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Public Power Corporation S.A.

PPC.AT
44
Regulated Electric · Utilities
Price
€22.82
+0.60 (+2.70%)
Market Cap
€13.16B
Exchange
Athens Stock Exchange
Winston Score
44
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 25, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Weak
Growth
Mixed
Cash Flow
Good
Stability
Good
Valuation
Strong
Dividends
Mixed

Share count falling — buybacks

8.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 382.0M (2021) → 348.7M (2025)

Winston Score History

The full picture

Public Power Corporation S.A., together with its subsidiaries, generates, transmits, and distributes electricity in Greece, Romania, Bulgaria, and North Macedonia. It generates electricity from fossil fuel or other energy sources, including wind, solar, and hydroelectric energy, as well as thermal, biomass, and photovoltaic powerplants. The company is involved in owning power generating stations; provision of infrastructure and charging, as well as wholesale telecommunication services; develops an urban fiber optic network on the distribution network; natural gas trading; and supply and trading of electricity. In addition, it retails and wholesale trade of electrical and electronic goods, and technology products; and provides repairs, maintenance, and delivery of devices. The company serves individuals, businesses, and public bodies. The company was founded in 1950 and is headquartered in Athens, Greece.

Score breakdown

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Quality

Profit per sale
Gross Margin
6.3%
Thin — 6.3% gross margin
Profit after running costs
Operating Margin
-0.0%
Losing money on operations — -0.0%
Return on the money invested
ROCE
11.8%
Below par — 11.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+0.0%
Nearly flat sales (+0.0% YoY)
Profit growth
EPS YoY
+196.5%
Earnings growing fast (+196.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
395%
Turns 395% of profit into real cash
Spare cash per sale
FCF Margin
-4.5%
Burning cash (-4.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.97
Moderate — manageable debt (0.97)
Covers its interest
Interest Cover
4.56x
Adequate interest coverage (4.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
17.8x
Fair value — P/E 17.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+7.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (17.8 → 10.4)

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Dividends

Dividend
Dividend Yield
2.63%
Moderate income — 2.63% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-34.6%
Dividend cut (-34.6% YoY) — warning sign

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