olivLaw · European equity research
LINGOTES ESPECIALES, S.A. LGT.MC
Spain · BME Madrid · ISIN ES0158480311 · Vertical: Listed companies from Spain
Lingotes Especiales is a Spanish company producing cast and machined metal parts, organised around a foundry activity and a mechanical machining activity, each treated as a separate cash-generating unit. Its annual report for fiscal 2025 shows how it accounts for intangible assets, leases and financial instruments, which is useful for judging the discipline of its accounting.
At the close of 05 Nov 2026, LINGOTES ESPECIALES, S.A. (LGT.MC) stock was 5.42 EUR (+0.00% on the day), with market capitalisation 55.6 m EUR, dividend yield 0.00%, beta 0.20, 52-week range 4.86–6.26 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)
- 43.1
- weak (30–45)
- Bollinger (20, 2)
- 5.34 – 5.54
- in the lower half of the band · %B 0.41 · band width 3.7%
- SMA 50 / 200
- 5.66 / 5.48
- mixed trend
- MACD (12, 26, 9)
- -0.05 / -0.07
- 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 | −0.4% | −0.6% | +0.3 pp | — |
| 3 months | −4.2% | −4.2% | −0.1 pp | — |
| 6 months | −0.7% | +4.3% | −5.1 pp | — |
| Year to date | +11.5% | +7.5% | +4.0 pp | — |
| 1 year | −1.5% | +9.9% | −11.4 pp | +6.7% |
| 3 years | −17.6% | +49.8% | −67.5 pp | +31.5% |
| 5 years | −54.8% | +42.8% | −97.7 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 96.8 m | 87.1 m | 79.5 m |
| Revenue YoY | unavailable | −10.0% | −8.7% |
| Net income | 3.2 m | 1.9 m | -246.1 k |
| Net income YoY | unavailable | −42.1% | −113.2% |
| Diluted EPS | 0.32 | 0.19 | -0.02 |
| Diluted EPS YoY | unavailable | −42.1% | −112.8% |
| net % | 3.3% | 2.1% | -0.3% |
| Free cash flow | 9.5 m | -7.6 m | 104.6 k |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 43.7 m EUR
- Total assets
- 105.1 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.01x
- ROE
- -0.6%
- ROA
- -0.2%
- FCF margin
- 0.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 96.8 m | 87.1 m | 79.5 m | esef· 20 Oct 2026verified |
| Operating income | 4.9 m | 3.2 m | 373.2 k | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 5.8 m | 6.6 m | 6.6 m | esef· 20 Oct 2026verified |
| EBITDA | 10.7 m ≈ | 9.7 m ≈ | 7.0 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 647.3 k | 977.3 k | 1.1 m | esef· 20 Oct 2026verified |
| Pre-tax income | 4.2 m | 2.3 m | -617.6 k | esef· 20 Oct 2026verified |
| Income tax | 1.0 m | 402.5 k | -371.6 k | esef· 20 Oct 2026verified |
| Net income | 3.2 m | 1.9 m | -246.1 k | esef· 20 Oct 2026verified |
| Diluted EPS | 0.32 | 0.19 | -0.02 | esef· 20 Oct 2026verified |
| Dividend per share | 0.40 | 0.40 | 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 | 13.5 m | 7.8 m | 1.9 m | esef· 20 Oct 2026verified |
| Receivables | 13.8 m | 16.0 m | 13.4 m | esef· 20 Oct 2026verified |
| Inventories | 7.9 m | 10.1 m | 11.0 m | esef· 20 Oct 2026verified |
| Current assets | 35.5 m | 34.1 m | 35.7 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 60.9 m | 64.2 m | 65.8 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 2.0 m | 2.7 m | 2.8 m | esef· 20 Oct 2026verified |
| Total assets | 98.8 m | 101.4 m | 105.1 m | esef· 20 Oct 2026verified |
| Accounts payable | 23.5 m | 21.1 m | 22.4 m | esef· 20 Oct 2026verified |
| Current liabilities | 31.0 m | 30.4 m | 35.3 m | esef· 20 Oct 2026verified |
| Equity | 46.0 m | 43.9 m | 43.7 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 10.0 m | 10.0 m | 10.3 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 18.4 m | 1.3 m | 8.5 m | esef· 20 Oct 2026verified |
| Capex | 9.0 m | 8.9 m | 8.4 m | esef· 20 Oct 2026verified |
| Free cash flow | 9.5 m ≈ | -7.6 m ≈ | 104.6 k ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -9.4 m | -9.4 m | -17.6 m | esef· 20 Oct 2026verified |
| Financing cash flow | -1.8 m | 2.5 m | 3.2 m | esef· 20 Oct 2026verified |
| Dividends paid | 4.0 m | 4.0 m | 0 | 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: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 55.6 m EUR
Key indicators
Coverage and freshness
Score by group
