olivLaw · European equity research
NICOLÁS CORREA, S.A. NEA.MC
Spain · BME Madrid · ISIN ES0166300212 · Vertical: Listed companies from Spain
NICOLÁS CORREA, S.A. is a Spanish industrial group that manufactures machines and sells accessories, while also providing technical assistance services for the equipment it sells. Its annual report for the year ended 31 December 2025 shows that the group gives warranties ranging from one year to five years on its machines, which makes managing these obligations central to its financial position.
At the close of 05 Nov 2026, NICOLÁS CORREA, S.A. (NEA.MC) stock was 9.82 EUR (+0.20% on the day), with market capitalisation 119.4 m EUR, P/E 9.9 on diluted EPS of 0.99 EUR over the last 12 months, dividend yield 3.12%, beta 0.39, 52-week range 8.90–10.60 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 50.4
- neutral
- Bollinger (20, 2)
- 9.32 – 10.10
- in the upper half of the band · %B 0.64 · band width 8.1%
- SMA 50 / 200
- 9.85 / 9.80
- mixed trend
- MACD (12, 26, 9)
- 0.02 / -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 | −3.3% | −0.6% | −2.6 pp | — |
| 3 months | +6.3% | −4.2% | +10.4 pp | — |
| 6 months | +1.9% | +4.3% | −2.5 pp | — |
| Year to date | +10.1% | +7.5% | +2.6 pp | — |
| 1 year | −2.8% | +9.9% | −12.7 pp | +6.7% |
| 3 years | +65.0% | +49.8% | +15.2 pp | +31.5% |
| 5 years | +63.7% | +42.8% | +20.8 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 6.8, median 7.5, max 9.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 109.9 m | 121.5 m | 119.1 m |
| Revenue YoY | unavailable | +10.6% | −2.0% |
| Net income | 10.5 m | 13.7 m | 12.0 m |
| Net income YoY | unavailable | +30.0% | −12.1% |
| Diluted EPS | 0.87 | 1.13 | 0.99 |
| Diluted EPS YoY | unavailable | +29.8% | −12.2% |
| net % | 9.6% | 11.3% | 10.1% |
| Free cash flow | 4.3 m | 10.7 m | -895.0 k |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 26.3 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 93.4 m EUR
- Total assets
- 158.5 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.90x
- ROE
- 13.4%
- ROA
- 8.2%
- FCF margin
- -0.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 109.9 m | 121.5 m | 119.1 m | esef· 20 Oct 2026verified |
| Operating income | 12.1 m | 16.3 m | 14.3 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 2.0 m | 2.0 m | 2.2 m | esef· 20 Oct 2026verified |
| EBITDA | 14.1 m ≈ | 18.3 m ≈ | 16.5 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 384.0 k | 388.0 k | 272.0 k | esef· 20 Oct 2026verified |
| Pre-tax income | 12.8 m | 17.1 m | 15.1 m | esef· 20 Oct 2026verified |
| Income tax | 2.0 m | 3.2 m | 2.8 m | esef· 20 Oct 2026verified |
| Net income | 10.5 m | 13.7 m | 12.0 m | esef· 20 Oct 2026verified |
| Diluted EPS | 0.87 | 1.13 | 0.99 | esef· 20 Oct 2026verified |
| Dividend per share | 0.24 | 0.28 | 0.31 | esef· 20 Oct 2026derived |
≈ 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 | 24.0 m | 26.3 m | esef· 20 Oct 2026verified |
| Receivables | 29.9 m | 25.6 m | 34.9 m | esef· 20 Oct 2026verified |
| Inventories | 39.6 m | 36.2 m | 34.1 m | esef· 20 Oct 2026verified |
| Current assets | 90.5 m | 88.0 m | 98.9 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 21.2 m | 22.6 m | 35.9 m | esef· 20 Oct 2026verified |
| Goodwill | 9.5 m | 9.5 m | 9.5 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 1.0 m | 920.0 k | 819.0 k | esef· 20 Oct 2026verified |
| Total assets | 137.6 m | 135.6 m | 158.5 m | esef· 20 Oct 2026verified |
| Accounts payable | 49.9 m | 39.2 m | 41.5 m | esef· 20 Oct 2026verified |
| Current liabilities | 54.6 m | 43.7 m | 52.0 m | esef· 20 Oct 2026verified |
| Total liabilities | 62.8 m | 50.0 m | 65.2 m | esef· 20 Oct 2026verified |
| Equity | 74.8 m | 85.6 m | 93.4 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 12.1 m | 12.2 m | 12.2 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 8.2 m | 13.7 m | 10.4 m | esef· 20 Oct 2026verified |
