olivLaw · European equity research
Logista Integral, S.A. LOG.MC
Spain · BME Madrid · ISIN ES0105027009 · Vertical: Listed companies from Spain
Logista Integral is a distribution and logistics operator that serves mainly tobacco and related products across several European countries. For fiscal 2025 the group proposed a total dividend of 2.09 euros per share, while continuing to pursue growth through acquisitions and warehouse network optimisation. The risk profile remains tied to dependence on a narrow product category and on the regulatory framework governing the goods it distributes.
At the close of 05 Nov 2026, Logista Integral, S.A. (LOG.MC) stock was 36.50 EUR (+0.39% on the day), with market capitalisation 4.8 m EUR, P/E 0.0 on diluted EPS of 2,130.00 EUR over the last 12 months, dividend yield 5,729.11%, beta 0.33, 52-week range 28.32–37.56 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)
- 53.5
- neutral
- Bollinger (20, 2)
- 35.34 – 37.72
- in the lower half of the band · %B 0.49 · band width 6.5%
- SMA 50 / 200
- 35.76 / 33.94
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.22 / 0.30
- 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 | +6.0% | −0.6% | +6.7 pp | — |
| 3 months | +0.4% | −4.2% | +4.6 pp | — |
| 6 months | +13.5% | +4.3% | +9.2 pp | — |
| Year to date | +21.2% | +7.5% | +13.7 pp | — |
| 1 year | +26.6% | +9.9% | +16.7 pp | +6.7% |
| 3 years | +60.4% | +49.8% | +10.5 pp | +31.5% |
| 5 years | +99.3% | +42.8% | +56.5 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 100 percentile of its own 3-quarter history (min 0.0, median 0.0, max 0.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 12.4 bn | 13.0 bn | 13.5 bn |
| Revenue YoY | unavailable | +4.5% | +4.2% |
| Net income | 272.3 m | 308.2 m | 281.1 m |
| Net income YoY | unavailable | +13.2% | −8.8% |
| Diluted EPS | 2,070.00 | 2,340.00 | 2,130.00 |
| Diluted EPS YoY | unavailable | +13.0% | −9.0% |
| net % | 2.2% | 2.4% | 2.1% |
| Free cash flow | 271.9 m | 358.6 m | 556.3 m |
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 174.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 642.8 m EUR
- Total assets
- 8.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 43.8%
- ROA
- 3.4%
- FCF margin
- 4.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 12.4 bn | 13.0 bn | 13.5 bn | esef· 20 Oct 2026verified |
| Cost of revenue | 10.7 bn | 11.2 bn | 11.7 bn | esef· 20 Oct 2026verified |
| Gross profit | 1.7 bn | 1.8 bn | 1.8 bn | esef· 20 Oct 2026verified |
| Research & development | 2.1 m | 1.8 m | 1.6 m | esef· 20 Oct 2026verified |
| Operating income | 293.3 m | 326.2 m | 318.4 m | esef· 20 Oct 2026verified |
| Interest expense | 8.1 m | 10.2 m | 9.6 m | esef· 20 Oct 2026verified |
| Pre-tax income | 369.5 m | 419.2 m | 381.6 m | esef· 20 Oct 2026verified |
| Income tax | 95.7 m | 110.9 m | 100.5 m | esef· 20 Oct 2026verified |
| Net income | 272.3 m | 308.2 m | 281.1 m | esef· 20 Oct 2026verified |
| Diluted EPS | 2,070.00 | 2,340.00 | 2,130.00 | esef· 20 Oct 2026verified |
| Dividend per share | 1,443.93 | 1,923.53 | 2,091.13 | esef· 20 Oct 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 193.0 m | 169.2 m | 174.6 m | esef· 20 Oct 2026verified |
| Receivables | 1.9 bn | 2.0 bn | 2.0 bn | esef· 20 Oct 2026verified |
| Inventories | 1.8 bn | 1.8 bn | 1.9 bn | esef· 20 Oct 2026verified |
| Current assets | 6.2 bn | 6.3 bn | 6.6 bn | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 443.2 m | 478.0 m | 480.3 m | esef· 20 Oct 2026verified |
| Goodwill | 1.0 bn | 1.0 bn | 1.0 bn | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 318.9 m | 261.6 m | 201.1 m | esef· 20 Oct 2026verified |
| Total assets | 8.1 bn | 8.1 bn | 8.3 bn | esef· 20 Oct 2026verified |
| Accounts payable | 1.6 bn | 1.6 bn | 1.8 bn | esef· 20 Oct 2026verified |
| Equity | 595.3 m | 641.8 m | 642.8 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 131.5 k | 131.7 k | 132.0 k | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 307.6 m | 397.3 m | 601.2 m | esef· 20 Oct 2026verified |
| Capex | 35.7 m | 38.7 m | 44.8 m | esef· 20 Oct 2026verified |
| Free cash flow | 271.9 m ≈ | 358.6 m ≈ | 556.3 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -77.9 m | -51.1 m | -222.9 m | esef· 20 Oct 2026verified |
| Financing cash flow | -255.5 m | -370.0 m | -372.8 m | esef· 20 Oct 2026verified |
| Dividends paid | 189.9 m | 253.4 m | 275.9 m | esef· 20 Oct 2026verified |
| Share repurchases | 2.5 m | 2.8 m | 3.2 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 weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.8 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
48% · 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: 28,439.32 – 48,423.03 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 · 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/E32,334.83 – 48,423.03 (Mid 42,341.86)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)28,439.32 – 38,780.90 (Mid 32,814.61)
