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olivLaw · European equity research

MIQUEL Y COSTAS & MIQUEL, S.A. MCM.MC

Spain · BME Madrid · ISIN ES0164180012 · Vertical: Listed companies from Spain

9.94EUR−1.09% · 1 dayClose 05 Nov 2026

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.

Market cap
unavailable
P/E (TTM)
8.4
Diluted EPS TTM 1.19 · TTM to 31 Dec 2025
E/P (TTM)
11.97%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.11
Volatility (1y) 19%
52-week range
9.7412.17

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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical 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—
Max drawdown (1y)
−19.9%
26 Feb 2026 → 22 Oct 2026
Max drawdown (5y)
−27.5%
15 Nov 2021 → 15 Sept 2023
Compound annual growth (5y)
−1.6%
EURO STOXX 50 +7.5%

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 year202320242025
Revenue309.3 m309.2 m313.8 m
Revenue YoYunavailable−0.0%+1.5%
Net income42.7 m48.7 m45.1 m
Net income YoYunavailable+14.0%−7.4%
Diluted EPS1.111.281.19
Diluted EPS YoYunavailable+15.3%−7.0%
net %13.8%15.8%14.4%
Free cash flow53.4 m43.6 m13.9 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

Revenue
2023
309.3 m
2024
309.2 m
2025
313.8 m

esef· 20 Oct 2026verified

Operating income
2023
54.9 m
2024
60.2 m
2025
54.5 m

esef· 20 Oct 2026verified

Depreciation & amortisation
2023
20.0 m
2024
19.8 m
2025
20.8 m

esef· 20 Oct 2026verified

EBITDA
2023
74.9 m ≈
2024
80.0 m ≈
2025
75.3 m ≈

esef· 20 Oct 2026derived

Interest expense
2023
602.0 k
2024
1.3 m
2025
1.3 m

esef· 20 Oct 2026verified

Pre-tax income
2023
56.6 m
2024
63.5 m
2025
57.9 m

esef· 20 Oct 2026verified

Income tax
2023
13.8 m
2024
14.8 m
2025
12.8 m

esef· 20 Oct 2026verified

Net income
2023
42.7 m
2024
48.7 m
2025
45.1 m

esef· 20 Oct 2026verified

Diluted EPS
2023
1.11
2024
1.28
2025
1.19

esef· 20 Oct 2026verified

Balance sheet · EUR

Cash
2023
18.8 m
2024
13.3 m
2025
9.5 m

esef· 20 Oct 2026verified

Inventories
2023
98.4 m
2024
114.7 m
2025
109.8 m

esef· 20 Oct 2026verified

Current assets
2023
222.8 m
2024
227.9 m
2025
206.0 m

esef· 20 Oct 2026verified

Property, plant & equipment, net
2023
187.1 m
2024
196.7 m
2025
217.7 m

esef· 20 Oct 2026verified

Intangibles (excl. goodwill)
2023
6.4 m
2024
6.0 m
2025
7.2 m

esef· 20 Oct 2026verified

Total assets
2023
464.7 m
2024
514.0 m
2025
516.3 m

esef· 20 Oct 2026verified

Accounts payable
2023
31.1 m
2024
34.9 m
2025
33.9 m

esef· 20 Oct 2026verified

Current liabilities
2023
72.1 m
2024
79.3 m
2025
66.6 m

esef· 20 Oct 2026verified

Equity
2023
354.8 m
2024
385.1 m
2025
406.8 m

esef· 20 Oct 2026verified

Cash flow · EUR

Operating cash flow
2023
70.3 m
2024
67.9 m
2025
56.1 m

esef· 20 Oct 2026verified

Capex
2023
16.9 m
2024
24.3 m
2025
42.2 m

esef· 20 Oct 2026verified

Free cash flow
2023
53.4 m ≈
2024
43.6 m ≈
2025
13.9 m ≈

esef· 20 Oct 2026derived

Investing cash flow
2023
-31.2 m
2024
-53.2 m
2025
-27.3 m

esef· 20 Oct 2026verified

Financing cash flow
2023
-25.7 m
2024
-20.2 m
2025
-32.6 m

esef· 20 Oct 2026verified

Dividends paid
2023
17.2 m
2024
17.8 m
2025
18.4 m

esef· 20 Oct 2026verified

Share repurchases
2023
3.6 m
2024
5.5 m
2025
5.7 m

esef· 20 Oct 2026verified

Computed indicators

Growth

Revenue growth (YoY)
1.5%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-9.4%
computed by olivLawFY 2025
Net income growth (YoY)
-7.4%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-7.0%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-68.1%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
24.0%
computed by olivLawFY 2025
EBIT margin
17.4%
computed by olivLawFY 2025
Net margin
14.4%
computed by olivLawFY 2025
FCF margin
4.4%
computed by olivLawFY 2025

