olivLaw · European equity research
Izertis, S.A. IZER.MC
Spain · BME Madrid · ISIN ES0105449005 · Vertical: Listed companies from Spain
Izertis is a technology services and consulting group headquartered in Spain that reports its consolidated accounts in thousands of euros. Its annual report for the year ended 31 December 2025 shows its activity and the amortisation of intangible assets, including customer relationships, which matters for understanding its asset structure.
At the close of 05 Nov 2026, Izertis, S.A. (IZER.MC) stock was 7.18 EUR (−0.28% on the day), with market capitalisation 198.4 m EUR, P/E 51.3 on diluted EPS of 0.14 EUR over the last 12 months, beta 0.03, 52-week range 7.10–10.75 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)
- 37.6
- weak (30–45)
- Bollinger (20, 2)
- 7.07 – 7.44
- in the lower half of the band · %B 0.30 · band width 5.1%
- SMA 50 / 200
- 7.82 / 8.59
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.17 / -0.21
- 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 | −10.3% | −0.6% | −9.6 pp | — |
| 3 months | −15.1% | −4.2% | −11.0 pp | — |
| 6 months | −15.3% | +4.3% | −19.7 pp | — |
| Year to date | −31.6% | +7.5% | −39.1 pp | — |
| 1 year | −24.4% | +9.9% | −34.3 pp | +6.7% |
| 3 years | −16.9% | +49.8% | −66.7 pp | +31.5% |
| 5 years | −5.5% | +42.8% | −48.4 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 60.6, median 67.8, max 75.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 133.1 m | 161.4 m |
| Revenue YoY | unavailable | +21.3% |
| Net income | 4.3 m | 3.9 m |
| Net income YoY | unavailable | −9.7% |
| Diluted EPS | 0.16 | 0.14 |
| Diluted EPS YoY | unavailable | −12.5% |
| net % | 3.2% | 2.4% |
| Free cash flow | 8.1 m | 28.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 54.1 m EUR
- Financial debt
- 67.9 m EUR
- Net debt
- 13.8 m EUR
- Equity
- 94.2 m EUR
- Total assets
- 272.5 m EUR
- Debt / equity
- 0.72x
- Current ratio
- 1.19x
- ROE
- 4.3%
- ROA
- 1.6%
- FCF margin
- 17.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 133.1 m | 161.4 m | esef· 20 Oct 2026verified |
| Operating income | 10.2 m | 11.8 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 9.5 m | 11.0 m | esef· 20 Oct 2026verified |
| EBITDA | 19.7 m ≈ | 22.8 m ≈ | esef· 20 Oct 2026derived |
| Pre-tax income | 5.1 m | 6.5 m | esef· 20 Oct 2026verified |
| Net income | 4.3 m | 3.9 m | esef· 20 Oct 2026verified |
| Diluted EPS | 0.16 | 0.14 | esef· 20 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 | 32.4 m | 54.1 m | esef· 20 Oct 2026verified |
| Receivables | 37.8 m | 50.2 m | esef· 20 Oct 2026verified |
| Inventories | 726.0 k | 1.1 m | esef· 20 Oct 2026verified |
| Current assets | 74.2 m | 107.6 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 3.2 m | 2.9 m | esef· 20 Oct 2026verified |
| Goodwill | 71.2 m | 87.3 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 57.8 m | 69.3 m | esef· 20 Oct 2026verified |
| Total assets | 212.7 m | 272.5 m | esef· 20 Oct 2026verified |
| Accounts payable | 5.2 m | 14.8 m | esef· 20 Oct 2026verified |
| Short-term debt | 14.7 m | 18.1 m | esef· 20 Oct 2026verified |
| Long-term debt | 44.0 m | 49.8 m | esef· 20 Oct 2026verified |
| Current liabilities | 51.6 m | 90.4 m | esef· 20 Oct 2026verified |
| Equity | 84.6 m | 94.2 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 26.8 m | 27.6 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 10.2 m | 29.1 m | esef· 20 Oct 2026verified |
| Capex | 2.0 m | 720.0 k | esef· 20 Oct 2026verified |
| Free cash flow | 8.1 m ≈ | 28.4 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -18.0 m | -13.6 m | esef· 20 Oct 2026verified |
| Financing cash flow | 10.9 m | 6.1 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: 54 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 198.4 m EUR
Key indicators
Coverage and freshness
Score by group
- Valuation49
- Balance sheet79
- Quality44
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: 2.13 – 3.18 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 · not enough peers
- Peers: P/E2.13 – 3.18 (Mid 2.78)18 companies used · median multiple 19.9x · quartiles 15.2x – 22.7xACS.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
- 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
Neutral profile · Score 54/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.1% | 14 (vs peers) | 16% |
| Net margin · Quality | 2.4% | 38 (vs peers) | 9% |
| FCF conversion · Quality | 734.2% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.6x | 97 (on a fixed band) | 16% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 33 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 51.3x | 5 (vs peers) | 16% |
| EV/EBITDA · Valuation | 9.3x | 52 (on a fixed band) | 16% |
| FCF yield · Valuation | 14.3% | 100 (on a fixed band) | 13% |
| 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 sheet79/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality44/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation49/100 · 3/3 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
IZERTIS SA (IZER.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 161.4 m EUR in 2025; YoY growth 21.3%; net margin 2.4%; ROE 4.4%; net debt/EBITDA 0.6x.
