olivLaw · European equity research
MIQUEL Y COSTAS & MIQUEL, S.A. MCM.MC
Spain · BME Madrid · ISIN ES0164180012 · Vertical: Listed companies from Spain
Miquel y Costas & Miquel is a Spanish industrial group whose main segment supplies pulp and paper for the tobacco industry, complemented by industrial products and services. Consolidated revenue reached 313,841 thousand EUR in fiscal 2025, while profit after tax fell 7.4% amid an intensified investment plan and an unstable geopolitical environment.
At the close of 05 Nov 2026, MIQUEL Y COSTAS & MIQUEL, S.A. (MCM.MC) stock was 9.94 EUR (−1.09% on the day), with P/E 8.4 on diluted EPS of 1.19 EUR over the last 12 months, beta 0.11, 52-week range 9.74–12.17 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)
- 40.0
- weak (30–45)
- Bollinger (20, 2)
- 9.44 – 10.79
- in the lower half of the band · %B 0.37 · band width 13.4%
- SMA 50 / 200
- 10.64 / 11.41
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.21 / -0.24
- 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 | −8.2% | +0.4% | −8.6 pp | — |
| 3 months | −12.6% | −3.3% | −9.4 pp | — |
| 6 months | −14.8% | +4.0% | −18.8 pp | — |
| Year to date | −17.2% | +8.1% | −25.3 pp | — |
| 1 year | −11.6% | +10.7% | −22.3 pp | +6.7% |
| 3 years | +10.0% | +50.1% | −40.0 pp | +31.5% |
| 5 years | −7.7% | +43.6% | −51.3 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 8.3, median 8.8, max 10.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 309.3 m | 309.2 m | 313.8 m |
| Revenue YoY | unavailable | −0.0% | +1.5% |
| Net income | 42.7 m | 48.7 m | 45.1 m |
| Net income YoY | unavailable | +14.0% | −7.4% |
| Diluted EPS | 1.11 | 1.28 | 1.19 |
| Diluted EPS YoY | unavailable | +15.3% | −7.0% |
| net % | 13.8% | 15.8% | 14.4% |
| Free cash flow | 53.4 m | 43.6 m | 13.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 9.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 406.8 m EUR
- Total assets
- 516.3 m EUR
- Debt / equity
- unavailable
- Current ratio
- 3.09x
- ROE
- 11.4%
- ROA
- 8.8%
- FCF margin
- 4.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 309.3 m | 309.2 m | 313.8 m | esef· 20 Oct 2026verified |
| Operating income | 54.9 m | 60.2 m | 54.5 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 20.0 m | 19.8 m | 20.8 m | esef· 20 Oct 2026verified |
| EBITDA | 74.9 m ≈ | 80.0 m ≈ | 75.3 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 602.0 k | 1.3 m | 1.3 m | esef· 20 Oct 2026verified |
| Pre-tax income | 56.6 m | 63.5 m | 57.9 m | esef· 20 Oct 2026verified |
| Income tax | 13.8 m | 14.8 m | 12.8 m | esef· 20 Oct 2026verified |
| Net income | 42.7 m | 48.7 m | 45.1 m | esef· 20 Oct 2026verified |
| Diluted EPS | 1.11 | 1.28 | 1.19 | 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 | 18.8 m | 13.3 m | 9.5 m | esef· 20 Oct 2026verified |
| Inventories | 98.4 m | 114.7 m | 109.8 m | esef· 20 Oct 2026verified |
| Current assets | 222.8 m | 227.9 m | 206.0 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 187.1 m | 196.7 m | 217.7 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 6.4 m | 6.0 m | 7.2 m | esef· 20 Oct 2026verified |
| Total assets | 464.7 m | 514.0 m | 516.3 m | esef· 20 Oct 2026verified |
| Accounts payable | 31.1 m | 34.9 m | 33.9 m | esef· 20 Oct 2026verified |
| Current liabilities | 72.1 m | 79.3 m | 66.6 m | esef· 20 Oct 2026verified |
| Equity | 354.8 m | 385.1 m | 406.8 m | esef· 20 Oct 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 70.3 m | 67.9 m | 56.1 m | esef· 20 Oct 2026verified |
| Capex | 16.9 m | 24.3 m | 42.2 m | esef· 20 Oct 2026verified |
| Free cash flow | 53.4 m ≈ | 43.6 m ≈ | 13.9 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -31.2 m | -53.2 m | -27.3 m | esef· 20 Oct 2026verified |
| Financing cash flow | -25.7 m | -20.2 m | -32.6 m | esef· 20 Oct 2026verified |
| Dividends paid | 17.2 m | 17.8 m | 18.4 m | esef· 20 Oct 2026verified |
| Share repurchases | 3.6 m | 5.5 m | 5.7 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: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
38% · 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: 18.07 – 27.05 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/E18.07 – 27.05 (Mid 23.66)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)unavailable · input data missing
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: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 14.4% | 84 (vs peers) | 17% |
| FCF conversion · Quality | 30.8% | 1 (on a fixed band) | 17% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 43.3x | 100 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 8.4x | 95 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 132.8% | 0 (on a fixed band) | 11% |
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
- Quality42/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial95/100 · 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
MIQUEL Y COSTAS & MIQUEL S.A. (MCM.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 313.8 m EUR in 2025; YoY growth 1.5%; net margin 14.4%; ROE 11.4%.
