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Athens Medical C.S.A., (IATR) Fair Value & Analysis

Healthcare · GR · Market cap €153M

AM Athens Medical C.S.A., IATR · AT
Price€1.65
Fair Value€2.28
Upside+38.2%
Quality34/100
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Expensive Growth
Loss-making · -1.8% net margin
Moderate debt · negative free cash flow
Trails peers (3/12)
Narrow moat 18/100
Evidence: Low Range €1.34 – €3.22 Share as image

Fair value as of: Jul 24, 2026

From 4 valuation models · updated 17 days ago

Share price −7.8% over the past month.

Below-average quality, screening 38% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (34/100). That raises the risk this is a value trap rather than a bargain.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • A fairly wide model range (€1.34 to €3.22) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

€2.30 €1.25 Fair Value €2.28 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 24, 2026.

How to read this chart

60‑month range €1.25 – €2.30 · fair‑value band €1.34 – €3.22 · the €1.65 price screens below the €2.28 fair value. Dashed = 300-day average. As of Jul 24, 2026.

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Analysis

Athens Medical C.S.A., (IATR) currently trades at €1.65, while our model-based Fair Value estimate is €2.28, implying the stock looks roughly 38.2% undervalued today. The Quality Score stands at 34/100 (below-average quality), in the Healthcare sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low), always confirm before acting.

Over the trailing twelve months, Athens Medical C.S.A., generated revenue of €271M at a net margin of -1.8%. Revenue grew 0.8% year over year. It earns a return on equity of -4.1%. Net debt stands at €129M. Fundamentals as of Jul 24, 2026

Our scenario range runs from €1.34 (bear case) to €3.22 (bull case); at €1.65, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 30% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at 11% fair-value upside, at 38%, IATR screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
EV/EBITDA €2.49 €3.43 €4.37 54
EV/EBIT €0.2400 €0.4300 €0.6200 53
NCAV (Graham) €0.6000 €0.8000 €1.20 50
All 4 models by family
Multiples
EV/EBIT €0.2400 €0.4300 €0.6200 53
EV/EBITDA €2.49 €3.43 €4.37 54
EV/Revenue €0.0700 €0.2500 €0.4200 43
Asset-Based
NCAV (Graham) €0.6000 €0.8000 €1.20 50

Widest divergence: Asset-Based (€0.8000) versus Multiples (€0.4300). Highest evidence: EV/EBITDA (54).

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Key figures & financial health

Revenue (TTM) €271M
Revenue growth (YoY) +0.8%
Net margin -1.8%
Return on equity -4.1%
Free cash flow −€11.8M FY2025
Operating margin 5.6%
More key figures
EPS (TTM) €-0.0500
EPS growth (YoY) -85.0%
Net debt €129M FY2025

Figures from reported company fundamentals · as of Jul 24, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 34/100

Of which business quality 31 · Market factors (momentum, volatility) 37

Profitability 15
Margins and returns on capital today
Quality Growth 33
Are margins and returns improving?
Cashflow 7
Earnings quality: real cash, not paper profit
Fin. Strength 12
Balance sheet, leverage, solvency risk
Investment 78
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 28
Price trend over the last 3–12 months (market factor)
52W Momentum 15
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Athens Medical C.S.A., together with its subsidiaries, offers healthcare services in Greece and internationally. The company offers diagnosis and treatment for prostate bladder, kidney, and testicular cancer, as well as interventional cardiology, interventional electrophysiology, and pediatric cardiology; cardiac surgery; robotic surgery, including general, …

