olivLaw · European equity research
COLONIAL SFL SOCIMI, S.A. COL.MC
Spain · BME Madrid · Vertical: Listed companies from Spain
COLONIAL SFL SOCIMI, S.A. is a Spanish real estate company that owns and manages office buildings and other urban assets, with a focus on sustainability-certified buildings. In 2025 it completed the merger with SFL and entered a pan-European science and innovation platform, changing the portfolio structure. Its financing is largely green, according to the 2025 annual report.
At the close of 05 Nov 2026, COLONIAL SFL SOCIMI, S.A. (COL.MC) stock was 5.24 EUR (+0.19% on the day), with market capitalisation 3.2 bn EUR, P/E 9.3 on diluted EPS of 0.56 EUR over the last 12 months, dividend yield 7.46%, beta 0.51, 52-week range 4.82–5.79 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)
- 63.3
- strong (55–70)
- Bollinger (20, 2)
- 4.84 – 5.28
- in the upper half of the band · %B 0.90 · band width 8.7%
- SMA 50 / 200
- 5.07 / 5.35
- mixed trend
- MACD (12, 26, 9)
- 0.04 / 0.02
- 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 | +6.3% | −0.6% | +6.9 pp | — |
| 3 months | −5.8% | −4.2% | −1.6 pp | — |
| 6 months | −5.3% | +4.3% | −9.7 pp | — |
| Year to date | −4.2% | +7.5% | −11.7 pp | — |
| 1 year | −3.8% | +9.9% | −13.7 pp | +4.9% |
| 3 years | −6.8% | +49.8% | −56.6 pp | +30.5% |
| 5 years | −39.7% | +42.8% | −82.5 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 0 percentile of its own 2-quarter history (min 9.8, median 9.8, max 9.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -1.0 bn | 307.4 m | 344.4 m |
| Net income YoY | unavailable | unavailable | +12.1% |
| Diluted EPS | -1.92 | 0.53 | 0.56 |
| Diluted EPS YoY | unavailable | unavailable | +5.7% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 259.2 m | 361.5 m | 284.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 150.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 6.9 bn EUR
- Total assets
- 12.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 5.1%
- ROA
- 2.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | -1.1 bn | 436.2 m | 451.7 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 8.8 m | 7.3 m | 6.2 m | esef· 20 Oct 2026verified |
| EBITDA | -1.1 bn ≈ | 443.5 m ≈ | 458.0 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 101.8 m | 106.0 m | 105.4 m | esef· 20 Oct 2026verified |
| Pre-tax income | -1.2 bn | 355.5 m | 362.4 m | esef· 20 Oct 2026verified |
| Income tax | -37.7 m | -35.0 m | -27.9 m | esef· 20 Oct 2026verified |
| Net income | -1.0 bn | 307.4 m | 344.4 m | esef· 20 Oct 2026verified |
| Diluted EPS | -1.92 | 0.53 | 0.56 | esef· 20 Oct 2026verified |
| Dividend per share | 0.27 | 0.31 | 0.39 | esef· 20 Oct 2026derived |
≈ 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 | 437.8 m | 542.7 m | 150.4 m | esef· 20 Oct 2026verified |
| Receivables | 35.8 m | 69.4 m | 75.3 m | esef· 20 Oct 2026verified |
| Inventories | 94.7 m | 0 | — | esef· 08 May 2025verified |
| Property, plant & equipment, net | 56.7 m | 46.9 m | 48.3 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 5.2 m | 6.4 m | 6.3 m | esef· 20 Oct 2026verified |
| Total assets | 11.8 bn | 12.2 bn | 12.4 bn | esef· 20 Oct 2026verified |
| Current liabilities | 693.4 m | 1.4 bn | 925.0 m | esef· 20 Oct 2026verified |
| Equity | 5.9 bn | 6.7 bn | 6.9 bn | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 530.7 m | 580.0 m | 615.1 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 265.0 m | 362.4 m | 287.8 m | esef· 20 Oct 2026verified |
| Capex | 5.9 m | 957.0 k | 3.2 m | esef· 20 Oct 2026verified |
| Free cash flow | 259.2 m ≈ | 361.5 m ≈ | 284.6 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | 272.3 m | -4.6 m | -407.8 m | esef· 20 Oct 2026verified |
| Financing cash flow | -259.5 m | -252.9 m | -272.3 m | esef· 20 Oct 2026verified |
| Dividends paid | 143.2 m | 180.0 m | 240.3 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
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.2 bn EUR
Key indicators
Coverage and freshness
Score by group
42% · 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: 5.31 – 12.57 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/E8.86 – 12.57 (Mid 11.17)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)5.31 – 7.25 (Mid 6.13)
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: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 82.6% | 75 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.3x | 43 (on a fixed band) | 15% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 9.3x | 91 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.8% | 100 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 7.5% | 100 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | 84.4% | 51 (on a fixed band) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial43/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial75/100 · 1/3 factors with a value
- Returns80/100 · 2/2 factors with a value
- Valuation95/100 · 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
COLONIAL SFL SOCIMI SA (COL.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 6.0%.
