olivLaw · European equity research
IBERSOL, SGPS, S.A. IBS.LS
Portugal · Euronext Lisbon · ISIN PTIBS0AM0008 · Vertical: Listed companies from Portugal
IBERSOL SGPS is a Portuguese multibrand modern restaurant group operating restaurant, counter and concession segments across Portugal, Spain and Angola. With total turnover of 529.515 million euros and about 8 114 employees in fiscal 2025, the group is a case study in sustainability reporting, having carried out its first double materiality analysis under the ESRS.
At the close of 06 Nov 2026, IBERSOL, SGPS, S.A. (IBS.LS) stock was 10.48 EUR (−0.19% on the day), with dividend yield 6.68%, beta 0.28, 52-week range 9.02–12.38 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)
- 60.0
- strong (55–70)
- Bollinger (20, 2)
- 9.90 – 10.64
- in the upper half of the band · %B 0.78 · band width 7.2%
- SMA 50 / 200
- 10.14 / 10.54
- mixed trend
- MACD (12, 26, 9)
- 0.11 / 0.09
- 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 | +5.3% | −0.6% | +6.0 pp | — |
| 3 months | +7.7% | −4.2% | +11.9 pp | — |
| 6 months | −11.6% | +4.3% | −16.0 pp | — |
| Year to date | +5.9% | +7.5% | −1.7 pp | — |
| 1 year | +3.8% | +9.9% | −6.2 pp | −9.5% |
| 3 years | +57.8% | +49.8% | +8.0 pp | +11.3% |
| 5 years | +97.8% | +42.8% | +54.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 15.4 m | 13.8 m | 15.2 m |
| Net income YoY | unavailable | −10.3% | +9.8% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 119.9 m EUR
- Financial debt
- 20.4 m EUR
- Net debt
- -99.5 m EUR
- Equity
- 317.0 m EUR
- Total assets
- 689.4 m EUR
- Debt / equity
- 0.06x
- Current ratio
- 1.06x
- ROE
- 4.6%
- ROA
- 2.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 23.0 m | 23.5 m | 29.6 m | esef· 22 Oct 2026verified |
| Interest expense | 14.3 m | 16.7 m | 17.8 m | esef· 22 Oct 2026verified |
| Pre-tax income | 13.4 m | 11.8 m | 14.8 m | esef· 22 Oct 2026verified |
| Income tax | -1.2 m | 765.6 k | -377.3 k | esef· 22 Oct 2026verified |
| Net income | 15.4 m | 13.8 m | 15.2 m | esef· 22 Oct 2026verified |
| Dividend per share | — | 0.50 | 0.70 | esef· 22 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 188.5 m | 140.7 m | 119.9 m | esef· 22 Oct 2026verified |
| Inventories | 13.2 m | 15.4 m | 16.7 m | esef· 22 Oct 2026verified |
| Current assets | 234.9 m | 197.1 m | 163.5 m | esef· 22 Oct 2026verified |
| Property, plant & equipment, net | 130.7 m | 160.5 m | 168.3 m | esef· 22 Oct 2026verified |
| Goodwill | 54.4 m | 58.6 m | 58.6 m | esef· 22 Oct 2026verified |
| Intangibles (excl. goodwill) | 26.5 m | 40.9 m | 37.7 m | esef· 22 Oct 2026verified |
| Total assets | 712.4 m | 761.3 m | 689.4 m | esef· 22 Oct 2026verified |
| Long-term debt | 12.7 m | 13.2 m | 20.4 m | esef· 22 Oct 2026verified |
| Current liabilities | 148.8 m | 186.3 m | 153.9 m | esef· 22 Oct 2026verified |
| Total liabilities | 357.5 m | 418.7 m | 372.4 m | esef· 22 Oct 2026verified |
| Equity | 354.9 m | 342.6 m | 317.0 m | esef· 22 Oct 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Capex | 30.6 m | 39.3 m | 33.0 m | esef· 22 Oct 2026verified |
| Investing cash flow | -6.2 m | -46.1 m | -26.5 m | esef· 22 Oct 2026verified |
| Financing cash flow | -112.4 m | -86.6 m | -120.9 m | esef· 22 Oct 2026verified |
| Dividends paid | 29.7 m | 20.8 m | 28.5 m | esef· 22 Oct 2026verified |
| Share repurchases | 3.2 m | 5.2 m | 10.7 m | esef· 22 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: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
21% · 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: 9.52 – 12.98 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/Eunavailable · input data missing
- Dividend discount (DDM)9.52 – 12.98 (Mid 10.98)
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: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.5% | 57 (vs peers) | 50% |
| 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 | 1.7x | 3 (on a fixed band) | 30% |
| Current ratio · Balance sheet | 1.1x | 22 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| 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 sheet10/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial57/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 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
IBERSOL, SGPS S.A. (IBS.LS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 4.6%.
