olivLaw · European equity research
ECOENER, S.A. ENER.MC
Spain · BME Madrid · ISIN ES0105548004 · Vertical: Listed companies from Spain
ECOENER, S.A. is a Spanish energy group that develops, builds and operates renewable energy parks, selling power mainly under long-term power purchase agreements (PPAs). Its 2025 annual report shows negative working capital of 35,443 thousand euros, explained by heavy investment in recent years, while management says recurring operating cash flows and refinancing cover its obligations.
At the close of 05 Nov 2026, ECOENER, S.A. (ENER.MC) stock was 3.22 EUR (−1.83% on the day), with market capitalisation 175.6 m EUR, P/E 32.2 on diluted EPS of 0.10 EUR over the last 12 months, dividend yield 0.21%, beta 0.22, 52-week range 3.22–5.24 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)
- 28.4
- oversold (≤ 30)
- Bollinger (20, 2)
- 3.20 – 3.50
- in the lower half of the band · %B 0.08 · band width 8.9%
- SMA 50 / 200
- 3.58 / 4.27
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.09 / -0.10
- 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 | −6.9% | +0.4% | −7.3 pp | — |
| 3 months | −21.3% | −3.3% | −18.0 pp | — |
| 6 months | −30.0% | +4.0% | −34.0 pp | — |
| Year to date | −35.9% | +8.1% | −44.0 pp | — |
| 1 year | −32.1% | +10.7% | −42.8 pp | +6.7% |
| 3 years | −0.3% | +50.1% | −50.4 pp | +31.5% |
| 5 years | −36.9% | +43.6% | −80.5 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 22.3, median 26.5, max 50.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 64.0 m | 81.7 m | 84.7 m |
| Revenue YoY | unavailable | +27.7% | +3.6% |
| Net income | 11.0 m | 9.7 m | 5.5 m |
| Net income YoY | unavailable | −11.8% | −43.9% |
| Diluted EPS | 0.19 | 0.17 | 0.10 |
| Diluted EPS YoY | unavailable | −10.5% | −41.2% |
| net % | 17.2% | 11.9% | 6.4% |
| Free cash flow | -112.4 m | -190.0 m | -81.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 76.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 143.3 m EUR
- Total assets
- 896.6 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.80x
- ROE
- 3.7%
- ROA
- 0.6%
- FCF margin
- -95.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 64.0 m | 81.7 m | 84.7 m | esef· 20 Oct 2026verified |
| Operating income | 18.7 m | 24.2 m | 21.7 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 13.7 m | 17.9 m | 20.5 m | esef· 20 Oct 2026verified |
| EBITDA | 32.4 m ≈ | 42.1 m ≈ | 42.2 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 11.3 m | 15.0 m | 18.8 m | esef· 20 Oct 2026verified |
| Pre-tax income | 9.8 m | 7.8 m | 5.0 m | esef· 20 Oct 2026verified |
| Income tax | -2.2 m | -4.3 m | -755.0 k | esef· 20 Oct 2026verified |
| Net income | 11.0 m | 9.7 m | 5.5 m | esef· 20 Oct 2026verified |
| Diluted EPS | 0.19 | 0.17 | 0.10 | esef· 20 Oct 2026verified |
| Dividend per share | 0.01 | 0.09 | 0.01 | 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 | 75.5 m | 71.4 m | 76.5 m | esef· 20 Oct 2026verified |
| Receivables | 16.3 m | 32.5 m | 43.9 m | esef· 20 Oct 2026verified |
| Inventories | 1.1 m | 0 | 4.8 m | esef· 20 Oct 2026verified |
| Current assets | 101.4 m | 116.0 m | 137.6 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 426.9 m | 635.2 m | 671.2 m | esef· 20 Oct 2026verified |
| Goodwill | 3.9 m | 3.9 m | 3.9 m | esef· 20 Oct 2026verified |
| Total assets | 580.2 m | 821.6 m | 896.6 m | esef· 20 Oct 2026verified |
| Accounts payable | 19.2 m | 29.0 m | 19.2 m | esef· 20 Oct 2026verified |
| Current liabilities | 76.4 m | 114.9 m | 173.0 m | esef· 20 Oct 2026verified |
| Equity | 137.7 m | 150.9 m | 143.3 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 57.9 m | 57.1 m | 54.5 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 11.9 m | -2.0 m | 5.8 m | esef· 20 Oct 2026verified |
| Capex | 124.3 m | 188.0 m | 86.9 m | esef· 20 Oct 2026verified |
