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Vogiatzoglou Systems S.A (VOSYS) Fair Value & Analysis

Consumer Cyclical · GR · Market cap €12.7M

VS Vogiatzoglou Systems S.A VOSYS · AT
Price€2.01
Fair Value€3.55
Upside+76.6%
Quality56/100
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Mixed Growth
Thin margins · 0.6% net margin
Low debt
Mixed vs. peers (6/13)
Narrow moat 29/100
Evidence: Medium Range €2.52 – €5.93 Share as image

Fair value as of: Jul 21, 2026

From 17 valuation models · updated 20 days ago

Share price +0.5% over the past month.

A solid business, screening 77% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (€2.52). The market is more pessimistic than our downside scenario.
  • Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (€2.52 to €5.93) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

€2.62 €1.28 Fair Value €3.55 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.

How to read this chart

60‑month range €1.28 – €2.62 · fair‑value band €2.52 – €5.93 · the €2.01 price screens below the €3.55 fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Vogiatzoglou Systems S.A (VOSYS) currently trades at €2.01, while our model-based Fair Value estimate is €3.55, implying the stock looks roughly 76.6% undervalued today. The Quality Score stands at 56/100 (solid quality), in the Consumer Cyclical 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: medium), always confirm before acting.

Over the trailing twelve months, Vogiatzoglou Systems S.A generated revenue of €38.3M at a net margin of 0.6%. Revenue declined 7.9% year over year. It earns a return on equity of 1.1%. The stock trades on a trailing P/E of 47.6. Fundamentals as of Jul 21, 2026

Our scenario range runs from €2.52 (bear case) to €5.93 (bull case); at €2.01, the current price sits below 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 26% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 16% fair-value upside, at 77%, VOSYS 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
Residual Income €2.31 €2.45 €2.58 76
ROIC Compounder €2.42 €2.67 €2.87 72
Gordon GGM €1.26 €2.11 €2.74 70
All 17 models by family
DCF Models
Owner Earnings €3.65 €5.67 €8.58 31
Earnings-Based
Graham-Dodd €1.84 €8.67 €11.92 54
Lynch FV €2.30 €3.29 €4.27 50
PEG = 1.0 €2.30 €3.29 €4.27 46
EPV €2.42 €2.67 €2.87 59
Dividend Discount
Gordon GGM €1.26 €2.11 €2.74 70
DDM Multi-Stage €1.26 €2.00 €2.27 61
Multiples
P/E Multiple €4.45 €5.94 €7.42 63
P/S Multiple €3.44 €4.59 €5.73 58
P/B Multiple €3.44 €4.59 €5.73 55
EV/EBIT €5.51 €7.24 €8.97 53
EV/EBITDA €5.11 €6.71 €8.30 54
EV/Revenue €3.82 €5.32 €6.82 43
Asset-Based
NCAV (Graham) €1.48 €1.98 €2.96 50
Economic Profit
Residual Income €2.31 €2.45 €2.58 76
ROIC Compounder €2.42 €2.67 €2.87 72
Growth Earnings
Growth-Adj P/E €3.72 €5.32 €6.92 68

Widest divergence: DCF Models (€5.67) versus Asset-Based (€1.98). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) €38.3M
Revenue growth (YoY) -7.9%
Net margin 0.6%
Return on equity 1.1%
P/E ratio 47.6
Operating margin 6.7%
More key figures
EPS (TTM) €0.0420
EPS growth (YoY) -9.7%

Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 55 · Market factors (momentum, volatility) 42

Profitability 53
Margins and returns on capital today
Quality Growth 64
Are margins and returns improving?
Cashflow 5
Earnings quality: real cash, not paper profit
Fin. Strength 67
Balance sheet, leverage, solvency risk
Investment 85
Disciplined investing over empire-building
Low Volatility 82
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 15
Distance to the 52-week high (market factor)
Net Issuance 80
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

Vogiatzoglou Systems S.A. provides furnishing equipment solutions for retail stores, warehouses, and distribution centers in Greece.

