olivLaw · European equity research
AUDAX RENOVABLES, S.A. ADX.MC
Spain · BME Madrid · ISIN ES0136463017 · Vertical: Listed companies from Spain
Audax Renovables, S.A. is a European group in renewable energy, with figures presented in thousands of euros in its annual report for fiscal 2025. Its annual report puts governance, compliance and corporate culture in focus, topics that matter more and more to investors and authorities.
At the close of 03 Nov 2026, AUDAX RENOVABLES, S.A. (ADX.MC) stock was 1.04 EUR (+0.77% on the day), with market capitalisation 464.0 m EUR, P/E 23.7 on diluted EPS of 0.04 EUR over the last 12 months, dividend yield 3.65%, beta 0.57, 52-week range 1.02–1.49 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)
- 42.2
- weak (30–45)
- Bollinger (20, 2)
- 1.01 – 1.09
- in the lower half of the band · %B 0.42 · band width 7.6%
- SMA 50 / 200
- 1.11 / 1.26
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.03
- 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 | −4.6% | −1.0% | −3.6 pp | — |
| 3 months | −12.3% | −3.9% | −8.4 pp | — |
| 6 months | −27.2% | +7.2% | −34.4 pp | — |
| Year to date | −24.4% | +6.6% | −30.9 pp | — |
| 1 year | −23.9% | +9.1% | −33.0 pp | +3.2% |
| 3 years | −9.1% | +47.9% | −57.0 pp | +29.4% |
| 5 years | −25.1% | +43.3% | −68.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 11.6, median 19.7, max 31.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.3 bn | 2.0 bn | 1.9 bn |
| Revenue YoY | unavailable | −13.5% | −5.4% |
| Net income | 29.0 m | 60.6 m | 19.6 m |
| Net income YoY | unavailable | +108.6% | −67.6% |
| Diluted EPS | 0.07 | 0.13 | 0.04 |
| Diluted EPS YoY | unavailable | +103.0% | −67.2% |
| net % | 1.3% | 3.1% | 1.0% |
| Free cash flow | 118.2 m | 32.3 m | 1.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 273.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 222.9 m EUR
- Total assets
- 1.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.05x
- ROE
- 8.8%
- ROA
- 1.4%
- FCF margin
- 0.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.3 bn | 2.0 bn | 1.9 bn | esef· 20 Oct 2026verified |
| Operating income | 75.1 m | 93.6 m | 81.0 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 21.0 m | 21.8 m | 18.8 m | esef· 20 Oct 2026verified |
| EBITDA | 96.1 m ≈ | 115.4 m ≈ | 99.9 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 34.6 m | 32.9 m | 34.3 m | esef· 20 Oct 2026verified |
| Pre-tax income | 45.0 m | 89.0 m | 45.0 m | esef· 20 Oct 2026verified |
| Income tax | 13.6 m | 25.7 m | 23.3 m | esef· 20 Oct 2026verified |
| Net income | 29.0 m | 60.6 m | 19.6 m | esef· 20 Oct 2026verified |
| Diluted EPS | 0.07 | 0.13 | 0.04 | esef· 20 Oct 2026verified |
| Dividend per share | 0.00 | 0.04 | 0.04 | esef· 20 Oct 2026derived |
≈ 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 | 230.2 m | 228.8 m | 273.2 m | esef· 20 Oct 2026verified |
| Receivables | 254.3 m | 280.7 m | 250.7 m | esef· 20 Oct 2026verified |
| Current assets | 705.8 m | 746.1 m | 668.5 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 156.3 m | 194.8 m | 244.3 m | esef· 20 Oct 2026verified |
| Goodwill | 138.0 m | 138.0 m | 155.6 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 198.0 m | 196.9 m | 212.3 m | esef· 20 Oct 2026verified |
| Total assets | 1.3 bn | 1.4 bn | 1.4 bn | esef· 20 Oct 2026verified |
| Current liabilities | 548.9 m | 633.9 m | 638.4 m | esef· 20 Oct 2026verified |
| Equity | 173.3 m | 223.9 m | 222.9 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 439.8 m | 452.0 m | 445.3 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 140.5 m | 74.2 m | 51.2 m | esef· 20 Oct 2026verified |
| Capex | 22.3 m | 41.9 m | 49.5 m | esef· 20 Oct 2026verified |
| Free cash flow | 118.2 m ≈ | 32.3 m ≈ | 1.8 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -34.9 m | -58.9 m | 23.5 m | esef· 20 Oct 2026verified |
| Financing cash flow | -81.3 m | -16.7 m | -30.3 m | esef· 20 Oct 2026verified |
| Dividends paid | 44.0 k | 16.4 m | 16.9 m | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 464.0 m EUR
Key indicators
Coverage and freshness
Score by group
52% · 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: 0.52 – 1.00 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E0.63 – 1.00 (Mid 0.86)20 companies used · median multiple 19.4x · quartiles 14.4x – 22.8xACS.MC, ADZ.MC, AEDAS.MC, AENA.MC, AMS.MC, ANA.MC, CAF.MC, CLEO.MC, CMO.MC, DESA.MC, DIA.MC, EAT.MC, EBRO.MC, EDR.MC, ELE.MC, ENER.MC, ENO.MC, FAE.MC, FCC.MC, FDR.MC
- Dividend discount (DDM)0.52 – 0.70 (Mid 0.60)
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: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.0% | 24 (vs peers) | 12% |
| FCF conversion · Quality | 9.0% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.4x | 13 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.0x | 21 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 23.7x | 32 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.4% | 5 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 3.6% | 52 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 962.5% | 0 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet16/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality12/100 · 2/3 factors with a value
- Returns31/100 · 2/2 factors with a value
- Valuation20/100 · 2/3 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
AUDAX RENOVABLES S.A. (ADX.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.9 bn EUR in 2025; YoY growth -5.4%; net margin 1.0%; ROE 9.3%.
