olivLaw · European equity research
Desarrollos Especiales de Sistemas de Anclaje, S.A. DESA.MC
Spain · BME Madrid · ISIN ES0126251018 · Vertical: Listed companies from Spain
Desarrollos Especiales de Sistemas de Anclaje manufactures, sells and manages fastening systems and hardware products for industry, commerce and services, with activity concentrated on the domestic market and a smaller presence abroad. The group closed fiscal 2025 with revenue slightly above the prior year, pointing to stable activity but limited operating margins.
At the close of 05 Nov 2026, Desarrollos Especiales de Sistemas de Anclaje, S.A. (DESA.MC) stock was 20.40 EUR (−9.73% on the day), with market capitalisation 44.8 m EUR, P/E 9.2 on diluted EPS of 2.22 EUR over the last 12 months, dividend yield 4.47%, beta -0.02, 52-week range 16.80–26.40 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)
- 36.7
- weak (30–45)
- Bollinger (20, 2)
- 20.68 – 25.58
- below the lower band · %B -0.06 · band width 21.2%
- SMA 50 / 200
- 23.32 / unavailable
- MACD (12, 26, 9)
- -0.40 / -0.17
- MACD below 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 | −15.0% | +0.4% | −15.4 pp | — |
| 3 months | unavailable | −3.3% | unavailable | — |
| 6 months | −5.6% | +4.0% | −9.5 pp | — |
| Year to date | +8.5% | +8.1% | +0.4 pp | — |
| 1 year | +19.3% | +10.7% | +8.6 pp | +3.2% |
| 3 years | unavailable | +50.1% | unavailable | +30.5% |
| 5 years | +88.9% | +43.6% | +45.3 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 8.5, median 9.9, max 11.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 47.7 m | 47.9 m | 49.0 m |
| Revenue YoY | unavailable | +0.5% | +2.2% |
| Net income | unavailable | 2.4 m | 4.9 m |
| Net income YoY | unavailable | unavailable | +104.1% |
| Diluted EPS | unavailable | 1.36 | 2.22 |
| Diluted EPS YoY | unavailable | unavailable | +63.2% |
| net % | unavailable | 5.0% | 10.0% |
| Free cash flow | unavailable | 4.3 m | 110.7 k |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 411.3 k EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 22.5 m EUR
- Total assets
- 43.3 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.66x
- ROE
- 23.1%
- ROA
- 11.6%
- FCF margin
- 0.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 47.7 m | 47.9 m | 49.0 m | esef· 20 Oct 2026verified |
| Cost of revenue | — | 27.7 m | 27.7 m | esef· 20 Oct 2026verified |
| Gross profit | — | 20.1 m ≈ | 21.3 m ≈ | esef· 20 Oct 2026derived |
| Operating income | — | 3.7 m | 5.0 m | esef· 20 Oct 2026verified |
| Interest expense | — | 369.6 k | 283.8 k | esef· 20 Oct 2026verified |
| Pre-tax income | — | 3.4 m | 4.7 m | esef· 20 Oct 2026verified |
| Income tax | — | 931.6 k | 727.6 k | esef· 20 Oct 2026verified |
| Net income | — | 2.4 m | 4.9 m | esef· 20 Oct 2026verified |
| Diluted EPS | — | 1.36 | 2.22 | esef· 20 Oct 2026verified |
| Dividend per share | — | 1.14 | 0.91 | 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 | 514.0 k | 653.2 k | 411.3 k | esef· 20 Oct 2026verified |
| Receivables | 10.6 m | 9.8 m | 11.3 m | esef· 20 Oct 2026verified |
| Current assets | 25.7 m | 26.1 m | 26.6 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 11.8 m | 11.2 m | 12.4 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 901.2 k | 945.6 k | 897.8 k | esef· 20 Oct 2026verified |
| Total assets | 41.2 m | 41.0 m | 43.3 m | esef· 20 Oct 2026verified |
| Current liabilities | 16.6 m | 17.0 m | 16.0 m | esef· 20 Oct 2026verified |
| Equity | 19.3 m | 19.6 m | 22.5 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | — | 1.8 m | 2.2 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 5.2 m | 4.6 m | 837.9 k | esef· 20 Oct 2026verified |
| Capex | — | 337.8 k | 727.2 k | esef· 20 Oct 2026verified |
| Free cash flow | — | 4.3 m ≈ | 110.7 k ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | 1.4 m | 477.6 k | -969.3 k | esef· 20 Oct 2026verified |
| Financing cash flow | -6.6 m | -5.0 m | -110.5 k | esef· 20 Oct 2026verified |
| Dividends paid | 1.5 m | 2.0 m | 2.0 m | esef· 20 Oct 2026verified |
| Share repurchases | — | — | 9.0 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: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 44.8 m EUR
Key indicators
Coverage and freshness
Score by group
52% · 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: 12.39 – 50.47 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/E38.38 – 50.47 (Mid 44.97)18 companies used · median multiple 20.3x · quartiles 17.3x – 22.7xACS.MC, ADX.MC, AEDAS.MC, AENA.MC, AMS.MC, ANA.MC, CAF.MC, CLEO.MC, CMO.MC, DIA.MC, EAT.MC, EDR.MC, ELE.MC, ENER.MC, ENO.MC, FAE.MC, FCC.MC, FDR.MC
