olivLaw · European equity research
Ayco Grupo Inmobiliario, S.A. AYC.MC
Spain · BME Madrid · ISIN ES0152960045 · Vertical: Listed companies from Spain
Ayco Grupo Inmobiliario is a Spanish real estate developer listed on the Madrid, Barcelona and Bilbao exchanges, now rebuilding its balance sheet after repeated losses. Consolidated net equity is below half of share capital, and the company plans a capital increase and a convertible bond issue in 2026 to finance its projects.
At the close of 03 Nov 2026, Ayco Grupo Inmobiliario, S.A. (AYC.MC) stock was 0.54 EUR (+0.00% on the day), with market capitalisation 16.4 m EUR, dividend yield 0.00%, 52-week range 0.54–0.57 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 0.0
- oversold (≤ 30)
- Bollinger (20, 2)
- unavailable – unavailable
- SMA 50 / 200
- unavailable / unavailable
- MACD (12, 26, 9)
- unavailable / unavailable
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 | unavailable | +0.4% | unavailable | — |
| 3 months | unavailable | −3.3% | unavailable | — |
| 6 months | unavailable | +4.0% | unavailable | — |
| Year to date | unavailable | +8.1% | unavailable | — |
| 1 year | unavailable | +10.7% | unavailable | +3.2% |
| 3 years | unavailable | +50.1% | unavailable | +29.6% |
| 5 years | unavailable | +43.6% | unavailable | — |
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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 0 | 890.0 k | 0 |
| Revenue YoY | unavailable | unavailable | −100.0% |
| Net income | -1.6 m | -811.0 k | -1.5 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.10 | -0.02 | -0.05 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | -91.1% | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 76.9 k EUR
- Financial debt
- 0 EUR
- Net debt
- -76.9 k EUR
- Equity
- 3.4 m EUR
- Total assets
- 12.4 m EUR
- Debt / equity
- 0.00x
- Current ratio
- 1.43x
- ROE
- -36.1%
- ROA
- -13.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 0 | 890.0 k | 0 | esef· 20 Oct 2026verified |
| Gross profit | 0 | 902.0 k | 0 | esef· 20 Oct 2026verified |
| Operating income | -1.4 m | -518.8 k | -1.1 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 37.0 k | 37.0 k | 37.0 k | esef· 20 Oct 2026verified |
| EBITDA | -1.3 m ≈ | -481.9 k ≈ | -1.0 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 193.1 k | 292.1 k | 200.2 k | esef· 20 Oct 2026verified |
| Pre-tax income | -1.6 m | -811.0 k | -1.5 m | esef· 20 Oct 2026verified |
| Income tax | 0 | 0 | 0 | esef· 20 Oct 2026verified |
| Net income | -1.6 m | -811.0 k | -1.5 m | esef· 20 Oct 2026verified |
| Diluted EPS | -0.10 | -0.02 | -0.05 | esef· 20 Oct 2026verified |
| Dividend per share | 0.00 | 0.00 | 0.00 | 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 | 477.4 k | 21.6 k | 76.9 k | esef· 20 Oct 2026verified |
| Receivables | 2.8 m | 406.3 k | 766.5 k | esef· 20 Oct 2026verified |
| Inventories | 7.8 m | 8.9 m | 11.5 m | esef· 20 Oct 2026verified |
| Current assets | 11.0 m | 9.4 m | 12.3 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 0 | 0 | 0 | esef· 20 Oct 2026verified |
| Total assets | 11.1 m | 9.5 m | 12.4 m | esef· 20 Oct 2026verified |
| Short-term debt | 7.8 m | 0 | 0 | esef· 20 Oct 2026verified |
| Long-term debt | 0 | 0 | 0 | esef· 20 Oct 2026verified |
| Current liabilities | 10.6 m | 4.0 m | 8.6 m | esef· 20 Oct 2026verified |
| Equity | 217.5 k | 4.9 m | 3.4 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 15.6 m | 40.5 m | 30.3 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -1.0 m | 760.1 k | -4.7 m | esef· 20 Oct 2026verified |
| Investing cash flow | 0 | 0 | -9.6 k | esef· 20 Oct 2026verified |
| Financing cash flow | 1.1 m | -1.2 m | 4.7 m | esef· 20 Oct 2026verified |
| Dividends paid | 0 | 0 | 0 | esef· 20 Oct 2026verified |
| Share repurchases | — | 0 | 571 | 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: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 16.4 m EUR
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
no valuation method could be computed