Full company description

Athens Medical C.S.A., together with its subsidiaries, offers healthcare services in Greece and internationally. The company offers diagnosis and treatment for prostate bladder, kidney, and testicular cancer, as well as interventional cardiology, interventional electrophysiology, and pediatric cardiology; cardiac surgery; robotic surgery, including general, gynecologic, and urology services; and neuro- and spine surgery services. It also provides medical services for range of orthopedics, such as foot and ankle, hand and wrist, hip, knee, shoulder, and spine; sports injuries; plastic Surgeries for face, body, breast, obesity, reconstructive plastic surgery, scar correction, and sex reassignment; bariatric surgery for gastric banding, sleeve gastrectomy, and biliopancreatic diversion with duodenal switch; and chronic diseases, including diabetes, endocrinology, heat failure, high blood pressure, pain management, respiratory system, stroke, and thyroid conditions. In addition, the company operates wellness and prevention centers; and offers medical education, training, and practice services. The company was founded in 1983 and is based in Athens, Greece.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Athens Medical C.S.A., reported revenue of €276M in FY2025 versus €226M in FY2021, a compound +5.1%/yr. Reported net income was −€4.7M in FY2025.

Growth Quality 30/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
€276M
Latest YoY
+2.2%
Avg. growth/yr (3Y) 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.
+5.7%
Avg. growth/yr (5Y) 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.
+8.0%
Avg. growth/yr (11Y) 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.
+5.8%
Revenue +5.1%/yr
FY21 €226M
FY22 €233M
FY23 €258M
FY24 €270M
FY25 €276M
Net income
FY21 €15.1M
FY22 €6.8M
FY23 €8.1M
FY24 €1.8M
FY25 −€4.7M

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Cite: Fair Value Calculator (2026). "Athens Medical C.S.A., Fair Value". https://www.fairvalue-calculator.com/stock/IATR

Peer Group

Medical Care Facilities · 261 stocks

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.

Quality Score 34 · Bottom 25%
Fair Value upside +38% · Above median
Return on assets 1% · Bottom 25%
Net margin (TTM) -2% · Bottom 25%
Operating margin (TTM) 6% · Below median
Revenue growth 1% · Below median
Debt / equity 0.58× · Higher than 75% of peers

Valuation Multiples vs Medical Care Facilities median · lower = cheaper

P/B 1.70× · Pricier than median
P/S (TTM) 0.65× · Cheaper than median
EV/EBITDA 11.7× · Pricier than median
PEG 0.93× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 84 · sector 23
FUTURE 4 · sector 24
PAST 0 · sector 30
HEALTH 71 · sector 90
DIVIDEND 0 · sector 38

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Medical Care Facilities stocks, each showing price versus our Fair Value estimate (as of Jul 24, 2026).

Stock Price Fair Value vs Fair Value
HCA Healthcare, Inc HCA $378.85 $554.93 +46%
Fresenius SE FRE €41.73 €32.15 -23%
Dr. Sulaiman Al Habib Medical Services Group 4013 235.00 SAR 112.37 SAR -52%
IHH Healthcare Berhad, an investment holding company, Q0F 2.58 SGD 1.44 SGD -44%
Tenet Healthcare Corporation THC $194.91 $338.05 +73%
Rede D'Or São Luiz S.A RDOR3 R$36.01 R$47.31 +31%
DaVita Inc DVA $231.61 $255.97 +11%
Apollo Hospitals Enterprise Limited APOLLOHOSP ₹8,955 ₹2,955 -67%
Fresenius Medical Care AG FMS $24.68 $45.60 +85%
Aier Eye Hospital Group 300015 ¥8.68 ¥7.67 -12%

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Frequently asked questions

Is Athens Medical C.S.A., (IATR) overvalued or undervalued?
As of Jul 24, 2026, our model estimates a fair value of €2.28 versus a price of €1.65, about +38% (undervalued).
What is the fair value of IATR?
Our model-based fair value for Athens Medical C.S.A., is €2.28 (as of Jul 24, 2026), built from audited fundamentals. The current price is €1.65.
What is the quality score of IATR?
Athens Medical C.S.A., has a Quality Score of 34/100. 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 revenue of Athens Medical C.S.A., (IATR)?
Athens Medical C.S.A., reported trailing-twelve-month revenue of about €271M (latest available figure, as of Jul 24, 2026).
What is the net profit margin of IATR?
The net profit margin of Athens Medical C.S.A., is about -1.8%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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