olivLaw · European equity research
Inmocemento S.A. IMC.MC
Spain · BME Madrid · ISIN ES0105836003 · Vertical: Listed companies from Spain
At the close of 05 Nov 2026, Inmocemento S.A. (IMC.MC) stock was 3.60 EUR (−1.91% on the day), with market capitalisation 1.6 bn EUR, P/E 4.7 on diluted EPS of 0.76 EUR over the last 12 months, dividend yield 0.31%, beta 0.37, 52-week range 3.38–4.12 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 45.7
- neutral
- Bollinger (20, 2)
- 3.53 – 3.72
- in the lower half of the band · %B 0.35 · band width 5.3%
- SMA 50 / 200
- 3.72 / 3.81
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.04
- 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 | −3.0% | −0.6% | −2.3 pp | — |
| 3 months | −5.3% | −4.2% | −1.1 pp | — |
| 6 months | −1.1% | +4.3% | −5.4 pp | — |
| Year to date | +0.3% | +7.5% | −7.2 pp | — |
| 1 year | +4.7% | +9.9% | −5.3 pp | +6.7% |
| 3 years | unavailable | +49.8% | unavailable | +31.5% |
| 5 years | unavailable | +42.8% | 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.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 1.4, median 3.0, max 4.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 867.7 m | 943.9 m | 967.0 m |
| Revenue YoY | unavailable | +8.8% | +2.4% |
| Net income | 225.2 m | 151.6 m | 346.6 m |
| Net income YoY | unavailable | −32.7% | +128.6% |
| Diluted EPS | 1,876.97 | 2.22 | 0.76 |
| Diluted EPS YoY | unavailable | −99.9% | −65.8% |
| net % | 26.0% | 16.1% | 35.8% |
| Free cash flow | 236.4 m | 285.2 m | 289.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 256.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 3.3 bn EUR
- Total assets
- 4.7 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 2.35x
- ROE
- 11.2%
- ROA
- 7.4%
- FCF margin
- 29.9%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 867.7 m | 943.9 m | 967.0 m | esef· 20 Oct 2026verified |
| Operating income | 184.9 m | 282.7 m | 307.6 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 34.8 m | 34.7 m | 34.4 m | esef· 20 Oct 2026verified |
| EBITDA | 219.7 m ≈ | 317.4 m ≈ | 342.0 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 37.0 m | 48.4 m | 31.5 m | esef· 20 Oct 2026verified |
| Pre-tax income | 284.3 m | 233.3 m | 420.4 m | esef· 20 Oct 2026verified |
| Income tax | 16.1 m | 56.5 m | 34.4 m | esef· 20 Oct 2026verified |
| Net income | 225.2 m | 151.6 m | 346.6 m | esef· 20 Oct 2026verified |
| Diluted EPS | 1,876.97 | 2.22 | 0.76 | esef· 20 Oct 2026verified |
| Dividend per share | 187.57 | 0.25 | 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 | 66.2 m | 136.3 m | 256.7 m | esef· 20 Oct 2026verified |
| Current assets | 1.1 bn | 1.2 bn | 1.4 bn | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 478.0 m | 495.9 m | 510.8 m | esef· 20 Oct 2026verified |
| Goodwill | 147.4 m | 147.4 m | 147.4 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 1.6 m | 1.5 m | 2.0 m | esef· 20 Oct 2026verified |
| Total assets | 4.5 bn | 4.6 bn | 4.7 bn | esef· 20 Oct 2026verified |
| Current liabilities | 638.1 m | 930.8 m | 582.1 m | esef· 20 Oct 2026verified |
| Equity | 2.7 bn | 2.9 bn | 3.3 bn | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 120.0 k | 68.3 m | 456.0 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 280.2 m | 336.6 m | 335.7 m | esef· 20 Oct 2026verified |
| Capex | 43.8 m | 51.3 m | 46.8 m | esef· 20 Oct 2026verified |
| Free cash flow | 236.4 m ≈ | 285.2 m ≈ | 289.0 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -182.0 m | -49.3 m | 145.3 m | esef· 20 Oct 2026verified |
| Financing cash flow | -87.9 m | -218.1 m | -358.7 m | esef· 20 Oct 2026verified |
| Dividends paid | 22.5 m | 17.2 m | 5.1 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 weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.6 bn EUR
Key indicators
Coverage and freshness
Score by group
52% · 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: 11.54 – 17.28 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/E11.54 – 17.28 (Mid 15.11)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)outside the aggregate0.15 – 0.21 (Mid 0.18)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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 35.8% | 97 (vs peers) | 12% |
| FCF conversion · Quality | 83.4% | 76 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 9.8x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 4.7x | 95 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 17.6% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 0.3% | 4 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 1.8% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality87/100 · 2/3 factors with a value
- Returns43/100 · 2/2 factors with a value
- Valuation97/100 · 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
INMOCEMENTO S.A. (IMC.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 967.0 m EUR in 2025; YoY growth 2.4%; net margin 35.8%; ROE 14.4%.
The estimated value range is 11.54–17.28 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 15.11 EUR, the price of 3.60 EUR leaves a potential of 319.7% (value / price − 1) and a margin of safety of 76.2% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 35.8%
- FCF conversion: 83.4%
- Interest coverage: 9.8x
- Current ratio: 2.3x
- P/E (TTM): 4.7x
- FCF yield: 17.6%
- Payout ratio (FCF): 1.8%
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 0.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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% |
| IMC.MCInmocemento S.A. | 1.6 bn | 4.7 | 14.4% | 35.8% | +2.4% | +3% / unavailable |
| 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 IMC.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 | 2.08 Total return -42% · Per year -42% | 3.69 Total return 3% · Per year 3% | 5.56 Total return 55% · Per year 55% |
| 3 years | 1.94 Total return -45% · Per year -18% | 3.87 Total return 8% · Per year 3% | 6.42 Total return 80% · Per year 22% |
| 5 years | 1.81 Total return -49% · Per year -13% | 4.06 Total return 14% · Per year 3% | 7.41 Total return 108% · Per year 16% |
- Exit P/E± 0.97
- Net margin± 0.68
- Annual revenue growth± 0.57
- Annual dilution± 0.06
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
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
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.