The Apostle Manthus
The group European Innovative Solutions – E.In.S. shows a fairly undervalued stock equation for the data of the Greek tableau. On the one hand there is a company with zero bank loan, EUR 7 million net fund and EBITDA margin near 40%. On the other hand, there is a capitalization just EUR 29,17 million, which continues to assess the group with multipliers significantly lower than those currently meeting in the European Consulting and Digital Advisory Area.
And if we put in the latest evidence provided by the administration then the situation is rapidly changing on the map of estimates for 2026.
The company reports that the first semester moves almost with double turnover in relation to the corresponding period of last year, while for the whole year it estimates sales increase of at least 35%, while maintaining EBITDA margin near 40%.
This practically means that the sizes of 2025 now begin to function more as a reference base than as a functional performance ceiling.
Last year E.In.S. closed with turnover EUR 6,77 million and EBITDA EUR 2,77 million, showing EBITDA margin around 40,9%.
Based on the administration's guidance, this year's turnover moves to the area EUR 9,1 to EUR 9.2 million. If the EBITDA margin is maintained near last year's levels, then the 2026 operating gains begin to move towards an area EUR 3,6 to 3,8 million EBITDA.
Share in EUR 1,872 and 15.58 million shares, the company's total stock market value is around EUR 29,17 million. But the company itself now has EUR 7 million net fund. This means that the market assesses the net business activity of E.In.S. approximately in EUR 22 million.
So if the EBITDA of 2026 moves near EUR 3,7 million, then today E.In.S. Negotiating about 6 times EV/EBITDA (!)
For company with sales growth over 35%, EBITDA margin near 40% and zero loan, the number is very low. In the European market, consultancy companies, IT advisory, digital transformation and specialized technology services usually move between 10x and 14x EV/EBITDA, particularly when they display high conversion EBITDA into cash flows and participation in public technology and infrastructure projects.
And timing for this area of activity is considered particularly favourable. Europe is rapidly increasing spending in state digitization, healthtech infrastructure, cybersecurity, data infrastructure and defence-relatated projects. That is where much of the new European funding is now directed and the strongest growth rates in the field of consulting and advisory appear.
E.In.S. is beginning to gain more and more presence precisely in these areas.
The company has already undertaken projects for Upgrading the digital health system of Northern Macedonia, collaborations between Greek universities and American institutions, sustainability study on Agrotech Park, Moldova, advisory services to defence sector and infrastructure and concessions such as marina of the Municipality of Pylaia.
These are market-related activities where public investment and European funds are expected to increase significantly in the coming years, giving greater duration and visibility to the cash flows of companies with a corresponding object.
The other point that is beginning to draw particular attention is the comparison with Trek Development (TREK), where it is one of E.In.S.'s closest stock companies, as both companies move into the wider space of consulting, advisory and high added value projects, with high EBITDA margins and low lending.
TREK closed at yesterday's meeting in EUR 3,93 with a capitalisation of approximately EUR 30,9 million and EBITDA near EUR 1,78 million. In other words, the market actually values the company in 11x–12x EV/EBITDA.
E.In.S. already produces about 56% higher EBITDA in relation to TREK, while showing greater net liquidity, higher growth guidance and significantly more expanded project portfolio.
So if the same multiplier is applied to E.In.S. 12x EV/EBITDA, then with estimated EBITDA 2026 EUR 3,7 million resulting enterprise value approximately EUR 44,4 million.
Adding the net fund of around EUR 7 million, theoretical capitalization moves towards EUR 51–52 million.
Με 15,58 εκατ. μετοχές, αυτό αντιστοιχεί σε θεωρητική τιμή περίπου 3,25 έως 3,35 ευρώ ανά μετοχή, i.e. around 75% υψηλότερα από το χθεσινό κλείσιμο.
Εδώ είναι η ουσία της υπόθεσης.
Η αγορά συνεχίζει ακόμη να αποτιμά την E.In.S. κυρίως με βάση τα ιστορικά οικονομικά μεγέθη της. Οι τελευταίες ανακοινώσεις όμως δείχνουν ότι η εταιρεία αρχίζει να εισέρχεται σε αισθητά μεγαλύτερη βάση εσόδων, έργων και λειτουργικής κερδοφορίας.
Από άποψης διαγραμματικής ανάλυσης η μετοχή δείχνει να ακολουθεί το προηγούμενο βραχυχρόνιο ανοδικό σχηματισμό του 2025, στοιχείο που μπορεί να την ωθήσει προς την περιοχή των 2,425 ευρώ με 2,68 ευρώ.
* Apostolos Manthos is responsible for technical analysis & investment strategy
** The content of the Article may in no way be regarded as advice or suggestion or recommendation or invitation to purchase or sell any share or investment or financial product traded on an organised or non-market.
