olivLaw · European equity research
Gurktaler Aktiengesellschaft GAGS.VI
Austria · Wiener Börse · ISIN AT0000A0Z9G3 · Vertical: Listed companies from Austria
Gurktaler AG is an Austrian herbal spirits company listed on the Vienna Stock Exchange that holds stakes in liqueur producers. In fiscal 2022/2023 it switched its model: from April 2023 it no longer collects lease income but sells products through production and distribution contracts, so future revenue is hard to forecast.
At the close of 04 Nov 2026, Gurktaler Aktiengesellschaft (GAGS.VI) stock was 16.00 EUR (+0.00% on the day), with dividend yield 36.88%, beta 0.04, 52-week range 15.10–18.50 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)
- 45.8
- neutral
- Bollinger (20, 2)
- 15.36 – 17.03
- in the lower half of the band · %B 0.38 · band width 10.3%
- SMA 50 / 200
- 16.54 / 16.75
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.16 / -0.18
- 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 | −4.2% | −0.6% | −3.5 pp | — |
| 3 months | unavailable | −4.2% | unavailable | — |
| 6 months | −11.1% | +4.3% | −15.4 pp | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | unavailable | +9.9% | unavailable | +5.6% |
| 3 years | unavailable | +49.8% | unavailable | +3.6% |
| 5 years | +3.2% | +42.8% | −39.6 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 | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 841.0 k | 433.0 k | 446.0 k |
| Revenue YoY | unavailable | −48.5% | +3.0% |
| Net income | 3.3 m | 1.4 m | 2.0 m |
| Net income YoY | unavailable | −58.5% | +42.2% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 394.8% | 318.2% | 439.5% |
| Free cash flow | 321.0 k | -1.2 m | -598.0 k |
Balance sheet & financial health
Fiscal year 2023 · 31 Mar 2023
- Cash
- 198.0 k EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 22.2 m EUR
- Total assets
- 23.0 m EUR
- Debt / equity
- unavailable
- Current ratio
- 6.29x
- ROE
- 7.1%
- ROA
- 6.9%
- FCF margin
- -134.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 841.0 k | 433.0 k | 446.0 k | esef· 01 Aug 2023verified |
| Operating income | 3.0 m | -204.0 k | -487.0 k | esef· 01 Aug 2023verified |
| Interest expense | 2.0 k | 237.0 k | 19.0 k | esef· 01 Aug 2023verified |
| Pre-tax income | 4.1 m | 1.7 m | 1.9 m | esef· 01 Aug 2023verified |
| Income tax | 777.0 k | 336.0 k | -98.0 k | esef· 01 Aug 2023verified |
| Net income | 3.3 m | 1.4 m | 2.0 m | esef· 01 Aug 2023verified |
| Dividend per share | — | — | 5.90 | esef· 01 Aug 2023verified |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.1 m | 11.3 m | 198.0 k | esef· 01 Aug 2023verified |
| Receivables | 42.0 k | 131.0 k | 102.0 k | esef· 01 Aug 2023verified |
| Inventories | — | 0 | 10.0 k | esef· 01 Aug 2023verified |
| Current assets | 9.6 m | 12.4 m | 1.6 m | esef· 01 Aug 2023verified |
| Property, plant & equipment, net | 91.0 k | 94.0 k | 141.0 k | esef· 01 Aug 2023verified |
| Intangibles (excl. goodwill) | 4.0 m | 4.0 m | 4.0 m | esef· 01 Aug 2023verified |
| Total assets | 33.2 m | 33.6 m | 23.0 m | esef· 01 Aug 2023verified |
| Current liabilities | 780.0 k | 280.0 k | 259.0 k | esef· 01 Aug 2023verified |
| Equity | 31.6 m | 32.7 m | 22.2 m | esef· 01 Aug 2023verified |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 366.0 k | -1.2 m | -505.0 k | esef· 01 Aug 2023verified |
| Capex | 45.0 k | 40.0 k | 93.0 k | esef· 01 Aug 2023verified |
| Free cash flow | 321.0 k ≈ | -1.2 m ≈ | -598.0 k ≈ | esef· 01 Aug 2023derived |
| Investing cash flow | 4.9 m | 7.8 m | 1.8 m | esef· 01 Aug 2023verified |
| Financing cash flow | -212.0 k | -357.0 k | -12.4 m | esef· 01 Aug 2023verified |
| Dividends paid | 180.0 k | 337.0 k | 12.4 m | esef· 01 Aug 2023verified |
≈ 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%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
23% · 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: 80.24 – 109.42 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/Eunavailable · input data missing
- Dividend discount (DDM)80.24 – 109.42 (Mid 92.58)
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%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 439.5% | 100 (vs peers) | 27% |
| FCF conversion · Quality | -30.5% | 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 | -25.6x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 6.3x | 100 (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 sheet40/100 · 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
Gurktaler Aktiengesellschaft (GAGS.VI). Latest full fiscal year: 2023; data up to 2023-03-31.
