olivLaw · European equity research
Squirrel Media, S.A. SQRL.MC
Spain · BME Madrid · ISIN ES0183304080 · Vertical: Listed companies from Spain
Squirrel Media, S.A. is a Spanish communications and media group active in content production, advertising and media agency services. In 2025 it grew through several acquisitions of agencies and digital companies, which could change its revenue profile and reliance on advertising contracts. Growth depends on integrating these companies and retaining their clients after acquisition.
At the close of 06 Nov 2026, Squirrel Media, S.A. (SQRL.MC) stock was 2.04 EUR (+0.49% on the day), with beta 0.56, 52-week range 1.92–2.86 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)
- 56.9
- strong (55–70)
- Bollinger (20, 2)
- 1.92 – 2.04
- in the upper half of the band · %B 0.98 · band width 6.4%
- SMA 50 / 200
- 2.06 / 2.27
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.03
- 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 | +1.5% | −0.2% | +1.7 pp | — |
| 3 months | −4.2% | −5.4% | +1.2 pp | — |
| 6 months | −12.8% | +4.4% | −17.2 pp | — |
| Year to date | −11.7% | +6.5% | −18.1 pp | — |
| 1 year | −22.4% | +10.0% | −32.4 pp | +7.6% |
| 3 years | +50.0% | +48.6% | +1.4 pp | +30.8% |
| 5 years | −43.3% | +41.4% | −84.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 129.2 m | 143.4 m | 243.6 m |
| Revenue YoY | unavailable | +11.0% | +69.9% |
| Net income | 10.3 m | 2.7 m | 2.2 m |
| Net income YoY | unavailable | −74.0% | −17.3% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 8.0% | 1.9% | 0.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 12.1 m EUR
- Financial debt
- 43.3 m EUR
- Net debt
- 31.2 m EUR
- Equity
- 76.2 m EUR
- Total assets
- 258.3 m EUR
- Debt / equity
- 0.57x
- Current ratio
- 0.70x
- ROE
- 3.0%
- ROA
- 0.9%
- 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 | 129.2 m | 143.4 m | 243.6 m | esef· 20 Oct 2026verified |
| Operating income | 15.2 m | 10.2 m | 10.3 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 3.0 m | 2.8 m | 3.6 m | esef· 20 Oct 2026verified |
| EBITDA | 18.3 m ≈ | 13.0 m ≈ | 13.8 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 1.9 m | 2.8 m | 3.6 m | esef· 20 Oct 2026verified |
| Pre-tax income | 13.8 m | 7.9 m | 8.4 m | esef· 20 Oct 2026verified |
| Income tax | 417.0 k | 2.8 m | 2.8 m | esef· 20 Oct 2026verified |
| Net income | 10.3 m | 2.7 m | 2.2 m | 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 | 14.7 m | 9.5 m | 12.1 m | esef· 20 Oct 2026verified |
| Receivables | 31.6 m | 39.4 m | 74.6 m | esef· 20 Oct 2026verified |
| Inventories | 1.0 m | 1.3 m | 1.8 m | esef· 20 Oct 2026verified |
| Current assets | 50.5 m | 54.1 m | 96.4 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 3.3 m | 3.1 m | 3.8 m | esef· 20 Oct 2026verified |
| Goodwill | 11.1 m | 19.4 m | 20.6 m | esef· 20 Oct 2026verified |
| Total assets | 173.6 m | 211.6 m | 258.3 m | esef· 20 Oct 2026verified |
| Accounts payable | 44.5 m | 62.0 m | 104.1 m | esef· 20 Oct 2026verified |
| Short-term debt | 17.9 m | 13.5 m | 17.5 m | esef· 20 Oct 2026verified |
| Long-term debt | 15.7 m | 33.4 m | 25.8 m | esef· 20 Oct 2026verified |
| Current liabilities | 74.1 m | 84.8 m | 137.5 m | esef· 20 Oct 2026verified |
| Equity | 65.3 m | 72.0 m | 76.2 m | esef· 20 Oct 2026verified |
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: 37.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
38% · 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 · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 37.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.3% | 14 (vs peers) | 28% |
| Net margin · Quality | 0.9% | 22 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.3x | 50 (on a fixed band) | 28% |
| Interest coverage · Balance sheet | 2.9x | 21 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet31/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality17/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 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