The estimated value range is 7.09–9.91 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 8.65 EUR, the price of 5.24 EUR leaves a potential of 65.2% (value / price − 1) and a margin of safety of 39.5% (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: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 82.6%
- P/E (TTM): 9.3x
- FCF yield: 8.8%
- Shareholder yield (distributions): 7.5%
- The price is below the estimated value range
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, EV/EBITDA.
Versus the vertical median
Listed companies from Spain · same country · compared with 40 companies
Multiples and returns vs the median
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 COL.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
COLONIAL SFL SOCIMI, S.A. is a Spanish real estate company that owns and manages office buildings and other urban assets, with a focus on sustainability-certified buildings. In 2025 it completed the merger with SFL and entered a pan-European science and innovation platform, changing the portfolio structure. Its financing is largely green, according to the 2025 annual report 1.
SWOT
Strengths
- A portfolio with high energy certifications and almost entirely green financing, according to the 2025 annual report 1.
- The SFL merger simplified the shareholder structure for former minority holders.
- Diversification through the residential subsidiary and the science platform widens the asset base.
Weaknesses
- Current liabilities exceed current assets, which calls for attention to liquidity management 1.
- Joint control over the science platform could block quick decisions if partners do not agree.
- Extra costs for sustainability and green certificates could reduce margins.
Opportunities
Risks
- Short-term liquiditymedium
Current liabilities exceed current assets, and the company relies on undrawn credit lines to cover the gap 1.
- Joint control of the science platformmedium
Decisions in SID SOCIMI require agreement with partner Stoneshield Capital, which could delay investments 1.
- Climate and energy costsmedium
Green energy purchases and efficiency investments could raise operating costs 1.
- ESG-linked interest rate changeslow
Interest linked to ESG indicators could rise if sustainability performance declines 1.
- Tax exposure on asset saleslow
The guarantee given for the tax liability on sales of SID SOCIMI assets is a potential exposure 1.
Investment thesis
What would need to be true (bull case)
- If demand for certified buildings keeps growing, the portfolio of high-certification assets could support rents and asset values 1.
- Almost entirely green financing and available credit lines could offer flexibility for new investment 1.
- Diversification into science and residential assets could reduce reliance on a single segment.
What would break the thesis
What to watch
- Trend in current liabilities relative to current assets2026
- Use of undrawn credit lines2026
- Decision on exercising the purchase option over SID SOCIMIafter 24 months
- Final profit distribution proposal for 2026next 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 COLONIAL SFL SOCIMI group owns, develops and leases real estate assets, especially office buildings, with a high level of energy certifications such as BREEAM, LEED and HQE, according to the 2025 annual report 1. In 2025 it merged by absorption with its subsidiary SFL, effective 23 April 2025, and bought out its minority shareholders for 59.722 thousand euros 1. The parent also set up Colonial Living, into which a residential portfolio of 162.067 thousand euros was contributed 1.
The group funds itself mainly through green bonds, all classified as such at 31 December 2025 1. The financing structure also includes credit lines indexed to ESG indicators, and at year-end 2025 there were undrawn long-term lines of 2.085 million euros 1. The group's activity is sensitive to energy costs and to the price of green energy certificates, which have risen 1.
The parent company's dividend policy is to distribute most of its profit: the proposal for 2025 is 171.059 thousand euros of profit, of which 153.953 thousand euros is for dividends 1. The board could also propose additional distributions from available reserves and the share premium 1.
Segments
Offices and urban assets
The core segment comprises office buildings in Madrid and Barcelona, many with sustainability certifications, which form the basis of rental income 1.
Residential via Colonial Living
The wholly owned subsidiary Colonial Living received a residential portfolio valued at 162.067 thousand euros, extending the business beyond offices 1.
Market context
The group operates in the market for quality office buildings in Spain and France, where demand for sustainable spaces is growing, according to the climate change note 1. Demand for certified buildings is expanding, but access to tenants depends on the energy standards imposed by European regulation 1.