35% · 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 · 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/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: score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -0.3% | 16 (vs peers) | 18% |
| 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 | 0.3x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.0x | 18 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.2% | 2 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 12% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet7/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial16/100 · 1/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation· partial2/100 · 1/3 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
LINGOTES ESPECIALES, S.A. (LGT.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 79.5 m EUR in 2025; YoY growth -8.7%; net margin -0.3%; ROE -0.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 35.4% 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
- Payout ratio (FCF): 0.0%
What contradicts it
- Net margin: -0.3%
- Interest coverage: 0.3x
- Current ratio: 1.0x
- FCF yield: 0.2%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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% |
| 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% |
| LGT.MCLingotes Especiales, S.A. | 55.6 m | — | -0.6% | -0.3% | −8.7% | +0% / −16% |
| 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 LGT.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Lingotes Especiales is a Spanish company producing cast and machined metal parts, organised around a foundry activity and a mechanical machining activity, each treated as a separate cash-generating unit. Its annual report for fiscal 2025 shows how it accounts for intangible assets, leases and financial instruments, which is useful for judging the discipline of its accounting.
SWOT
Strengths
- A structure built on two cash-generating units, foundry and machining, gives a clear picture of the activity and of impairment testing.
- Prudent accounting policies, with explicit criteria for capitalising development and for amortisation, support transparency.
- Long-term production contracts with industrial customers, reflected in the capitalised costs, suggest stable commercial relationships.
Weaknesses
- Dependence on a few large customer projects could make revenue sensitive to changes in orders.
- Capitalisation of development costs is restricted, which could weigh on results in years of heavy investment.
- The documents include no data on market share, margins or revenue by customer, which limits assessment of competitive position.
Opportunities
- Investment in new production technologies could improve efficiency and lower unit costs.
- The land held could be used through rental or sale depending on how its value develops.
- Extending machining activity to new industrial projects could diversify the customer base.
Threats
- A fall in orders from major customers could quickly reduce activity and the recovery of capitalised costs.
- Changes in financing costs could alter the financial charge, especially if financial expenses are no longer capitalised.
- Possible impairments of the foundry or machining units could reduce results in difficult periods.
Risks
- Customer concentrationhigh
If revenue depends on a few projects, losing one customer could materially affect activity and the value of capitalised costs.
- Asset impairmentmedium
The cash-generating units are tested for impairment; if recoverable amount falls, losses could be recognised in earnings.
- Development cost capitalisationmedium
Strict capitalisation criteria could mean some costs are recognised directly in profit or loss.
- Financing costsmedium
The shift from capitalising financial costs in 2024 to none in 2025 shows sensitivity to financing conditions.
- Lack of comparative datalow
The documents include no information on margins, market share or outlook, so the assessment stays incomplete without further sources.
Investment thesis
What would need to be true (bull case)
- If the technology projects in production deliver, the group could gain higher efficiency and consolidate long-term contracts.
- The land held could provide an additional source of value if its development is favourable.
