olivLaw · European equity research
Marie Brizard Wine & Spirits MBWS.PA
France · Euronext Paris · ISIN FR0000060873 · Vertical: Listed companies from France
Marie Brizard Wine & Spirits is a French group producing and distributing wines and spirits, with a portfolio of owned brands sold in several countries. Its five main brands generate more than half of consolidated revenue, which makes the group sensitive to their performance. The 2025 annual report also highlights risks linked to supply, costs and information system security.
At the close of 05 Nov 2026, Marie Brizard Wine & Spirits (MBWS.PA) stock was 2.78 EUR (−0.71% on the day), with market capitalisation 317.7 m EUR, P/E 34.8 on diluted EPS of 0.08 EUR over the last 12 months, beta 0.12, 52-week range 2.52–3.10 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)
- 49.6
- neutral
- Bollinger (20, 2)
- 2.62 – 2.90
- in the upper half of the band · %B 0.57 · band width 10.4%
- SMA 50 / 200
- 2.82 / 2.81
- mixed trend
- MACD (12, 26, 9)
- 0.00 / -0.00
- 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 | +5.3% | −0.6% | +6.0 pp | — |
| 3 months | −8.6% | −4.2% | −4.4 pp | — |
| 6 months | −0.7% | +4.3% | −5.0 pp | — |
| Year to date | −2.5% | +7.5% | −10.0 pp | — |
| 1 year | −4.8% | +9.9% | −14.7 pp | −6.8% |
| 3 years | +15.8% | +49.8% | −34.0 pp | −15.9% |
| 5 years | +102.2% | +42.8% | +59.4 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 33 percentile of its own 3-quarter history (min 33.8, median 35.6, max 43.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 236.0 m | 233.9 m | 217.0 m |
| Revenue YoY | unavailable | −0.9% | −7.2% |
| Net income | 8.7 m | 9.6 m | 9.1 m |
| Net income YoY | unavailable | +10.5% | −5.2% |
| Diluted EPS | 0.08 | 0.09 | 0.08 |
| Diluted EPS YoY | unavailable | +12.5% | −11.1% |
| net % | 3.7% | 4.1% | 4.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 52.0 m EUR
- Financial debt
- 3.7 m EUR
- Net debt
- -48.4 m EUR
- Equity
- 221.7 m EUR
- Total assets
- 286.7 m EUR
- Debt / equity
- 0.02x
- Current ratio
- 2.90x
- ROE
- 4.2%
- ROA
- 3.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 236.0 m | 233.9 m | 217.0 m | esef· 12 May 2026verified |
| Operating income | 10.3 m | 9.6 m | 6.8 m | esef· 12 May 2026verified |
| Depreciation & amortisation | 6.0 m | 6.0 m | 5.8 m | esef· 12 May 2026verified |
| EBITDA | 16.4 m ≈ | 15.6 m ≈ | 12.6 m ≈ | esef· 12 May 2026derived |
| Pre-tax income | 11.0 m | 11.3 m | 9.6 m | esef· 12 May 2026verified |
| Income tax | 2.2 m | 1.6 m | 480.0 k | esef· 12 May 2026verified |
| Net income | 8.7 m | 9.6 m | 9.1 m | esef· 12 May 2026verified |
| Diluted EPS | 0.08 | 0.09 | 0.08 | esef· 12 May 2026verified |
| Weighted average diluted shares | 111.9 m | 111.9 m | 111.9 m | esef· 12 May 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 | 45.1 m | 56.1 m | 52.0 m | esef· 12 May 2026verified |
| Inventories | 51.5 m | 48.6 m | 52.8 m | esef· 12 May 2026verified |
| Current assets | 149.8 m | 151.1 m | 154.8 m | esef· 12 May 2026verified |
| Goodwill | 14.7 m | 14.7 m | 14.7 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 76.1 m | 74.4 m | 74.6 m | esef· 12 May 2026verified |
| Total assets | 275.6 m | 279.0 m | 286.7 m | esef· 12 May 2026verified |
| Accounts payable | 34.1 m | 27.9 m | — | esef· 07 May 2025verified |
| Short-term debt | 3.6 m | 3.7 m | 3.7 m | esef· 12 May 2026verified |
| Current liabilities | 62.7 m | 55.7 m | 53.3 m | esef· 12 May 2026verified |
| Equity | 203.3 m | 213.7 m | 221.7 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 109.2 m | 107.2 m | 114.3 m | esef· 12 May 2026derived |
Cash flow · EUR
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: 317.7 m 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: 0.89 – 2.38 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 · input data missing
- Peers: EV/EBITDA1.11 – 1.64 (Mid 1.29)4 companies used · median multiple 7.9x · quartiles 6.2x – 11.0xABEO.PA, AI.PA, ANTIN.PA, ATE.PA
- Peers: P/E0.89 – 2.38 (Mid 1.37)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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 | 3.9% | 29 (vs peers) | 20% |
| Net margin · Quality | 4.2% | 77 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -3.8x | 100 (vs peers) | 20% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.9x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 34.8x | 17 (vs peers) | 20% |
| EV/EBITDA · Valuation | 21.3x | 0 (vs peers) | 20% |
| 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 sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality47/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation9/100 · 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
MARIE BRIZARD WINE AND SPIRITS (MBWS.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 217.0 m EUR in 2025; YoY growth -7.2%; net margin 4.2%; ROE 4.2%; net debt/EBITDA -3.8x.
