olivLaw · European equity research
Vocento, S.A. VOC.MC
Spain · BME Madrid · ISIN ES0114820113 · Vertical: Listed companies from Spain
Vocento is a Spanish media group publishing regional and national newspapers, running digital platforms, and diversifying into audiovisual and distribution. For 2025 the company reported a market capitalisation of 86 million EUR while it works through pressure on printing and tighter internal controls.
At the close of 05 Nov 2026, Vocento, S.A. (VOC.MC) stock was 0.85 EUR (−0.47% on the day), with market capitalisation 102.7 m EUR, P/E 15.4 on diluted EPS of 0.06 EUR over the last 12 months, dividend yield 3.02%, beta 0.09, 52-week range 0.63–0.98 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)
- 48.4
- neutral
- Bollinger (20, 2)
- 0.81 – 0.89
- in the lower half of the band · %B 0.43 · band width 9.3%
- SMA 50 / 200
- 0.86 / 0.79
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -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 | −3.6% | −0.6% | −3.0 pp | — |
| 3 months | +6.0% | −4.2% | +10.2 pp | — |
| 6 months | +4.7% | +4.3% | +0.4 pp | — |
| Year to date | +24.7% | +7.5% | +17.2 pp | — |
| 1 year | +31.3% | +9.9% | +21.3 pp | +6.7% |
| 3 years | +35.9% | +49.8% | −13.9 pp | +31.5% |
| 5 years | −16.0% | +42.8% | −58.9 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 50 percentile of its own 2-quarter history (min 12.4, median 14.5, max 16.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 362.4 m | 333.8 m | 337.4 m |
| Revenue YoY | unavailable | −7.9% | +1.1% |
| Net income | 4.0 m | -98.9 m | 6.7 m |
| Net income YoY | unavailable | −2,564.8% | unavailable |
| Diluted EPS | 0.03 | -0.82 | 0.06 |
| Diluted EPS YoY | unavailable | −2,587.9% | unavailable |
| net % | 1.1% | -29.6% | 2.0% |
| Free cash flow | 16.3 m | -3.6 m | 5.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 24.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 164.2 m EUR
- Total assets
- 321.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.92x
- ROE
- 4.2%
- ROA
- 2.0%
- FCF margin
- 1.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 362.4 m | 333.8 m | 337.4 m | esef· 20 Oct 2026verified |
| Cost of revenue | 27.2 m | 25.3 m | 28.5 m | esef· 20 Oct 2026verified |
| Gross profit | 335.2 m ≈ | 308.5 m ≈ | 308.9 m ≈ | esef· 20 Oct 2026derived |
| Depreciation & amortisation | 25.1 m | 23.6 m | 22.5 m | esef· 20 Oct 2026verified |
| Interest expense | 3.6 m | 5.2 m | 3.8 m | esef· 20 Oct 2026verified |
| Pre-tax income | 12.0 m | -74.1 m | -2.2 m | esef· 20 Oct 2026verified |
| Income tax | 3.3 m | 15.6 m | 1.4 m | esef· 20 Oct 2026verified |
| Net income | 4.0 m | -98.9 m | 6.7 m | esef· 20 Oct 2026verified |
| Diluted EPS | 0.03 | -0.82 | 0.06 | esef· 20 Oct 2026verified |
| Dividend per share | 0.08 | 0.07 | 0.03 | esef· 20 Oct 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 24.7 m | 19.1 m | 24.6 m | esef· 20 Oct 2026verified |
| Inventories | 18.5 m | 15.6 m | 11.7 m | esef· 20 Oct 2026verified |
| Current assets | 138.7 m | 132.0 m | 123.8 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 82.8 m | 52.3 m | 40.0 m | esef· 20 Oct 2026verified |
| Goodwill | 91.5 m | 68.7 m | 67.1 m | esef· 20 Oct 2026verified |
| Total assets | 437.1 m | 352.7 m | 321.8 m | esef· 20 Oct 2026verified |
| Accounts payable | 71.6 m | 85.9 m | 80.1 m | esef· 20 Oct 2026verified |
| Current liabilities | 114.7 m | 131.7 m | 134.0 m | esef· 20 Oct 2026verified |
| Equity | 262.5 m | 155.7 m | 164.2 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 121.5 m | 120.4 m | 121.1 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 21.0 m | 2.4 m | 7.5 m | esef· 20 Oct 2026verified |
| Capex | 4.7 m | 6.0 m | 2.3 m | esef· 20 Oct 2026verified |
| Free cash flow | 16.3 m ≈ | -3.6 m ≈ | 5.3 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -8.8 m | -5.7 m | 15.0 m | esef· 20 Oct 2026verified |
| Financing cash flow | -2.9 m | 2.9 m | -34.8 m | esef· 20 Oct 2026verified |
| Dividends paid | 9.4 m | 8.9 m | 3.1 m | esef· 20 Oct 2026verified |
| Share repurchases | 495.0 k | 52.0 k | 26.0 k | 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: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 102.7 m EUR
