Reports say the chain fell from the more than €180m tag that newly-filed company documents placed on the business in 2007.
The paper says a recent Rich List figure placed just a €75m valuation on Smyths, and it adds that while such valuations have traditionally been conservative, 'the business is certainly worth less than the boom-time estimate'.
In 2005, a Rich List ranking gave the four brothers behind the business - Anthony, Patrick, Liam and Thomas - a combined wealth of €83m.
The report quotes documents just filed with the Companies' Registration Office as revealing that a €180.1m valuation was placed on the business at the height in the boom in 2007. It was formulated just before the company was taken unlimited.
Company accounts for the 12 months to the end of March 2006 revealed the firm had generated sales of €185m and an operating profit of €5.9m. That year, the four brothers were also paid management fees of €14.1m by Kadsura, a company controlled by them.