olivLaw · European equity research
IMPRESA - SOCIEDADE GESTORA DE PARTICIPAÇÕES SOCIAIS, S.A. IPR.LS
Portugal · Euronext Lisbon · ISIN PTIPR0AM0000 · Vertical: Listed companies from Portugal
Impresa SGPS is the holding company that owns stakes in the Impresa media group, including SIC and Impresa Publishing. Its income mainly comes from dividends received from these subsidiaries, while interest costs remained significant in 2025. The company's financial position therefore depends on the subsidiaries' ability to distribute dividends.
At the close of 05 Nov 2026, IMPRESA - SOCIEDADE GESTORA DE PARTICIPAÇÕES SOCIAIS, S.A. (IPR.LS) stock was 0.19 EUR (−1.04% on the day), with market capitalisation 31.9 m EUR, P/E 27.5 on diluted EPS of 0.01 EUR over the last 12 months, beta 0.37, 52-week range 0.17–0.26 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)
- 44.9
- weak (30–45)
- Bollinger (20, 2)
- 0.19 – 0.20
- in the lower half of the band · %B 0.40 · band width 5.0%
- SMA 50 / 200
- 0.20 / 0.19
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.00
- 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 | −3.8% | +0.4% | −4.2 pp | — |
| 3 months | −13.4% | −3.3% | −10.2 pp | — |
| 6 months | +8.0% | +4.0% | +4.0 pp | — |
| Year to date | +2.4% | +8.1% | −5.7 pp | — |
| 1 year | −27.8% | +10.7% | −38.5 pp | −10.1% |
| 3 years | +21.8% | +50.1% | −28.3 pp | +10.3% |
| 5 years | −28.6% | +43.6% | −72.2 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 26.9, median 26.9, max 26.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | -66.2 m | 1.2 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.39 | 0.01 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | unavailable |
| Free cash flow | 475.1 k | 13.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 12.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 91.6 m EUR
- Total assets
- 322.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.49x
- ROE
- 1.3%
- ROA
- 0.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating income | -52.3 m | 14.3 m | esef· 22 Oct 2026verified |
| Depreciation & amortisation | 4.7 m | 4.2 m | esef· 22 Oct 2026verified |
| EBITDA | -47.5 m ≈ | 18.6 m ≈ | esef· 22 Oct 2026derived |
| Interest expense | 12.5 m | 11.3 m | esef· 22 Oct 2026verified |
| Pre-tax income | -64.6 m | 3.2 m | esef· 22 Oct 2026verified |
| Income tax | 1.6 m | 2.1 m | esef· 22 Oct 2026verified |
| Net income | -66.2 m | 1.2 m | esef· 22 Oct 2026verified |
| Diluted EPS | -0.39 | 0.01 | esef· 22 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 20.5 m | 12.2 m | esef· 22 Oct 2026verified |
| Inventories | 394.0 k | 373.8 k | esef· 22 Oct 2026verified |
| Current assets | 73.2 m | 61.9 m | esef· 22 Oct 2026verified |
| Goodwill | 207.9 m | 207.9 m | esef· 22 Oct 2026verified |
| Intangibles (excl. goodwill) | 727.8 k | 697.6 k | esef· 22 Oct 2026verified |
| Total assets | 340.5 m | 322.8 m | esef· 22 Oct 2026verified |
| Current liabilities | 138.7 m | 126.8 m | esef· 22 Oct 2026verified |
| Total liabilities | 250.8 m | 231.3 m | esef· 22 Oct 2026verified |
| Equity | 89.7 m | 91.6 m | esef· 22 Oct 2026verified |
| Shares outstanding at year end | 168.0 m | — | esef· 22 Oct 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 1.8 m | 15.3 m | esef· 22 Oct 2026verified |
| Capex | 1.3 m | 1.8 m | esef· 22 Oct 2026verified |
| Free cash flow | 475.1 k ≈ | 13.5 m ≈ | esef· 22 Oct 2026derived |
| Investing cash flow | -4.3 m | -5.3 m | esef· 22 Oct 2026verified |
| Financing cash flow | 8.0 m | -25.4 m | esef· 22 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: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 31.9 m EUR
Key indicators
Coverage and freshness
Score by group
35% · 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: 0.07 – 0.11 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/E0.07 – 0.11 (Mid 0.08)7 companies used · median multiple 12.0x · quartiles 10.1x – 15.5xCOR.LS, CTT.LS, EGL.LS, JMT.LS, NVG.LS, SEM.LS, TDSA.LS
- 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: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 1,168.4% | 100 (on a fixed band) | 18% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.3x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | 27.5x | 13 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 42.2% | 100 (on a fixed band) | 24% |
| 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 sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation51/100 · 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
IMPRESA-SOCIEDADE GESTORA DE PARTICIPAÇÕES SOCIAIS S.A. (IPR.LS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 1.3%.