Key indicators
Coverage and freshness
Score by group
46% · 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: 0.35 – 1.25 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/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)0.35 – 0.47 (Mid 0.40)
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: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.0% | 35 (vs peers) | 14% |
| FCF conversion · Quality | 78.9% | 70 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.9x | 10 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 15.4x | 73 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.1% | 64 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 3.0% | 44 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 59.1% | 87 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial10/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality53/100 · 2/3 factors with a value
- Returns61/100 · 2/2 factors with a value
- Valuation69/100 · 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
VOCENTO SA (VOC.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 337.4 m EUR in 2025; YoY growth 1.1%; net margin 2.0%; ROE 6.4%.
The estimated value range is 0.59–0.86 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 0.75 EUR, the price of 0.85 EUR leaves a potential of -11.8% (value / price − 1) and a margin of safety of -13.4% (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 (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 15.4x
- Payout ratio (FCF): 59.1%
What contradicts it
- Current ratio: 0.9x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
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% |
| VOC.MCVocento SA | 102.7 m | 15.4 | 6.4% | 2.0% | +1.1% | +32% / +34% |
| 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 VOC.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 | 0.48 Total return -41% · Per year -41% | 0.86 Total return 4% · Per year 4% | 1.29 Total return 56% · Per year 56% |
| 3 years | 0.44 Total return -42% · Per year -17% | 0.88 Total return 13% · Per year 4% | 1.46 Total return 83% · Per year 22% |
| 5 years | 0.40 Total return -43% · Per year -11% | 0.89 Total return 21% · Per year 4% | 1.64 Total return 114% · Per year 16% |
- Exit P/E± 0.22
- Net margin± 0.15
- Annual revenue growth± 0.13
- Annual dilution± 0.01
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
Vocento is a Spanish media group publishing regional and national newspapers, running digital platforms, and diversifying into audiovisual and distribution. For 2025 the company reported a market capitalisation of 86 million EUR while it works through pressure on printing and tighter internal controls 1.
SWOT
Strengths
- A group with recognised regional and national titles and a structure of subsidiaries that supports distribution and advertising.
- Internal controls were strengthened after the 2024 circumvention event, with reinforcement measures applied.
- The share had a positive performance in 2025, ahead of some press peers.
Weaknesses
- Printing profitability was hit by lower third-party work and high production costs.
- Payments to suppliers fall below legal deadlines for a significant share of invoices.
- Reliance on print newspaper circulation remains high in the revenue structure.
Opportunities
- Growing digital subscriptions and data products could offset falling print sales.
- Developing audiovisual and advertising platforms could diversify revenue sources.
- Reorganising printing and winning back publisher work could improve results.
Threats
- Migration of advertising to global digital platforms could reduce advertising revenue.
- Rising energy and temporary labour costs could squeeze operating margins.
- Further internal control incidents or undisclosed conflicts could hurt investor confidence.
Risks
- Printing profitabilityhigh
Lower commercial print work for third parties caused technical problems and extra costs that weighed on results.
- Circumvention of internal controlshigh
A fraudulent circumvention of controls affected financial information published for 2024 and required corrective action.
