olivLaw · European equity research
AUREA AURE.PA
France · Euronext Paris · ISIN FR0000039232 · Vertical: Listed companies from France
AUREA is a European group dedicated to the circular economy, collecting and regenerating used oils and processing metals and alloys, alongside rubber and petroleum-derived products. The group is controlled by its founder, so key-person dependence and shareholder concentration remain central issues for investors following the company under European environmental rules.
At the close of 05 Nov 2026, AUREA (AURE.PA) stock was 4.85 EUR (+1.04% on the day), with market capitalisation 45.9 m EUR, P/E 9.9 on diluted EPS of 0.49 EUR over the last 12 months, beta 0.18, 52-week range 4.80–6.20 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)
- 36.8
- weak (30–45)
- Bollinger (20, 2)
- 4.56 – 5.54
- in the lower half of the band · %B 0.30 · band width 19.3%
- SMA 50 / 200
- 5.52 / 5.73
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.21 / -0.21
- 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 | −11.8% | −0.6% | −11.2 pp | — |
| 3 months | −16.4% | −4.2% | −12.2 pp | — |
| 6 months | −13.4% | +4.3% | −17.7 pp | — |
| Year to date | −17.8% | +7.5% | −25.3 pp | — |
| 1 year | −20.2% | +9.9% | −30.2 pp | −6.8% |
| 3 years | −10.2% | +49.8% | −60.0 pp | −15.9% |
| 5 years | −41.3% | +42.8% | −84.1 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 33 percentile of its own 3-quarter history (min 6.7, median 10.4, max 21.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 219.3 m | 253.5 m | 245.8 m |
| Revenue YoY | unavailable | +15.6% | −3.0% |
| Net income | 11.2 m | 3.0 m | 4.6 m |
| Net income YoY | unavailable | −73.3% | +54.5% |
| Diluted EPS | 1.21 | 0.31 | 0.49 |
| Diluted EPS YoY | unavailable | −74.4% | +58.1% |
| net % | 5.1% | 1.2% | 1.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 37.3 m EUR
- Financial debt
- 31.3 m EUR
- Net debt
- -6.0 m EUR
- Equity
- 72.0 m EUR
- Total assets
- 211.2 m EUR
- Debt / equity
- 0.43x
- Current ratio
- unavailable
- ROE
- 6.6%
- ROA
- 2.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 219.3 m | 253.5 m | 245.8 m | esef· 11 Jun 2024verified |
| Operating income | 14.0 m | 5.4 m | 7.1 m | esef· 11 Jun 2024verified |
| Income tax | 2.3 m | 1.7 m | 1.2 m | esef· 11 Jun 2024verified |
| Net income | 11.2 m | 3.0 m | 4.6 m | esef· 11 Jun 2024verified |
| Diluted EPS | 1.21 | 0.31 | 0.49 | esef· 11 Jun 2024verified |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 39.2 m | 40.8 m | 37.3 m | esef· 11 Jun 2024verified |
| Receivables | 34.0 m | 35.0 m | 43.1 m | esef· 11 Jun 2024verified |
| Inventories | 38.2 m | 37.5 m | 38.2 m | esef· 11 Jun 2024verified |
| Property, plant & equipment, net | 45.6 m | 50.9 m | 67.1 m | esef· 11 Jun 2024verified |
| Goodwill | 9.8 m | 9.8 m | 9.7 m | esef· 11 Jun 2024verified |
| Intangibles (excl. goodwill) | 597.0 k | 464.0 k | 440.0 k | esef· 11 Jun 2024verified |
| Total assets | 176.5 m | 182.7 m | 211.2 m | esef· 11 Jun 2024verified |
| Short-term debt | 111.0 k | 24.0 k | 17.0 k | esef· 11 Jun 2024verified |
| Long-term debt | 39.1 m | 39.8 m | 31.3 m | esef· 11 Jun 2024verified |
| Equity | 66.3 m | 69.1 m | 72.0 m | esef· 11 Jun 2024verified |
| Shares outstanding at year end | 9.5 m | 9.7 m | 9.5 m | esef· 11 Jun 2024derived |
Cash flow · EUR
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: 3 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 45.9 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · 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: 6.17 – 14.60 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 · input data missing
- Peers: P/E6.17 – 14.60 (Mid 8.84)20 companies used · median multiple 18.0x · quartiles 12.6x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, BB.PA, BN.PA
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 3 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.9% | 62 (vs peers) | 38% |
| Net margin · Quality | 1.9% | 62 (vs peers) | 23% |
| 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 | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 9.9x | 83 (vs peers) | 38% |
| 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· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality62/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial83/100 · 1/3 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
AUREA (AURE.PA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 245.8 m EUR in 2023; YoY growth -3.0%; net margin 1.9%; ROE 6.6%.