The estimated value range is 0.57–0.85 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 0.73 EUR, the price of 1.04 EUR leaves a potential of -30.3% (value / price − 1) and a margin of safety of -43.5% (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 (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: 1.0%
- FCF conversion: 9.0%
- Interest coverage: 2.4x
- Current ratio: 1.0x
- FCF yield: 0.4%
- Payout ratio (FCF): 962.5%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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 | 45.8 bn | 20.8 | 26.4% | 10.5% | +0.5% | +40% / +128% |
| AENA.MCAena S.m.e. SA | 41.5 bn | 19.4 | 24.2% | 34.0% | +8.9% | +18% / +75% |
| AMS.MCAmadeus It Group Sociedad Anonima | 25.7 bn | 19.4 | 26.9% | 20.5% | +6.1% | −8% / −7% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 23.8 bn | 25.0 | 19.9% | 1.9% | +19.7% | +16% / +155% |
| ANA.MCAcciona SA | 11.5 bn | 14.3 | 16.9% | 4.0% | +5.5% | +22% / +63% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 4.9 bn | 29.7 | 5.3% | 1.7% | +6.9% | −10% / −16% |
| FDR.MCFluidra S.A. | 3.7 bn | 21.2 | 10.9% | 7.8% | +4.1% | −18% / +3% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.6 | 165.6% | 2.2% | −2.7% | +51% / +380,733% |
| ENO.MCElecnor SA | 2.4 bn | 22.1 | 10.5% | 2.5% | +15.1% | −2% / +60% |
| CMO.MCCementos Molins S.A. | 2.3 bn | 12.6 | 14.3% | 18.0% | −3.1% | +22% / unavailable |
| ALM.MCAlmirall S.A. | 2.3 bn | 49.5 | 3.1% | 4.2% | +12.4% | −14% / +28% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.0 | 10.8% | 13.0% | +23.7% | +1% / +55% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.2 | 57.8% | 7.0% | −24.8% | +1% / +38% |
| EDR.MCEdreams Odigeo SA | 537.2 m | 10.7 | 21.0% | 7.8% | −0.4% | +31% / −29% |
| EAT.MCAmRest Holdings SE | 495.7 m | 30.8 | 4.3% | 0.6% | +0.1% | −36% / −62% |
| ADX.MCAudax Renovables S.A. | 464.0 m | 23.7 | 9.3% | 1.0% | −5.4% | −23% / −18% |
| ATRY.MCAtrys Health, S.A. | 198.9 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 177.2 m | 32.5 | 4.2% | 6.4% | +3.6% | −33% / −5% |
| ADZ.MCAdolfo Dominguez SA | 62.4 m | 38.1 | 9.0% | 1.2% | +1.8% | +38% / +39% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 49.6 m | 10.2 | 152.3% | 10.0% | +2.2% | +32% / unavailable |
| EZE.MCGrupo Ezentis SA | 30.5 m | — | — | -9.3% | +147.2% | −26% / −34% |
| 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. | 2.9 m | 0.0 | 10.0% | 7.7% | −4.0% | −2% / +17% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +9% / +55% |
1- and 3-year price returns: for ADX.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.56 Total return -44% · Per year -44% | 0.99 Total return -2% · Per year -2% | 1.50 Total return 48% · Per year 48% |
| 3 years | 0.44 Total return -51% · Per year -21% | 0.89 Total return -4% · Per year -1% | 1.50 Total return 56% · Per year 16% |
| 5 years | 0.35 Total return -56% · Per year -15% | 0.81 Total return -7% · Per year -1% | 1.50 Total return 65% · Per year 10% |
- Exit P/E± 0.22
- Net margin± 0.16
- Annual revenue growth± 0.14
- Annual dilution± 0.01
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
Audax Renovables, S.A. is a European group in renewable energy, with figures presented in thousands of euros in its annual report for fiscal 2025. Its annual report puts governance, compliance and corporate culture in focus, topics that matter more and more to investors and authorities.
SWOT
Strengths
- The group has a compliance system structured on three lines of defence, with a dedicated officer and oversight by the audit committee.