- Dividend discount (DDM)12.39 – 16.90 (Mid 14.30)
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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 10.0% | 76 (vs peers) | 12% |
| FCF conversion · Quality | 2.3% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 17.6x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.7x | 71 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 9.2x | 95 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.2% | 3 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 4.5% | 64 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 1,807.2% | 0 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet89/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality38/100 · 2/3 factors with a value
- Returns38/100 · 2/2 factors with a value
- Valuation54/100 · 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
DESARROLLOS ESPECIALES DE SISTEMAS DE ANCLAJE S.A. (DESA.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 49.0 m EUR in 2025; YoY growth 2.2%; net margin 10.0%; ROE 152.3%.
The estimated value range is 25.39–33.68 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 29.63 EUR, the price of 20.40 EUR leaves a potential of 45.3% (value / price − 1) and a margin of safety of 31.2% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 10.0%
- Interest coverage: 17.6x
- Current ratio: 1.7x
- P/E (TTM): 9.2x
- The price is below the estimated value range
What contradicts it
- FCF conversion: 2.3%
- FCF yield: 0.2%
- Payout ratio (FCF): 1,807.2%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| 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 DESA.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 | 11.78 Total return -39% · Per year -39% | 20.85 Total return 7% · Per year 7% | 31.44 Total return 60% · Per year 60% |
| 3 years | 10.91 Total return -37% · Per year -14% | 21.78 Total return 21% · Per year 6% | 36.14 Total return 95% · Per year 25% |
| 5 years | 10.11 Total return -34% · Per year -8% | 22.76 Total return 35% · Per year 6% | 41.54 Total return 135% · Per year 19% |
- Exit P/E± 5.45
- Net margin± 3.81
- Annual revenue growth± 3.20
- Annual dilution± 0.32
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
Desarrollos Especiales de Sistemas de Anclaje manufactures, sells and manages fastening systems and hardware products for industry, commerce and services, with activity concentrated on the domestic market and a smaller presence abroad. The group closed fiscal 2025 with revenue slightly above the prior year, pointing to stable activity but limited operating margins.
SWOT
Strengths
- Vertical integration of manufacturing, sales and representation of fastening systems within a single group.
- Solid financial structure, with equity kept consistently within a balanced range.
- Listing on the Spanish stock exchange and transparency through detailed segment financial reporting.
Weaknesses
- High concentration of revenue and cash flow in the domestic market.
- Low operating margins in the export segments, especially the rest of the world.
- Relatively small scale of activity, which limits the capacity to absorb market shocks.
Opportunities
- Growth of exports to the European Union, where the operating result improved significantly.
- Geographic diversification of sales could reduce dependence on the Spanish economy.
- Using the French and Portuguese subsidiaries to expand hardware distribution.
Threats
- A fall in industrial and construction demand could weigh on sold volumes.
- Pressure on purchase costs could erode already modest margins.
- Competition from European and global producers could limit price increases.
Risks
- Concentration in the domestic markethigh
Most revenue and cash flow come from a single geographic segment, exposing the group to the Spanish economy 1.
- Low margins in the rest-of-the-world segmentmedium
The operating result of the rest-of-the-world segment remained very small, making exports to distant markets only marginally profitable 1.
- Exposure to receivables outside the domestic marketmedium
Customer and supplier balances linked to segments outside the domestic market make up a meaningful share of the balance sheet, which could create collection risks 1.
- Dependence on a single business segmentmedium
The group reports one business segment, the sale of fastening and hardware systems, so a problem in this area would affect the whole company.
