The Apostle Manthus
The AS Company (ASCO) continues to move low on market radars, although the figures now accompanying the group are beginning to grow further. Share in €4,79 and capitalization near €62.8 million, Piraeus Securities' recent information analysis places the target value on €6,80 per share, seeing growth margin of +46%, while together with the dividend the total estimated yield goes up to +51,8%.
The target value number is the "easy" part of the analysis. Stock exchange instruments describes a company that gradually transforms its commercial and profitable profile, building higher margins, greater resilience and better cash flows. The strongest point in the valuation approach is maintenance cases used in the projections.
The first quarter's performance added even greater weight to Piraeus Securities report. AS Company announced turnover increase by +10,48%, with sales reaching €9.37 million from €8.48 million in the corresponding period last year. Even stronger was the course of operational profitability, as the EBITDA increased by +21.51% The €1,93 million, while EBITDA margin rose to 20,56% from 18.70%. At the same time, profits before tax (EBT) recorded growth +27,14% Reaching them €1,68 million, with the EBT margin rising to 17,90% from 15.56%.
This is of particular value because it essentially confirms very early the basic philosophy of Piraeus Securities exhibition. In other words, the strengthening of own branded products and the improvement of the product mix are already beginning to pass on to the margins. The company itself states that the biggest emphasis on own branded products, which correspond to approximately 40% of total sales with the aim of 50% in subsequent years, contributed to improving operational profitability.
Piraeus Securities "sees" 4-year CAGR sales 9.99%, EBITDA CAGR 13.42% and net profits 10.55% by 2029. Sales from €36.1 million of 2025 It is estimated that the €52.8 million in 2029, while EBITDA from €8.1 million move towards €12 million within the same route.
What is particularly important is that these assessments do not incorporate potential acquisitions, although the administration has reported that it is considering opportunities that can add value to the group. The analysis itself describes the forecasts for Greece and Cyprus as "conservative", with growth rates around 10% per year by 2029.
The big change comes from the sales mix. AS Company's own branded products currently account for approximately 40% of turnover and the administration aims to raise them towards 50% in the coming years. That's where the big margin game is. When a company increases its own brands, it acquires greater control over pricing, positioning, and commercial outcome. The first sample of this transition was already shown in Q1 2026, where EBITDA margin rose to 20.56%, while Piraeus keeps seeing even higher levels in the coming years. In fact, for 2029 it places the EBITDA margin on 22,7%.
And this is where the company's investment profile begins to become more interesting. Because the market to date has learned to look at AS Company as a game company with intense seasonality. In fact, however, the group is constantly expanding its revenue tank.
The entry into its distribution Chicco in Greece and Cyprus gives access to a category of baby products with a more stable commercial flow through the year, while at the same time reducing dependence on traditional game circles.
At the same time, the administration turns loudly towards "Kidult" market, i.e. the purchase of adult consumers buying collectibles, board games, premium construction and hobby products. Piraeus Securities devotes a whole section to this market, explaining that it is one of the fastest growing categories worldwide, with higher profit margins and greater purchasing power.
From now on, this is the balance sheet.
AS Company now displays available and cash equivalents €22,34 million at the end of March 2026, increased by approximately €3.3 million In the course of a quarter, the total assets available will reach €24.46 million ECUAt the same time, the group maintains zero bank loan, confirming his extremely conservative financial policy.
This translates into very strong free cash flows. Piraeus' analysis calculates recurring FCF yield over 10%, with annual production free cash flow between €5 million and €8 million In the coming years. For a valuation company €63 million, these performances begin to squeeze in today's capitalization.
As if this were not enough, the company continues to offer one of the higher dividend returns on the Greek tableau. The administration repeats commitment to minimum dividend yield 5%, calculated on the average quarter of the share. Piraeus Securities predicts dividend returns from 5.6% up to 6.6% by 2029, and in the first quarter results, the management repeated the same remuneration policy of shareholders.
The valuation becomes particularly interesting when it comes next to the international counterpart industry. Piraeus uses discount 25% for companies such as Mattel and Hasbro to conclude the assessment of AS Company. That is, even after discount, the target value remains in €6,80.
Really now, if a company with zero loan, net fund almost €25 million, EBITDA margin over 20%, recurring free cash flow and dividend yield over 5% continue to produce double-digit growth rates, how long can it be valued in €63 million?
Chartically the share appears to have taken the uphill path leading to €5,17. Over there opens the space for €6,50.
* 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.
