olivLaw · European equity research
REALIA BUSINESS, S.A. RLIA.MC
Spain · BME Madrid · ISIN ES0173908015 · Vertical: Listed companies from Spain
REALIA BUSINESS, S.A. is a Spanish real estate group active in property development, land sales and rental of real estate assets, with a focus on residential rental housing. Its financing structure, with net financial debt of 729.255 mil EUR and an EBITDA/financial expense coverage of 4,96, shows a solvency profile relevant in the current interest-rate context, according to its 2025 annual report.
At the close of 05 Nov 2026, REALIA BUSINESS, S.A. (RLIA.MC) stock was 0.98 EUR (+0.62% on the day), with market capitalisation 2.3 bn EUR, P/E 17.8 on diluted EPS of 0.06 EUR over the last 12 months, dividend yield 0.08%, beta 0.13, 52-week range 0.92–1.09 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)
- 61.5
- strong (55–70)
- Bollinger (20, 2)
- 0.90 – 0.98
- above the upper band · %B 1.03 · band width 8.0%
- SMA 50 / 200
- 0.97 / 1.02
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.01
- 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 | +0.6% | −0.6% | +1.3 pp | — |
| 3 months | −3.9% | −4.2% | +0.2 pp | — |
| 6 months | −4.9% | +4.3% | −9.2 pp | — |
| Year to date | −0.4% | +7.5% | −7.9 pp | — |
| 1 year | −8.4% | +9.9% | −18.3 pp | +6.7% |
| 3 years | −7.5% | +49.8% | −57.4 pp | +31.5% |
| 5 years | +30.0% | +42.8% | −12.9 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 11.1, median 17.9, max 35.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 132.3 m | 296.1 m | 301.5 m |
| Revenue YoY | unavailable | +123.8% | +1.8% |
| Net income | 24.7 m | 74.2 m | 129.4 m |
| Net income YoY | unavailable | +200.5% | +74.3% |
| Diluted EPS | 0.03 | 0.09 | 0.06 |
| Diluted EPS YoY | unavailable | +206.7% | −40.2% |
| net % | 18.7% | 25.1% | 42.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 135.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 2.2 bn EUR
- Total assets
- 3.6 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 2.14x
- ROE
- 5.9%
- ROA
- 3.6%
- 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 | 132.3 m | 296.1 m | 301.5 m | esef· 20 Oct 2026verified |
| Operating income | 58.5 m | 156.8 m | 149.6 m | esef· 20 Oct 2026verified |
| Interest expense | 20.7 m | 41.1 m | 30.2 m | esef· 20 Oct 2026verified |
| Pre-tax income | 17.6 m | 113.2 m | 151.9 m | esef· 20 Oct 2026verified |
| Income tax | -8.0 m | 36.8 m | 21.0 m | esef· 20 Oct 2026verified |
| Net income | 24.7 m | 74.2 m | 129.4 m | esef· 20 Oct 2026verified |
| Diluted EPS | 0.03 | 0.09 | 0.06 | esef· 20 Oct 2026verified |
| Dividend per share | 0.05 | 0.01 | 0.00 | esef· 20 Oct 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 61.5 m | 130.0 m | 135.7 m | esef· 20 Oct 2026verified |
| Inventories | 323.9 m | 730.1 m | 781.5 m | esef· 20 Oct 2026verified |
| Current assets | 415.1 m | 894.4 m | 954.4 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 620.0 k | 10.5 m | 10.2 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 73.0 k | 68.0 k | 144.0 k | esef· 20 Oct 2026verified |
| Total assets | 2.1 bn | 3.5 bn | 3.6 bn | esef· 20 Oct 2026verified |
| Current liabilities | 207.3 m | 767.1 m | 445.0 m | esef· 20 Oct 2026verified |
| Total liabilities | 2.1 bn | 3.5 bn | 3.6 bn | esef· 20 Oct 2026verified |
| Equity | 2.0 bn | 2.2 bn | 2.2 bn | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 823.4 m | 806.9 m | 2.4 bn | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 89.4 m | 192.5 m | 177.6 m | esef· 20 Oct 2026verified |
| Investing cash flow | -18.8 m | -7.2 m | -4.1 m | esef· 20 Oct 2026verified |
| Financing cash flow | -53.4 m | -116.7 m | -167.8 m | esef· 20 Oct 2026verified |
| Dividends paid | 42.3 m | 11.0 m | 1.9 m | esef· 20 Oct 2026verified |
| Share repurchases | 213.0 k | 94.3 m | 55.0 m | esef· 20 Oct 2026verified |
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%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.3 bn EUR
Key indicators
Coverage and freshness
Score by group
33% · 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: 0.83 – 1.25 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E0.83 – 1.25 (Mid 1.09)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)outside the aggregate0.01 – 0.01 (Mid 0.01)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 42.9% | 97 (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 | 4.9x | 53 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 17.8x | 68 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.5% | 35 (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 sheet72/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial97/100 · 1/3 factors with a value
- Returns· partial35/100 · 1/2 factors with a value
- Valuation· partial68/100 · 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
REALIA BUSINESS, S.A. (RLIA.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 301.5 m EUR in 2025; YoY growth 1.8%; net margin 42.9%; ROE 6.0%.