The estimated value range is 6.17–14.60 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 8.84 EUR, the price of 4.85 EUR leaves a potential of 82.2% (value / price − 1) and a margin of safety of 45.1% (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: 3 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 9.9x
- The price is below the estimated value range
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · 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 | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for AURE.PA 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 | 2.65 Total return -45% · Per year -45% | 4.70 Total return -3% · Per year -3% | 7.11 Total return 47% · Per year 47% |
| 3 years | 2.20 Total return -55% · Per year -23% | 4.42 Total return -9% · Per year -3% | 7.39 Total return 52% · Per year 15% |
| 5 years | 1.82 Total return -62% · Per year -18% | 4.16 Total return -14% · Per year -3% | 7.68 Total return 58% · Per year 10% |
- Exit P/E± 1.11
- Net margin± 0.77
- Annual revenue growth± 0.68
- Annual dilution± 0.07
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
AUREA is a European group dedicated to the circular economy, collecting and regenerating used oils and processing metals and alloys, alongside rubber and petroleum-derived products. The group is controlled by its founder, so key-person dependence and shareholder concentration remain central issues for investors following the company under European environmental rules 1.
SWOT
Strengths
- The group holds a solid position in specialised niches, with technical know-how and industrial installations that are hard to replicate, supported by high barriers to entry.
- The decentralised structure, with experienced managers running each subsidiary, allows rapid adaptation to different markets.
- The systematic insurance policy, with coverage limits for direct damage and business interruption, reduces exposure to major incidents.
Weaknesses
- Dependence on the founder and his operational leadership remains a vulnerability, even though succession structures have been created.
- Waste supply, especially used motor oils, can be interrupted, directly affecting volumes and profitability.
- The stock has limited liquidity, and the share price performed negatively in 2023.
Opportunities
- Environmental regulation and circular-economy ambitions could create additional demand for regeneration and recycling services.
- The niche markets where the group already operates could allow margin gains if long-term contracts expand.
- REACH restrictions could continue to shield the rubber segment from low-cost imports.
Threats
- New plants from collectors or large oil groups could compete directly for waste and customers.
- A fall in automotive and construction demand could reduce volumes, given the group's cyclical exposure.
- An industrial accident or environmental damage could generate large costs, potentially beyond insurance limits.
Risks
- Dependence on waste supplyhigh
A lasting interruption in the collection of used motor oils could significantly affect profitability and competitiveness.
- Industrial and environmental accidentshigh
Manufacturing processes and classified installations could cause serious incidents affecting staff, neighbours and the environment, and costs could exceed insurance limits.
- Founder dependencemedium
The central role of the chairman and chief executive and principal shareholder could make it difficult to replace or attract key managers.
- Price competitionmedium
Eastern European producers or new plants could force price cuts when demand in their markets weakens.
- Limited share liquiditylow
Low trading volumes can amplify price moves and make it harder for investors to exit the stock.
Investment thesis
What would need to be true (bull case)
- If environmental regulation keeps tightening, barriers to entry could protect the group's position in its niches.
- Technical know-how and hard-to-replicate installations could support margins better than generalist competitors.