Figures computed from the financial statements: revenue 446.0 k EUR in 2023; YoY growth 3.0%; net margin 439.5%; ROE 7.1%.
The estimated value range is 80.24–109.42 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 92.58 EUR, the price of 16.00 EUR leaves a potential of 478.7% (value / price − 1) and a margin of safety of 82.7% (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: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 439.5%
- Current ratio: 6.3x
- The price is below the estimated value range
What contradicts it
- FCF conversion: -30.5%
- Interest coverage: -25.6x
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 Austria · 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 | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for GAGS.VI 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
Gurktaler AG is an Austrian herbal spirits company listed on the Vienna Stock Exchange that holds stakes in liqueur producers. In fiscal 2022/2023 it switched its model: from April 2023 it no longer collects lease income but sells products through production and distribution contracts, so future revenue is hard to forecast 1.
SWOT
Strengths
- Traditional brands with a long history and a recognised position in herbal liqueurs in Austria and Central Europe 1.
- Solid liquidity and equity that allow the company to meet its contractual obligations, according to the report 1.
- Stakes in beverage companies that bring income through equity accounting and dividends 1.
Weaknesses
- A very small operating structure with a single board member and few employees, which concentrates execution risk 1.
- Reliance on third parties for production and distribution under the new model, which limits direct control 1.
- Consolidated revenue is small relative to the stakes, and results depend heavily on contributions from associates 1.
Opportunities
- If the new distribution model lifts sales, the company could benefit from international expansion, which management cites as a strategic goal 1.
- Relaunching the Rossbacher brand and a new sea buckthorn aperitif could attract new consumer groups 1.
- The forecast economic recovery could support demand for premium herbal spirits 1.
Threats
- Rising production costs and high inflation could reduce demand and margins in the short term 1.
- The Ukraine conflict and related sanctions could disrupt supply chains and the stakes in the region 1.
- If distribution partners reduce volumes, revenue could fall quickly given the dependence on contracts 1.
Risks
- Dependence on production and distribution partnershigh
After the switch to lohn-fertigung and distribution contracts, sales quality and volume depend on third parties, which could affect revenue if partners do not meet their obligations 1.
- Uncertain revenue under the new modelhigh
Management stated that business development for 2023/2024 cannot yet be forecast, since the duration of the Ukraine crisis is not known 1.
- Inflation and cost pressuremedium
Rising raw material costs could reduce sales volumes after the price increases of April 2023 1.
- Concentrated shareholdingmedium
The majority shareholder controls over 89 % of the shares, which may limit trading liquidity and the influence of minority shareholders 1.
- Risks from stakeslow
The stakes in Hungary and Germany are exposed to market and currency volatility, and the company has taken liquidity measures to support them 1.
Investment thesis
What would need to be true (bull case)
- Traditional brands and solid equity could support the company during its transition to the new business model.
- If brand relaunches and new products succeed, sales could grow beyond what the contracts guarantee.
- Stakes in beverage companies bring income and could continue to support the company's results.