The estimated value range is 0.83–1.25 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.09 EUR, the price of 0.98 EUR leaves a potential of 11.6% (value / price − 1) and a margin of safety of 10.4% (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 (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 42.9%
- Current ratio: 2.1x
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| RLIA.MCRealia Business, S.A. | 2.3 bn | 17.8 | 6.0% | 42.9% | +1.8% | −2% / −8% |
| 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% |
1- and 3-year price returns: for RLIA.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 | 0.56 Total return -42% · Per year -42% | 1.00 Total return 2% · Per year 2% | 1.51 Total return 54% · Per year 54% |
| 3 years | 0.52 Total return -47% · Per year -19% | 1.03 Total return 6% · Per year 2% | 1.72 Total return 76% · Per year 21% |
| 5 years | 0.48 Total return -51% · Per year -13% | 1.07 Total return 10% · Per year 2% | 1.96 Total return 101% · Per year 15% |
- Exit P/E± 0.26
- Net margin± 0.18
- Annual revenue growth± 0.15
- Annual dilution± 0.02
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
REALIA BUSINESS, S.A. is a Spanish real estate group active in property development, land sales and rental of real estate assets, with a focus on residential rental housing. Its financing structure, with net financial debt of 729.255 mil EUR and an EBITDA/financial expense coverage of 4,96, shows a solvency profile relevant in the current interest-rate context, according to its 2025 annual report 1.
SWOT
Strengths
- The group has a debt structure with a significant share at fixed rate and hedging instruments that reduce exposure to rising interest rates 1.
- Interest coverage by EBITDA is solid and working capital is positive, supporting short-term payment capacity 1.
- The company fully repaid a significant credit and was able to refinance debt without problems in the traditional banking system 1.
Weaknesses
- Net financial debt remains high relative to assets, and part of the loans carry a variable rate 1.
- International activity is limited, concentrating risks on the European market, especially the Spanish one 1.
- The company acknowledges that the fair value of inventories may differ from effective realisable value in the current residential market context 1.
Opportunities
- If interest rates continue to fall, financing of new projects could become cheaper and could extend the portfolio of residential rental housing 1.
- The company plans investments in new residential rental projects and in capex for rental buildings, which could generate additional recurring income 1.
- Investment opportunities arising in the market could be captured with available liquidity, if cash flows are maintained 1.
Threats
- Socio-political uncertainty and inflation could delay the reduction of interest rates and could affect housing demand 1.
- Labour shortages and geopolitical risks may raise construction costs and delay projects 1.
- Legislative and tax changes or urban planning requirements may alter activity planning and lead to penalties 1.
Risks
- Interest rate exposuremedium
Part of the debt remains at variable rate, and a rise in interest rates could increase financial costs, although part of the effect is offset by hedging instruments 1.
- Liquidity and refinancingmedium
The source notes that if the downward trend in interest rates stops, access to cheap financing could become more difficult for developers 1.
- Project costs and delayshigh
Project costs could exceed initial estimates, and delays could trigger penalties to buyers or additional financing costs 1.
