olivLaw · European equity research
Bodegas Riojanas, S.A. RIO.MC
Spain · BME Madrid · ISIN ES0115002018 · Vertical: Listed companies from Spain
Bodegas Riojanas is a Spanish winery listed in Madrid that produces and exports quality wines under the DOCa Rioja and DO Rueda designations. In 2025 the group went through a major financial restructuring, with debt converted into equity by the new majority shareholder Gevisa Wine Capital, S.L., completed on 15 July 2026.
At the close of 05 Nov 2026, Bodegas Riojanas, S.A. (RIO.MC) stock was 0.84 EUR (−1.76% on the day), with market capitalisation 4.0 m EUR, dividend yield 0.00%, beta 0.17, 52-week range 0.81–2.97 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)
- 45.3
- neutral
- Bollinger (20, 2)
- 0.80 – 0.87
- in the lower half of the band · %B 0.48 · band width 7.8%
- SMA 50 / 200
- 0.89 / 1.51
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.02
- 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 | +3.1% | −0.6% | +3.7 pp | — |
| 3 months | −14.8% | −4.2% | −10.6 pp | — |
| 6 months | −53.6% | +4.3% | −57.9 pp | — |
| Year to date | −63.7% | +7.5% | −71.3 pp | — |
| 1 year | −71.6% | +9.9% | −81.5 pp | +6.7% |
| 3 years | −82.3% | +49.8% | −132.2 pp | +31.5% |
| 5 years | −74.7% | +42.8% | −117.5 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 17.4 m | 16.1 m | 13.5 m |
| Revenue YoY | unavailable | −7.3% | −15.8% |
| Net income | 128.0 k | -2.7 m | -8.6 m |
| Net income YoY | unavailable | −2,205.5% | unavailable |
| Diluted EPS | 0.03 | -0.56 | -1.79 |
| Diluted EPS YoY | unavailable | −1,966.7% | unavailable |
| net % | 0.7% | -16.7% | -63.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 605.0 k EUR
- Financial debt
- 135.0 k EUR
- Net debt
- -470.0 k EUR
- Equity
- 9.1 m EUR
- Total assets
- 46.1 m EUR
- Debt / equity
- 0.01x
- Current ratio
- 0.96x
- ROE
- -64.6%
- ROA
- -17.0%
- 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 | 17.4 m | 16.1 m | 13.5 m | esef· 20 Oct 2026verified |
| Gross profit | 10.2 m | 7.8 m | 4.2 m | esef· 20 Oct 2026verified |
| Operating income | 749.0 k | -1.7 m | -6.7 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 1.9 m | 1.8 m | 1.6 m | esef· 20 Oct 2026verified |
| EBITDA | 2.6 m ≈ | 125.0 k ≈ | -5.1 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 491.0 k | 1.0 m | 1.3 m | esef· 20 Oct 2026verified |
| Pre-tax income | 246.0 k | -2.7 m | -8.2 m | esef· 20 Oct 2026verified |
| Income tax | 101.0 k | -5.0 k | 474.0 k | esef· 20 Oct 2026verified |
| Net income | 128.0 k | -2.7 m | -8.6 m | esef· 20 Oct 2026verified |
| Diluted EPS | 0.03 | -0.56 | -1.79 | esef· 20 Oct 2026verified |
| Dividend per share | 0.11 | 0.00 | — | esef· 08 May 2025derived |
≈ 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 | 157.0 k | 454.0 k | 605.0 k | esef· 20 Oct 2026verified |
| Inventories | 33.1 m | 31.6 m | 28.0 m | esef· 20 Oct 2026verified |
| Current assets | 39.5 m | 40.3 m | 33.7 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 14.7 m | 13.6 m | 11.8 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 76.0 k | 49.0 k | 26.0 k | esef· 20 Oct 2026verified |
| Total assets | 56.5 m | 55.8 m | 46.1 m | esef· 20 Oct 2026verified |
| Long-term debt | 6.6 m | 18.0 m | 135.0 k | esef· 20 Oct 2026verified |
| Current liabilities | 25.9 m | 16.8 m | 35.3 m | esef· 20 Oct 2026verified |
| Equity | 20.5 m | 17.7 m | 9.1 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 4.3 m | 4.8 m | 4.8 m | esef· 20 Oct 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
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.0 m EUR
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
no valuation method could be computed
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: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -25.7% | 0 (vs peers) | 31% |
| Net margin · Quality | -63.8% | 3 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -5.3x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.0x | 13 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet5/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality1/100 · 2/3 factors with a value
- Returns· partial0/100 · 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
BODEGAS RIOJANAS SOCIEDAD ANONIMA (RIO.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 13.5 m EUR in 2025; YoY growth -15.8%; net margin -63.8%; ROE -64.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
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.
What contradicts it
- ROIC: -25.7%
- Net margin: -63.8%
- Interest coverage: -5.3x
- Current ratio: 1.0x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, 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% |
| 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 |
| RIO.MCBodegas Riojanas Sociedad Anonima | 4.0 m | — | -64.6% | -63.8% | −15.8% | −66% / −82% |
| 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 RIO.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Bodegas Riojanas is a Spanish winery listed in Madrid that produces and exports quality wines under the DOCa Rioja and DO Rueda designations. In 2025 the group went through a major financial restructuring, with debt converted into equity by the new majority shareholder Gevisa Wine Capital, S.L., completed on 15 July 2026 1.
