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

This company holds roughly $39M 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.

Centric Holdings S.A.

CENTR.AT

Information Technology Services · Technology

Price

€0.28

+0.00 (+0.00%)

Market Cap

€27.8M

Exchange

Athens Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 9, 2026 · filings through Dec 31, 2025

Centric Holdings S.A. is a Greek information technology services company that provides software, digital transformation consulting, and IT infrastructure solutions. Its main customers are businesses and government organizations in Greece and southeastern Europe that need help modernizing their technology systems. The company operates in a fragmented regional IT services market where local expertise and government relationships matter.

Centric earns revenue by selling software licenses, delivering consulting projects, and providing ongoing IT support contracts to clients. It is a relatively small company, primarily focused on the Greek market, with some presence across the broader Balkans region. The company's gross margin of around 25% is modest for IT services, and its negative operating margin signals that costs currently exceed what the business brings in — meaning the key near-term challenge is reaching a scale where revenue growth can outpace operating expenses and push the business toward consistent profitability.

Winston Score History

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

+2.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+63.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

39.0%ownership

Insiders own a meaningful stake in the company

Cash Runway

~4 years

$34M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

$34M cash & investments at current burn rate

Growth context

Centric Holdings S.A. is growing revenue at 2% 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.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 98.9M (2021) → 98.9M (2025)

Score breakdown

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Quality

Gross Margin

30.9%

Modest — 30.9% gross margin

Operating Margin

-16.3%

Losing money on operations — -16.3%

ROCE

-1.6%

Weak — -1.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

N/A

Data not available

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

-84%

Weak — only -84% of profit becomes cash

FCF Margin

-50.1%

Burning cash (-50.1%)

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

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Stability

Debt / Equity

0.15

Conservative — low debt load (0.15)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

14.6x

Attractive valuation — P/E 14.6

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

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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