What would break the thesis
- If costs stay high, margins could be squeezed and sales volumes could fall.
- Dependence on third parties for production and distribution could limit the company's control and flexibility.
- The company's small size and concentrated shareholding could reduce investor interest and trading liquidity.
What to watch
- Development of revenue after the switch to production and distribution contracts2023/2024
- Effect of the April 2023 price increases on sales volumesfirst half 2023/2024
- Development of the stakes in Zwack Unicum and Underberg2023/2024
- Developments in Ukraine and their impact on the regional stakes2023/2024
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
Until March 2023 the brands were leased to Schlumberger, and Gurktaler AG received rent; from 1 April 2023 production runs through lohn-fertigung contracts with Mozart Distillerie GmbH, and distribution in Austria through Schlumberger Wein- und Sektkellerei GmbH 1. Exports and the German market are handled by Semper idem Underberg AG under distribution contracts 1.
The company has been listed on the Vienna Stock Exchange since February 2013, and the majority shareholder is H. Underberg Albrecht GmbH & Co Verwaltungs- und Vertriebs KG, which controls over 89 % of the ordinary shares 1. The ownership and governance structure therefore remains concentrated 1.
Segments
Herbal liqueurs (Gurktaler and Rossbacher brands)
The main segment is herbal liqueurs and spirits sold under the Gurktaler Alpenkräuterlikör and Rossbacher brands. From April 2023 production is outsourced, and the company focuses on the brand and relations with distributors 1.
Stakes in beverage companies
The main earnings come from stakes in Zwack Unicum Nyrt. in Budapest and Underberg GmbH & Co KG, accounted for under the equity method, as well as dividends received 1.
Market context
The annual report describes an economy shaped by the war in Ukraine and high inflation: Austrian inflation reached 8.6 % in 2022, and for 2023 the IMF projects 8.2 % 1. Austrian GDP growth slowed from 5.0 % in 2022 to a forecast 0.4 % for 2023 1. The company operates in traditional beverage markets in Central Europe, where demand depends on consumer purchasing power 1.
Management announced price increases from early April 2023 because of high raw material costs, and the expected consequence is lower sales volumes if demand reacts negatively 1. The herbal liqueur market remains price-sensitive and dependent on retailer decisions in grocery trade 1.
Trends
- Rising production costsheadwind
General price increases and higher raw material costs could reduce margins or sales volumes if higher prices cannot be passed on to customers 1.
- Shift to a production and distribution modelmixed
Moving from leasing to production and distribution contracts could tie revenue more closely to delivery prices rather than fixed rent, changing the company's financial profile 1.
- Economic recovery expected in the second half of 2023tailwind
IMF forecasts cited in the report point to an economic recovery, which could support demand for premium spirits if it materialises 1.
- Ukraine conflict and sanctionsheadwind
The company assessed the impact of the Ukraine crisis on its stakes, but the duration of the conflict remains uncertain and could disrupt supply chains 1.
Competitive position
Gurktaler AG competes in the market for herbal spirits and amaro-style liqueurs, notably with other traditional European brands. The annual report does not explicitly name competitors, so the list below is limited to what the source document shows 1.
The company differentiates itself through brand tradition and a preserved recipe, but it depends on its production and distribution partners, which may limit control over pricing and sales channels 1.
- Underberg
German herbal liqueur group that controls the company through majority shareholding and distributes its products in Germany 1.
- Zwack Unicum
Hungarian herbal liqueur producer in which Gurktaler AG holds an equity-accounted stake 1.
- Schlumberger Wein- und Sektkellerei
Distribution partner for Austria and former lessee of the brands, which remains essential for domestic sales 1.
- Mozart Distillerie
Salzburg producer that carries out production under lohn-fertigung contracts for Gurktaler AG from April 2023 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202301 Aug 2023
- Annual report 202202 Aug 2022
Sources
- [1] Annual report, fiscal year ended 2023-03-31 (ESEF) · SEC / Gurktaler Aktiengesellschaft · 31 Mar 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.