olivLaw · European equity research
Atresmedia Corporación de Medios de Comunicación, S.A. A3M.MC
Spain · BME Madrid · ISIN ES0109427734 · Vertical: Listed companies from Spain
Atresmedia is a Spanish media group that produces and broadcasts audiovisual content, builds digital businesses and expands through acquisitions and partnerships. The interest comes from portfolio moves recorded in 2025, including a new control take-over and the agreement to acquire the Clear Channel business in Spain.
At the close of 05 Nov 2026, Atresmedia Corporación de Medios de Comunicación, S.A. (A3M.MC) stock was 6.09 EUR (+1.00% on the day), with dividend yield 2.96%, beta 0.45, 52-week range 4.67–6.09 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 69.5
- strong (55–70)
- Bollinger (20, 2)
- 5.62 – 6.03
- above the upper band · %B 1.14 · band width 7.1%
- SMA 50 / 200
- 5.58 / 5.18
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.10 / 0.08
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.7% | +0.4% | +6.3 pp | — |
| 3 months | +18.9% | −3.3% | +22.2 pp | — |
| 6 months | +17.6% | +4.0% | +13.6 pp | — |
| Year to date | +24.8% | +8.1% | +16.7 pp | — |
| 1 year | +16.2% | +10.7% | +5.5 pp | +3.2% |
| 3 years | +68.9% | +50.1% | +18.8 pp | +26.0% |
| 5 years | +70.1% | +43.6% | +26.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 886.1 m | 919.0 m | 893.7 m |
| Revenue YoY | unavailable | +3.7% | −2.7% |
| Net income | 171.2 m | 120.3 m | 62.1 m |
| Net income YoY | unavailable | −29.7% | −48.4% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 19.3% | 13.1% | 6.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 257.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 733.6 m EUR
- Total assets
- 1.5 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.98x
- ROE
- 7.9%
- ROA
- 4.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 886.1 m | 919.0 m | 893.7 m | esef· 20 Oct 2026verified |
| Operating income | 155.3 m | 160.2 m | 70.1 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 16.8 m | 17.4 m | 17.6 m | esef· 20 Oct 2026verified |
| EBITDA | 172.1 m ≈ | 177.6 m ≈ | 87.7 m ≈ | esef· 20 Oct 2026derived |
| Pre-tax income | 147.7 m | 160.3 m | 81.3 m | esef· 20 Oct 2026verified |
| Income tax | -23.4 m | 40.2 m | 19.3 m | esef· 20 Oct 2026verified |
| Net income | 171.2 m | 120.3 m | 62.1 m | esef· 20 Oct 2026verified |
| Dividend per share | — | 0.21 | 0.18 | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 203.6 m | 304.8 m | 257.4 m | esef· 20 Oct 2026verified |
| Receivables | 257.9 m | 265.8 m | 268.9 m | esef· 20 Oct 2026verified |
| Inventories | 8.1 m | 3.8 m | 5.3 m | esef· 20 Oct 2026verified |
| Current assets | 762.0 m | 827.0 m | 806.8 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 36.1 m | 38.5 m | 41.1 m | esef· 20 Oct 2026verified |
| Goodwill | 162.3 m | 162.2 m | 190.6 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 125.8 m | 111.6 m | 116.3 m | esef· 20 Oct 2026verified |
| Total assets | 1.5 bn | 1.5 bn | 1.5 bn | esef· 20 Oct 2026verified |
| Current liabilities | 436.4 m | 557.3 m | 407.5 m | esef· 20 Oct 2026verified |
| Equity | 760.0 m | 830.1 m | 733.6 m | esef· 20 Oct 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 167.0 m | 186.7 m | 128.4 m | esef· 20 Oct 2026verified |
| Investing cash flow | 45.2 m | 33.0 m | -58.6 m | esef· 20 Oct 2026verified |
| Financing cash flow | -182.6 m | -118.6 m | -117.1 m | esef· 20 Oct 2026verified |
| Dividends paid | 90.1 m | 101.3 m | 146.4 m | esef· 20 Oct 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.45 – 3.34 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)2.45 – 3.34 (Mid 2.82)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.9% | 54 (vs peers) | 60% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.0x | 98 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial98/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial54/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION, S.A. (A3M.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 893.7 m EUR in 2025; YoY growth -2.7%; net margin 6.9%; ROE 7.9%.