| Capex | 3.9 m | 3.0 m | 11.3 m | esef· 20 Oct 2026verified |
| Free cash flow | 4.3 m ≈ | 10.7 m ≈ | -895.0 k ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -5.2 m | -2.5 m | -12.2 m | esef· 20 Oct 2026verified |
| Financing cash flow | -5.8 m | -6.1 m | 4.3 m | esef· 20 Oct 2026verified |
| Dividends paid | 2.9 m | 3.4 m | 3.7 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: 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: 119.4 m EUR
Key indicators
Coverage and freshness
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: 4.17 – 22.51 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/E15.03 – 22.51 (Mid 19.68)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)4.17 – 5.69 (Mid 4.81)
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 | 10.1% | 76 (vs peers) | 13% |
| FCF conversion · Quality | -7.4% | 0 (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 | 52.4x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.9x | 92 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 9.9x | 91 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.7% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 3.1% | 45 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet97/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality38/100 · 2/3 factors with a value
- Returns· partial45/100 · 1/2 factors with a value
- Valuation51/100 · 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
NICOLAS CORREA S.A. (NEA.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 119.1 m EUR in 2025; YoY growth -2.0%; net margin 10.1%; ROE 13.6%.
The estimated value range is 9.60–14.10 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 12.25 EUR, the price of 9.82 EUR leaves a potential of 24.7% (value / price − 1) and a margin of safety of 19.8% (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
- Net margin: 10.1%
- Interest coverage: 52.4x
- Current ratio: 1.9x
- P/E (TTM): 9.9x
What contradicts it
- FCF conversion: -7.4%
- FCF yield: -0.7%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
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% |
| NEA.MCNicolas Correa S.A. | 119.4 m | 9.9 | 13.6% | 10.1% | −2.0% | +3% / +57% |
| 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% |
1- and 3-year price returns: for NEA.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 | 5.43 Total return -42% · Per year -42% | 9.63 Total return 1% · Per year 1% | 14.54 Total return 52% · Per year 52% |
| 3 years | 4.60 Total return -47% · Per year -19% | 9.25 Total return 3% · Per year 1% | 15.44 Total return 69% · Per year 19% |
| 5 years | 3.91 Total return -50% · Per year -13% | 8.89 Total return 5% · Per year 1% | 16.39 Total return 87% · Per year 13% |
- Exit P/E± 2.31
- Net margin± 1.62
- Annual revenue growth± 1.42
- Annual dilution± 0.14
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
NICOLÁS CORREA, S.A. is a Spanish industrial group that manufactures machines and sells accessories, while also providing technical assistance services for the equipment it sells. Its annual report for the year ended 31 December 2025 shows that the group gives warranties ranging from one year to five years on its machines, which makes managing these obligations central to its financial position 1.
SWOT
Strengths
- An integrated portfolio of machines, accessories and technical services, which can support customer relationships across the equipment's life cycle 1.
- An extended warranty policy that can support customer confidence in the group's machines 1.
- A clear group structure with consolidated tax filing for subsidiaries 1.
Weaknesses
Opportunities
- Demand for technical services over the machines' working lives could increase recurring revenue.
- Expanding the accessories range could complement machine sales.
- Investment in lower-impact equipment could open access to new customers 1.