- Diversification across several niche markets could limit the impact of a decline in any single segment.
What would break the thesis
- If used-oil supply remains unstable, volumes and profitability could decline.
- Cyclical exposure to automotive and construction could turn an economic slowdown into pressure on revenue.
- Founder dependence and limited liquidity could make the stock hard for institutional investors to assess and trade.
What to watch
- Used-oil supply trends and ECO HUILE volumes2024
- Margins in the Metals and Alloys segment against Eastern European competition2024
- Progress of oil regeneration projects, including Cyclevia's2025
- Executive succession plan and board changesnext 10-K
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 2023 Universal Registration Document, AUREA presents itself as a European group dedicated to the circular economy, active in niche markets where large industrial groups are less present. The company operates through subsidiaries managed in a decentralised way, each run by an experienced manager. The chairman and chief executive is also the founder, and an executive management committee of seven members supports operations 1.
On the supply side, the group depends on waste collection, especially used motor oils, and the subsidiary ECO HUILE, whose Lillebonne site is a classified installation for environmental protection, is the most exposed to regulation. The document shows supply was disrupted in recent years, including by cement makers destroying oils, which could weigh on group profitability if the problem persists 1.
The company is listed on Euronext and its share price fell over 2023, which illustrates the stock's sensitivity to market conditions and its limited liquidity 1.
Segments
Metals and Alloys
The Metals and Alloys division includes REGEAL, active in second-melt aluminium. The document notes the subsidiary has faced competition from Eastern European producers who cut prices when their own demand weakens, which led it to focus on annual contracts rather than spot orders 1.
Petroleum Derivatives
The Petroleum Derivatives division is dominated by ECO HUILE, which regenerates used motor oils. Barriers to entry are high, and the document estimates the cost of an equivalent plant at at least 80 M EUR, an amount only large oil groups could readily fund 1.
Rubber and Developments
The Rubber and Developments division benefits from the REACH regulation, which keeps certain Asian products deemed non-compliant out of Europe, limiting competitive pressure on margins 1.
Market context
The group operates in niche and diversified markets, where it says it can compete on know-how and specific equipment rather than head-on with large players. Exposure to the automotive and construction sectors makes the business cyclical, and the document warns the market could become harsher when demand falls 1.
The European and French environmental framework creates both barriers and an ongoing obligation to invest in less polluting installations, while transport costs for waste and raw materials can limit production advantages 1.
Trends
- Stricter environmental regulationtailwind
European and French rules could raise barriers to entry and limit import competition, particularly in rubber, where REACH restricts non-compliant products.
- Competition from new collectors and producersheadwind
The emergence of a new eco-organisation and oil regeneration projects could bring competitors able to integrate vertically and tighten access to waste sources.
- Cyclical demand from automotive and constructionheadwind
Exposure to these sectors makes revenue sensitive to economic cycles, and a demand contraction could reduce volumes and prices.
- Supply and staffing tensionsmixed
Used-oil supply difficulties and staff availability weighed on activity in 2023, with effects that could persist if the situation does not stabilise.
Competitive position
The document describes competition from several directions: Eastern European producers cutting prices in Metals and Alloys, used-oil collectors who could build their own plants, and over the longer term large oil groups able to fund costly investments. AUREA argues that technical and niche barriers limit its exposure 1.
On the other hand, some competition, such as Asian rubber producers, is limited by regulation, and the company is not US-listed, so no direct US ticker comparisons are drawn in this profile 1.
- Eastern European producers
Players with large production capacity in second-melt aluminium who can reduce prices when demand in their own markets falls 1.
- OSILUB
A subsidiary of energy and petroleum groups that built a used-oil treatment plant and affected ECO HUILE's supply 1.
- Cyclevia
Eco-organisation approved in 2022 that launched a call for projects for an oil regeneration plant in France 1.
- Asian rubber producers
Producers prevented by REACH rules from selling products in Europe, which protects the group's margins 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202311 Jun 2024
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / AUREA · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.