olivLaw · European equity research
Compañía Española de Viviendas en Alquiler, S.A. CEV.MC
Spain · BME Madrid · ISIN ES0132955008 · Vertical: Listed companies from Spain
CEVASA develops and operates long-term rental buildings, especially protected housing, mainly in Catalonia. The company is expanding through the Habitatge Metròpolis Barcelona project, in which it holds an indirect 25% stake, within a rent regulation framework that remains uncertain.
At the close of 05 Nov 2026, Compañía Española de Viviendas en Alquiler, S.A. (CEV.MC) stock was 8.50 EUR (+4.29% on the day), with beta 0.06, 52-week range 7.20–11.30 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)
- 45.0
- neutral
- Bollinger (20, 2)
- 7.29 – 10.04
- in the lower half of the band · %B 0.44 · band width 31.7%
- SMA 50 / 200
- 9.54 / 8.29
- mixed trend
- MACD (12, 26, 9)
- -0.37 / -0.39
- 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 | −8.6% | −0.6% | −8.0 pp | — |
| 3 months | −14.1% | −4.2% | −10.0 pp | — |
| 6 months | +2.4% | +4.3% | −1.9 pp | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | +7.6% | +9.9% | −2.3 pp | +3.2% |
| 3 years | unavailable | +49.8% | unavailable | +31.5% |
| 5 years | +18.9% | +42.8% | −23.9 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 | 21.4 m | 39.6 m | 33.3 m |
| Revenue YoY | unavailable | +85.2% | −15.8% |
| Net income | 10.9 m | 23.6 m | 29.6 m |
| Net income YoY | unavailable | +116.6% | +25.4% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 51.0% | 59.7% | 88.9% |
| Free cash flow | -7.4 m | -20.6 m | -10.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 446.1 m EUR
- Total assets
- 622.5 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.84x
- ROE
- 6.8%
- ROA
- 4.8%
- FCF margin
- -30.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 21.4 m | 39.6 m | 33.3 m | esef· 20 Oct 2026verified |
| Operating income | 14.8 m | 17.8 m | 17.9 m | esef· 20 Oct 2026verified |
| Interest expense | 2.0 m | 3.2 m | 3.2 m | esef· 20 Oct 2026verified |
| Pre-tax income | 13.7 m | 31.3 m | 29.4 m | esef· 20 Oct 2026verified |
| Income tax | 2.1 m | 6.6 m | -1.3 m | esef· 20 Oct 2026verified |
| Net income | 10.9 m | 23.6 m | 29.6 m | esef· 20 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 8.8 m | 11.3 m | 5.5 m | esef· 20 Oct 2026verified |
| Receivables | 2.8 m | 880.0 k | 1.2 m | esef· 20 Oct 2026verified |
| Inventories | 28.7 m | 24.6 m | 25.2 m | esef· 20 Oct 2026verified |
| Current assets | 44.0 m | 40.3 m | 36.4 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 316.0 k | 359.0 k | 354.0 k | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 1.0 m | 1.3 m | 1.4 m | esef· 20 Oct 2026verified |
| Total assets | 557.6 m | 605.1 m | 622.5 m | esef· 20 Oct 2026verified |
| Current liabilities | 12.5 m | 16.6 m | 19.7 m | esef· 20 Oct 2026verified |
| Total liabilities | 155.1 m | 183.3 m | 175.8 m | esef· 20 Oct 2026verified |
| Equity | 401.7 m | 421.0 m | 446.1 m | esef· 20 Oct 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -6.2 m | -11.1 m | -8.4 m | esef· 20 Oct 2026verified |
| Capex | 1.2 m | 9.5 m | 1.7 m | esef· 20 Oct 2026verified |
| Free cash flow | -7.4 m ≈ | -20.6 m ≈ | -10.1 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | 3.7 m | -31.5 m | -7.1 m | esef· 20 Oct 2026verified |
| Financing cash flow | -11.0 m | 22.9 m | -7.0 m | 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
- indicators available: 4 of at least 6
- score weight coverage: 22.9% 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: unavailable
Key indicators
Coverage and freshness
Score by group
23% · 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 · 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/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: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 88.9% | 100 (vs peers) | 27% |
| FCF conversion · Quality | -34.2% | 0 (on a fixed band) | 27% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.5x | 62 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 1.8x | 87 (on a fixed band) | 18% |
| 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 sheet72/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality50/100 · 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
COMPAÑÍA ESPAÑOLA DE VIVIENDAS EN ALQUILER S.A. (CEV.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 33.3 m EUR in 2025; YoY growth -15.8%; net margin 88.9%; ROE 7.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% 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
- Net margin: 88.9%
- Current ratio: 1.8x
What contradicts it
- FCF conversion: -34.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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 | 46.9 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 CEV.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
CEVASA develops and operates long-term rental buildings, especially protected housing, mainly in Catalonia. The company is expanding through the Habitatge Metròpolis Barcelona project, in which it holds an indirect 25% stake 1, within a rent regulation framework that remains uncertain.
SWOT
Strengths
- The financial structure is conservative, with low indebtedness and a very long average maturity on long-term debt, which reduces refinancing risk 1.
- The company states it has high efficiency levels and accumulated experience in managing buildings, with process automation and high service standards for tenants 1.
- Near-full occupancy of buildings, combined with a significant protected housing portfolio, provides a stable rental income base 1.
Weaknesses
- Rent updates for part of the portfolio are blocked by tenant challenges, which delays income growth 1.
- The free float of the shares is low, and liquidity depends on a liquidity contract with a broker, which limits market interest 1.
- According to the source, the share price stands at a fraction of net asset value, indicating a gap between market price and asset value 1.
Opportunities
- The Catalan affordable housing programme and subsidised financing could enable new projects, including HMB, without additional capital so far 1.