- Undisclosed related-party transactionsmedium
Works services with an entity linked to management, not previously disclosed, were identified and remain under review.
- Cost of financingmedium
Bank debt and bonds are exposed to interest-rate changes, partly hedged with derivative instruments.
- Supplier payment termslow
The share of payments made within the legal term fell, which could affect supplier relations and operating costs.
Investment thesis
What would need to be true (bull case)
- If printing optimisation delivers better results in 2026, group margins could gradually recover.
- Growth in digital subscriptions and diversification into audiovisual could reduce dependence on print.
- Stronger internal controls could rebuild investor confidence after last year's incident.
What would break the thesis
- If print circulation keeps falling, the group's core revenue could stay under pressure.
- Production and energy costs could limit margin recovery even if volumes stabilise.
- Internal control problems and undisclosed transactions could add compliance and reputational costs.
What to watch
- Results of the Rotomadrid printing plant and third-party print work2026
- Pace of growth in digital subscriptions and online advertising revenue2026
- Effect of internal control reinforcement on financial reportingnext annual report
- Share of supplier invoices paid within the legal deadline2026
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
Vocento SA, headquartered in Bilbao, operates in media with printed press, digital portals and online subscriptions, plus audiovisual diversification and newspaper distribution. The 2025 annual report shows the group consolidates several subsidiaries handling distribution of editions and advertising payments, and the Rotomadrid printing plant is a significant part of the cost structure 1. The share price rose 12.7% in 2025, and the company paid a dividend only in 2024, not in 2025 1.
The core activity remains newspaper and supplement publishing, where copy sales and advertising are the main revenue sources. The group also runs commercial operations with associated companies, such as newspaper distribution, recorded at market terms without interest 1. The diversification strategy includes audiovisual and commercial projects, and the 2025-2027 long-term incentive plan is linked to consolidated EBITDA and digital subscriptions 1.
The financial structure includes bank loans, bonds and leases, and financial debt declined in 2025 compared with 2024 1. The company holds interest-rate hedges for part of its syndicated loan and reports operational risks linked to the profitability of printing work for third parties 1.
Segments
Print press and printing
This segment covers publishing regional and national newspapers and printing for third parties. The annual report notes that printing profitability at Rotomadrid fell due to third-party work in France and extra production costs, and management expects results to improve in 2026 1.
Digital and diversification
The digital segment includes news portals, online subscriptions and technology platforms, while diversification covers audiovisual, digital advertising and distribution. Digital subscription indicators are part of the long-term incentive plan and serve as growth targets 1.
Market context
The Spanish press market is competitive and under pressure from falling print sales, while advertising is moving increasingly to digital channels. The annual report indicates that Vocento's share performance in 2025 trailed the Ibex 35 but was ahead of comparable media companies 1.
Comparatively, RCS and Prisa rose more than 17% in 2025, and the IBEX Small Caps index gained over 30%, though below the large companies 1. Market conditions remain influenced by energy, paper and distribution costs.
Trends
- Shift of advertising to digitalmixed
If advertising revenue keeps moving to online platforms, the group could recover part of print losses through subscriptions and digital products.
- Declining print circulationheadwind
Continued falling readership of printed newspapers could weigh on revenue and on the use of printing capacity.
- Printing production optimisationtailwind
Reorganising the night shift and controlling production costs could improve print margins, according to management 1.
- Energy and logistics costsheadwind
Higher energy and temporary labour costs weighed on printing results in 2025 and could keep pressuring margins if not controlled 1.
Competitive position
Vocento competes with other Spanish press and media groups for audience, advertising and digital subscriptions. Competition includes traditional groups as well as digital platforms that take advertising directly.
The annual report explicitly compares share performance with listed media companies, suggesting investors view them as direct alternatives in the same sector 1.
- RCS MediaGroup
Italian media group, cited in the report as a share-price benchmark for 2025.
- Prisa
Spanish media group, cited in the report as a share-price benchmark for 2025.
- Digital news groups
Online platforms competing for audience and digital advertising.
- Third-party print providers
Printers competing for the commercial print jobs Vocento takes at Rotomadrid.
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 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Vocento, 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.