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, τα ταμειακά διαθέσιμα έχουν ήδη προσεγγίσει τα 8 εκατ. ευρώ, εξέλιξη που υπερβαίνει ακόμη και τις παραδοχές της Optima για το 2026. Παράλληλα, η διοίκηση εκτίμησε ότι τα κέρδη του πρώτου εξαμήνου θα κινηθούν περίπου 80% υψηλότερα από το αντίστοιχο περσινό διάστημα, με το περιθώριο EBITDA να διατηρείται κοντά στο 40%, ενώ γνωστοποίησε ότι εξετάζει και τη διανομή προμερίσματος μέσα στο 2026.
Το επόμενο ερώτημα αφορά πλέον την αποτίμηση. Η Optima επέλεξε να αποτιμήσει την εταιρεία αποκλειστικά με μοντέλο DCF, χρησιμοποιώντας WACC 10,6% και τελικό ρυθμό ανάπτυξης 1%, καταλήγοντας σε τιμή-στόχο EUR 2,34. Οι παραδοχές που χρησιμοποιεί η Optima διακρίνονται από υψηλό βαθμό συντηρητισμού, ιδιαίτερα αν ληφθεί υπόψη ότι η εταιρεία αναμένεται να εμφανίζει διψήφια αύξηση πωλήσεων, διαρκή ισχυρή ενίσχυση της κερδοφορίας και ολοένα μεγαλύτερη παραγωγή ταμειακών ροών.
Υπάρχει όμως και ένας δεύτερος τρόπος ανάγνωσης της αποτίμησης.
Οι επιχειρήσεις συμβουλευτικών υπηρεσιών με εξειδίκευση στον ψηφιακό μετασχηματισμό, στη διαχείριση σύνθετων έργων και στην καινοτομία διαπραγματεύονται διεθνώς με υψηλότερους πολλαπλασιαστές όταν συνδυάζουν ισχυρό ισολογισμό με σταθερή παραγωγή ελεύθερων ταμειακών ροών. Αν η EInS υλοποιήσει τους στόχους της και αυξήσει παράλληλα τη συμμετοχή των διεθνών έργων στον κύκλο εργασιών της, οι σημερινοί πολλαπλασιαστές θα αρχίσουν να δείχνουν περιορισμένοι απέναντι στα οικονομικά μεγέθη της εταιρείας.
Με βάση τα προβλεπόμενα καθαρά κέρδη του 2027 και του 2028, την εξέλιξη του καθαρού ταμείου και τους πολλαπλασιαστές αντίστοιχων ευρωπαϊκών εταιρειών, μια εύλογη αποτίμηση τοποθετεί την capitalisation στην περιοχή των 42 έως 47 εκατ. ευρώ, που αντιστοιχεί σε τιμή μεταξύ 2,70 και 3,00 ευρώ ανά μετοχή. Η ενίσχυση της διεθνούς παρουσίας ή η ανάληψη μεγαλύτερων έργων θα μπορούσε να μεταφέρει την αποτίμηση ακόμη υψηλότερα.
Η EInS έχει πλέον μπροστά της μια αγορά που αναμένεται να διοχετεύσει δεκάδες δισεκατομμύρια ευρώ σε τομείς όπου ήδη διαθέτει παρουσία. Από εδώ και πέρα, η αξία θα παραχθεί μέσα από την εκτέλεση των έργων, τη διεύρυνση της κερδοφορίας και την ενίσχυση των ταμειακών ροών. Αν αυτή η διαδρομή επιβεβαιωθεί, η αγορά θα έχει μπροστά της μια εταιρεία τελείως διαφορετική από εκείνη που αποτιμά σήμερα.
Διαγραμματικά, η μετοχή συνεχίζει να συσσωρεύει δυνάμεις κάτω από τη ζώνη των 2,00-2,15 ευρώ. Μια καθαρή ανοδική διάσπαση αυτής της περιοχής θα ανοίξει τον δρόμο για την επόμενη σαθρή αντίσταση, η οποία εντοπίζεται κοντά στα 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.