- Banks' growing interest in long-term financing of protected housing could ease access to credit for new developments 1.
- Management services for third parties could open an additional revenue source if joint projects with other investors materialise 1.
Threats
- Public intervention in setting rents and housing use could reduce portfolio returns and values 1.
- Permanent land designation and new public patrimonialisation obligations could limit final investment value 1.
- Withdrawal of investors from residential portfolios could lower rental home prices if these assets are sold 1.
Risks
- Rent regulationhigh
Price caps and extended restrictions could affect income and portfolio values if they spread nationally 1.
- Tenant challengesmedium
Opposition from part of the tenants to rent updates delays income growth, even though most disputes have been won by the company 1.
- Expiry of surface rightsmedium
If the investor loses a building at the end of a surface right, the rent would need to be higher to compensate, which could make projects harder to sustain 1.
- Reliance on public funding programmesmedium
Dependence on programmes such as Plan 50000 and HMB makes results depend on administration decisions and their implementation timetable 1.
- Low share liquiditylow
Limited free float and low trading volume could amplify price swings and make it harder for investors to enter or exit 1.
Investment thesis
What would need to be true (bull case)
- If public affordable housing programmes continue, the company could expand its portfolio without heavy pressure on its balance sheet, given its low leverage and long debt maturity 1.
- The gap between current rents and market rents could support income growth as challenges are resolved and updates can be applied 1.
- Diversification into management services for third parties and joint projects with other investors could add revenue without directly expanding the balance sheet 1.
What would break the thesis
- If rent and housing use regulation expands, portfolio returns and values could fall, and investors in the sector could keep withdrawing 1.
- Delays in rent updates due to tenant challenges could limit income growth even in favourable market conditions 1.
- Low liquidity and a small free float could keep a gap between the share price and net asset value without a clear shift in market perception 1.
What to watch
- Progress of tenant challenges to rent updates for old-rent protected homes2026
- Completion schedule of the first HMB phase and entry into operation of the four developments2026-2027
- Implementation of the new affordable housing fund announced by the central government and its effects on projectsnext 10-K
- Changes in rent and housing use regulation in Catalonia2027
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 core business of the CEVASA group is the development of buildings for long-term rental operation, mainly housing, with revenues and returns depending on the market value of the property portfolio, operating margins and public regulation of taxes, aid and prices, especially for protected housing 1. The group aims to keep its buildings fully occupied and maintains low indebtedness: net financial debt of 78,261 thousand EUR at year-end 2025 represented 12.81% of the fair value of real estate assets, a low loan to value ratio 1. The company also aims to leverage its know-how in managing rental building portfolios by providing services to third parties 1.
The company's management reports strong operating efficiency, low leverage and a conservative funding policy, with no plans to access capital markets or obtain a credit rating in the short and medium term 1.
Dividends are paid once a year in cash, with a payout around 50% of consolidated operating result, and no scrip dividend programme is in place 1.
Segments
Protected housing rental
The main segment is the rental of protected homes, where a significant part of tenants on old-rent contracts pay rents well below market; 22.3% of the portfolio was in this situation at year-end 2025 1. The company notes that rent updates are delayed by tenant challenges and the protected status of the units 1.
Development for sale
The group complements its rental business with development for sale, aiming to keep a production and sales volume of around 100 to 200 homes a year, while maintaining its land bank at current levels 1.
Management services for third parties
The group wants to monetise its rental building management experience through services to third parties, preferring to take part alongside other investors in development and rental projects rather than manage external portfolios under different procedures 1.
Market context
Rental housing supply is increasingly distant from high demand, which secures building occupancy, but the residential rental market remains in the focus of public authorities that apply increasingly restrictive policies for owners 1. The Generalitat de Catalunya's Plan 50000 can finance up to 100% of investment for projects under surface rights, and the HMB project aims to build around 4,500 protected homes in Barcelona and its metropolitan area 1.
Trends
- Plan 50000 and subsidised financingtailwind
The Catalan programme offers subsidised financing and support through rent supplements, making affordable housing possible where projects would not be viable without aid 1. If this programme keeps its pace, it could support portfolio expansion without additional capital, as has been the case so far at HMB 1.
- Rent regulation and housing useheadwind
Price caps on new contracts, extended temporary measures and restrictions on tourist use discourage investors in residential portfolios and could reduce market values of homes 1. If these policies expand, they could weigh on returns and asset values across the portfolio 1.
- Bank interest in protected housingmixed
Commercial banks show growing interest in long-term financing of protected rental housing, including through the ICO line with a 50% public guarantee 1. Free-market rental projects remain harder to finance without public support, due to interventionism on rents and prices 1.
- Gap between current rents and market pricestailwind
There is generally a positive gap between market prices possible on new contracts and average rents on let units, which could support moderate rent increases above inflation, especially for residential units 1. Delays caused by tenant challenges limit this effect 1.
Competitive position
Competition comes mainly from listed property companies (SOCIMIs), investment funds and other rental housing operators, including those based abroad, which according to the company benefit from more favourable tax treatment than EDAV entities 1. An advantage of CEVASA is its high management efficiency, which the company says is comparable to the best operators in the sector 1.
- Listed property companies (SOCIMIs)
Property investment companies with favourable tax treatment, considered by CEVASA to be more competitive in the rental housing market 1.
- Real estate investment funds
Open or closed funds investing in residential portfolios that compete with CEVASA for capital and assets 1.
- Foreign rental housing operators
Operators based abroad with more favourable tax treatment, which the source says are more competitive than EDAV entities 1.
- Residential portfolio managers and partners
Portfolio managers and third-sector associations targeted by the public affordable housing programme, which the source names as main beneficiaries of that policy 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
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Compañía Española de Viviendas en Alquiler, 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.