- Legal and urban planning riskmedium
Legal claims relating to delivered products or urban planning may affect the company, even though risks are mitigated through insurance and contracts 1.
- Customer credit risklow
Customers with late payments and land sales with deferred payments may generate losses, although the group sets provisions for them 1.
Investment thesis
What would need to be true (bull case)
- If interest rates fall and financing remains accessible, the group could accelerate new residential rental projects, benefiting from an asset portfolio and recurring flows 1.
- The debt structure with a large fixed-rate share and solid interest coverage could support financial stability even if the market becomes more difficult 1.
- The liquidity position, with positive working capital and a forecast operating cash flow, could allow investments to be financed without major pressure 1.
What would break the thesis
- If socio-political uncertainty persists, the reduction of interest rates could be delayed and financing could become more expensive for the whole sector 1.
- High net financial debt and a variable-rate share could become a burden if financing costs rise 1.
- Construction costs and project delays could reduce margins, especially if they cannot be passed on to buyers 1.
What to watch
- Evolution of interest rates and IRS hedging coverage2026
- Delivery of the forecast operating cash flow2026
- Schedule and costs of residential rental housing projectsnext 10-K
- Evolution of net debt and the EBITDA/financial expense ratio2026
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's main activities, according to the annual report for the year ended 31 December 2025, are real estate development, land sales and the rental of real estate assets 1. Development projects are recorded as inventories, while investment properties are measured at fair value based on independent expert valuations 1. All lease contracts in which the group acts as lessor are classified as operating leases 1.
The group's financing structure combines a syndicated loan of Realia Patrimonio, extended in January 2025 to October 2029, with bilateral loans and a credit granted by Inmocemento, S.A. in July 2025 1. At the end of 2025, total financial debt was 818.555 mil EUR, of which 69% carried a fixed rate after hedging instruments 1.
The group hedged through IRS around 75% of the outstanding syndicated loan balance, maturing in October 2029, and fully repaid a credit of 200,000 thousand EUR from a credit institution 1. The company states that the LTV of Realia Patrimonio, S.L.U. remained below 40% 1.
Segments
Development and sale of housing
Property development treats land and works in progress as inventories, measured at net realisable value, and risks of costs and delays are mitigated by contracting builders with proven solvency 1.
Land sales
Land sales form a separate segment in which it is customary to grant customers deferred payments, which introduces a moderate credit risk, although the report describes it as limited 1.
Rental of real estate assets
Asset rental, including residential rental housing, generates recurring income and is monitored through periodic analysis of exposure to late payments, with provisions for doubtful customers 1.
Market context
The report describes a financial system with high liquidity, but access to cheap financing has been limited mainly to low commercial risk projects and developers with proven solvency 1. The downward trend in interest rates is considered threatened by socio-political uncertainty and inflation control in the euro area 1.
The housing market is described as uncertain, and the company notes that the current situation of the residential market could create differences between the fair value of inventories and their effective realisable value 1.
Trends
- Falling interest ratestailwind
A consolidation of the downward trend in interest rates could reactivate investment and economic activity in the euro area, supporting demand for financing and projects 1.
- Socio-political uncertaintyheadwind
The company shows that the downward trend in interest rates is threatened by socio-political uncertainty, which could limit access to financing for developers 1.
- Construction costs and labourheadwind
A shortage of labour in construction and geopolitical uncertainties could raise project costs and delay deliveries, costs not always being passable to final buyers 1.
- Bank refinancingmixed
Recent renewals and refinancings were carried out in the traditional banking system at competitive rates, indicating continued open access to financing for the group 1.
Competitive position
The annual report does not explicitly identify the group's competitors, so no rival companies or market shares can be specified from this source 1.
Sector competition appears influenced by developers' ability to obtain financing at reasonable cost, and companies with solvency and low commercial risk projects have easier access to that financing 1.
- No competitors named in the source
The annual report does not name direct competitors, so comparable companies cannot be indicated from these documents.
- Unspecified residential sector competitors
Developers using alternative financing at higher costs are mentioned in general terms, without being identified in the source.
- Developers with proven solvency
The source refers to developers with proven financial solvency, without naming them.
- Other residential developers
The source contains no other company names, so the list remains general.
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 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 / REALIA BUSINESS, 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.