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: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -21.3% | 0 (vs peers) | 38% |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | -5.3x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.4x | 53 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet21/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 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
AYCO GRUPO INMOBILIARIO, S.A. (AYC.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 0 EUR in 2025; YoY growth -100.0%; ROE -33.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
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
- ROIC: -21.3%
- Interest coverage: -5.3x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, 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 | 42.4 bn | 19.8 | 24.2% | 34.0% | +8.9% | +20% / +78% |
| 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. | 22.6 bn | 23.7 | 19.9% | 1.9% | +19.7% | +10% / +142% |
| ANA.MCAcciona SA | 11.6 bn | 14.5 | 16.9% | 4.0% | +5.5% | +23% / +65% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.5 | 5.3% | 1.7% | +6.9% | −8% / −13% |
| FDR.MCFluidra S.A. | 3.8 bn | 21.4 | 10.9% | 7.8% | +4.1% | −17% / +5% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.7 | 165.6% | 2.2% | −2.7% | +52% / +383,650% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.5 bn | 22.2 | 10.5% | 2.5% | +15.1% | −2% / +60% |
| ALM.MCAlmirall S.A. | 2.3 bn | 50.5 | 3.1% | 4.2% | +12.4% | −12% / +31% |
| 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 | 571.1 m | 11.4 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 510.6 m | 31.7 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 489.0 m | 25.0 | 9.3% | 1.0% | −5.4% | −19% / −14% |
| ATRY.MCAtrys Health, S.A. | 199.3 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 178.8 m | 32.8 | 4.2% | 6.4% | +3.6% | −32% / −4% |
| 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 | 30.0 m | — | — | -9.3% | +147.2% | −27% / −35% |
| 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% | +12% / +59% |
1- and 3-year price returns: for AYC.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
Ayco Grupo Inmobiliario is a Spanish real estate developer listed on the Madrid, Barcelona and Bilbao exchanges, now rebuilding its balance sheet after repeated losses. Consolidated net equity is below half of share capital, and the company plans a capital increase and a convertible bond issue in 2026 to finance its projects 1. 1
SWOT
Strengths
- Portfolio of projects under way and land with construction rights already obtained in several areas.
- Significant reduction of financial debt after the 2022 reorganisation, which freed up cash.
- High commercial reservations on some projects, indicating genuine buyer interest.
Weaknesses
- Consolidated net equity is below half of share capital, a situation that requires capitalisation measures.
- The company is not distributing dividends in the near term and has recurring losses in recent years.
- Dependence on equity injections and bank financing makes the business plan vulnerable to delays.
Opportunities
- Development of the senior living segment with an international partner could open a stable long-term revenue source.
- Alternative finance such as crowdfunding and tokenisation could diversify capital sources.
- New projects such as those in Torrejón, Paiporta or Ojén could expand activity if licences are obtained.
Threats
- Higher construction costs or delays in obtaining licences could affect project timelines.
- If the capital increase or convertible issue does not go ahead, the business plan could need to be reconsidered.
- Changes in urban planning or regulation could influence land and project values.
Risks
- Going concernhigh
The report mentions significant losses in recent years and a business plan whose continuation depends on capital raises and financing. If these do not materialise, operations could be affected.
- Net equity below half of share capitalhigh
The situation calls for legal and capitalisation measures; a failure to complete the capital increase could add pressure on the balance sheet.
- Dependence on bank financingmedium
Access to credit for new projects is essential and could be restricted if the financial position remains fragile.
- Project execution riskmedium
Delays in obtaining licences or contracting works could shift the revenue timeline.
