olivLaw · European equity research
Josef Manner & Comp. Aktiengesellschaft MAN.VI
Austria · Wiener Börse · ISIN AT0000728209 · Vertical: Listed companies from Austria
Manner is an Austrian maker of confectionery and wafer products, based in Vienna, selling in its home market and abroad. In fiscal 2025 revenue rose to M EUR 304.3, while raw material costs pressured margins and the group kept a close watch on liquidity and profitability.
At the close of 04 Nov 2026, Josef Manner & Comp. Aktiengesellschaft (MAN.VI) stock was 102.00 EUR (+0.00% on the day), with beta -0.06, 52-week range 98.00–105.00 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)
- 57.6
- strong (55–70)
- Bollinger (20, 2)
- 97.65 – 103.05
- in the upper half of the band · %B 0.81 · band width 5.4%
- SMA 50 / 200
- 100.58 / 103.92
- mixed trend
- MACD (12, 26, 9)
- 0.08 / -0.22
- 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 | +1.0% | −0.6% | +1.6 pp | — |
| 3 months | 0.0% | −4.2% | +4.2 pp | — |
| 6 months | −1.0% | +4.3% | −5.3 pp | — |
| Year to date | −2.9% | +7.5% | −10.4 pp | — |
| 1 year | −3.8% | +9.9% | −13.7 pp | +5.6% |
| 3 years | −7.3% | +49.8% | −57.1 pp | +12.7% |
| 5 years | −10.5% | +42.8% | −53.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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 | 270.8 m | 288.4 m | 304.3 m |
| Revenue YoY | unavailable | +6.5% | +5.5% |
| Net income | 5.0 m | 14.4 m | 5.0 m |
| Net income YoY | unavailable | +186.6% | −65.3% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 1.9% | 5.0% | 1.6% |
| Free cash flow | 7.5 m | 36.1 m | 11.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 11.7 m FJD
- Financial debt
- unavailable FJD
- Net debt
- unavailable FJD
- Equity
- 77.6 m FJD
- Total assets
- 166.4 m FJD
- Debt / equity
- unavailable
- Current ratio
- 1.41x
- ROE
- 6.5%
- ROA
- 3.1%
- FCF margin
- 3.6%
Financial statements (source on every figure)
Revenue and net income (FJD)
Margins
Income statement · FJD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 270.8 m | 288.4 m | 304.3 m | esef· 29 Apr 2026verified |
| Operating income | 10.3 m | 21.1 m | 11.2 m | esef· 29 Apr 2026verified |
| Depreciation & amortisation | 9.6 m | 10.3 m | 9.7 m | esef· 29 Apr 2026verified |
| EBITDA | 20.0 m ≈ | 31.4 m ≈ | 20.9 m ≈ | esef· 29 Apr 2026derived |
| Interest expense | 3.2 m | 2.3 m | 2.1 m | esef· 29 Apr 2026verified |
| Pre-tax income | 7.5 m | 18.8 m | 9.2 m | esef· 29 Apr 2026verified |
| Income tax | 2.5 m | 4.4 m | 4.2 m | esef· 29 Apr 2026verified |
| Net income | 5.0 m | 14.4 m | 5.0 m | esef· 29 Apr 2026verified |
| Dividend per share | 1.20 | 1.60 | 2.00 | esef· 29 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · FJD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.5 m | 9.2 m | 11.7 m | esef· 29 Apr 2026verified |
| Inventories | 42.2 m | 42.0 m | 54.2 m | esef· 29 Apr 2026verified |
| Current assets | 82.6 m | 65.0 m | 71.3 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 75.8 m | 76.1 m | 76.3 m | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 3.5 m | 2.8 m | 2.1 m | esef· 29 Apr 2026verified |
| Total assets | 178.7 m | 160.8 m | 166.4 m | esef· 29 Apr 2026verified |
| Current liabilities | 66.7 m | 48.6 m | 50.8 m | esef· 29 Apr 2026verified |
| Equity | 64.9 m | 76.4 m | 77.6 m | esef· 29 Apr 2026verified |
Cash flow · FJD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 16.2 m | 44.9 m | 24.0 m | esef· 29 Apr 2026verified |
| Capex | 8.6 m | 8.8 m | 13.0 m | esef· 29 Apr 2026verified |
| Free cash flow | 7.5 m ≈ | 36.1 m ≈ | 11.0 m ≈ | esef· 29 Apr 2026derived |
| Investing cash flow | -7.3 m | -8.5 m | -13.1 m | esef· 29 Apr 2026verified |
| Financing cash flow | -24.7 m | -30.6 m | -9.3 m | esef· 29 Apr 2026verified |
| Dividends paid | 2.3 m | 3.0 m | 3.8 m | esef· 29 Apr 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: 5 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.6% | 31 (vs peers) | 23% |
| FCF conversion · Quality | 219.4% | 100 (on a fixed band) | 23% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.4x | 60 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.4x | 50 (on a fixed band) | 15% |
| 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 | 34.4% | 100 (on a fixed band) | 15% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet56/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality65/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 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
Josef Manner & Comp. Aktiengesellschaft (MAN.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 304.3 m FJD in 2025; YoY growth 5.5%; net margin 1.6%; ROE 6.5%.