Full company description

Vogiatzoglou Systems S.A. provides furnishing equipment solutions for retail stores, warehouses, and distribution centers in Greece. It offers warehouse metal shelves and equipment, including pallet racks, drive in products, push backs, radio shuttles, live storage products, cantilevers, mezzanines, mezzanine and light duty shelves, mobile archives, clad and mobile racking, inox shelves, vertical storage, and antiseismic shelves; retail store equipment, such as super market carts, transport trolleys and cages, airport trolleys, super market cash desks, and service counters, as well as customer guidance systems; and signage and product display promotion products. The company also provides store equipment and furnishing products for super and mini markets, liquor and bakery, book, cosmetics, fashion, sports, home accessory, optics, toys, pet shop, electrical and electronics, DIY, and garden equipment stores. In addition, it trades in technical products. The company was founded in 1992 and is headquartered in Metamorfosi, Greece.

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

Revenue & earnings trend

FY2018 – FY2022 · reported fiscal years

Vogiatzoglou Systems S.A reported revenue of €34.7M in FY2022 versus €23.3M in FY2018, a compound +10.4%/yr. Reported net income was €1.7M in FY2022, compounding +10.0%/yr from FY2018.

Growth Quality 41/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2022)
€34.7M
Latest YoY
+23.2%
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.
+9.2%
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.
+10.0%
Avg. growth/yr (8Y) 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.
+7.9%
Revenue +10.4%/yr
FY18 €23.3M
FY19 €26.7M
FY20 €23.9M
FY21 €28.2M
FY22 €34.7M
Net income +10.0%/yr
FY18 €1.2M
FY19 €1.0M
FY20 €267K
FY21 €2.1M
FY22 €1.7M

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Cite: Fair Value Calculator (2026). "Vogiatzoglou Systems S.A Fair Value". https://www.fairvalue-calculator.com/stock/VOSYS

Peer Group

Furnishings, Fixtures & Appliances · 311 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 56 · Above median
Fair Value upside +77% · Top 25%
Return on equity (TTM) 1% · Below median
Return on assets 1% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 7% · Above median
Revenue growth -8% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.05× · Lower than median

Valuation Multiples vs Furnishings, Fixtures & Appliances median · lower = cheaper

P/E (TTM) 47.6× · Pricier than 75% of peers
P/B 0.78× · Cheaper than median
P/S (TTM) 0.38× · Cheaper than median
EV/EBITDA 11.5× · Pricier 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 100 · sector 22
FUTURE 0 · sector 0
PAST 5 · sector 19
HEALTH 98 · sector 97
DIVIDEND 0 · sector 55

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 Furnishings, Fixtures & Appliances stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
Midea Group 000333 ¥82.71 ¥107.22 +30%
Gree Electric Appliances, Inc 000651 ¥38.25 ¥88.02 +130%
Haier Smart Home Co 600690 ¥21.46 ¥36.04 +68%
King Slide Works Co 2059 8,655 TWD 1,917 TWD -78%
Guangdong Songfa Ceramics Co 603268 ¥155.59 ¥38.95 -75%
SharkNinja, Inc SN $154.53 $89.07 -42%
Hisense Home Appliances Group 000921 ¥26.33 ¥48.03 +82%
Zhejiang Supor Co 002032 ¥43.85 ¥44.84 +2%
COWAY Co 021240 96,700 KRW 112,530 KRW +16%
Ecovacs Robotics Co 603486 ¥50.13 ¥54.11 +8%

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Frequently asked questions

Is Vogiatzoglou Systems S.A (VOSYS) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of €3.55 versus a price of €2.01, about +77% (undervalued).
What is the fair value of VOSYS?
Our model-based fair value for Vogiatzoglou Systems S.A is €3.55 (as of Jul 21, 2026), built from audited fundamentals. The current price is €2.01.
What is the quality score of VOSYS?
Vogiatzoglou Systems 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 revenue of Vogiatzoglou Systems S.A (VOSYS)?
Vogiatzoglou Systems S.A reported trailing-twelve-month revenue of about €38.3M (latest available figure, as of Jul 21, 2026).
What is the net profit margin of VOSYS?
The net profit margin of Vogiatzoglou Systems S.A is about 0.6%, meaning it keeps roughly 0.6% of revenue as net income. 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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