Deep Value: cash covers more than 100% of the stock price

This company holds roughly $7.6B in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Public Power Corporation S.A.

PUPOF

Regulated Electric · Utilities

Exchange

Other OTC

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Good

Stability

Good

Valuation

Strong

Dividends

Mixed

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Winston Score History

The full picture

Public Power Corporation (PPC) is the largest electricity company in Greece. It generates, transmits, and sells electric power to millions of homes, businesses, and industrial customers across the country. PPC also operates lignite and hydroelectric plants and has been expanding into renewable energy sources like wind and solar.

The company earns revenue mainly by selling electricity to retail and wholesale customers, along with regulated fees for using its distribution network. It operates primarily in Greece and southeastern Europe, with a market cap around $7.4 billion. PPC benefits from its dominant market position and ownership of critical grid infrastructure, giving it a strong competitive moat. Its key growth driver is the ongoing shift toward renewable energy and its expansion into new markets, though it faces risks from volatile energy prices and the cost of transitioning away from fossil fuels.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+0.0% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

51.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$6.5B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Public Power Corporation S.A. is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

43.0%

Healthy — 43.0% gross margin

Profit after running costs

Operating Margin

18.1%

Healthy — 18.1% operating margin

Return on the money invested

ROCE

14.0%

Good — 14.0% 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

+0.2%

Nearly flat sales (+0.2% YoY)

Profit growth

EPS YoY

+195.8%

Earnings growing fast (+195.8% 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

419%

Turns 419% of profit into real cash

Spare cash per sale

FCF Margin

-3.3%

Burning cash (-3.3%)

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

0.96

Moderate — manageable debt (0.96)

Covers its interest

Interest Cover

7.27x

Adequate interest coverage (7.3x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

17.4x

no trend

Fair value — P/E 17.4

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

+7.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.4 → 9.8)

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Dividends

Dividend

Dividend Yield

3.23%

no trend

Moderate income — 3.23% yield

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

Dividend record

Dividend Growth

-42.6%

no trend

Dividend cut (-42.6% YoY) — warning sign

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