The estimated value range is 2.45–3.34 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.82 EUR, the price of 6.09 EUR leaves a potential of -53.6% (value / price − 1) and a margin of safety of -115.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.0x
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Spain · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.6 bn | 19.9 | 24.2% | 34.0% | +8.9% | +21% / +79% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 21.9 bn | 23.0 | 19.9% | 1.9% | +19.7% | +7% / +134% |
| ANA.MCAcciona SA | 11.7 bn | 14.5 | 16.9% | 4.0% | +5.5% | +24% / +66% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.3 | 5.3% | 1.7% | +6.9% | −8% / −14% |
| FDR.MCFluidra S.A. | 3.8 bn | 21.3 | 10.9% | 7.8% | +4.1% | −17% / +4% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.6 | 165.6% | 2.2% | −2.7% | +51% / +380,733% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.4 bn | 21.9 | 10.5% | 2.5% | +15.1% | −3% / +58% |
| ALM.MCAlmirall S.A. | 2.4 bn | 51.1 | 3.1% | 4.2% | +12.4% | −11% / +32% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 574.4 m | 11.5 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 506.0 m | 31.4 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 468.5 m | 23.9 | 9.3% | 1.0% | −5.4% | −23% / −18% |
| ATRY.MCAtrys Health, S.A. | 200.4 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 175.6 m | 32.2 | 4.2% | 6.4% | +3.6% | −34% / −6% |
| ADZ.MCAdolfo Dominguez SA | 62.9 m | 38.3 | 9.0% | 1.2% | +1.8% | +39% / +40% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 44.8 m | 9.2 | 152.3% | 10.0% | +2.2% | +19% / unavailable |
| EZE.MCGrupo Ezentis SA | 29.0 m | — | — | -9.3% | +147.2% | −30% / −37% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +13% / +60% |
1- and 3-year price returns: for A3M.MC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Atresmedia is a Spanish media group that produces and broadcasts audiovisual content, builds digital businesses and expands through acquisitions and partnerships. The interest comes from portfolio moves recorded in 2025, including a new control take-over and the agreement to acquire the Clear Channel business in Spain 1.
SWOT
Strengths
- A diversified portfolio combining production, advertising, technical services and digital, under a well-documented group structure 1.
- Partnerships with producers and joint control in several companies, which can share risk and access to content 1.
- Capacity to finance acquisitions and take control of entities, as happened in 2025 1.
Weaknesses
- The consolidated scope changes frequently, which makes it harder to compare performance from one year to the next 1.
- Many interests are minority or accounted for under the equity method, so control over results is limited 1.
- Goodwill arising from acquisitions may require impairment if the performance of acquired units declines 1.
Opportunities
- Integrating an outdoor advertising network could open new revenue sources, if the transaction is completed 1.
- Expansion in digital services and production in Latin America and the United States could increase reach, through entities such as Hola TV US 1.
- The technical and digital subsidiaries created in 2025 could offer services to other parts of the group or to external markets 1.
Threats
- Failure to obtain the necessary authorisations could delay or block the Clear Channel España acquisition 1.
- Competition in advertising and production can pressure prices and access to content, especially for companies with minority stakes 1.
- Put and call options attached to some interests can create unforeseen financial obligations in future 1.
Risks
- Completion of the Clear Channel transactionmedium
The agreement depends on the necessary authorisations and customary adjustments, so timing and final terms may differ from those announced 1.
- Goodwill impairmentmedium
Acquisitions in 2025 generated consolidated goodwill that must be tested and could be reduced if performance declines 1.
- Obligations from put and call optionsmedium
The option contract linked to the minority stake in Last Lap could generate future payments that affect cash flow 1.
- Complexity of the group structurelow
The many subsidiaries, associates and joint ventures, some liquidated or reorganised, could make internal control and transparency harder 1.
- Reliance on minority interestslow
Part of the activity is carried out through companies where the group does not hold control, which limits influence over operational decisions 1.
Investment thesis
What would need to be true (bull case)
- If the Clear Channel España acquisition is completed, the group could add outdoor advertising to its audiovisual and digital portfolio 1.
- Diversification across production, advertising, events and technical services could reduce dependence on a single revenue stream 1.
- A presence in Latin America and the United States through entities such as Hola TV US could offer growth outside the domestic market 1.
What would break the thesis
- If authorisations are delayed or the transaction does not close, the expected benefits could be postponed or not realised 1.
- A structure with many minority interests and equity-method accounting could limit visibility into actual results 1.
- Goodwill from acquisitions could lead to impairments if the acquired units fall short of expectations 1.