- Conduct policies are approved by the board and apply to all group companies, which ensures consistency.
- Reporting is detailed and follows recognised accounting standards, which increases transparency for investors.
Weaknesses
- Classifying energy contracts can be complex, and changes in assessment could affect reported results.
- The report does not give in this excerpt a full picture of operations and market position.
- The identified risks, such as greenwashing and the lack of ESG-based supplier selection, show areas that need improvement.
Opportunities
- Developing clearer ESG criteria for suppliers could strengthen the group's reputation.
- Long-term energy contracts could provide more predictable revenue if managed well.
- Strengthening the culture of integrity could attract investors concerned with governance.
Threats
- Regulatory requirements on compliance and reporting could increase the administrative burden.
- An incident of corruption or breach of rules could seriously damage the group's reputation.
- Greenwashing allegations could undermine the trust of customers and investors.
Risks
- Compliance riskhigh
Breach of applicable rules could lead to sanctions and reputational damage for the group.
- Corruption riskhigh
Corruption incidents by employees, although controlled by policies, could seriously affect operations.
- Greenwashing riskmedium
Communicating unsupported environmental claims could attract criticism from authorities and the public.
- Accounting risk on energy contractsmedium
Incorrect classification of PPAs could lead to adjustments of reported results.
- Supplier riskmedium
The lack of clear ESG criteria for supplier selection could expose the group to reputational and supply chain risks.
Investment thesis
What would need to be true (bull case)
- If the group turns its compliance policies into consistent practice, it could win the confidence of investors concerned with governance.
- The clear structure of the three lines of defence could reduce the risk of unnoticed incidents.
- Long-term energy contracts could provide stability if well managed.
What would break the thesis
- If greenwashing risks are not controlled, the group could lose credibility with customers and authorities.
- The accounting complexity of energy contracts could generate volatility in reported results.
- Rising regulatory requirements could increase compliance costs without proportionate benefits.
What to watch
- Trend in compliance incidents and the whistleblowing channel2026
- Application of ESG criteria in supplier selection2026
- Classification of PPA contracts in the financial statementsnext annual report
- Results of awareness campaigns on integrity2026
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, Audax Renovables, S.A. and its dependent companies operate as a group that prepares its financial statements in thousands of euros. The source analysed is the consolidated notes, which describe the group's accounting policies and governance model, but this excerpt does not give a full picture of operations. The business profile must therefore be read through the compliance framework and corporate policies described in the report 1.
The group applies a governance model built on three lines of defence, with a Group Compliance Officer coordinating the compliance model across the group's subsidiaries. The board of directors delegates oversight to the Audit Committee, which monitors the compliance model and the internal reporting system 1.
Energy purchase agreements, known as PPAs, are assessed separately to determine whether they must be treated as financial derivatives or as physical delivery commitments, which shows that the group's activity is directly linked to energy production and trading 1.
Segments
Renewable energy and PPA contracts
Energy purchase and sale contracts are a central part of the activity, and the group classifies them by purpose: physical delivery or financial instruments. How they are accounted for directly influences the reported results 1.
Compliance and governance
The compliance function, led by the Group Compliance Officer, covers the whole group and includes anti-corruption policies, a whistleblowing channel and a non-retaliation policy, approved by the board or the audit committee 1.
Market context
The analysed report does not describe in detail the market in which the group operates. The sector context can be inferred from the nature of renewable energy activity, but market figures must be checked in other sources. The compliance regulatory framework cited in the report, including the law protecting persons who report breaches, points to an evolving regulatory environment 1.
The group's policies refer to the principles of the United Nations Global Compact, which indicates an orientation towards international standards of conduct and transparency 1.
Trends
- Tighter compliance requirementsmixed
The law protecting persons who report breaches, cited in the report, imposes stricter standards on internal reporting channels, which could raise compliance costs but could also reduce reputational risks.
- Focus on corporate culturetailwind
The group ran awareness campaigns in 2025 on integrity and corruption, which indicates a growing priority given to ethical culture.
- Complexity of energy contractsheadwind
Classifying PPAs as derivatives or physical delivery contracts can generate accounting volatility if assessments change, which could affect reported results.
- Periodic risk reviewmixed
The group periodically assesses compliance and greenwashing risks, and this process could identify new exposures as reporting requirements expand.
Competitive position
The analysed report does not explicitly identify the group's competitors. Comparisons with other renewable energy producers must be made using additional sources, especially their financial reports.
The group's differentiation in the report rests more on governance and compliance than on market position, which means its competitive advantage cannot be assessed from this document alone.
- Other European renewable energy producers
The analysed report does not name competitors; comparison requires independent sources.
- International wind and solar energy producers
Possible competition in energy contracts, but not confirmed by the analysed source.
- Energy suppliers with mixed portfolios
Not mentioned in the report; they could compete for the same industrial customers.
- Renewable project developers
Possible competitors in project and long-term contract markets, not confirmed by the report.
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 / AUDAX RENOVABLES, 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.