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: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.1% | 35 (vs peers) | 13% |
| FCF conversion · Quality | 197.9% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 33.2x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 0.0x | 95 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 11,550.7% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 5,796.4% | 100 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | 49.6% | 100 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality68/100 · 2/3 factors with a value
- Returns100/100 · 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
LOGISTA INTEGRAL SA (LOG.MC). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 13.5 bn EUR in 2025; YoY growth 4.2%; net margin 2.1%; ROE 43.8%.
The estimated value range is 30,387.08–43,601.96 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 37,578.23 EUR, the price of 36.50 EUR leaves a potential of 102,854.1% (value / price − 1) and a margin of safety of 99.9% (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: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 197.9%
- Interest coverage: 33.2x
- P/E (TTM): 0.0x
- FCF yield: 11,550.7%
- Shareholder yield (distributions): 5,796.4%
- Payout ratio (FCF): 49.6%
- The price is below the estimated value range
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, 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% |
| 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 |
| LOG.MCLogista Integral SA | 4.8 m | 0.0 | 43.8% | 2.1% | +4.2% | +24% / +53% |
| 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 LOG.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 | 21.52 Total return 4,462% · Per year 4,462% | 38.05 Total return 5,976% · Per year 5,976% | 57.32 Total return 7,254% · Per year 7,254% |
| 3 years | 20.78 Total return 13,233% · Per year 411% | 41.34 Total return 18,700% · Per year 473% | 68.40 Total return 23,736% · Per year 520% |
| 5 years | 20.06 Total return 21,701% · Per year 194% | 44.92 Total return 32,526% · Per year 218% | 81.63 Total return 43,405% · Per year 237% |
- Exit P/E± 10.34
- Net margin± 7.24
- Annual revenue growth± 5.95
- Annual dilution± 0.61
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
Logista Integral is a distribution and logistics operator that serves mainly tobacco and related products across several European countries. For fiscal 2025 the group proposed a total dividend of 2.09 euros per share, while continuing to pursue growth through acquisitions and warehouse network optimisation. The risk profile remains tied to dependence on a narrow product category and on the regulatory framework governing the goods it distributes 1.
SWOT
Strengths
- Extensive distribution network across several European countries, with vertical integration of transport and warehousing services.
- Long-term distribution contracts with tobacco manufacturers, recognised as intangible assets on the balance sheet.
- Solid financial profile, with capacity to pay consistent dividends and maintain a reciprocal credit line with the main shareholder.
Weaknesses
- Dependence on a segment linked to tobacco products, sensitive to regulatory change.
- Impairment risk on goodwill from successive acquisitions, which requires complex annual testing.
- Integrating several small and mid-sized firms can create operational and administrative complexity.
Opportunities
- Expansion in courier and express delivery in Benelux and other European markets.
- Optimising the warehouse network through sales of unused assets and internal mergers.
- Further acquisitions in fragmented markets, where consolidation can bring economies of scale.
Threats
- Regulatory or tax changes on tobacco products that could reduce distributed volumes.
- Competitive pressure from national and multinational logistics and courier operators.
- Sustainability and decarbonisation requirements could raise operating costs over the medium term.
Risks
- Dependence on tobacco productshigh
A large share of activity depends on distributing tobacco products, so a regulatory change could directly affect the group's volumes and revenue 1.
- Goodwill impairmentmedium
Successive acquisitions have generated goodwill tested annually; growth assumptions and discount rates could lead to impairments if the performance of cash-generating units declines 1.
- Integration of acquisitionsmedium
Integrating acquired transport and courier firms, and internal mergers, could generate unforeseen costs and operational difficulties.
- Exposure to controlling shareholdermedium
The reciprocal credit line and dividend policy depend on the relationship with the main shareholder, which may limit the company's financial autonomy 1.