Risks
- Warranty provisionshigh
Provisions for long-term warranties depend on historical data and estimates, and an estimation error could affect results 1.
- Onerous service contractsmedium
If a technical assistance contract becomes onerous, the group must recognise additional provisions 1.
- Revenue recognition at acceptancemedium
The timing of control transfer depends on the buyer inspecting and accepting the unit, which could delay revenue recognition 1.
- Currency exposuremedium
International activity and contracts in foreign currencies could expose the group to exchange rate movements.
- Environmental costslow
Environmental protection expenses are recognised as current costs, and new regulation could increase them 1.
Investment thesis
What would need to be true (bull case)
- If technical service revenue grows over the machines' working lives, the group could benefit from more stable income 1.
- Extended warranties could strengthen the group's position in negotiations with customers seeking long-term security 1.
- A portfolio combining machines, accessories and services could reduce dependence on a single revenue type.
What to watch
- Trend in warranty provisions and the rate of warranty claimsnext annual report
- Share of technical service revenue in total revenue2026
- Any provisions for onerous service contractsnext annual report
- Changes to the warranty policy for machines and accessories2026
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 NICOLÁS CORREA, S.A. group and its subsidiaries manufacture and sell machines and accessories and provide technical assistance services 1. According to the 2025 annual report, the tax group includes several companies, among them Hypatia GNC Accesorios, S.A., Nicolás Correa Electrónica, S.A., GNC Calderería Steelworks, S.L., Correa Mecanizado, S.L and NC Service Milling Machines, S.A., which file under consolidated tax returns 1. Warranties for machines and accessories range, according to the report, from one year or a set number of service hours up to five years or a higher number of service hours 1.
Revenue from machine sales is recognised when control passes to the buyer, which for machines means the buyer inspects and accepts the unit at the group's facilities 1. Service revenue is recognised according to the stage of completion at the reporting date when the outcome can be reliably estimated 1.
The group applies IFRS standards, including IFRS 15 on revenue from contracts with customers and IFRS 16 on leases, and its financial statements are presented in euro with assets and liabilities split between current and non-current 1.
Segments
Machine sales
Machines are sold with warranties from one year (or 3,000 service hours) up to five years (or 10,000 service hours), and warranty provisions are recognised when the machines or parts are sold or the related service is provided 1.
Accessories and technical services
The group sells accessories for its machines and provides technical assistance; service revenue is recognised as work progresses, and service contracts considered onerous lead to specific provisions 1.
Market context
The annual report does not give data on the size of the machine-tool market or the group's share; the profile is that of a Spanish industrial manufacturer with implied export sales, given the currencies and standards referenced in its financial statements 1. Further sources are needed to assess its market position.
Trends
- Extended warranties on machinesheadwind
Warranties of up to five years or 10,000 service hours imply provisions that depend on historical data and probability-weighted estimates, which could increase the financial burden if the defect rate changes 1.
- Recognition of service revenuemixed
Technical service revenue is recognised by stage of completion, which could make revenue more predictable over the long term, but it requires periodic assessment of onerous contracts 1.
- IFRS 15 and IFRS 16 standardsmixed
Applying IFRS 15 and IFRS 16 requires judgement on when control transfers and on estimating lease payments; if these judgements change, the presentation of revenue and liabilities could be affected 1.
- Environmental requirementsheadwind
Environmental expenses are recognised when incurred and investments aimed at reducing impact are capitalised; compliance costs could rise if regulation tightens 1.
Competitive position
The annual report does not explicitly name the group's competitors, so the competitive analysis rests on the activity profile described: machine-tool production, accessories and technical services 1. Competition could come from producers offering comparable warranties and their own service networks.
- European machine-tool manufacturers
Potential competitors in machine sales; the annual report does not name them.
- Accessory manufacturers for machines
Potential competitors in accessories, not identified in the source.
- Independent technical service providers
May compete with the group's technical assistance services, not identified in the source.
- Asian machine-tool manufacturers
Potential competitors on price, not identified 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 / NICOLÁS CORREA, 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.