ATHENS, GREECE – Quest Holdings (ATH:QUEST) has been a standout performer on the Athens Stock Exchange, with its share price demonstrating a significant upward trend over the past year. This rally is underpinned by the company's solid financial performance across its diverse segments and, more recently, by a strategic move that has unlocked substantial value: the sale of a stake in its successful courier subsidiary, ACS. Now, investors are keenly anticipating what the company will do with its bolstered cash position, with many eyeing a potential, significant capital return.
Strong Performance and Strategic Growth
Quest Holdings has consistently delivered robust results, showcasing growth across its primary business pillars: IT services (Uni Systems), commercial activities (Info Quest Technologies, iSquare), and green energy. The group's ability to expand its IT services internationally and capitalize on the strong demand for digital transformation projects has been a key driver of its profitability. For 2025, the company projects continued revenue growth and an even higher growth rate for its operating profitability (EBITDA), which is expected to surpass €100 million.
This solid operational performance has provided a strong foundation for the stock's appreciation, which has seen its price rise by over 40% in the last 12 months, hitting new 52-week highs in early July 2025.
The Game-Changing ACS Deal
The most significant catalyst for Quest's recent momentum was the strategic agreement announced in late 2024 for its courier services arm, ACS. Quest Holdings agreed to sell a 20% stake in ACS to General Logistics Systems (GLS), a major European parcel and express service provider and a long-term partner of ACS.
Key details of the transaction:
Sale Price: The 20% stake was sold for a consideration of approximately €74-€77 million.
Call Option: Crucially, the deal includes a call option for GLS to acquire the remaining 80% of ACS shares. This option can be exercised on either October 31, 2025, or October 30, 2026.
Valuation: The agreement implies a minimum valuation of €370 million for 100% of ACS, a figure that crystallizes the significant value Quest has built in the courier business over 25 years.
This deal was a strategic masterstroke. It not only brought a substantial cash injection into Quest Holdings but also secured a powerful strategic partner for ACS, ensuring its continued dominance and growth in the Greek market with planned investments in sorting centers, electric vehicles, and digital transformation.
Anticipation of a Capital Return
The successful sale of the ACS stake has significantly strengthened Quest's already healthy balance sheet. At the end of 2024, the group boasted a net cash position of €82 million, fortified by the proceeds from the deal. This has given the management ample firepower for new investments, such as the recent acquisition of a majority stake in the home appliance company Benrubi.
However, the key question on every investor's mind is shareholder remuneration. With such a strong cash position and the prospect of an even larger windfall if GLS exercises its option to buy the remaining 80% of ACS, the market widely anticipates a generous capital return.
Analysts covering the stock have already begun to factor this into their models. Some reports suggest the possibility of a special dividend distributed from the proceeds of the initial 20% sale, on top of the company's regular dividend payout. Quest has a track record of rewarding its shareholders, and the current financial strength provides a solid basis for such a move.
Outlook: A Value Proposition
Even after its recent rally, many analysts believe Quest Holdings remains attractively valued. When stripping out the implied €370 million valuation of ACS from the group's total enterprise value, the remaining core businesses—particularly the high-growth IT services and the margin-accretive commercial activities—appear to be trading at a compelling discount compared to their peers.
The combination of:
Consistent growth in core operations.
A strategic, value-unlocking deal with ACS.
A robust balance sheet with a strong net cash position.
The high probability of a significant capital return to shareholders.
...presents a powerful investment case. As the October 2025 deadline for the first GLS call option approaches, all eyes will be on Quest Holdings, not just for its operational performance, but for its next move in rewarding the shareholders who have supported its successful journey.