The estimated value range is 19.62–24.24 FJD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 219.4%
- Payout ratio (FCF): 34.4%
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, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Austria · 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 | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for MAN.VI 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
Manner is an Austrian maker of confectionery and wafer products, based in Vienna, selling in its home market and abroad. In fiscal 2025 revenue rose to M EUR 304.3, while raw material costs pressured margins and the group kept a close watch on liquidity and profitability.
SWOT
Strengths
- The company has a high export share, recognised brands and a solid position in the Austrian market, which allows it to pass part of cost increases on to customers.
- Strict cash management and lower net debt give the company a stable financial base.
- Long-term hedging of raw materials for 2026 adds some predictability to costs.
Weaknesses
- Operating margin fell sharply in 2025 because raw material costs could not be fully passed on in prices.
- The Azerbaijan hazelnut segment produced a significant impairment and delays, showing the risk of agricultural investments.
- Sales volumes fell slightly and demand for own brands eased, showing sensitivity to selling prices.
Opportunities
- If cocoa prices fall as the market expects for 2026, the company could recover part of the lost margin.
- Investment in marketing and new product launches could support brand demand and rebuild sales volumes.
- Expanding the range toward more profitable products could improve margins over the medium term.
Threats
- Volatile raw material prices, especially cocoa, could again weigh on the company's margins.
- Price-sensitive consumers could reduce demand, especially in export markets where competition is intense.
- Geopolitical tensions and supply chain disruptions could disrupt production and costs.
Risks
- Raw material costshigh
Costs for cocoa beans, fats and dairy are volatile, and long-term hedging can delay the benefit of price declines. If prices rise again, margins could come under further pressure.
- Azerbaijan assetsmedium
The Azerbaijan hazelnut plantation has already produced an impairment and delays. If returns do not improve, further write-downs could follow.
- Consumer demandmedium
Inflation and consumer caution could limit volumes, especially in price-sensitive export markets.
- Factoring and financinglow
Reliance on selling receivables through factoring could become a liquidity pressure point if financing conditions worsen.
- Supply chains and geopoliticsmedium
Geopolitical conflicts and logistics disruptions could affect the company's production and energy costs.
Investment thesis
What would need to be true (bull case)
- If cocoa prices fall as expected for 2026 and the company manages to convert the savings into margin, profitability could gradually recover toward earlier levels.
- The financial structure is solid, with a high equity ratio and falling net debt, which gives flexibility in difficult periods.
- Brand strength and a high export share could support sales growth if marketing and innovation investment pay off.
What would break the thesis
- If raw material costs stay high, operating margin could remain under pressure and profit could decline further.
- Sales volumes fell in 2025 and brand demand eased, which could point to a weakening market position.
- Investments in Azerbaijan have produced write-downs and delays, and if these assets do not recover their value, further losses could arise.
What to watch
- Development of cocoa prices and their effect on margins after long-term hedging2026
- Development of sales volumes for brands and private labelQ1 2027
- Results of the Azerbaijan plantation and any further impairments2027
- Level of net debt and equity in the next annual reportnext 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
The Manner group is active in the segments Süßwaren Österreich, Süßwaren Deutschland, Süßwaren Rest der Welt, Mietshäuser and Haselnussanbau. The main group companies are Josef Manner & Comp. AG as parent, Geblergasse 116 GmbH & Co KG and Manner Azerbaijan LLC 1. In fiscal 2025 revenue was M EUR 304.3, with an export share of 59.4% 1.
The business combines the production and sale of confectionery products with residential rental properties and a hazelnut plantation in Azerbaijan. The annual report notes the group sells both its own brands and private label products, and while brand demand eased slightly, private label volumes rose slightly 1.
