xrimatistirio.com
ELEN
← Back to dashboard
Cairo Mezz logo
CAIROMEZFinancial Services · Capital Markets · ΧΑ

Cairo Mezz

€0.240
+0.00(+0.63%)
Close 23/09/2026 · end-of-day price, not real-time

Cairo Mezz (CAIROMEZ) closed at €0.240 on 23/09/2026, +0.63% on the day. Market cap €72.9m, P/E 0.76.

My view
Private · MENTOR takes it into account
23/09/2026C 0.240+0.001 +0.63%Vol 115.9k

The company

AI-drafted

A Cyprus special-purpose company whose shares trade on Euronext Athens' EN.A Growth market. It holds 75% of the mezzanine and 44.9% of the junior notes of the Cairo 1, 2 and 3 securitisations of €7.5bn (gross) of Eurobank non-performing loans. It is paid only after the senior notes are repaid and has received no interest so far.

How it makes moneyFY2025 · basis: other
  • Cairo 3 Class B2 notes1(share of the notes' fair value, not of revenue)99.6%
  • Cairo 2 Class B2 notes10.3%
  • Cairo 1 Class B2 notes10.1%
  • Cairo 1, 2 and 3 Class C2 notes1(valued at zero)0%
It is
  • A holder of securitisation notes with no employees and no operating revenue; its annual result is the independent revaluation of the notes.1
  • Paid last: its notes receive cash only after servicing costs, the Hercules guarantee fee and the Class A notes are covered.1
It is not
  • Not a Eurobank share and not state-guaranteed: the Hercules guarantee covers only the senior notes.4
  • It does not run the loans: the Class B1 holders, led by doValue with 80%, direct the servicer and the business plan and hold a call option.4,5
  • It has paid no dividend since its shares began trading in 2020.1,2,3
Recent developmentsAll company events →
  • Jun 2026The AGM approved the 2025 accounts; the company disclosed €50m of Cairo 3 reserves, €37.5m of them attributable to it if released, without any assurance.6
  • May 2026After letters from the Hellenic Capital Market Commission and Euronext Athens, the company explained doValue's call option: €66.5m for its Cairo 3 Class B notes on end-2025 figures.5
  • May 2026doValue announced the completed sale of about 3,400 re-performing loans with a gross book value of about €230m from the Cairo securitisation assets.7
  • Apr 2026Net loss of €94.3m for 2025 as the fair value of the notes fell to €146.3m.1
  • Feb 2026Cairo 3's sale of loans with a total claim of €5,699m fell through because a condition precedent could not be met.8
  • Jan 2026Cairo 3 signed a sale of mainly secured corporate loans with a total claim of €5,699m, the proceeds to flow through the payment waterfall, including to the Class A notes.9
Key figures
  • Notes at fair value €146.3m FY20251
  • Valuer's discount rate 16.0% FY20251
  • Cairo 3 Class A outstanding €133m Jan 20265
  • Cairo 3 call-option probability 30% FY20255
  • Interest received on the notes €0 2020–20251
Key facts
  • Holds 75% of the Class B (mezzanine) and 44.9% of the Class C (junior) notes of Cairo No.1, No.2 and No.3 Finance DAC, which took over Eurobank non-performing loans in June 2019.1
  • No interest has been received on the notes since 2020; the company expects the first significant cash flow in 2028.1
  • The Cairo 3 Class B2 notes make up €145.8m of the €146.3m fair value at 31 December 2025.1
  • On 31 December 2025 figures, doValue's call-option formula gives Cairo Mezz €66.5m for its Cairo 3 Class B notes.5
  • The largest shareholder is Fairfax Financial Holdings with 33.48% of the voting rights, followed by HOLD Alapkezelő with 5.10%.10
Sources
  1. 1.Report and Financial Statements for the year ended 31 December 2025Cairo Mezz Plc · 30/04/2026official
  2. 2.Report and Financial Statements for the year ended 31 December 2023Cairo Mezz Plc · 29/04/2024official
  3. 3.Report and Financial Statements for the year ended 31 December 2021Cairo Mezz Plc · 29/04/2022official
  4. 4.Information Document for the admission of the shares to EN.A. PLUS (in Greek)Cairo Mezz Plc · 21/09/2020official
  5. 5.Announcement on the Class B1 noteholders' call option and purchase priceCairo Mezz Plc · 15/05/2026official
  6. 6.Resolutions of the Annual General Meeting of 4 June 2026Cairo Mezz Plc · 05/06/2026official
  7. 7.Announcement on doValue's sale of re-performing loans from the Cairo securitisationCairo Mezz Plc · 06/05/2026official
  8. 8.Announcement that Cairo No.3 Finance DAC's loan portfolio sale will not completeCairo Mezz Plc · 16/02/2026official
  9. 9.Announcement of Cairo No.3 Finance DAC's loan portfolio sale agreementCairo Mezz Plc · 08/01/2026official
  10. 10.Announcement of the main shareholders' voting rights under the EN.A Growth rules (in Greek)Euronext Athens · 24/03/2026official
AI-drafted from the cited sources · 16/09/2026 · v1 · ✓ checked by an independent second modelCairo Mezz PlcWebsite ↗

Valuation

MetricCAIROMEZMedian of 5 peers
P/E0.7612.2
P/E (forward)—9.6
P/B0.501.6
P/S—5.3
Dividend yield0.0%3.0%
Payout ratio0.0%32.1%
Operating margin100.2%59.7%
Net margin0.0%44.8%
ROE48.9%12.1%
Revenue growth (quarter, y/y)—9.1%
Net debt€246.5k€158m
Twelve Data · latest quarter 31/12/2025

Same sector: Financial Services

P/BDay
EurobankEUROB1.6-1.7%National Bank of GreeceETE1.7-1.9%Piraeus BankTPEIR1.3-2.0%Alpha BankALPHA1.2-2.8%Bank of CyprusBOCHGR1.7-1.0%
Cairo MezzCAIROMEZ0.50+0.6%
Second measure: ROE: EUROB 13.6% · ETE 12.1% · TPEIR 12.0% · ALPHA 10.2% · BOCHGR 17.3% · CAIROMEZ 48.9%
MENTORFree beta
Data: Twelve Data · End-of-day prices · Nothing here is investment advice.