The estimated value range is 18.07–27.05 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 23.66 EUR, the price of 9.94 EUR leaves a potential of 138.0% (value / price − 1) and a margin of safety of 58.0% (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: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 14.4%
- Interest coverage: 43.3x
- Current ratio: 3.1x
- P/E (TTM): 8.4x
- The price is below the estimated value range
What contradicts it
- FCF conversion: 30.8%
- Payout ratio (FCF): 132.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions).
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 MCM.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
Miquel y Costas & Miquel is a Spanish industrial group whose main segment supplies pulp and paper for the tobacco industry, complemented by industrial products and services. Consolidated revenue reached 313,841 thousand EUR in fiscal 2025, while profit after tax fell 7.4% amid an intensified investment plan and an unstable geopolitical environment.
SWOT
Strengths
- A solid balance sheet at the parent and most subsidiaries provides financing capacity.
- Sustained research, development and innovation effort enables products with proprietary technology.
- Diversified international presence, with customers across many countries and continents.
Weaknesses
- Dependence on the tobacco segment, which dominates both revenue and operating result.
- Profit after tax declined in fiscal 2025 compared with the prior year.
- Technical stoppages linked to commissioning new investments temporarily affected operating efficiency.
Opportunities
- If investments in the 2024-2026 plan are consolidated, they could improve productivity and quality.
- Alternative markets could offset difficulties in exporting to the United States.
- Reducing energy dependence through new installations could lower exposure to volatile prices.
Threats
- US commercial tariffs may make European exports to that market harder.
- A weaker US dollar reduces margins on sales denominated in that currency.
- The Ukraine conflict and sanctions against Russia create uncertainty over trade and gas prices.
Risks
- Energy price volatilityhigh
The group is a significant consumer of electricity and gas, and price swings can affect production costs.
- Currency riskmedium
International operations expose the group to exchange rate changes against its functional currency, partly offset by imports.
- Commercial credit riskmedium
Customers across many markets may pose solvency risks, controlled through credit classification policy and credit insurance.
- Tariffs and trade policymedium
New US tariff policies could reduce volumes exported to that market.
- Argentine hyperinflationlow
The Argentine subsidiary operates in a hyperinflationary economy, complicating reporting and possibly reducing the value of local assets.
Investment thesis
What would need to be true (bull case)
- If demand stays stable and recent investments are commissioned successfully, the group could return to the growth path it describes in its outlook.
- A solid balance sheet and financing capacity could support new projects without major liquidity pressure.
- Geographic diversification of customers may limit the impact of any single market on revenue.
What would break the thesis
- If tariffs and dollar weakness persist, margins on US-bound exports could stay under pressure.
- Dependence on the tobacco segment exposes the group to a single industry with uncertain prospects.
- If technical stoppages recur or investments are delayed, efficiency and results could decline further.
What to watch
- Revenue and profit trend versus fiscal 20252026
- Commissioning of investments under the 2024-2026 planQ1 2026
- Effect of US tariffs on exports2026
- Dividend proposal and distribution of profitnext 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 group is headquartered in Barcelona and organises its activity into distinct business lines. The 'Tobacco industry' segment supplies pulp and papers for tobacco manufacturers, 'Industrial products' covers applications in industrial products, and 'Other' includes services and other activities. Export sales made up most of revenue in 2025, and investment focused on the 2024-2026 plan 1.
Segments
Tobacco industry
The largest segment, supplying pulp and papers for the tobacco industry, with consolidated sales of 201,196 thousand EUR in fiscal 2025 and the largest contribution to group operating result 1.
Industrial products
Segment supplying materials for industrial products, with consolidated sales of 85,756 thousand EUR in fiscal 2025 and a smaller operating result than tobacco 1.
Other
Residual segment marketing services and other products, with a modest contribution to consolidated revenue 1.
Market context
The group's core market is Europe, with Spain representing 14.02% of fiscal 2025 revenue, but most sales are exported to other countries such as Switzerland, the United States and Italy. New US tariffs and the weaker dollar hurt European exporters in 2025 1.
Trends
- US tariffs and the dollarheadwind
New US tariffs and dollar depreciation have reduced margins on dollar-denominated exports, which could keep weighing on profitability if these conditions persist 1.
- 2024-2026 investment planmixed
The three-year investment plan brings new projects that could support efficiency once consolidated, though technical stoppages in the fourth quarter of 2025 temporarily weighed on performance 1.
- Energy price volatilitymixed
Electricity and gas prices are volatile, and supply contracts and investment in efficient technologies may mitigate the cost impact 1.
- Demand recoverytailwind
If macroeconomic conditions hold and demand volatility does not rise, the group aims to resume its historical growth path in 2026 1.
Competitive position
The annual report does not explicitly name the group's competitors. Its position in the tobacco pulp and paper niche and in industrial markets would need to be assessed using other sources.
- Unnamed pulp and industrial paper producers
Companies in the same industrial niche, not identified in the primary source.
- Tobacco materials suppliers
Other suppliers to the tobacco industry, not named in the annual report.
- Industrial materials suppliers
Competitors in the industrial products segment, unspecified in the source.
- Industrial service providers
Competitors in the services segment, not specified in the source.
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 / MIQUEL Y COSTAS & MIQUEL, 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.