olivLaw · European equity research
LIWE ESPAÑOLA S.A. LIW.MC
Spain · BME Madrid · ISIN ES0158545030 · Vertical: Listed companies from Spain
LIWE ESPAÑOLA S.A. is a Spanish retail group that operates through its own shops, whose assets are tested individually for impairment. Its 2025 annual report shows the group uses a pre-tax discount rate of about 10 to 10.5 percent for these cash-generating units, a key benchmark for judging the profitability of its store network.
At the close of 04 Nov 2026, LIWE ESPAÑOLA S.A. (LIW.MC) stock was 10.10 EUR (+0.00% on the day), with 52-week range 10.10–10.10 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 100.0
- overbought (≥ 70)
- Bollinger (20, 2)
- unavailable – unavailable
- SMA 50 / 200
- unavailable / unavailable
- MACD (12, 26, 9)
- unavailable / unavailable
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 | unavailable | −0.6% | unavailable | — |
| 3 months | unavailable | −4.2% | unavailable | — |
| 6 months | unavailable | +4.3% | unavailable | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | unavailable | +9.9% | unavailable | +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
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 | 128.1 m | 109.2 m | 82.0 m |
| Revenue YoY | unavailable | −14.7% | −24.9% |
| Net income | -2.9 m | -24.8 m | -33.5 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -2.3% | -22.7% | -40.9% |
| Free cash flow | 12.3 m | 13.3 m | 6.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- -34.7 m EUR
- Total assets
- 77.6 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.33x
- ROE
- unavailable
- ROA
- -31.4%
- FCF margin
- 8.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 128.1 m | 109.2 m | 82.0 m | esef· 20 Oct 2026verified |
| Operating income | 6.7 m | -19.5 m | -29.4 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 21.1 m | 20.3 m | 13.7 m | esef· 20 Oct 2026verified |
| EBITDA | 27.8 m ≈ | 748.5 k ≈ | -15.7 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 8.1 m | 7.7 m | 5.0 m | esef· 20 Oct 2026verified |
| Pre-tax income | -2.9 m | -24.3 m | -32.3 m | esef· 20 Oct 2026verified |
| Income tax | 33.4 k | 466.8 k | 1.2 m | esef· 20 Oct 2026verified |
| Net income | -2.9 m | -24.8 m | -33.5 m | esef· 20 Oct 2026verified |
≈ 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 | 3.2 m | 1.9 m | 5.4 m | esef· 20 Oct 2026verified |
| Receivables | 1.8 m | 752.9 k | 460.6 k | esef· 20 Oct 2026verified |
| Current assets | 73.8 m | 50.5 m | 25.1 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 447.8 k | 281.6 k | 191.9 k | esef· 20 Oct 2026verified |
| Total assets | 185.9 m | 136.2 m | 77.6 m | esef· 20 Oct 2026verified |
| Accounts payable | 4.7 m | 3.9 m | 2.7 m | esef· 20 Oct 2026verified |
| Current liabilities | 74.3 m | 74.6 m | 76.3 m | esef· 20 Oct 2026verified |
| Equity | 23.6 m | -1.2 m | -34.7 m | esef· 20 Oct 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 16.7 m | 14.1 m | 7.2 m | esef· 20 Oct 2026verified |
| Capex | 4.4 m | 868.8 k | 321.0 k | esef· 20 Oct 2026verified |
| Free cash flow | 12.3 m ≈ | 13.3 m ≈ | 6.9 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -4.5 m | 319.9 k | 390.4 k | esef· 20 Oct 2026verified |
| Financing cash flow | -19.1 m | -15.8 m | -5.5 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
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
17% · 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 · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -40.9% | 3 (vs peers) | 38% |
| 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 | -5.9x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 25% |
| 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 sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial3/100 · 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
LIWE ESPAÑOLA S.A. (LIW.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 82.0 m EUR in 2025; YoY growth -24.9%; net margin -40.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% 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
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
- Net margin: -40.9%
- Interest coverage: -5.9x
- Current ratio: 0.3x
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, FCF yield, Shareholder yield (distributions), 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% |
| 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% |
| ACX.MCAcerinox SA | — | — | -1.7% | -0.7% | +6.8% | +27% / +54% |
1- and 3-year price returns: for LIW.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
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
LIWE ESPAÑOLA S.A. is a Spanish retail group that operates through its own shops, whose assets are tested individually for impairment. Its 2025 annual report shows the group uses a pre-tax discount rate of about 10 to 10.5 percent for these cash-generating units, a key benchmark for judging the profitability of its store network.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Impairment of shop assetshigh
If shops generating recurring losses do not improve their performance, the group could record impairment losses on the related assets 1.
