olivLaw · European equity research
Gestamp Automoción, S.A. GEST.MC
Spain · BME Madrid · ISIN ES0105223004 · Vertical: Listed companies from Spain
Gestamp Automoción designs, develops and manufactures high-engineering components for the automotive industry, with consolidated net property, plant and equipment of about 5,082,701 thousand EUR at 31 December 2025. The group is adjusting its capacity investments and its electric-vehicle programmes, where it recorded an impairment of 52,150 thousand EUR in 2025.
At the close of 05 Nov 2026, Gestamp Automoción, S.A. (GEST.MC) stock was 2.74 EUR (−7.91% on the day), with market capitalisation 1.5 bn EUR, P/E 10.1 on diluted EPS of 0.27 EUR over the last 12 months, dividend yield 7.21%, beta 0.84, 52-week range 2.74–3.44 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)
- 40.1
- weak (30–45)
- Bollinger (20, 2)
- 2.77 – 3.00
- below the lower band · %B -0.14 · band width 8.0%
- SMA 50 / 200
- 2.94 / 3.04
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.03
- MACD below 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 | −9.0% | −0.6% | −8.3 pp | — |
| 3 months | −8.8% | −4.2% | −4.7 pp | — |
| 6 months | −19.2% | +4.3% | −23.5 pp | — |
| Year to date | −10.1% | +7.5% | −17.6 pp | — |
| 1 year | −7.5% | +9.9% | −17.4 pp | +6.7% |
| 3 years | −24.7% | +49.8% | −74.6 pp | +31.5% |
| 5 years | −31.8% | +42.8% | −74.6 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 7.2, median 7.5, max 11.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 12.3 bn | 12.0 bn | 11.3 bn |
| Revenue YoY | unavailable | −2.2% | −5.4% |
| Net income | 280.7 m | 188.5 m | 152.2 m |
| Net income YoY | unavailable | −32.8% | −19.2% |
| Diluted EPS | 0.49 | 0.33 | 0.27 |
| Diluted EPS YoY | unavailable | −32.7% | −18.2% |
| net % | 2.3% | 1.6% | 1.3% |
| Free cash flow | 341.3 m | 226.5 m | 322.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.1 bn EUR
- Financial debt
- 2.2 bn EUR
- Net debt
- 1.1 bn EUR
- Equity
- 3.1 bn EUR
- Total assets
- 10.0 bn EUR
- Debt / equity
- 0.69x
- Current ratio
- 1.02x
- ROE
- 5.0%
- ROA
- 1.5%
- FCF margin
- 2.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 12.3 bn | 12.0 bn | 11.3 bn | esef· 20 Oct 2026verified |
| Operating income | 680.4 m | 582.1 m | 546.4 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 690.8 m | 711.9 m | 760.9 m | esef· 20 Oct 2026verified |
| EBITDA | 1.4 bn ≈ | 1.3 bn ≈ | 1.3 bn ≈ | esef· 20 Oct 2026derived |
| Interest expense | 232.6 m | 224.1 m | 231.7 m | esef· 20 Oct 2026verified |
| Pre-tax income | 414.2 m | 369.7 m | 313.1 m | esef· 20 Oct 2026verified |
| Income tax | 94.1 m | 85.0 m | 65.7 m | esef· 20 Oct 2026verified |
| Net income | 280.7 m | 188.5 m | 152.2 m | esef· 20 Oct 2026verified |
| Diluted EPS | 0.49 | 0.33 | 0.27 | esef· 20 Oct 2026verified |
| Dividend per share | 0.17 | 27.49 | 0.20 | 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 | 1.2 bn | 1.2 bn | 1.1 bn | esef· 20 Oct 2026verified |
| Inventories | — | 584.6 m | 542.6 m | esef· 20 Oct 2026verified |
| Current assets | 3.8 bn | 4.1 bn | 3.7 bn | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | — | 5.2 bn | 5.1 bn | esef· 20 Oct 2026verified |
| Goodwill | 145.2 m | 142.6 m | 142.5 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | — | 433.2 m | 433.1 m | esef· 20 Oct 2026verified |
| Total assets | 9.9 bn | 10.5 bn | 10.0 bn | esef· 20 Oct 2026verified |
| Accounts payable | 2.4 bn | 2.6 bn | 2.4 bn | esef· 20 Oct 2026verified |
| Long-term debt | — | 2.2 bn | 2.2 bn | esef· 20 Oct 2026verified |
| Current liabilities | 3.6 bn | 4.1 bn | 3.6 bn | esef· 20 Oct 2026verified |
| Total liabilities | 7.1 bn | 7.5 bn | 6.9 bn | esef· 20 Oct 2026verified |
| Equity | 2.9 bn | 3.0 bn | 3.1 bn | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 572.8 m | 571.2 m | 563.7 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.2 bn | 1.1 bn | 1.2 bn | esef· 20 Oct 2026verified |
| Capex | 821.8 m | 845.4 m | 873.0 m | esef· 20 Oct 2026verified |
| Free cash flow | 341.3 m ≈ | 226.5 m ≈ | 322.1 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -924.2 m | -1.0 bn | -949.4 m | esef· 20 Oct 2026verified |
| Financing cash flow | -726.9 m | -70.8 m | -245.6 m | esef· 20 Oct 2026verified |
| Dividends paid | 97.7 m | 127.5 m | 111.2 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: 71 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.5 bn EUR
Key indicators
Coverage and freshness
