as of Nov 9, 2026, price €11.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of EXAE?
Hellenic Exchanges - Athens Stock Exchange SA trades at a price-to-earnings ratio of 14.9 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €6.04 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 36.6. Other multiples: PEG 0.9, P/B 5.4, P/S 7.0, EV/EBITDA 11.0.
What is the PEG ratio of EXAE?
The PEG ratio of Hellenic Exchanges - Athens Stock Exchange SA is 0.93 (P/E divided by earnings growth, as of Nov 9, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Hellenic Exchanges - Athens Stock Exchange SA (EXAE)?
Balance-sheet figures for Hellenic Exchanges - Athens Stock Exchange SA (as of Nov 9, 2026): return on equity 35.4%. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is EXAE from its 52-week high?
Hellenic Exchanges - Athens Stock Exchange SA trades at €11.00, about 4% below its 52-week high of €11.48 and 90% above the low of €5.79 (as of Nov 12, 2026). Distance from the high says nothing about value: that is what the fair value of €6.04 is for.
Which stocks are comparable to Hellenic Exchanges - Athens Stock Exchange SA?
From the same area (Financial Services) we also value S&P Global Inc, CME Group, Intercontinental Exchange, Inc, Moody's Corporation, 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 Hellenic Exchanges - Athens Stock Exchange SA stock attractive at the current price?
The data as of Nov 9, 2026: price €11.00, calculated fair value €6.04 (−45%), Quality Score 62/100, from 13 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 EXAE calculated?
We run Hellenic Exchanges - Athens Stock Exchange SA through 13 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of €6.04 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 14.3% above its aggregate fair value. Hellenic Exchanges - Athens Stock Exchange SA 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 Hellenic Exchanges - Athens Stock Exchange SA (EXAE)?
The closing price on Nov 12, 2026 was €11.00. Our model-based fair value is €6.04, about 45% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hellenic Exchanges - Athens Stock Exchange SA right now?
The price sits above even our optimistic bull case (€7.56). The favourable scenario is already priced in. Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Hellenic Exchanges - Athens Stock Exchange SA (EXAE) come from?
Earnings per share at Hellenic Exchanges - Athens Stock Exchange SA grew +9.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +8.0 %, EBIT margin −0.3 %, tax rate +1.0 %, residual (interest, one-offs) +0.4 %. 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 Hellenic Exchanges - Athens Stock Exchange SA
How large is the market capitalisation of Hellenic Exchanges - Athens Stock Exchange SA (EXAE)?
The market capitalisation of Hellenic Exchanges - Athens Stock Exchange SA is €703M. 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 Hellenic Exchanges - Athens Stock Exchange SA (EXAE)?
The price-to-sales ratio of Hellenic Exchanges - Athens Stock Exchange SA is 6.96 (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 Hellenic Exchanges - Athens Stock Exchange SA (EXAE)?
Earnings per share at Hellenic Exchanges - Athens Stock Exchange SA are €0.7400 (price ÷ EPS = P/E 14.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hellenic Exchanges - Athens Stock Exchange SA (EXAE)?
The dividend yield of Hellenic Exchanges - Athens Stock Exchange SA is 1.0% (payout 14.9%). 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 Hellenic Exchanges - Athens Stock Exchange SA (EXAE)?
The net margin of Hellenic Exchanges - Athens Stock Exchange SA is 44.7% (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 Hellenic Exchanges - Athens Stock Exchange SA (EXAE)?
The return on equity (ROE) of Hellenic Exchanges - Athens Stock Exchange SA is 35.4% (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 Hellenic Exchanges - Athens Stock Exchange SA (EXAE)?
On an EBIT basis the return on assets of Hellenic Exchanges - Athens Stock Exchange SA is 3.8% (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 Hellenic Exchanges - Athens Stock Exchange SA (EXAE)?
The operating margin of Hellenic Exchanges - Athens Stock Exchange SA is 64.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hellenic Exchanges - Athens Stock Exchange SA (EXAE)?
Revenue at Hellenic Exchanges - Athens Stock Exchange SA is growing +46.1% versus a year earlier (3y avg +31.8%). 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 Hellenic Exchanges - Athens Stock Exchange SA (EXAE)?
Earnings per share at Hellenic Exchanges - Athens Stock Exchange SA are growing +74.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Hellenic Exchanges - Athens Stock Exchange SA (EXAE) generate?
The free cash flow of Hellenic Exchanges - Athens Stock Exchange SA is €50.5M (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 Hellenic Exchanges - Athens Stock Exchange SA (EXAE) hold?
Hellenic Exchanges - Athens Stock Exchange SA holds more cash than debt, €106M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 9, 2026