The estimated value range is 1.00–2.01 EUR per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 1.33 EUR, the price of 2.78 EUR leaves a potential of -52.1% (value / price − 1) and a margin of safety of -108.9% (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: 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: 4.2%
- Net debt / EBITDA: -3.8x
- Current ratio: 2.9x
What contradicts it
- ROIC: 3.9%
- P/E (TTM): 34.8x
- EV/EBITDA: 21.3x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · 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 | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| MBWS.PAMarie Brizard Wine And Spirits | 317.7 m | 34.8 | 4.2% | 4.2% | −7.2% | −6% / +8% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for MBWS.PA 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 | 1.49 Total return -47% · Per year -47% | 2.64 Total return -5% · Per year -5% | 4.00 Total return 44% · Per year 44% |
| 3 years | 1.18 Total return -58% · Per year -25% | 2.38 Total return -14% · Per year -5% | 4.00 Total return 44% · Per year 13% |
| 5 years | 0.94 Total return -66% · Per year -20% | 2.15 Total return -23% · Per year -5% | 4.00 Total return 44% · Per year 8% |
- Exit P/E± 0.60
- Net margin± 0.42
- Annual revenue growth± 0.38
- Annual dilution± 0.04
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
Marie Brizard Wine & Spirits is a French group producing and distributing wines and spirits, with a portfolio of owned brands sold in several countries. Its five main brands generate more than half of consolidated revenue, which makes the group sensitive to their performance. The 2025 annual report also highlights risks linked to supply, costs and information system security.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Concentration on five brandshigh
Weak performance of one main brand in a key market could significantly affect group results, a risk partly offset by strong local brands 1.
- Dependence on the scotch whisky suppliermedium
The long-term contract with the main supplier covers almost all of the group's needs, and a renegotiation clause applies to major external events 1.
- Cost volatility and margin pressurehigh
Increases in raw material costs could be difficult to pass on to customers, especially during crises 1.
- Product quality and safetymedium
Manufacturing, labelling or traceability failures could lead to recalls, sanctions and damage to brand reputation 1.
- Cyber and environmental risksmedium
Cyberattacks and possible pollution at industrial sites could cause disruption, remediation costs and legal liability 1.
Investment thesis
What would need to be true (bull case)
- If the main brands sustain their performance and distribution expands into new markets, the group could benefit from a diversified portfolio and strong local brands 1.
- If partnerships with the main shareholder and agency brand distribution grow, the group could make better use of its existing sales forces 1.
- If the group manages to pass raw material costs on to customers and sustain innovation, margins could be protected 1.
What would break the thesis
- If one of the main brands lost ground in a key market, group results could be significantly affected 1.
- If raw material prices rise sharply, margins could be squeezed where passing costs to customers is difficult 1.
- If competitive pressure from pricing and promotion intensifies, the group could need to spend more to hold its position 1.
What to watch
- Sales trends of the five main brands and their performance in key markets2026
- Evolution of raw material costs and the group's ability to pass on price increases2026
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 MBWS group produces, bottles and distributes wines and spirits across a broad brand portfolio. According to the 2025 annual report, its five main brands, William Peel, Marie Brizard, Sobieski, San José and Cognac Gautier, account for about 57.2% of consolidated revenue 1. The group operates seven production sites covering wine ageing and blending, distillation, bottling and packaging 1.
Segments
Main brands
The five main brands underpin the group's commercial performance. Underperformance of one of them in a key market could have significant effects on group results, according to the 2025 annual report 1.
Market context
The 2025 annual report describes an international business with distribution subsidiaries in several countries and a diversified set of channels. The group is pursuing new markets and channel diversification, including agency brand contracts 1. Competition is intense, with aggressive pricing, promotional spending and innovation that weigh on margins 1.
The cost of raw materials, such as liquids, glass, and capsules or labels, is a significant and volatile expense. Geopolitical or health crises can amplify this volatility and limit the group's ability to pass cost increases on to customers 1.
Trends
- Raw material price volatilityheadwind
Sudden increases in the cost of liquids, glass and packaging could compress margins if they cannot be passed on to selling prices 1.
- Consolidation through brands and partnershipstailwind
Distribution of Sazerac group brands and pooling of sales forces in markets without subsidiaries could extend the distributed portfolio 1.
- Cyber risk and artificial intelligencemixed
Reliance on information systems and the growing use of artificial intelligence bring risks of attacks, data leaks and uncontrolled use, alongside optimisation opportunities 1.
- Stricter regulatory requirementsmixed
Rising expectations on food safety and consumer information raise compliance costs, while also reinforcing trust in products 1.
Competitive position
The 2025 annual report points to steady competitive pressure from rivals using aggressive pricing, intense promotion and innovation in wines and spirits 1. The group responds through partnerships, agency brands and product differentiation 1.
The sources analysed do not name direct competitors. Comparison with other market players is therefore limited to the general factors the company describes 1.
- Unnamed wine and spirits competitors
The 2025 annual report mentions pricing, promotion and innovation pressure without naming specific rivals 1.
- Sazerac group
The main shareholder, whose brands are distributed by MBWS subsidiaries in some countries, also acts as a commercial partner 1.
- Bulk scotch whisky suppliers
The group depends on a long-term contract with its main supplier, and other market players are cited as a possible backup source 1.
- Local players in distribution markets
Local competition remains relevant in countries where the group distributes its own and agency brands 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Marie Brizard Wine & Spirits · 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.