SWOT
Strengths
- The Rioja designation has brand recognition and a leading position in the Spanish market, supporting the group's sales 1.
- The portfolio includes red and white wines from several designations, allowing product diversification 1.
- Research, development and innovation efforts focus on wine and grape quality, which could reduce supply risks 1.
Weaknesses
- The 2025 restructuring points to a strained financial position, with an unbalanced equity situation and negative working capital at year end 1.
- Dependence on the majority shareholder's financing to secure liquidity indicates limited self-financing capacity 1.
- Operating cash generation was temporarily negative, and the group relies on a viability plan for recovery 1.
Opportunities
Threats
- Rising market interest rates could affect financing costs and the group's profitability 1.
- Growing competition from other countries and other wineries in the same designation may pressure margins 1.
- Changes in consumption habits and general economic conditions could reduce demand for the group's wines 1.
Risks
- Business continuityhigh
The 2025 imbalance in equity and negative working capital has been remedied, but depends on support from the new majority shareholder 1.
- Interest rates and financing costsmedium
New rate increases in 2026 could renew pressure on financial expenses, although the group actively monitors developments 1.
- Liquiditymedium
The liquidity reserve rests on limited cash and undrawn credit lines from the majority shareholder, which restricts room for manoeuvre 1.
- Changing consumer tastesmedium
Shifts in consumer preferences could affect demand for certain wines, and the group adjusts its commercial strategy in response 1.
- Economic conditionslow
A deterioration in the economy, consumption or access to financing could influence the group's results 1.
Investment thesis
What would need to be true (bull case)
- The restructuring completed in July 2026 could strengthen the balance sheet and let the group focus on profitability and its growth plan 1.
- The leading position of the Rioja designation and growth in the white wine segment could support long-term sales 1.
- The internationalisation plan and HORECA channel development could diversify sources of revenue 1.
What would break the thesis
- Dependence on the majority shareholder's support and external financing could limit the group's flexibility if conditions worsen 1.
- Intense competition from other Spanish designations and new wine countries could pressure prices and margins 1.
- If consumption of quality wine stagnates, the planned growth could be delayed 1.
What to watch
- Results evolution after the financial restructuring and operating cash flow2027
- Impact of interest rate increases on financial expenses2027
- Progress of the internationalisation plan across the eight strategic markets2027
- Evolution of reliance on credit lines from the majority shareholdernext 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 Bodegas Riojanas group produces and sells wines with designation of origin, mainly from Rioja and Rueda, under several brands. Its activity includes own viticulture, winemaking and bottling, and sales in the domestic and export markets 1.
The stated strategy aims at profitable growth in domestic and international markets, enhancing brand value, customer orientation and sustainability, with focus on the HORECA channel and digitalisation 1.
The shareholder structure is concentrated, and the new majority shareholder Gevisa Wine Capital, S.L. provides financial support to ensure continuity of the business and payment of current obligations 1.
Segments
Rioja and Rueda wines
Wines under the DOCa Rioja designation remain the core of the portfolio, and the group intends to promote white wines from D.O. Rueda and Rias Baixas, segments growing in the market 1.
Export and HORECA channel
The internationalisation plan targets eight strategic markets, and developing the HORECA channel in the domestic market is a priority for sales growth 1.
Market context
According to the report, consumption of quality wines with designation of origin is rising, DOCa Rioja leads in the Spanish market, while external and internal competition is intensifying 1.
The white wine segment is considered to be growing worldwide, which could support an extension of the group's range if demand keeps developing 1.
Trends
- Changing consumption habitsmixed
The group monitors changes in wine consumption and adjusts commercial strategies to respond to demand trends 1.
- Interest rate developmentsheadwind
After the sharp rise in 2024, financial expenses remained stable in 2025, while new rate increases in 2026 are being closely monitored 1.
- Shift toward quality winestailwind
Consumption is steadily moving toward wines with designation of origin, which offers growth opportunities for the group's brands 1.
- Macroeconomy and consumptionmixed
General economic conditions, including consumption and prices, are considered a business risk requiring permanent monitoring 1.
Competitive position
Competition comes from other designations of origin and producing countries, as well as from a growing number of wineries in the same designations, according to the company's report 1.
The group aims to strengthen its position through diversification of products, markets and customers, to reduce dependence on its main markets 1.
- Other Rioja wineries
They compete in the same DOCa Rioja segment, and the report cites the growing number of wineries in the designation as competitive pressure 1.
- Producers from other Spanish designations
Competition from designations such as Rueda and Rias Baixas is relevant to the white wine segment where the group has growth ambitions 1.
- Producers from new wine countries
The report cites new countries entering the market as a source of external competition, without naming specific companies 1.
- Traditional wine exporters
Reactions from traditional producing countries in export markets intensify competitive pressure on the internationalisation strategy 1.
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
- Annual report 202308 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Bodegas Riojanas, 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.