The Apostle Manthus
If only one looked at the stock market value of EUR 30 million, it would hardly be imagined that behind it is a company that is projected to double its net profits, create a net fund of more than EUR 12 million and operate in the areas where tens of billions of euros will be directed by the new European financial programmes.
From there begins the real company reading European Innovative Solutions (EINS).
The target value of EUR 2,34 has its own meaning, but the biggest weight of the exhibition is in assumptions using Optima Bank to describe the next five years. For an investor, institutional or otherwise; That is where the answers that have more value than a twelve-month target are found.
The change begins with the business model itself. The old Euroconsultants has become a group active in implementation of public investment programmes, digital transformation, energy transition, innovation, exploitation of public property, transfer of technology and more to projects linked to the defence sectorAt the same time, its activity extends beyond Greece, with presence in several Southeast European countries and participation in international projects for organisations such as European Commission, the World Bank, the EBRD, the EIB and UNDP.
Here is the first point worth more attention. Most investors still see a consulting company. In practice, the EINS participates throughout the life cycle of a project, from study and planning to funding, maturation, management and monitoring implementation. This means that its activity does not depend solely on a category of services. On the contrary, has a presence at multiple stages of the same investment process, something that allows her to creates recurring partnerships with public and private bodies.
It is also worth standing in the great dispersal of its activities. The company moves simultaneously in innovation, entrepreneurship, regional development, digitisation of the State, green economy, smart cities, health, education and energy applications. It thus acquires presence in almost every sector expected to absorb significant European resources within the next decade.
The report concentrates on one point all the financial instruments to be activated in the coming years and the overall size is impressive. More than EUR 22 billion In the case of NSRF, the NSRF is still to be absorbed. National Development Programme can reach the EUR 16,6 billion, new projects of some magnitude EUR 8 billion are already in the design, and the new European Competitiveness Fund, from which Greece is expected to draw EUR 10 billionThe company already has activity in most areas that will absorb these resources, from digitization and energy to innovation, technological transfer and defence projects.
The second point that makes a special impression is that the company has outstanding contract balance approximately EUR 16 million. For a listed woman who showed a turnover EUR 6,77 million in 2025, this amount corresponds to more than two annual turnovers. This is an indicator that offers significant visibility to the production of revenue of subsequent uses and restricts dependence on the immediate taking of new projects.
If the geographical dimension is added, the image becomes even more revealing. In 2025 domestic activity was the one that supported growth, as international revenues fell after the completion of certain projects. Optima, however, predicts that international presence will return dynamically, appreciating average annual growth rate of almost 38% by 2030. This is one of the largest growth forecasts in the entire report.
The same image appears in the forecasts of economic sizes. Optima provides that Sales will increase at an average annual rate 11,6%, EBITDA against 11,5%, net earnings will move even faster, with 17,1% annual. The difference between the last two numbers has its own meaning. When net profits increase at a higher rate than turnover, operational efficiency improves year by year.
Here the perspective of valuation begins to change. The figures cease to describe a company that simply follows the cycle of European programmes. They're starting to describe a company with high operational efficiency, low investment needs and cash flows that are increasingly important.
Optima's predictions are not based on a sharp ejection of results at the end of the five years. Instead, each use adds another step. EBITDA is assessed in EUR 3,01 million In 2026, it rises to EUR 3,25 million in 2027, EUR 3,62 million in 2028, EUR 4,17 million in 2029 and reaches EUR 4,77 million 2030. Corresponding is the evolution of net profits, which are formed in 2,26, 2,44, 2,75, 3,18 and EUR 3,66 million respectively, while the gross profit margin is gradually widened by 61,1% In 63,6% in the same period.
Cash flow is perhaps the strongest point in the report.
Optima's predictions speak of free cash flows reaching an average of EUR 2.9 million per year, at the same time that fixed equipment investments are limited to almost symbolic levels, EUR 12,500 per year. This is a combination that one encounters mainly in companies with strong knowledge-how and limited capital requirements. Each new contract translates into greater cash production instead of constantly absorbing new capital.
The path of net fund It also follows an upward trajectory in each use. From EUR 4.7 million in 2026, forecasts raise the amount EUR 6.4 million in 2027, EUR 8.2 million in 2028, EUR 10,2 million in 2029 and EUR 12,4 million in 2030. If this route is verified, the company will have liquidity corresponding to a very significant proportion of its current stock value, obtaining even greater flexibility for distributions, investments or acquisitions that will enhance its presence in new markets.
These forecasts gained even greater value after yesterday's General Assembly. As it became known, the cash resources have already reached EUR 8 million, a development even exceeding Optima assumptions for 2026. At the same time, the administration assessed that The first semester's profits will move about 80% higher than last year, with the EBITDA margin being kept close to 40%, and announced that it is also considering the distribution of premise within 2026..
The next question now concerns valuation. Optima chose to value the company exclusively with a model DCF, using WACC 10.6% and final growth rate 1%, resulting in a target value EUR 2,34. The assumptions used by Optima are distinguished by high degree of conservatism, in particular in view of the fact that the company is expected to show a double-digit sales growth, sustained strong profitability and increasing cash flow production.
But there is also a second way of reading valuation.
Consulting enterprises with expertise in digital transformation, the management of complex projects and innovation negotiate internationally with higher multipliers when combining strong balance sheet with stable free cash flow production. If EINS implements its objectives and increases the participation of international projects in its turnover, today's multipliers will begin to look limited to the company's financial size.
On the basis of the projected net profits of 2027 and 2028, the evolution of the net fund and the multipliers of respective European companies, a reasonable valuation shall place the capitalisation in the area of EUR 42 to 47 million, corresponding to between EUR 2,70 and EUR 3,00 per share. Strengthening international presence or undertaking larger projects could carry the valuation even higher.
EINS now has a market in which expected to channel tens of billions of euros into areas where it already has a presence. From now on, the value will be generated through the execution of projects, the expansion of profitability and the strengthening of cash flows. If this route is confirmed, the market will have a company in front of it completely different from the one it currently values.
Chartically, the share continues to accumulate forces under the 2,00-2,15 euro zone. A clear upward split of this area will pave the way for the next shaky resistance, which is located near EUR 2,68.
* 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.
