olivLaw · European equity research
AMPER, S.A. AMP.MC
Spain · BME Madrid · ISIN ES0109260291 · Vertical: Listed companies from Spain
AMPER, S.A. is an industrial and technology group that supplies equipment and projects for defence, security, energy and offshore wind. Its relevance rises because of a large project backlog, part of which is scheduled for execution in 2026, and because a delayed project in Brazil depends on negotiations for recovery.
At the close of 05 Nov 2026, AMPER, S.A. (AMP.MC) stock was 4.70 EUR (−2.29% on the day), with P/E 4,700.0 on diluted EPS of 0.00 EUR over the last 12 months, beta 1.03, 52-week range 3.31–5.45 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)
- 54.5
- neutral
- Bollinger (20, 2)
- 4.28 – 4.85
- in the upper half of the band · %B 0.73 · band width 12.6%
- SMA 50 / 200
- 4.54 / 4.65
- mixed trend
- MACD (12, 26, 9)
- 0.06 / 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 | +4.6% | −0.6% | +5.2 pp | — |
| 3 months | −3.5% | −4.2% | +0.6 pp | — |
| 6 months | −4.6% | +4.3% | −8.9 pp | — |
| Year to date | +11.0% | +7.5% | +3.5 pp | — |
| 1 year | +35.6% | +9.9% | +25.7 pp | +3.2% |
| 3 years | +87.3% | +49.8% | +37.4 pp | +26.0% |
| 5 years | +4.2% | +42.8% | −38.6 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 1-quarter history (min 4,235.0, median 4,235.0, max 4,235.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 369.4 m | 419.5 m | 281.7 m |
| Revenue YoY | unavailable | +13.6% | −32.8% |
| Net income | -1.5 m | 142.0 k | 1.4 m |
| Net income YoY | unavailable | unavailable | +873.2% |
| Diluted EPS | -0.00 | 0.00 | 0.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -0.4% | 0.0% | 0.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 129.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 146.9 m EUR
- Total assets
- 552.2 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.55x
- ROE
- 1.3%
- ROA
- 0.3%
- 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 | 369.4 m | 419.5 m | 281.7 m | esef· 20 Oct 2026verified |
| Cost of revenue | 167.2 m | 186.2 m | 114.8 m | esef· 20 Oct 2026verified |
| Gross profit | 202.1 m | 234.4 m | 168.0 m | esef· 20 Oct 2026verified |
| Operating income | 10.4 m | 18.4 m | 19.8 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 15.0 m | 20.3 m | 26.5 m | esef· 20 Oct 2026verified |
| EBITDA | 25.4 m ≈ | 38.6 m ≈ | 46.3 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 13.6 m | 16.8 m | 19.7 m | esef· 20 Oct 2026verified |
| Pre-tax income | 126.0 k | 2.5 m | 1.9 m | esef· 20 Oct 2026verified |
| Income tax | -2.0 m | -2.1 m | -2.5 m | esef· 20 Oct 2026verified |
| Net income | -1.5 m | 142.0 k | 1.4 m | esef· 20 Oct 2026verified |
| Diluted EPS | -0.00 | 0.00 | 0.00 | 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 | 25.6 m | 32.3 m | 129.1 m | esef· 20 Oct 2026verified |
| Receivables | 139.6 m | 115.8 m | 131.4 m | esef· 20 Oct 2026verified |
| Current assets | 193.9 m | 178.5 m | 288.5 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 44.0 m | 47.1 m | 97.8 m | esef· 20 Oct 2026verified |
| Goodwill | 26.9 m | 26.7 m | 45.3 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 79.5 m | 73.9 m | 86.5 m | esef· 20 Oct 2026verified |
| Total assets | 374.7 m | 408.4 m | 552.2 m | esef· 20 Oct 2026verified |
| Current liabilities | 233.6 m | 147.1 m | 186.6 m | esef· 20 Oct 2026verified |
| Equity | 77.1 m | 63.3 m | 146.9 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: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
27% · 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: 0.02 – 0.02 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 · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E0.02 – 0.02 (Mid 0.02)19 companies used · median multiple 19.9x · quartiles 15.8x – 22.4xACS.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, FDR.MC
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.5% | 16 (vs peers) | 23% |
| 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 | 1.0x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.5x | 62 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 4,700.0x | 0 (vs peers) | 38% |
| 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 sheet25/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial16/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
AMPER, S.A. (AMP.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 281.7 m EUR in 2025; YoY growth -32.8%; net margin 0.5%; ROE 1.3%.
The estimated value range is 0.02–0.02 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.02 EUR, the price of 4.70 EUR leaves a potential of -99.6% (value / price − 1) and a margin of safety of -23,466.4% (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: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
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
- Net margin: 0.5%
- Interest coverage: 1.0x
- P/E (TTM): 4,700.0x
- The price is above the estimated value range
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, 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 | 46.9 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% |
| FDR.MCFluidra S.A. | 3.8 bn | 21.3 | 10.9% | 7.8% | +4.1% | −17% / +4% |
| 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 |
| 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 AMP.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
AMPER, S.A. is an industrial and technology group that supplies equipment and projects for defence, security, energy and offshore wind. Its relevance rises because of a large project backlog, part of which is scheduled for execution in 2026, and because a delayed project in Brazil depends on negotiations for recovery.
SWOT
Strengths
- The group has a substantial project backlog and long relationships with strategic clients in energy and defence.