What to watch
- Completion of the Clear Channel España acquisition and the conditions of the authorisations2026
- Impairment tests on the goodwill from the Last Lap and Ac2ality acquisitions2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the consolidated annual report for fiscal 2025, the group operates as a parent company that controls subsidiaries through full consolidation and holds interests in associates and joint ventures accounted for under the equity method 1. The reported activities cover audiovisual content production, advertising services, technical audiovisual services and digital businesses, each carried out through different group companies 1. In 2025 the scope changed through the creation of new companies and the take-over of control of Ac2ality, S.L. 1.
The group expanded its activity through subsidiaries such as Atres Advertising, S.L.U., which in July 2025 acquired 75% of Last Lap, S.L., an event organisation and advertising company, with a significant consolidated goodwill 1. As part of its growth strategy, the group announced an agreement to acquire 100% of Clear Channel España, S.L.U., a transaction conditional on the necessary authorisations and not yet reflected in the 2025 consolidated statements 1.
The report also mentions divestments and liquidations, for example the liquidation of a digital terrestrial television subsidiary and of an esports associate, with no significant impact on the consolidated statements 1. These moves show a portfolio in which the group is reorganising its assets according to growth priorities.
Segments
Audiovisual content production
This area includes companies such as Buendía Estudios, S.L. and its subsidiaries in Madrid, the Canary Islands and Bizkaia, held at 50%, plus interests in producers such as Luminol Media, Suma Content and True Crime Factory 1. The consolidated structure shows that part of production is carried out through partnerships, with joint control or significant influence 1.
Advertising and events
Through Atres Advertising, S.L.U. the group operates in advertising and, through the acquisition of Last Lap, S.L., in event organisation 1. The put and call option linked to the minority stake in Last Lap shows that this segment's structure includes commitments that could change the shareholding in future 1.
Digital and technical services
The segment includes Atres Hub Factory, S.L. (digital business creation), B3Media Servicios Audiovisuales, S.L. (audiovisual technical services, set up in 2025) and Mani Digital Ventures, S.L. (IT services), as well as Ac2ality, S.L., taken over as a subsidiary in 2025 1.
Market context
The annual report shows that the group operates in the Spanish audiovisual market and also has activities in Latin America and the United States, through entities such as Hola Televisión América, S.L. and Hola TV US, LLC, with 50% interests 1. The exact market size is not stated in the source, so this analysis is limited to the legal structure and portfolio moves reported 1.
Market dynamics could be influenced by the concentration of advertising and production activities in large groups, which could make acquisitions such as that of Clear Channel España more relevant for the group's positioning 1. The effect on results, however, depends on completion of the transactions and their final terms 1.
Trends
- Consolidation in outdoor advertisingtailwind
The agreement to acquire Clear Channel España points to a move towards expansion in out-of-home advertising, if the necessary authorisations are obtained 1. If the integration succeeds, the group could combine its television audience with outdoor inventory.
- Development of digital businessestailwind
The creation and acquisition of digital companies, such as Mani Digital Ventures and Ac2ality, suggests a focus on online services and content 1. The effect depends on the ability to monetise these assets.
- Complexity of the consolidated scopeheadwind
The large number of scope changes, with full consolidations, equity-method accounting and liquidations, makes it harder to track each segment's evolution 1. This complexity can affect comparability of results from one year to the next.
- Portfolio moves and revaluationsmixed
In 2025 gains arose from revaluing a previous interest when control of Ac2ality was taken, and acquisitions generated goodwill that must be tested periodically for impairment 1. The effect on profit can be mixed, depending on impairment tests.
Competitive position
The source does not identify the group's competitors, but the portfolio moves point to rivalry in television, audiovisual production and advertising 1. The outdoor advertising acquisition puts it in direct contact with operators specialised in that segment 1.
In events and digital, the group competes with independent agencies and producers, and its partnerships with producers such as Buendía Estudios point to a collaborative strategy instead of full integration 1. Competitive positioning depends on access to content and the commercial strength of each segment 1.
- Clear Channel Outdoor Holdings, Inc.CCO
Seller of the Spanish business that is the subject of the acquisition agreement, active in outdoor advertising; the source names it as the counterparty to the transaction 1.
- Independent audiovisual producers
Production companies with which the group collaborates or competes in the content market, including through associates listed in the report 1.
- Advertising and event agencies
Operators in advertising and event organisation, segments into which the group expanded through acquisitions in 2025 1.
- Technical and digital service providers
IT and audiovisual service companies, relevant to the group's newly created technical and digital subsidiaries in 2025 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Atresmedia Corporación de Medios de Comunicación, S.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.