- Sensitivity to the discount ratehigh
The recoverable amount depends on the discount rate, which includes country risk premiums, so changes in these factors could have significant effects 1.
- Cotton price fluctuationsmedium
Cotton prices and exchange rates influence sourcing costs, and the group uses hedges to limit exposure without fully eliminating the risk 1.
- Long-term lease commitmentsmedium
Lease contracts running up to 30 years and binding compliance clauses create fixed commitments that could become hard to sustain in weak economic conditions 1.
- Tax and compliance risklow
Interpreting tax and environmental rules requires continuous external advice, and errors could lead to additional costs 1.
Investment thesis
What would need to be true (bull case)
- If the group keeps margins stable in its shops and optimises the network using monthly data, cash flows could support the value of its assets 1.
- The flexible structure of some lease contracts could allow rapid adjustments to the network based on performance 1.
- Strict control of sourcing and currency risk could reduce the impact of cost volatility on results 1.
What would break the thesis
- If discount rates rise or the economic environment in operating countries deteriorates, the recoverable amount of assets could fall significantly 1.
- Long-term lease commitments could become a burden if sales in some shops remain weak 1.
- Tax and regulatory complexity could generate unexpected costs that erode profitability 1.
What to watch
- Trend in recurring losses at individual shops and any impairment charges recorded2026
- Changes in the discount rate used for impairment testsnext annual report
- Movements in cotton prices and exchange rates within the cost structure2026
- Renegotiation of expiring lease contracts and the effect on the shop network2027
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 group operates as a network of shops, each treated as a separate cash-generating unit, as stated in the annual report for the year ended 31 December 2025 1. Management receives detailed monthly data for each shop: sales, gross margin, staff costs, depreciation and other direct and indirect costs 1. Operations also rely on shared offices and logistics warehouses that do not generate independent cash flows 1.
Most premises are leased, and the group accounts for these contracts as right-of-use leases, recognising an asset and a lease liability for each 1. Contract structure varies by premises type: shopping centre leases typically run 5 years with tacit renewal, while street-front shops run 10 to 15 years, sometimes longer 1.
Logistics warehouses are usually leased for 15 years, with exceptions from 5 to 30 years, and unilateral termination is generally available only to the lessee with three months' notice 1. This structure gives the group flexibility during contracts, but also long-term commitments that each shop's cash flows must support 1.
Segments
Shopping centre stores
Shopping centre shops are short-term contracts with tacit renewal, but carry clauses requiring compliance for the full contractual period 1. The report does not give a separate sales figure for this segment in the available excerpts.
Street-front stores
Street-front premises have longer terms, usually 10 to 15 years, and allow the tenant to terminate unilaterally with short notice and no penalty 1. The report does not separate this segment's results in the excerpts available.
Market context
The group tests its assets using a discount rate that reflects the 10-year government bond yield of each country, plus a risk premium for each market and the group's systematic risk 1. This approach shows that the markets it operates in are not uniform in risk, and the country risk premium directly affects each shop's recoverable amount 1.
Cash flow forecasts typically cover three to five years and are then extrapolated based on the last plan year, adjusted to the expected macroeconomic outlook of each market 1. If economic conditions in those areas deteriorate, the recoverable amount of some shops could fall, which would require recognising impairment losses 1.
Competitive position
The available sources do not describe the group's direct competitors. Comparison is only possible through general benchmarks in the report, such as the discount rate and lease structure, which are specific to street-front and shopping centre retail 1.
Without source data on market share or pricing, any comparison with other retailers remains speculative. Readers can check the annual report and the group's communications for further information on competitive positioning 1.
- Spanish fashion retailers
The sources reviewed do not name specific competitors. Direct verification of these entities cannot be made from the text provided.
- Shopping centre operators
The group's shops are leased in shopping centres, but the sources do not indicate which operators compete directly for the same spaces.
- Third-party logistics and warehousing providers
The group manages its own logistics centres, yet the report does not mention external providers of comparable services.
- Online-selling retailers
The available texts do not describe online sales channels or competition in this segment.
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 202420 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / LIWE ESPAÑOLA 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.