SQUIRREL MEDIA S.A. (SQRL.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 243.6 m EUR in 2025; YoY growth 69.9%; net margin 0.9%; ROE 3.5%; net debt/EBITDA 2.3x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% 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: 6.3%
- Net margin: 0.9%
- Interest coverage: 2.9x
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), 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 | 46.3 bn | 21.0 | 26.4% | 10.5% | +0.5% | +41% / +130% |
| 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 | 26.6 bn | 20.1 | 26.9% | 20.5% | +6.1% | −4% / −4% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 22.4 bn | 23.6 | 19.9% | 1.9% | +19.7% | +9% / +140% |
| ANA.MCAcciona SA | 11.9 bn | 14.8 | 16.9% | 4.0% | +5.5% | +26% / +68% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 4.9 bn | 29.8 | 5.3% | 1.7% | +6.9% | −10% / −15% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.8 bn | 21.8 | 165.6% | 2.2% | −2.7% | +60% / +402,817% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.5 bn | 22.2 | 10.5% | 2.5% | +15.1% | −2% / +60% |
| ALM.MCAlmirall S.A. | 2.4 bn | 51.0 | 3.1% | 4.2% | +12.4% | −11% / +32% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.2 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +1% / +38% |
| EDR.MCEdreams Odigeo SA | 575.5 m | 11.5 | 21.0% | 7.8% | −0.4% | +41% / −23% |
| EAT.MCAmRest Holdings SE | 502.6 m | 31.2 | 4.3% | 0.6% | +0.1% | −35% / −62% |
| ADX.MCAudax Renovables S.A. | 493.4 m | 25.2 | 9.3% | 1.0% | −5.4% | −19% / −13% |
| ATRY.MCAtrys Health, S.A. | 201.2 m | — | -49.5% | -71.1% | +8.5% | −2% / −29% |
| ENER.MCEcoener, S.A. | 177.7 m | 32.6 | 4.2% | 6.4% | +3.6% | −33% / −4% |
| ADZ.MCAdolfo Dominguez SA | 62.4 m | 38.1 | 9.0% | 1.2% | +1.8% | +38% / +39% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 47.4 m | 9.7 | 152.3% | 10.0% | +2.2% | +26% / unavailable |
| EZE.MCGrupo Ezentis SA | 28.9 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% | +11% / +58% |
| ACX.MCAcerinox SA | — | — | -1.7% | -0.7% | +6.8% | +23% / +48% |
1- and 3-year price returns: for SQRL.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
Squirrel Media, S.A. is a Spanish communications and media group active in content production, advertising and media agency services. In 2025 it grew through several acquisitions of agencies and digital companies, which could change its revenue profile and reliance on advertising contracts. Growth depends on integrating these companies and retaining their clients after acquisition.
SWOT
Strengths
- Diversified service portfolio spanning content, media, events and technology.
- Recent acquisitions brought in experienced companies with established clients.
- Group structure that allows new activities to be added through acquisitions.
Weaknesses
- Large goodwill raises the risk of impairment if acquired companies fail to meet targets.
- High level of consolidation with minority interests complicates the financial structure.
- Dependence on client advertising budgets can make revenue volatile.
Opportunities
- Demand for digital services and artificial intelligence could raise revenue from the acquired technology companies.
- Synergies between the media agency and content production could generate integrated offers for clients.
- Expansion into public-sector and institutional services through acquisitions such as Ranna Consultoría.
Threats
- A weaker economic cycle could reduce advertising and production budgets.
- Competition from media agencies and digital firms could pressure margins.
- Simultaneous integration of several acquired companies could create operational difficulties.
Risks
- Goodwill impairment riskhigh
The value of goodwill arising from acquisitions could be reduced if the acquired companies fail to meet expectations.
- Integration riskmedium
Integrating several companies at once could affect operational efficiency and client retention.
- Dependence on client budgetsmedium
Advertising and production revenue depends on client spending decisions, which can be deferred or reduced.