- Liquidity and financing structurelow
Centralised financial management means that financing difficulties could affect all subsidiaries at once if capital markets become restrictive.
Investment thesis
What would need to be true (bull case)
- If export growth to the European Union holds, the company could improve profitability in its foreign segments.
- A solid financial structure with balanced equity could provide flexibility during periods of economic uncertainty.
- Integrating manufacturing and distribution could support cost control and product quality.
What would break the thesis
- If the domestic market contracts, revenue and cash flow could fall quickly given the geographic concentration.
- Weak margins in the export segments could persist if cost pressures continue.
- The group's relatively small size could limit its ability to invest in international expansion.
What to watch
- Evolution of revenue in the domestic market and the European segment2026
- Evolution of the operating result of the rest-of-the-world segment2026
- Level of equity relative to total financial structurenext annual report
- Effects of IFRS 18 on the presentation of results, mandatory from 20272027
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 group's main activity is the manufacture, sale, management and representation of fastening systems for industry, commerce and services, as well as the import of fastening materials, carried out through Grupodesa Fasteners, S.A.U. in Elcano, Navarra 1. Through its subsidiaries Grupodesa France, S.A.S. and Grupodesa Portugal, Unipessoal, Lda, the group sells hardware products in France and Portugal 1. According to the financial statements, the only business segment is the sale of fastening systems and hardware products, and consolidated revenue was 48951 thousand euros in fiscal 2025 1.
The company has been listed on the Spanish Interconnected Stock Exchange System (Mercado Continuo) under the code DESA since December 2019, after being quoted on the Segundo Mercado of the Barcelona Stock Exchange from 2007 1. Consolidation uses the full integration method, and in fiscal 2025 the French company SCIB2G, held indirectly in full, was dissolved 1.
The financial policy aims to maintain a capital structure suited to operating needs, with equity held consistently between 40 and 51 percent of total financial structure in recent years 1. Tax and financing management is centralised, and practically all cash flow generated comes from the domestic market segment 1.
Segments
Domestic market (Spain and the French and Portuguese subsidiaries)
The domestic market generated the largest revenue, 33800 thousand euros from external customers in fiscal 2025, with a segment operating result of 2831 thousand euros 1. The figure also includes revenue of Grupodesa France and Grupodesa Portugal, generated in their own countries 1.
Market context
The market for fastening systems and hardware products is linked to the activity of industry, commerce and services in the regions where the company sells. The documents analysed do not give the total market size or the company's market shares, so its competitive position cannot be assessed from this source. Group revenue of 48951 thousand euros in 2025 against 47892 thousand in 2024 points to relatively stable demand for its products 1.
Domestic sales remain dominant, which exposes the company especially to the evolution of the Spanish economy. Growth in exports to the European Union and the rest of the world could reduce this dependence if the trend is confirmed in the coming years.
Trends
- Stable demand from industry and constructiontailwind
Consolidated revenue rose slightly in 2025 compared with 2024, suggesting stable demand for fastening systems 1. If industrial activity stays steady, this stability could continue.
- Pressure on the rest-of-world segmentheadwind
Revenue from the rest of the world fell from 5865 to 5632 thousand euros, and its operating result remained very small 1. If this trend continues, exposure to distant export markets could stay weak.
- Dependence on the domestic marketmixed
Most revenue and cash flow come from the domestic market, so results depend on a single economic environment 1. This can offer control advantages but also a concentration risk.
Competitive position
The documents analysed do not identify the company's direct competitors and do not describe its market share. Competition in fastening systems and hardware cannot be evaluated with the information in the available source.
The company's differentiation, as the source shows, seems to rest on integrating manufacturing, distribution and representation within a single group, and on its presence through subsidiaries in France and Portugal 1. If this integration lowers costs, it could support its competitive position.
- Competitors not named in the source
The documents analysed do not name competitors, so no suppliers or rivals can be identified without additional data.
- Spanish hardware distributors and manufacturers
Local companies active in the same market segments; they are not identified in the source, so no ticker is assigned.
- European fastening system producers
Competitors in the European Union, relevant to the export segment; they are not named in the documents analysed.
- Global fastener suppliers
International players that could compete in the rest-of-the-world segment; they are not identified in the source.
News & filings
In the press
- Sorin Mierlea , Președintele InfoCons Protecția Consumatorilor , participă la evenimentul organizat de UN DESA - Inclusive by Design - InfoConsSurge — Google News · 16 Oct 2026 · RO
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 / Desarrollos Especiales de Sistemas de Anclaje, 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.