The estimated value range is 0.07–0.11 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.08 EUR, the price of 0.19 EUR leaves a potential of -56.5% (value / price − 1) and a margin of safety of -130.0% (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: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 1,168.4%
- FCF yield: 42.2%
What contradicts it
- Interest coverage: 1.3x
- Current ratio: 0.5x
- P/E (TTM): 27.5x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Portugal · same country · compared with 10 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| JMT.LSJerónimo Martins Sgps SA | 12.2 bn | 18.9 | 20.5% | 1.8% | +7.6% | −5% / −14% |
| NVG.LSThe Navigator Company, S.A. | 2.2 bn | 15.1 | 10.5% | 7.3% | −5.7% | +1% / −19% |
| SEM.LSSemapa - Sociedade De Investimento E Gestão, Sgps, S.A. | 1.6 bn | 10.1 | 9.3% | 7.4% | −1.6% | +18% / +46% |
| EGL.LSMota - Engil, Sgps S.A. | 1.4 bn | 10.2 | 44.7% | 2.5% | −10.9% | −6% / +20% |
| COR.LSCorticeira Amorim, Sgps, S.A. | 889.3 m | 16.0 | 6.6% | 6.5% | −8.3% | −1% / −26% |
| CTT.LSCtt - Correios De Portugal S.A. | 607.2 m | 12.0 | 20.1% | 4.5% | +16.9% | −35% / +28% |
| NBA.LSNovabase - Sociedade Gestora De Participações Sociais S.A. | 261.8 m | 51.1 | 8.8% | 4.4% | −7.2% | −19% / +35% |
| TDSA.LSTeixeira Duarte, S.A. | 173.0 m | 3.5 | 34.1% | 7.1% | −8.9% | −39% / +485% |
| ESON.LSEstoril-Sol, SGPS S.A. | 32.2 m | — | -25.2% | -20.3% | −2.4% | −31% / −63% |
| RAM.LSRamada Investimentos E Indústria, S.A. | — | — | 8.1% | 85.9% | +0.6% | −14% / +0% |
1- and 3-year price returns: for IPR.LS 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
Impresa SGPS is the holding company that owns stakes in the Impresa media group, including SIC and Impresa Publishing. Its income mainly comes from dividends received from these subsidiaries, while interest costs remained significant in 2025. The company's financial position therefore depends on the subsidiaries' ability to distribute dividends.
SWOT
Strengths
- The holding has a steady dividend flow from consolidated subsidiaries, especially SIC and Impresa Publishing.
- Inclusion in the group tax regime allows losses to be used within the structure.
- The administrative structure is small, which limits the company's overhead costs.
Weaknesses
- Income depends almost exclusively on dividends from subsidiaries, which can vary from year to year.
- Interest costs remain high and can weigh on the net result.
- The net result has been negative in recent years, partly because of impairments on investments.
Opportunities
- A recovery in subsidiaries' profitability could increase the dividends received by the holding.
- Lower financing costs could meaningfully improve the net result.
- Development of digital activities within the group could open new revenue sources.
Threats
- A decline in traditional advertising could reduce the subsidiaries' capacity to pay dividends.
- Digital competition could limit the audience and revenue of the media group.
- Later tax reviews could generate additional obligations.
Risks
- Dependence on dividendshigh
The holding's income comes almost entirely from subsidiary distributions. A fall in their profits could directly reduce the company's cash flows.
- Financing costshigh
Interest paid was significant in 2025 1. If debt or interest levels rise, the net result could be affected.
- Impairment of investmentsmedium
The previous year was marked by large impairment losses. New impairment tests could lead to further losses if assumptions change.
- Tax exposuremedium
Returns for several years may be reviewed by the authorities, which could generate unforeseen costs.