- Liquidity improved significantly at the end of 2025, and working capital is positive.
- Specialised subsidiaries have technical experience in offshore structures and energy equipment.
Weaknesses
- The Brazil project remains blocked, and recovery of the investment depends on negotiations and legal arrangements.
- Floating-rate financial debt exposes the group to rising financing costs.
- Activity depends on a few large clients, which can create concentration risk.
Opportunities
- An offshore wind growth cycle could bring new projects to the specialised subsidiaries.
- New factories may allow the group to take on larger contracts in energy and conversion equipment.
- Investment in renewable energy and energy efficiency fits current sustainability trends.
Threats
- Delays on large projects can affect revenues and raise costs.
- Exchange rate movements can affect net assets outside the eurozone.
- Changes in public policy or budgets can shift the timing of defence and energy projects.
Risks
- Recovery of the Brazil investmenthigh
The investment in the Rio Grande do Sul project is recorded as work in progress. If negotiations do not conclude, accounting adjustments could be needed.
- Execution delaysmedium
The Morás factory and the Ferrol installations must be completed on schedule. Delays could postpone expected revenues.
- Interest rate exposuremedium
Floating-rate debt could become more costly if reference rates rise.
- Currency exposuremedium
Assets in Latin America and the United Kingdom are sensitive to exchange rate moves, and the group has no significant hedges.
- Client concentrationlow
Dependence on a few large clients can affect revenue stability if a contract stops.
Investment thesis
What would need to be true (bull case)
- If the offshore wind cycle is confirmed after 2027, specialised subsidiaries could benefit from higher project volumes.
- The large project backlog and improved liquidity could support execution of the strategic plan.
- New factories could expand capacity for contracts in energy and conversion equipment.
What would break the thesis
- If the Brazil project does not resume, the investment could generate significant accounting losses.
- Delays at the new factories or on offshore projects could reduce revenues in 2026.
- Floating-rate debt and currency swings could erode results if market conditions worsen.
What to watch
- Status of negotiations on the Rio Grande do Sul project2026
- Commissioning of the Elinsa factory in Morásfirst half of 2026
- Large contracts expected for Offshore Wind Wavesend of 2026
- Trend in net debt and financing costsnext annual report
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 Amper group, listed in Madrid, has several subsidiaries covering communication systems, power conversion equipment, offshore wind structures and solutions for the defence and national security sector. According to the annual report for fiscal 2025, the group reported share capital of 113.807 thousand euros and a project backlog of 695.092 thousand euros. The Strategic and Transformation Plan 2023-2026 underpins its investments, which aim to reach objectives for 2026-2028 1.
The group's activity is organised around industrial subsidiaries producing specialised components and structures, such as Elinsa for power conversion equipment and Offshore Wind Waves for offshore wind. They are supported by investments in new plants, such as the one in Morás, scheduled to be fully operational in the first half of 2026 1.
Beyond production, the group holds financial assets, equity stakes in associates and a cash position that increased at the end of 2025. This reflects a restructuring of its financing and a reduction of debt with near maturities 1.
Segments
Energy storage and management
This segment includes the activity of subsidiary Elinsa, which is building a new factory in Morás near A Coruña. The plant is mainly intended for strategic customer Hitachi Energy/EKS and will have a capacity more than double that of current facilities 1.
Offshore wind
Offshore Wind Waves is investing to expand production capacity for fixed and floating structures. The company relies on more than a decade of collaboration with Navantia and targets projects expected towards the end of 2026 and the start of 2027 1.
Defence and security
The project for the Justice and Penal System Secretariat of the state of Rio Grande do Sul, Brazil, is recorded as work in progress with an investment of 17.758 thousand euros. Execution has been delayed by changes to prison structures and technical difficulties, and negotiations with the regional government continue 1.
Market context
Analysts in the offshore wind sector expect a strong cycle in 2027-2030 after a trough in 2025-2026. The operational forecast for 2030 is 121 GW, and European countries bordering the North Sea have set a 300 GW target for 2050 1.
In energy and security markets, demand for conversion equipment and critical infrastructure remains high. The group operates in several international markets, so its revenues also depend on the dollar and on Latin American currencies 1.
Trends
- Offshore wind cycletailwind
If the forecast cycle for 2027-2030 is confirmed, offshore projects could return to a higher level of activity for specialised subsidiaries.
- Expansion of production capacitymixed
New factories and port facilities can improve execution capacity, but they involve large outlays and the risk of delays.
- Financing costsheadwind
Floating-rate financial debt, mainly linked to Euribor, exposes the group to changes in interest rates.
- Investment in energy and sustainabilitytailwind
The group's strategy includes renewable energy and energy efficiency technologies, which fit the sustainability agenda.
Competitive position
The group competes with industrial and technology companies supplying electrical equipment, offshore structures and security systems. Its advantage lies in technical experience in specialised niches and long relationships with clients and partners, but competition can compress margins on large projects.
In offshore wind, competition depends on production capacity, port access and relationships with project developers. In energy, international customers compare technology, price and delivery time.
- Navantia
Long-standing partner of Offshore Wind Waves in offshore wind, but may also compete on certain projects.
- Hitachi Energy
Strategic customer for equipment made by Elinsa, an important part of the group's portfolio.
- International electrical equipment manufacturers
Companies competing on power conversion equipment and grid components.
- Offshore structure fabricators
European and Asian firms offering jackets, foundations and sub-assemblies for offshore wind.
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 / AMPER, 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.