Score by group
- Quality42
- Returns100
- Balance sheet53
- Valuation97
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: 2.68 – 30.37 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)12.85 – 30.37 (Mid 18.20)WACC 5.8% · starting FCFF 505.2 m EUR · terminal value share of EV 83%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E4.10 – 6.14 (Mid 5.37)18 companies used · median multiple 19.9x · quartiles 15.2x – 22.7xACS.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, ENER.MC, ENO.MC, FAE.MC, FCC.MC
- Dividend discount (DDM)2.68 – 3.66 (Mid 3.10)
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
Neutral profile · Score 71/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.5% | 14 (vs peers) | 13% |
| Net margin · Quality | 1.3% | 30 (vs peers) | 8% |
| FCF conversion · Quality | 211.6% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.8x | 91 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 2.4x | 13 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.0x | 18 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 10.1x | 91 (vs peers) | 13% |
| EV/EBITDA · Valuation | 2.0x | 100 (on a fixed band) | 13% |
| FCF yield · Valuation | 20.9% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 7.2% | 100 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 34.5% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet53/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality42/100 · 3/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation97/100 · 3/3 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
GESTAMP AUTOMOCION SA (GEST.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 11.3 bn EUR in 2025; YoY growth -5.4%; net margin 1.3%; ROE 6.8%; net debt/EBITDA 0.8x.
The estimated value range is 4.10–6.14 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 5.37 EUR, the price of 2.73 EUR leaves a potential of 96.2% (value / price − 1) and a margin of safety of 49.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 71/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 211.6%
- Net debt / EBITDA: 0.8x
- P/E (TTM): 10.1x
- EV/EBITDA: 2.0x
- FCF yield: 20.9%
- Shareholder yield (distributions): 7.2%
- Payout ratio (FCF): 34.5%
- The price is below the estimated value range
What contradicts it
- ROIC: 10.5%
- Net margin: 1.3%
- Interest coverage: 2.4x
- Current ratio: 1.0x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y.
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% |
| 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% |
| GEST.MCGestamp Automocion SA | 1.5 bn | 10.1 | 6.8% | 1.3% | −5.4% | −8% / −22% |
| 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 GEST.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 | 1.46 Total return -41% · Per year -41% | 2.60 Total return 2% · Per year 2% | 3.93 Total return 52% · Per year 52% |
| 3 years | 1.16 Total return -44% · Per year -17% | 2.34 Total return 5% · Per year 2% | 3.93 Total return 69% · Per year 19% |
| 5 years | 0.92 Total return -46% · Per year -11% | 2.12 Total return 8% · Per year 2% | 3.93 Total return 85% · Per year 13% |
- Exit P/E± 0.59
- Net margin± 0.41
- Annual revenue growth± 0.37
- Annual dilution± 0.03
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
Gestamp Automoción designs, develops and manufactures high-engineering components for the automotive industry, with consolidated net property, plant and equipment of about 5,082,701 thousand EUR at 31 December 2025 1. The group is adjusting its capacity investments and its electric-vehicle programmes, where it recorded an impairment of 52,150 thousand EUR in 2025 1.
SWOT
Strengths
- Extensive industrial presence across several regions, with large productive assets and integration into metal recovery.
- Impairment tests show recoverable values above book values in the main cash-generating units.
- Close relationship with OEM customers, described by the company as a trusted partnership.
Weaknesses
- Exposure to asset impairment linked to cancelled electric-vehicle projects.
- Sensitivity to discount rates and EBITDA margins in impairment analyses.
- The heavy base of fixed assets may limit flexibility during periods of lower volumes.
Opportunities
- Higher productive capacity could support new volumes if customer programmes materialise.
- Circular economy and metal recovery through Gescrap could become an additional source of value.
- Alignment with customers' climate objectives may open new contracts.