| Free cash flow | -112.4 m ≈ | -190.0 m ≈ | -81.1 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -118.5 m | -191.5 m | -87.5 m | esef· 20 Oct 2026verified |
| Financing cash flow | 101.2 m | 188.0 m | 92.3 m | esef· 20 Oct 2026verified |
| Dividends paid | 375.0 k | 5.4 m | 375.0 k | esef· 20 Oct 2026verified |
| Share repurchases | 1.3 m | 757.0 k | 710.0 k | 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: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 175.6 m EUR
Key indicators
Coverage and freshness
Score by group
48% · 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: 1.52 – 2.17 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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/E1.52 – 2.17 (Mid 1.99)18 companies used · median multiple 19.9x · quartiles 15.2x – 21.7xACS.MC, ADX.MC, AEDAS.MC, AENA.MC, AMS.MC, ANA.MC, CAF.MC, CLEO.MC, CMO.MC, DESA.MC, DIA.MC, EAT.MC, EDR.MC, ELE.MC, ENO.MC, FAE.MC, FCC.MC, FDR.MC
- Dividend discount (DDM)outside the aggregate0.09 – 0.13 (Mid 0.11)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.4% | 51 (vs peers) | 13% |
| FCF conversion · Quality | -1,487.9% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.2x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 32.2x | 14 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -46.2% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.6% | 9 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality26/100 · 2/3 factors with a value
- Returns· partial9/100 · 1/2 factors with a value
- Valuation8/100 · 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
ECOENER, S.A. (ENER.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 84.7 m EUR in 2025; YoY growth 3.6%; net margin 6.4%; ROE 4.2%.
The estimated value range is 1.52–2.17 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.99 EUR, the price of 3.22 EUR leaves a potential of -38.3% (value / price − 1) and a margin of safety of -62.0% (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: 47.9% 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
- FCF conversion: -1,487.9%
- Interest coverage: 1.2x
- Current ratio: 0.8x
- P/E (TTM): 32.2x
- FCF yield: -46.2%
- Shareholder yield (distributions): 0.6%
- 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, 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 ENER.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 | 1.89 Total return -41% · Per year -41% | 3.34 Total return 4% · Per year 4% | 5.03 Total return 56% · Per year 56% |
| 3 years | 1.80 Total return -44% · Per year -17% | 3.58 Total return 12% · Per year 4% | 5.93 Total return 85% · Per year 23% |
| 5 years | 1.71 Total return -46% · Per year -12% | 3.84 Total return 21% · Per year 4% | 6.99 Total return 119% · Per year 17% |
- Exit P/E± 0.90
- Net margin± 0.63
- Annual revenue growth± 0.52
- Annual dilution± 0.05
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
ECOENER, S.A. is a Spanish energy group that develops, builds and operates renewable energy parks, selling power mainly under long-term power purchase agreements (PPAs). Its 2025 annual report shows negative working capital of 35,443 thousand euros, explained by heavy investment in recent years, while management says recurring operating cash flows and refinancing cover its obligations 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Liquidity and refinancinghigh
The 2026 maturities of MARF issues depend on renewing the programme; if investor demand falls, liquidity needs could become hard to cover.
- Negative working capitalmedium
The gap between current liabilities and current assets is explained by investment, but it requires close monitoring of cash flows.
- Climate risksmedium
Estimates of contract and asset terms include climate risks, and future events could change these assumptions.
- Dependence on PPA contractsmedium
Recurring revenues are largely tied to long-term contracts; any renegotiation or non-performance could affect cash flows.
