At least seven listed companies valued at around 200 million euros are on the borderline between large and small cap companies in the Greek capital market.
The new regulation of the Hellenic Exchanges has set the amount of 200 million euros as the threshold for the required dispersion depending on size (25% for small listed companies and 15% for large listed companies).
Austriacard and Fourlis rank first, having a valuation of just over 200 million euros. However, the trend for these two is not favorable. Austriacard is trapped in a multi-month accumulation, not breaking away from the current levels, which corresponds to the price of the last year’s placement, namely 6 euros/share. Fourlis is on an upward trajectory, which has as its starting point the recent placement in Trade Estates and the deconsolidation of the balance sheets in retail and real estate. That is why it shows a return of +11.4% in 2025, returning more than 4.1 euros/share.
Trade Estates, i.e. the Group’s real estate subsidiary, which is close to 200 million euros, is naturally affected by the broader discount in the sector.
Thrace Plastics is estimated at 170 million euros. The share is struggling to move towards higher levels, as it is unable to convincingly break through the resistance of 4.0 euros, despite the attractive valuation (P/BV at 0.6x).
At the same time, the share of the Athens Medical Group follows at 164 million euros, having benefited significantly (+25% in 2025) from the “inflated” valuations after the Arabs’ deal with the Metropolitan, Hygeia, Mitera hospitals, etc. In this case, the excess of 200 million euros is also of practical nature, since it changes the minimum required free float. Today, for example, the listed company has a free float of less than 20%, which means that it does not comply with the HELEX regulation (25%). However, if it increases its capitalization above 200 million euros, then the requirement is reduced to 15%, getting the main shareholders out of the difficult position.
Finally, the stock market value of Blue Cedar and Dimand, respectively, is 163 and 155 million euros, which are watching the 200 million euro target from a discreet distance, without however having any problems with the equations of the new regulation.
Listed companies with a capitalization of around 200 million euros
• Fourlis 220
• Austriacard 217
• Trade Estates 194
• Thrace Plastics 170
• Athens Medical 164
• Blue Cedar 163
• Dimand 155
