Shares of Premia Properties, a real estate investment company listed on the Athens Exchange, are trading at a 42% discount to their net asset value despite a strong set of first-half results, according to an analysis published by Capital.gr.
Apostolos Manthos, Capital.gr's head of technical analysis and investment strategy, wrote that the company had increased revenue by 21%, adjusted EBITDA by 34% and funds from operations (FFO) by 15% in the first half of 2026.
The stock was trading at 1.29 euros, giving Premia a market capitalisation of 163.18 million euros. Against that, the company's net asset value (NAV) stood at 278.5 million euros, or 2.22 euros per share, a gap of 0.93 euros per share. Manthos noted that at the current price, an investor is effectively paying about 58 cents for every 1 euro of NAV, meaning the market has stripped roughly 115 million euros off the company's net book value, equivalent to about 70% of its entire market capitalisation.
First-half financial results
Total revenue rose from 17.9 million to 21.7 million euros. Rental income reached 18.8 million euros, up 23%, with hotel revenue climbing 63% and student housing revenue up 42%. Adjusted EBITDA increased from 11.2 million to 15 million euros, while FFO rose from 4.1 million to 4.7 million euros.
Net cash flow from operating activities more than doubled, rising to 6.54 million euros from 3.02 million euros a year earlier. At the same time, Premia spent about 74 million euros net on investing activities in the six-month period, compared with 31.3 million euros a year earlier, a figure Manthos highlighted against the company's 163 million euro market capitalisation.
Property portfolio
Premia's portfolio has grown to 78 properties covering 575,000 square metres, with a total investment value of 755.3 million euros, up 9% over six months. The gross yield on its income-producing properties stood at 7.1%, with an average weighted lease duration of 10.1 years.
Debt profile and credit rating
Net debt stood at 467 million euros, with a net loan-to-value ratio of 62%. However, the average cost of that debt was 3.8%, with an average maturity of 7.8 years, and 61% carried a fixed or hedged interest rate. Credit rating agency ICAP CRIF maintained an AA rating for Premia in September for the second consecutive year, placing the company in the very low credit risk category.
Hotel and student housing expansion
Premia's investment in AKTI Hotels & Resorts covers properties in Rhodes and Kos with a combined capacity of 1,316 rooms. In student housing, new developments in Xanthi, Volos, Patras, Rhodes and Athens are adding 370 rooms, bringing the total number of rooms under management to 765.
In the first half alone, the company spent 11.7 million euros on construction work and construction-period interest for its new student residences, plus a further 6.57 million euros on its Kos project. For the whole of 2026, management has maintained its guidance of 42 to 43 million euros in revenue and 29 to 30 million euros in adjusted EBITDA.
Treasury shares and dividend
At the end of June, Premia held 809,457 treasury shares at an average acquisition price of 1.366 euros, above the current market price of 1.29 euros, meaning the stock now trades below even the price the company itself paid to buy back its own shares. Premia had earlier distributed 0.06 euros per share, an amount equal to 4.65% of the current share price.
Technical outlook
Manthos said that, with revenue up 21%, adjusted EBITDA up 34%, FFO up 15%, an investment portfolio worth 755 million euros and a new investment programme already under way, he was increasingly unsure what more the market was waiting for. He noted that, chartwise, the stock has moved into a support zone between 1.286 and 1.30 euros, the same range it traded in during 2022, when Premia had neither the size, the portfolio nor the profitability it has today.
Capital.gr noted that the analysis should not be treated as investment advice or a recommendation to buy or sell any security.