- Project executionlow
Completing parks under construction depends on specific financing already signed and on keeping to schedules.
Investment thesis
What would need to be true (bull case)
- If recurring generation from PPA contracts holds, the group could cover ordinary debt repayments and renew the MARF issuance programme 1.
- If parks in completion enter operation on time, recurring cash flows could rise and ease pressure on working capital 1.
- If financial flexibility measures such as refinancing and asset rotation are applied successfully, the risk profile could become more balanced 1.
What would break the thesis
- If investor demand for MARF issues falls, renewing the 2026 maturities could become difficult and costly 1.
- If negative working capital persists without a rise in cash flows, liquidity pressure could build over the coming years 1.
- If climate events or other unforeseen factors change the estimates, reported results could be affected retrospectively 1.
What to watch
- Evolution of negative working capital and operating cash flows2026
- Renewal of MARF issues maturing in 20262026
- Commissioning of parks in the completion phase2026
- Results of refinancing and asset rotation measuresnext 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
The ECOENER group operates in renewable energy generation, with a structure of subsidiaries that include solar and wind parks in Spain, Poland, Italy and Colombia 1. The business model rests on generating energy and selling it to customers under long-term power purchase agreements, known as PPAs, which support recurring cash flows 1. Sustainability is presented as a fundamental principle of the business model and of how the group is managed 1.
Consolidation applies the full integration method to most subsidiaries, while one company is included under the equity method 1. The parent company funds part of its activity through monthly issues on the MARF fixed income market, with maturities between 1 and 24 months, a programme that is renewed periodically 1. The funding structure therefore depends on continued access to short-term capital markets.
Management describes financial flexibility measures that include managing the maturity profile, refinancing corporate debt, and asset rotation alongside cost efficiency 1. These measures are presented as options under analysis, not as decisions already taken.
Segments
Operating energy parks and PPAs
This is the group's main source of recurring revenue, based on parks already in operation and long-term power sale contracts 1. Management considers that this flow supports the ordinary repayment of debt at maturity 1.
Investment in parks under construction
The group also maintains the investment process for parks in the completion phase or with specific financing already signed 1. This capital flow largely explains the current level of negative working capital 1.
International operations
Subsidiaries in Colombia, Poland and Italy appear in the consolidation scope, with some excluded because their interest was considered insignificant 1. Their weight in total results is not detailed in the available extract.
Market context
The group operates in the renewable energy sector, where revenues depend on contracted prices and on installed capacity in operation 1. The capital market in which the group funds itself depends on investor appetite for commercial paper issued on MARF 1.
The reporting framework mentions climate change risks as a factor in estimates of lease terms and assets, indicating exposure to environmental conditions 1. These estimates may be revised if new future events arise 1.
Trends
- Long-term PPA contractstailwind
Long-term power sale contracts give visibility on revenues and support recurring operating cash flows 1. They could reduce revenue volatility if they remain at current levels.
- Reliance on short-term refinancingheadwind
Management considers the 2026 maturities of MARF issues renewable, but they remain dependent on investor demand 1. If that demand falls, liquidity pressure could increase.
- Heavy investment in new capacitymixed
Investment in recent years has increased capacity but produced negative working capital 1. The effect depends on when parks under construction enter operation.
- Climate risk in estimatesmixed
Management includes climate risks and mitigation measures in its estimates, but warns that new events may change them 1. The effect is mixed, between exposure and active management.
Competitive position
The available reporting extract does not explicitly name the group's competitors. The renewable energy producer market is nonetheless competitive, and prices and access to projects shape each player's position 1.
From the source's perspective, the group's differentiation rests on its portfolio of PPA contracts and its access to funding through MARF, rather than on a stated market position 1.
- Other Spanish renewable energy producers
Not named in the source; the group competes for projects and contracts in the same market.
- European wind and solar park developers
Compete for land, permits and power sale contracts; no data from the source.
- Integrated energy utilities
Can compete for supply contracts and for their own generation projects.
- Energy infrastructure funds
Compete for operating generation assets and for long-term financing.
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 / ECOENER, 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.