Threats
- The risk that electric-vehicle projects are postponed or cancelled again.
- Economic and monetary instability in countries with high inflation, such as Argentina and Turkey.
- Rising compliance costs linked to ESG requirements and sustainability reporting.
Risks
- Asset impairmentmedium
The cancellation of electric-vehicle projects led to impairments, and further changes in programmes could produce similar losses.
- Sensitivity to valuation assumptionsmedium
A higher discount rate or a lower EBITDA margin could reduce the headroom between recoverable and book value.
- ESG risks tied to locationmedium
The location of plants and the complexity of the supply chain may expose the group to environmental and social risks.
- Inflation and monetary adjustmentslow
The application of IAS 29 in Argentina and Turkey affects reported asset values and could create volatility.
- Dependence on OEM customershigh
Concentration on a few large automakers could quickly transmit volume shocks to Gestamp.
Investment thesis
What would need to be true (bull case)
- Large productive assets and capacity investments could support revenue growth if OEM demand recovers.
- Impairment tests show recoverable values above book values, suggesting a safety margin.
- Integration of Gescrap could add metal-recovery revenue and reduce reliance on a single revenue stream.
What would break the thesis
- The cancellation of electric-vehicle projects shows that customer programmes can be volatile and generate impairments.
- The sensitivity of impairment analyses to discount rates and margins could quickly reduce the safety margin.
- Exposure to economies with high inflation could weigh on profitability and asset values in certain countries.
What to watch
- Evolution of electric-vehicle projects and any new impairments2026
- Gescrap results and its contribution to revenue2026
- Effect of inflation adjustments in Argentina and TurkeyAnnual report 2026
- Implementation of the ESG Plan 26-30 and compliance costs2027
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
Gestamp designs, develops and manufactures components for the automotive industry, and its own activity is complemented by the Sideacero subgroup (Gescrap), which is dedicated to the recovery of metal waste 1. The group describes its role toward OEM customers as a trusted partner offering innovative solutions 1. Net property, plant and equipment was mainly directed to plants and production lines intended to increase capacity 1.
Net property, plant and equipment at 31 December 2025 stood at 5,082,701 thousand EUR, compared with 5,173,203 thousand EUR at the end of 2024, while gross cost reached 11,408,349 thousand EUR 1. The difference between the two years reflects depreciation, exchange rates and inflation adjustments in Argentina and Turkey 1.
The group also reports an ESG risk process linked to the location of its plants and the complexity of the automotive supply chain 1. The ESG Plan 23-25 is followed by the 26-30 plan 1.
Segments
Western Europe
The segment includes plants in Spain, Germany, France, Portugal and the United Kingdom, with net property, plant and equipment of 1,508,498 thousand EUR at 31 December 2025 1.
Eastern Europe
The segment includes Poland, Turkey, Romania and the Czech Republic, with net property, plant and equipment of 952,564 thousand EUR at 31 December 2025 1.
North America
In the United States and Mexico, net property, plant and equipment was 1,461,090 thousand EUR at 31 December 2025, lower than the previous year 1.
Market context
The automotive component market depends on OEM volumes and on the transition to electric vehicles, and Gestamp's impairment tests show recoverable values above book values in the main cash-generating units 1. Discount rates applied in 2025 range between 10.1% and 27.6% depending on the segment 1.
The sensitivity analysis shows that a 0.5 point rise in the discount rate or a 1.0 point fall in the EBITDA margin could reduce the safety margin, although the company still reports headroom between recoverable and book value 1.
Trends
- Cancelled electric-vehicle projectsheadwind
The cancellation of projects linked to electric vehicles led to asset impairment, showing exposure to changes in customer programmes 1.
- Investment in production capacitytailwind
Investments in plants and production lines intended to increase capacity could support future volumes if demand materialises 1.
- ESG regulation and sustainability reportingmixed
CSRD and EU Taxonomy requirements mandate detailed reporting, raising compliance costs but possibly favouring companies with robust systems 1.
- Inflation and exchange rates in volatile economiesmixed
Inflation adjustments applied in Argentina and Turkey affect asset values, and the final effect depends on the evolution of local currencies 1.
Competitive position
The source provided does not identify Gestamp's direct competitors, so the competitive analysis is limited to data in the annual report 1.
Reported advantages include a geographically diversified footprint across several continents and the integration of metal-scrap recovery through Gescrap 1.
- Not identified in source
The source does not name competitors, so no verifiable list can be drawn from the documents provided.
News & filings
In the press
- Gestamp sees India joining its top five markets – reportYahoo Finance — News · 17 Sept 2026 · EN
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 / Gestamp Automoción, 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.