The estimated value range is 9.52–12.98 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 10.98 EUR, the price of 10.48 EUR leaves a potential of 4.8% (value / price − 1) and a margin of safety of 4.6% (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: 20.8% 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
- Interest coverage: 1.7x
- Current ratio: 1.1x
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, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Portugal · same country · compared with 10 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| JMT.LSJerónimo Martins Sgps SA | 12.1 bn | 18.8 | 20.5% | 1.8% | +7.6% | −5% / −15% |
| NVG.LSThe Navigator Company, S.A. | 2.2 bn | 15.0 | 10.5% | 7.3% | −5.7% | +0% / −19% |
| SEM.LSSemapa - Sociedade De Investimento E Gestão, Sgps, S.A. | 1.6 bn | 10.2 | 9.3% | 7.4% | −1.6% | +18% / +47% |
| EGL.LSMota - Engil, Sgps S.A. | 1.4 bn | 10.3 | 44.7% | 2.5% | −10.9% | −5% / +22% |
| COR.LSCorticeira Amorim, Sgps, S.A. | 890.7 m | 16.0 | 6.6% | 6.5% | −8.3% | −0% / −26% |
| CTT.LSCtt - Correios De Portugal S.A. | 603.4 m | 11.9 | 20.1% | 4.5% | +16.9% | −36% / +27% |
| NBA.LSNovabase - Sociedade Gestora De Participações Sociais S.A. | 261.1 m | 51.0 | 8.8% | 4.4% | −7.2% | −19% / +35% |
| TDSA.LSTeixeira Duarte, S.A. | 171.8 m | 3.4 | 34.1% | 7.1% | −8.9% | −39% / +480% |
| ESON.LSEstoril-Sol, SGPS S.A. | 32.4 m | — | -25.2% | -20.3% | −2.4% | −30% / −63% |
| RAM.LSRamada Investimentos E Indústria, S.A. | — | — | 8.1% | 85.9% | +0.6% | −14% / +1% |
1- and 3-year price returns: for IBS.LS 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
IBERSOL SGPS is a Portuguese multibrand modern restaurant group operating restaurant, counter and concession segments across Portugal, Spain and Angola. With total turnover of 529.515 million euros and about 8 114 employees in fiscal 2025, the group is a case study in sustainability reporting, having carried out its first double materiality analysis under the ESRS.
SWOT
Strengths
- The multibrand and multi-segment model reduces dependence on a single brand or channel.
- Established presence in Portugal with good territorial coverage, as described by the company.
- Structured double materiality analysis process, validated by external consultants.
Weaknesses
- Metrics and targets for sustainability actions are not yet fully defined.
- Dependence on upstream and downstream value chain data, which is hard to obtain.
- Integrated sustainability information system still under development.
Opportunities
- Integrating sustainability objectives into the remuneration model in the medium term.
- Using the double materiality analysis to guide risk management priorities.
- Strengthening relations with customers and suppliers through existing channels.
Threats
- Material risks spread across the value chain could affect suppliers and operations.
- Growing sustainability reporting requirements could raise administrative costs.
- Changes in consumption habits could require rapid adjustments to the offer.
Risks
- Value chain informationmedium
Availability of upstream and downstream information could limit the quality of sustainability reporting 1.
- Accuracy of estimatesmedium
Estimates obtained by extrapolating real samples may not precisely reflect impacts 1.