- Extraordinary legal costslow
In 2025 unusual legal fees arose in connection with a capital increase process 1. Similar costs could recur if comparable transactions take place.
Investment thesis
What would need to be true (bull case)
- If subsidiaries recover and distribute higher dividends, the holding could report a better result in the coming years.
- The tax efficiency offered by the group regime could support the company's cash flows.
- A lean administrative structure could keep overhead costs under control.
What would break the thesis
- If traditional advertising keeps declining, subsidiary dividends could fall significantly.
- Interest costs could remain a burden on the company's net result.
- Past impairment losses show that the value of the stakes can be revised downward.
What to watch
- Trend in dividends received from SIC and Impresa Publishing2026
- Level of interest expense and debtQ1 2027
- Outcome of tax reviews for 2022-20252027
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
IMPRESA - SOCIEDADE GESTORA DE PARTICIPAÇÕES SOCIAIS, S.A. is a holding company that manages equity interests in the Impresa group. According to its annual report for the year ended 31 December 2025 1, the company operates through stakes in entities such as SIC - Sociedade Independente de Comunicação and Impresa Publishing, S.A. Its main income is dividends from these stakes, contributing 6233882 euros in 2025 1.
The company is included in the group tax regime (RETGS) together with its subsidiaries, such as Impresa Publishing, SIC, GMTS, Impresa Office & Service Share and InfoPortugal 1. This structure consolidates taxable income at group level, so the company's tax losses can be used within the group. Its staff is small, with an average of 21 employees in 2025 1.
Net results are strongly affected by financing costs and impairments on investments. In 2025, interest paid was 6075926 euros 1, and the pre-tax loss was 3279251 euros 1, compared with a much larger loss in the prior year. Differences between accounting and tax results are explained by dividends received and financing costs not accepted for tax purposes 1.
Segments
Stake in SIC
Among the holding's stakes, SIC - Sociedade Independente de Comunicação provides most of the dividend income. The dividend received from SIC in 2025 was 4776767 euros 1, and in 2024 the only dividend recorded also came from this subsidiary 1.
Stake in Impresa Publishing
Impresa Publishing, S.A. is the second source of dividends for the holding. In 2025 it distributed 1457115 euros 1. This flow depends on the subsidiary's publishing results and its profit distribution policy.
Market context
The company's activity sits in Portugal's media and communication sector, where the Impresa group operates television, press and related services. The annual report does not detail the size of this market, so conclusions about market share cannot be drawn from source 1. The holding's income depends on the results of these subsidiaries.
The environment in which the group operates is marked by pressure on advertising revenue and the shift toward digital channels. If the subsidiaries fail to offset the decline in traditional media, their capacity to distribute dividends could fall, directly affecting the holding's income.
Trends
- Digital transformation of mediaheadwind
The move of audiences and advertising toward digital platforms can reduce the traditional revenue of the subsidiaries. If this trend deepens, dividends received by the holding could be lower in future years.
- Financing costsmixed
The level of interest paid remains a significant component of the holding's expenses. Changes in interest rates could directly influence the company's net result.
- Group tax regimetailwind
Inclusion in RETGS allows losses to be offset within the group, supporting the company's tax cash flows. Legislative changes could, however, alter this advantage.
- Tax reviewheadwind
Tax returns for 2022-2025 may be reviewed by the authorities. Management considers that any corrections would not have a significant effect on the financial statements 1, but uncertainty remains.
Competitive position
The source provided does not identify direct competitors for the holding, which is an equity management company rather than a trading operator with its own market. Relevant competition arises at the level of the media subsidiaries, especially for advertising and audiences. A comparative analysis cannot be completed from the annual report 1.
In Portugal's media segment, the group's subsidiaries compete with other television, press and digital platform operators. Such comparisons, however, depend on market data that do not appear in source 1.
- Portuguese television operators
Competitors of SIC for audience and advertising, with no US listing implied.
- Portuguese press publishers
Competitors of Impresa Publishing in print and digital press.
- Digital content platforms
Competition for audience attention and advertising budgets of the subsidiaries.
- Other European media groups
Players that may compete in the regional media and communication market.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202522 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / IMPRESA - SOCIEDADE GESTORA DE PARTICIPAÇÕES SOCIAIS, 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.