Rising costs of green energy and sustainable projects could compress margins in the market if rents cannot be raised enough 1. Operators without certifications could lose high-rank tenants in the coming years 1.
Trends
- Demand for sustainable buildingstailwind
Tenants increasingly prefer spaces with certifications such as BREEAM and LEED, which can support the value of the portfolio 1.
- Green bonds and ESG financingmixed
The group's financing is almost entirely green, and ESG-indexed credit lines can change interest rates depending on indicators 1.
- Green energy and project costsheadwind
Purchases of green energy certificates and the inclusion of life-cycle analysis have increased project costs 1.
- Consolidation through mergers and partnershipsmixed
The merger with SFL and the science partnership may simplify the structure, but they add complexity to joint governance 1.
Competitive position
Competition comes from other developers and real estate investors in Spain and across Europe that own quality office portfolios. The annual report does not name competitors, so the analysis remains limited to the available sources 1.
The group's edge could be its high level of certifications and access to green financing, but competitors with smaller balance sheets could offer more attractive rents 1.
- Other Spanish office developers
Direct competitors in the Madrid and Barcelona office market, with no US ticker confirmed from the sources.
- Pan-European real estate funds
Institutional investors competing for the same premium assets and science partnerships.
- Residential portfolio operators
Competitors for the residential segment in which Colonial Living operates.
- Science campus developers
Players that could contest projects within the Deeplabs platform.
News & filings
In the press
- No plans to destroy countries as colonial powers crumble — top Russian security officialTASS (RU, EN) · 02 Nov 2026 · EN
- No plans to destroy countries as colonial powers collapse — top Russian security officialTASS (RU, EN) · 02 Nov 2026 · EN
- West using Ukrainian mercenaries in Africa to pursue colonial objectivesTASS (RU, EN) · 29 Oct 2026 · EN
- Mission in Alyoshki and unacceptability of colonial practices: Putin’s statementsTASS (RU, EN) · 29 Oct 2026 · EN
- Russian business rejects colonial practices, honest with Africa — PutinTASS (RU, EN) · 29 Oct 2026 · EN
- Putin: Russia is African continent’s best partner, not ‘colonial’ WestAl Jazeera English · 28 Oct 2026 · EN
- Alberto Toscano: AI’s 'ontology layer' is being seamlessly integrated into colonial fascist ruleBianet English (TR) · 28 Oct 2026 · EN
- From colonial-era crests to its own airline, a founding partner redraws its place in MalaysiaThe Straits Times — Asia · 09 Oct 2026 · EN
- Australia's wildfire crisis linked to colonial land-use changePhys.org · 07 Oct 2026 · EN
- Australia’s current wildfire crisis linked to colonial land-use changeNature · 07 Oct 2026 · EN
- Ancient DNA challenges to admixture narratives: Insights from Notre-Dame Cemetery (1683–1796) in Colonial Montreal, CanadaPNAS · 05 Oct 2026 · EN
- King Charles III to acknowledge ‘darkest days’ of Britain’s colonial rule during Caribbean tourThe Guardian World · 02 Oct 2026 · EN
- Abbas condemns Israel’s ‘malicious colonial plan’ ahead of Netanyahu UN speechThe Guardian World · 24 Sept 2026 · EN
- How three colonial powers gained – and then lost – control over the straits of Hormuz and Bab el-MandebThe Conversation — Europe · 24 Sept 2026 · EN
- Ha Young’s Netflix exit exposes South Korea’s unfinished reckoning with its colonial pastThe Japan Times · 24 Sept 2026 · EN
- Echidna | The dark trade of Indigenous remains from Australia colonial history | The Queanbeyan AgeSurge — GDELT DOC · 24 Sept 2026 · RO
- Echidna | The dark trade of Indigenous remains from Australia colonial history | Moree ChampionSurge — GDELT DOC · 24 Sept 2026 · RO
- Echidna | The dark trade of Indigenous remains from Australia colonial history | Oberon ReviewSurge — GDELT DOC · 24 Sept 2026 · RO
- Echidna | The dark trade of Indigenous remains from Australia colonial history | MagnetSurge — GDELT DOC · 24 Sept 2026 · RO
- Echidna | The dark trade of Indigenous remains from Australia colonial history | Blayney ChronicleSurge — GDELT DOC · 24 Sept 2026 · RO
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 / COLONIAL SFL SOCIMI, 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.