- Effectiveness of due diligence actionshigh
The company acknowledges it has not yet defined complete metrics to assess the effectiveness of actions on negative impacts 1.
- Complexity of data collectionmedium
The complexity and slowness of obtaining data could delay the production of reporting 1.
- Material impacts in the chainmedium
Most material impacts sit in the company's own operations, but risks are spread across the whole value chain 1.
Investment thesis
What would need to be true (bull case)
- If the group implements sustainability metrics and targets, it could more clearly demonstrate the effectiveness of its due diligence process.
- Diversification across segments and brands may cushion shocks in any single channel or market.
- Integrating the materiality analysis into risk management could improve decision-making.
What would break the thesis
- Without complete metrics, it is hard to tell whether the planned actions deliver the expected results.
- Dependence on data outside the company may create uncertainty in reporting and estimates.
- If the value chain suffers disruption, costs and operational continuity could be affected.
What to watch
- Definition of metrics and targets for sustainability policiesnext annual report
- Implementation of the integrated sustainability information system2027
- Integration of double materiality into the risk management processnext annual report
- Evolution of turnover by segment2026
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 its fiscal 2025 annual report 1, the IBERSOL Group operates in multibrand modern restaurants, with franchised and own brands and franchise or concession agreements. The business model rests on quality products, a diversified offer, food safety and good territorial coverage in Portugal.
The group divides its activity into three main segments: Restaurants, Counters, and Concessions, Travel and Catering, plus a residual Other line 1. The value chain includes primary producers, food and non-food suppliers, logistics operators, eat-in, take-away and delivery channels, and waste management and food surplus recovery operators 1.
The main stakeholders identified by the company are customers, the suppliers with the greatest commercial involvement and employees 1. Their views are captured through surveys, mystery customer audits, regular supplier meetings and employee opinion surveys 1.
Segments
Counters
The Counters segment was the group's largest in fiscal 2025, with turnover of 221.475 million euros 1.
Concessions, Travel and Catering
This segment generated 191.715 million euros of turnover in 2025, covering concessions, travel and catering 1.
Restaurants
The Restaurants segment recorded turnover of 115.035 million euros in fiscal 2025 1.
Market context
The group operates in Portugal, Spain and Angola, with the largest concentration of employees in Portugal 1. The company describes the restaurant market in these countries through market studies on consumption dynamics and trends 1.
The presence in Angola, with a smaller team, reflects a diversified geographic exposure that the company monitors through its risk management process by relevant business unit 1. The available information does not allow the precise weight of each market in turnover to be quantified.
Trends
- Sustainability and ESRS reportingmixed
The company carried out its first double materiality analysis under the ESRS for fiscal 2024 and plans to integrate it into the group's risk management process 1. This could raise reporting demands, but could also improve visibility on impacts and risks.
- Consumption and customer experiencemixed
The group tracks consumption trends through market studies and mystery customer audits, suggesting that changing consumer habits is a relevant variable for the business 1.
- Supplier relations and the value chainheadwind
Material risks are spread across the value chain, and the company identifies the availability of upstream and downstream information as a reporting risk 1. More demanding chain management could put pressure on costs or timelines.
- Integrated information systemstailwind
The company plans to develop an integrated sustainability information system to mitigate the complexity and slowness of data collection 1. If implemented, it could improve reporting quality.
Competitive position
The annual report analysed does not name direct competitors, so the competitive position cannot be assessed on this source alone 1. Diversification across franchised and own brands and across segments is presented as a differentiating factor 1.
Territorial coverage in Portugal and the combination of eat-in, take-away and delivery channels are presented as elements of the business model, but comparison with other operators would require additional sources 1.
- Local competition not named in the source
The source does not name competitors; analysis would require further sources.
- Delivery operators and aggregators
The report mentions aggregators and delivery platforms as part of the value chain, not as identified competitors.
- Concession and catering operators
The concessions segment operates in a competitive environment, but the source does not name rivals.
- Food surplus recovery operators
Waste management and food surplus recovery partners are part of the chain, not competitors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202522 Oct 2026
- Annual report 202422 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / IBERSOL, SGPS, 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.