- Sustainability risklow
Costs linked to decarbonisation targets are not currently considered relevant, but asset useful-life estimates could be revised if the strategy changes 1.
Investment thesis
What would need to be true (bull case)
- If the group succeeds in integrating recent acquisitions and keeps its long-term manufacturer contracts, its leading position in European distribution could support stable cash flows and consistent dividends 1.
- Expansion into express delivery and general logistics could diversify revenue beyond the tobacco segment, reducing dependence on one product type.
- Optimising the warehouse network and selling unused assets could improve margins if executed efficiently 1.
What would break the thesis
- A restrictive change in tobacco product regulation could reduce distributed volumes and pressure revenue, given the concentration of activity in this segment 1.
- If the performance of acquired units declines, impairment tests could lead to losses that affect reported profit 1.
- Competition in courier and distribution logistics could limit pricing power and compress margins over the medium term.
What to watch
- Final dividend proposal and approval by the general shareholders' meeting2026
- First-quarter results and trends in tobacco distribution volumesQ1 2026
- Integration of recently acquired firms and any goodwill impairment tests2026
- Regulatory changes for tobacco products in the main European marketsnext 10-K
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
Logista, headquartered in Spain, runs physical distribution, logistics and transport services for manufacturers and distributors, chiefly for tobacco products and other fast-moving consumer goods. The consolidated accounts are prepared in euros and cover subsidiaries in Spain, France, Italy, Portugal, Benelux, Poland and other countries, per the consolidation scope 1. In fiscal 2025 several transport and courier firms were acquired or integrated, and some entities were merged without consolidated impact 1.
The group structure uses full consolidation for controlled subsidiaries, the equity method for associates and joint arrangements, which allows each market to be managed separately 1. As a subsidiary of an international group, the company's dividend policy and liquidity management are influenced by its shareholder, including through the reciprocal credit line described in the report 1.
Accounting policies include straight-line depreciation of tangible assets, annual impairment testing of goodwill at cash-generating-unit level, and recognition of intangibles acquired in business combinations, such as customer relationships and brands 1.
Segments
Tobacco and related products distribution
This segment is the core of the business, built on distribution contracts with major tobacco manufacturers that are recognised on the balance sheet and amortised over long periods, for example 15 years for France 1.
Transport and courier services
Recent acquisitions of courier and road transport firms, including in Belgium and Spain, extend the activity toward express delivery and general logistics, with customer relationships and brands recognised separately in the accounts 1.
Market context
European distribution markets show consolidation and margin pressure, and the group's pre-tax discount rates for impairment tests, between 6.46% and 7.33% for fiscal 2025, reflect country-specific risk 1. Volume growth depends on demand for the distributed products and on regulation in each market.
The logistics market for fast-moving consumer goods is competitive, with national and multinational operators, making acquisitions and their integration an important growth route for the company 1.
Trends
- Consolidation through acquisitionsmixed
Deals such as Transportes Moncayo and the integration of Benelux courier firms could extend geographic reach, but they also carry integration risk and the possibility of goodwill impairment 1.
- Regulation of tobacco productsheadwind
Regulatory changes for tobacco products could alter distributed volumes and affect long-term contracts with manufacturers, a risk implicit in the impairment assessments 1.
- Network and fleet optimisationtailwind
The sale of a warehouse in Spain and internal mergers of companies could reduce administrative costs and improve operating efficiency, without a significant consolidated impact 1.
- Decarbonisation costsmixed
The sustainability strategy involves investment included in three-year business plans, and management considers the impact on asset useful lives not relevant at present, although estimates could be revised 1.
Competitive position
Competition comes from specialised logistics and distribution operators, national distributors and courier companies offering fast delivery. The group's edge lies in its integrated depot network and long-term manufacturer contracts, which are nonetheless exposed to renewal risk, as the source contains no conclusions on future terms 1.
Differentiation depends on network density in each country, the digital integration of services and the ability to absorb acquisitions without eroding margins, factors that will shape the company's position relative to rivals 1.
- Imperial Brands
Controlling shareholder and provider of a reciprocal credit line, making the relationship between the two companies central to Logista's liquidity 1.
- National distribution operators in Europe
Local companies competing for distribution and logistics contracts in the same markets, with different cost structures.
- International courier companies
Operators offering fast delivery in Benelux and other countries, competing with the group's transport and courier segment.
- Multinational logistics operators
Providers of integrated logistics services that may compete for large contracts with fast-moving consumer goods clients.
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 2025-09-30 (ESEF) · SEC / Logista Integral, S.A. · 30 Sept 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.