Returns

ROE
11.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
8.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
12.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
132.8%
computed by olivLawFY 2025

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
43.3x
computed by olivLawFY 2025

Liquidity

Current ratio
3.1x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.4x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.1x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
56.1 m EUR
computed by olivLawFY 2025
Capital expenditure
42.2 m EUR
computed by olivLawFY 2025
Free cash flow
13.9 m EUR
computed by olivLawFY 2025
FCF conversion
30.8%
computed by olivLawFY 2025
Cash conversion
74.5%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
8.4x
computed by olivLawFY 2025
Earnings yield
12.0%
computed by olivLawFY 2025
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 37.5% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

9.94 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
8.4x
computed by olivLawFY 2025
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
11.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
14.4%
computed by olivLawFY 2025
Revenue growth (YoY)
1.5%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

25/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Source: esefpublished 20 Oct 2026
verified 71

Score by group

38% · Insufficient data

Estimated value range

Low
18.07
EUR per share
Mid
23.66
EUR per share
High
27.05
EUR per share
Price: 9.94 EUR
The price is below the range
Potential to the central value: 138.0% (value / price − 1)
Margin of safety: 58.0% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

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 – 22.7x
    ACS.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%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality14.4%84 (vs peers)17%
FCF conversion · Quality30.8%1 (on a fixed band)17%
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet43.3x100 (on a fixed band)17%
Current ratio · Balance sheet3.1x100 (on a fixed band)11%
P/E (TTM) · Valuation8.4x95 (vs peers)28%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returns132.8%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

P/E
8.4x
vertical median 20.3x
below median (−58.8%)
EV/EBITDA
—
vertical median —
P/S
—
vertical median 0.9x
P/B
—
vertical median 2.5x
ROE
11.4%
vertical median 10.5%
above median (+8.5%)
Net margin
14.4%
vertical median 4.5%
above median (+216.6%)
EBIT margin
17.4%
vertical median 10.2%
above median (+70.6%)
Revenue YoY
1.5%
vertical median 2.2%
below median (−31.7%)
Net debt/EBITDA
—
vertical median -0.2x
Dividend yield
—
vertical median 3.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ELE.MCEndesa SA46.9 bn21.426.4%10.5%+0.5%+43% / +134%
AENA.MCAena S.m.e. SA42.6 bn19.924.2%34.0%+8.9%+21% / +79%
AMS.MCAmadeus It Group Sociedad Anonima26.2 bn19.826.9%20.5%+6.1%−6% / −5%
ACS.MCAcs Actividades De Construccion Y Servicios, S.A.21.9 bn23.019.9%1.9%+19.7%+7% / +134%
ANA.MCAcciona SA11.7 bn14.516.9%4.0%+5.5%+24% / +66%
FCC.MCFomento De Construcciones Y Contratas S.A.5.0 bn30.35.3%1.7%+6.9%−8% / −14%
DIA.MCDistribuidora Internacional De Alimentacion SA2.7 bn20.6165.6%2.2%−2.7%+51% / +380,733%
CMO.MCCementos Molins S.A.2.5 bn13.614.3%18.0%−3.1%+31% / unavailable
ENO.MCElecnor SA2.4 bn21.910.5%2.5%+15.1%−3% / +58%
ALM.MCAlmirall S.A.2.4 bn51.13.1%4.2%+12.4%−11% / +32%
FAE.MCFaes Farma SA1.5 bn19.310.8%13.0%+23.7%+3% / +57%
AEDAS.MCAedas Homes SA1.0 bn17.157.8%7.0%−24.8%+0% / +38%
EDR.MCEdreams Odigeo SA574.4 m11.521.0%7.8%−0.4%+40% / −24%
EAT.MCAmRest Holdings SE506.0 m31.44.3%0.6%+0.1%−34% / −61%
ADX.MCAudax Renovables S.A.468.5 m23.99.3%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 m32.24.2%6.4%+3.6%−34% / −6%
ADZ.MCAdolfo Dominguez SA62.9 m38.39.0%1.2%+1.8%+39% / +40%
DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A.44.8 m9.2152.3%10.0%+2.2%+19% / unavailable
EZE.MCGrupo Ezentis SA29.0 m——-9.3%+147.2%−30% / −37%
CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA17.3 m14.44.1%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 m0.010.0%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)

Sources

  1. [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.