- Contingent acquisition paymentsmedium
Acquisitions with conditional payments, such as those in the IKI group, can create future financial obligations tied to performance.
- Geographic concentrationlow
Main activity is concentrated in Spain, exposing the group to local economic conditions.
Investment thesis
What would need to be true (bull case)
- If the acquisitions are integrated successfully, the group could offer clients more complete services and achieve more diversified revenue.
- The orientation toward artificial intelligence and digital services could open new revenue sources.
- The broad portfolio of activities provides a base for synergies between content, media and technology.
What would break the thesis
- Large goodwill leaves room for impairment if the acquisitions do not deliver the expected results.
- Advertising revenue is sensitive to economic cycles and client budgets.
- Rapid integration of several companies could create operational and internal culture pressures.
What to watch
- Integration results of NF Agencia de Medios and Materia Prima Producción2026
- Future payments linked to remaining stakes in the IKI group2026-2028
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
According to the 2025 annual report 1, the group organises its activity around communications and media content, including audiovisual production, media agency, event production and digital services. During 2025 the group acquired several companies, including NF Agencia de Medios Independiente, Materia Prima Producción, The Hook and Pretopay, as well as an additional stake in the IKI group. The Board of Directors of the parent company takes the main operational decisions, according to the segment note 1.
The structure includes several subsidiaries, some wholly owned and others with majority or minority stakes, so some companies are consolidated with minority interests. In 2025 the group sold 51% of Eva Films, with a reported gain of 52 thousand euros 1. This setup reflects a strategy of expansion through acquisitions and portfolio refinement.
Goodwill of about 20,619 thousand euros at the end of 2025 1 shows how much of the balance sheet comes from acquisitions. The group's activity therefore depends on its ability to integrate acquired companies effectively and to realise synergies over time.
Segments
Media agency and advertising
The acquisition of NF Agencia de Medios Independiente, a media agency with offices in several Spanish cities, added online and offline media planning and buying 1. It complements the group's advertising activity.
Audiovisual content and production
The group includes audiovisual production companies such as Eva Films and Mondo TV Studios, whose assets appear in the goodwill notes 1. The partial sale of Eva Films in 2025 indicates a repositioning of this portfolio.
Digital, technology and events
The acquisitions of The Hook (AI-driven digital innovation), Pretopay (technology consulting) and Materia Prima Producción (event and retail production) extend the offer toward digital services and tangible communication 1.
Market context
The group's activity is concentrated in the Spanish market, where many acquired companies are based, although the report also mentions investments in Italy and Chile 1. The advertising and communications market that generates most revenue is sensitive to client marketing budget cycles.
The contribution of acquired companies to consolidated revenue could be significant in coming years if integration proceeds as planned. The evolution of these figures depends on demand for media services in Spain and in the group's other markets.
Trends
- Consolidation through acquisitionstailwind
The group acquired several agencies and digital companies in 2025, broadening its service range. If integration succeeds, this strategy could support revenue growth.
- Digitalisation and artificial intelligencetailwind
The acquisitions of The Hook and Pretopay point to a shift toward digital services and technology, areas of growing demand. The effect depends on the group's ability to monetise these services.
- Cyclical advertising budgetsheadwind
Revenue from advertising and production depends on client budgets, which can be cut during periods of economic uncertainty. This factor could limit growth.
- Portfolio adjustmentmixed
The partial sale of Eva Films and the reorganisations within the IKI group show a rebalancing of the portfolio, with effects that may be mixed in the short term.
Competitive position
The group operates in a fragmented sector with media agencies, production houses and digital consulting firms, many of them private. Precise market positions cannot be identified from the sources provided.
Its competitive advantage could come from combining content, media and technology services under one group, but this depends on successful integration of the acquired companies.
- Independent media and advertising agencies in Spain
Direct competition in media planning and buying; not US-listed.
- Audiovisual production houses
Compete for content production contracts and television projects.
- Artificial intelligence and digital services companies
Compete on digital monetisation and automation services.
- Communications and technology consulting firms
Compete for institutional communication and technology projects.
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 / Squirrel Media, 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.