- Market and interest rate risklow
Although the report anticipates relative stability in Euribor, sudden rate changes could affect financing costs and demand.
Investment thesis
What would need to be true (bull case)
- If the capital increase and convertible issue go ahead, the company could accelerate projects in its portfolio and improve its net equity.
- The new senior living line, if financed, could generate recurring revenue over the long term.
- Commercial reservations already recorded suggest real demand for part of the projects.
What would break the thesis
- Repeated losses and low net equity could limit the company's financial flexibility.
- The business plan depends on several external capital sources, and the failure of one could delay projects.
- The absence of dividends and the need to reinvest leave little room for near-term shareholder returns.
What to watch
- Completion of the 4,400 thousand euro capital increase and the 2,900 thousand euro convertible issue2026
- Conversion of Ribadesella reservations into sale-purchase contractsQ2 2026
- Obtaining the building licence for the Torrejón co-living projectQ3 2026
- Launch of the La Línea senior living project and financing of the first five projects2026 / next annual report
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
Ayco Grupo Inmobiliario, S.A. is the parent company of a group of firms active in real estate, from construction and land development to managing real estate and financial assets 1. The group consolidates subsidiaries, some wholly owned and others partly owned, such as Byblos Costa del Sol at 90% 1. According to the annual report, the company restructured its asset portfolio in 2022 by selling a significant part of its properties 1.
The core activity is residential development, with projects such as Almacenes Industriales in Oviedo and Ribadesella run through dedicated subsidiaries 1. In 2025 the company set up a senior living management vehicle, a new business direction carried out with a US-linked partner 1. It also explores alternative financing, including crowdfunding, crowdlending and tokenisation 1.
The business plan, now in phases, aims to turn its project portfolio into profit and stabilise the balance sheet over the long term 1. Management believes actions taken in 2024 and 2025 will substantially improve consolidated equity, conditional on the capital increase and access to bank financing 1.
Segments
Residential development and construction
This is the main engine of the business, with projects under way and building licences already granted, such as Almacenes Industriales in Oviedo, where demand for this housing type is described as strong 1. Reservations on Ribadesella sales are to be converted into sale contracts planned for the second quarter of 2026 1.
Market context
The company operates in the Spanish property market, where housing demand is described as high in areas such as Oviedo, Valencia and the Costa del Sol 1. The company notes that the 12-month Euribor could remain stable at moderate levels in 2026, which could support financing costs 1.
Alternative property financing, such as real estate crowdfunding and tokenisation of projects, is being monitored as a possible additional source of capital but remains an emerging channel 1. The company uses AI and big-data tools to anticipate price and commercial trends 1.
Trends
- Demand for senior living housingtailwind
Demographics and preferences for age-adapted housing support the new business line, if projects are financed and launched on schedule 1.
- Interest rate stabilitytailwind
If Euribor remains stable, the cost of financing projects could be more predictable, supporting investment planning 1.
- Reliance on external capital raisesheadwind
Project pace depends on the capital increase and convertible bond issue, and any delay could slow the whole business plan 1.
- Alternative finance and digitalisationmixed
Crowdfunding, crowdlending and tokenisation could diversify funding sources, but they are still new instruments with evolving rules 1.
Competitive position
Ayco competes with other Spanish property developers of varying size, both in residential projects and in the senior living segment. The sources analysed do not name competitors explicitly, so market share and competitive position cannot be assessed 1.
The company's stated edge lies in its land bank and licences, as well as its senior living partnership with a US-linked firm, which may give it access to international know-how 1. If this partnership leads to financed projects, its competitive position could be strengthened 1.
- Other Spanish property developers
Sources do not name competitors; this is a general placeholder without a specific identification.
- Senior living operators
Competition in the senior living segment is not identified in the analysed report, so no ticker is attributed.
- Real estate investment funds
Funds interested in financing projects are potential partners rather than direct competitors, per the report.
- Real estate crowdfunding platforms
These are alternative funding sources rather than direct competitors, based on available information.
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 202420 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Ayco Grupo Inmobiliario, 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.