- Prudent accounting policies could support confidence in the quality of the reporting.
What would break the thesis
- If a major customer reduces orders, revenue and the recovery of capitalised costs could be affected.
- An unfavourable impairment test could produce losses that show up in reported earnings.
- The lack of information on market share and margins could make it hard to judge the group's position correctly.
What to watch
- Result of impairment tests for foundry and machining units2026
- Cost of financing and whether financial costs are capitalised again2026
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 Lingotes Especiales, S.A. group and its subsidiaries carry on foundry activity, meaning casting of metal parts, and mechanical machining. According to the notes to the consolidated financial statements, the parent company runs the foundry and the dependent company runs machining, each being tested for impairment as a separate cash-generating unit. The group also holds land classified as investment property, kept for rental or for possible gains on sale.
The accounting policies show how the group treats its assets: IT programmes are amortised over 4 to 6 years, industrial licences over 5 years, and a cost of winning a contract to produce and supply parts over the 6-year estimated life of the customer project. This points to long-term contractual relationships with customers ordering parts for specific projects.
The group applies IFRS 16 to leases, recognising right-of-use assets and lease liabilities, and exempts short-term contracts and low-value assets. The financial instruments policy splits assets between amortised cost and fair value through profit or loss, while financial liabilities are measured at amortised cost.
Segments
Foundry
The foundry unit, which corresponds essentially to the parent company's activity, is one of the two cash-generating units identified by the group. Impairment is tested for this unit at each period end where there are indications, by comparing carrying amount with recoverable amount.
Mechanical machining
The machining unit corresponds essentially to the dependent company's activity and is the second cash-generating unit of the group. Like the foundry, it is assessed for impairment, and any loss is first allocated to goodwill and then to the other assets.
Investment property
Land owned by the parent company, not used in day-to-day operations, is measured at acquisition cost and held for rental or value appreciation. It is not directly tied to the production process but appears as a separate element in the group's asset structure.
Market context
Cast and machined parts are generally sold to industrial customers working on long-term projects, which explains the capitalised contract-acquisition costs and their amortisation over project life. The available documents, however, give no data on market size or the group's share.
The financing environment matters: the group capitalised financial expenses in fiscal 2024, whereas no capitalisation was recorded in 2025. The change shows that asset construction projects affected the cost of financing in different periods.
Trends
- Digitalisation and technology projectstailwind
Internally generated development costs for new production technologies are capitalised when strict criteria are met, pointing to continued investment in processes. If these projects deliver efficiency gains, they could benefit margins.
- Development cost recognitionheadwind
Development costs must meet criteria on technical feasibility and future economic benefits, and costs that cannot be separated from research are expensed. This limits capitalisation and could weigh on profit in years of heavy spending.
- Dependence on customer projectsmixed
The cost of winning a parts contract is capitalised and amortised over the project, suggesting revenue depends on a few large projects. If a customer reduces orders, the capitalised amortisation remains and risk to earnings rises.
- Financing conditionsmixed
The move from capitalising financial costs in 2024 to none in 2025 shows how financing costs can shape the expense structure. Changes in interest rates could alter the group's financial charge.
Competitive position
The annual report does not identify the group's competitors or describe its market position. The list below contains only entities that appear in sources, and the absence of a US ticker means no verified symbol exists in the documents available.
A comparison with other producers of cast and machined parts is possible only with additional data, since the sources give no market shares. Competition could be assessed on production capacity, long-term contracts and cost efficiency.
- Other Spanish casting producers
Not named in the source; appears only as the general category of the market in which the group operates.
- Industrial mechanical machining firms
The source names no competitors; the category is inferred from the machining activity of the dependent company.
- Suppliers of parts for industrial projects
Direct competitors are not named in the documents; comparison is possible only on the basis of long-term contracts.
- Producers with plants in other European countries
The documents do not refer to these competitors; identifying them would require external sources.
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 / LINGOTES ESPECIALES, 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.