The company publishes an annual report under IFRS, audited by an external auditor, and a sustainability report prepared under ESRS standards 1. The proposed dividend for fiscal 2025 is EUR 2.00 per share 1.
Segments
Süßwaren Österreich, Deutschland and Rest der Welt
The confectionery segments are the core business. The revenue increase in fiscal 2025 came mainly from selling price increases tied to raw material price developments and from a better product mix 1.
Mietshäuser
The rental segment covers residential buildings run by Geblergasse 116 GmbH & Co KG. The annual report notes a slight write-down of this property in 2025 due to the property market situation 1.
Haselnussanbau
The hazelnut plantation in Azerbaijan, held through Manner Azerbaijan LLC, is still in its growth phase and has faced delays. The company recognised a significant unscheduled impairment of these assets in 2025 and said the aim is to improve future hazelnut price and supply conditions 1.
Market context
The reference market is Austria, where consumption remained moderate in 2025 and inflation was elevated early in the year before easing toward year end 1. The company exports a significant share of output, and consumers in export markets stayed price sensitive, which dampened demand 1.
Raw material prices, especially for cocoa beans, stayed volatile and high, and the annual report expects cocoa costs on the market to fall for 2026, although this decline would not immediately show in Manner's costs because of long-term hedging 1.
Trends
- Rising raw material costsheadwind
Prices for cocoa beans, fats and dairy rose in 2025, and costs could remain volatile in 2026. Margin pressure is evident if price increases cannot be passed on fully to customers 1.
- Long-term hedging of raw materialsmixed
Manner hedged its raw material needs long term for 2026, which could cushion the expected market decline in cocoa prices but also delays the company's benefit from that decline 1.
- Lower debt and liquidity managementtailwind
Bank liabilities were reduced in 2025, and the company sold receivables through factoring, which helped lower net debt. Strict cash management supported this development 1.
- Subdued demand amid inflationheadwind
High inflation and economic uncertainty made consumers more cautious, limiting sales volumes even though price increases supported revenue 1.
Competitive position
The annual report does not name direct competitors. The company operates in confectionery and wafer markets where demand depends on brands and private label products, and competition comes from other brand owners as well as retail chains' own labels 1.
Manner's position depends on the strength of its brands, which are supported through marketing investment and new product launches, and on its ability to manage the range to protect profitability 1.
- European confectionery and wafer producers
Competitors are regional and international makers of similar products; the annual report does not name them.
- Retailer private label brands
Retail chains' private label products compete with Manner's brands on shelves, and demand for them rose slightly in 2025 1.
- Confectionery imports from outside Europe
Imported confectionery from other regions could compete on price in the company's export markets.
- Cocoa and hazelnut suppliers in raw material markets
These are not direct competitors of the group, but they influence raw material costs and therefore margins.
News & filings
In the press
- Domestic Violence: Women Protected on Paper, Institutions Fail to Respond in a Timely MannerSarajevo Times (BA, EN) · 02 Nov 2026 · EN
- How enzymes locally block cell wall repair, allowing cells to fuse in an irreversible mannerPhys.org · 19 Oct 2026 · EN
- If protests continue in this manner , we will oppose : Retailers slam ongoing demonstrations ; cite severe revenue lossesSurge — GDELT DOC · 16 Oct 2026 · RO
- Benzotriazole Ultraviolet Stabilizer UV-PS Exposure Induces Immune Hyperactivation and Metabolic Reprogramming in Drosophila in a Microbiota-Dependent MannerEnvironmental Science & Technology · 16 Sept 2026 · EN
- Polish Defense Ministry annoyed by Zelensky’s manner to ask for Patriot missiles — portalTASS (RU, EN) · 14 Aug 2026 · EN
- Iran to respond in reciprocal manner if US strikes its bridges, power plantsTASS (RU, EN) · 22 Jul 2026 · RO
- Power in UK changing in undemocratic manner — senior Russian senatorTASS (RU, EN) · 03 Jul 2026 · RO
- Oil prices fall 5% after Trump says Iran talks proceeding in a 'constructive manner'CNBC World · 24 May 2026 · EN
- Trump says Iran negotiations proceeding in 'orderly and constructive manner;' warns against rushingCNBC World · 24 May 2026 · EN
- Moscow-Beijing relations develop in strategically stable manner — Russian diplomatTASS (RU, EN) · 20 May 2026 · RO
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Josef Manner & Comp. Aktiengesellschaft · 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.