The estimated value range is 2.13–3.18 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.78 EUR, the price of 7.18 EUR leaves a potential of -61.2% (value / price − 1) and a margin of safety of -158.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 54/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 734.2%
- Net debt / EBITDA: 0.6x
- FCF yield: 14.3%
What contradicts it
- ROIC: 9.1%
- P/E (TTM): 51.3x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, 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% |
| 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% |
| IZER.MCIzertis SA | 198.4 m | 51.3 | 4.4% | 2.4% | +21.3% | −30% / −19% |
| 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 IZER.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 | 4.69 Total return -35% · Per year -35% | 8.26 Total return 15% · Per year 15% | 12.39 Total return 73% · Per year 73% |
| 3 years | 5.57 Total return -22% · Per year -8% | 10.92 Total return 52% · Per year 15% | 17.84 Total return 148% · Per year 35% |
| 5 years | 6.60 Total return -8% · Per year -2% | 14.44 Total return 101% · Per year 15% | 25.68 Total return 258% · Per year 29% |
- Exit P/E± 2.73
- Net margin± 1.91
- Annual revenue growth± 1.43
- Annual dilution± 0.16
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
Izertis is a technology services and consulting group headquartered in Spain that reports its consolidated accounts in thousands of euros. Its annual report for the year ended 31 December 2025 shows its activity and the amortisation of intangible assets, including customer relationships, which matters for understanding its asset structure 1.
SWOT
Strengths
- A client portfolio with multi-year contracts and recurring revenue suggests a predictable revenue base.
- A conservative amortisation policy with defined lives shows prudent accounting for intangible assets.
- The financial statements are consolidated and reported in detail, which makes the group's structure easier to analyse.
Weaknesses
- Reliance on intangible assets such as customer relationships makes the carrying value sensitive to changes in the portfolio.
- Leases of offices and equipment create lease liabilities that could reduce financial flexibility.
- Selling receivables through factoring may mask part of the pressure on working capital.
Opportunities
- Expanding the multi-year contract portfolio could strengthen recurring revenue.
- Investment in development and IT applications could open new service lines if products reach the market.
- If financing costs fall, the cost of leases could become more predictable.
Threats
- A drop in client retention could accelerate amortisation or reduce the value of customer relationships.
- Higher financing rates could weigh on lease liabilities and financing costs.
- Competition in technology consulting could pressure pricing and margins.
Risks
- Impairment of intangible assetsmedium
If customer relationships or developments stop generating economic benefits, the group could be required to recognise impairment losses.
- Credit risk on receivablesmedium
The simplified expected credit loss model suggests that deterioration of receivables could affect results if clients delay payments.
- Lease commitmentsmedium
Payment obligations for premises and equipment could become hard to sustain if revenue declines.
- Dependence on factoringhigh
Systematic transfer of receivables could become more costly or harder to access if financial market conditions change.
- Subjective accounting estimateslow
Useful lives and recoverable amounts depend on management judgement, and changes to them could affect reported results.
Investment thesis
What would need to be true (bull case)
- If the multi-year contract portfolio expands, recurring revenue could become a solid base for growth.
- Continuing investment in development and platforms could turn intangible assets into new sources of income.
- If financing stays accessible, the lease structure could remain manageable for the group.
What would break the thesis
- If clients do not maintain their contracts, the value of customer relationships could fall quickly.
- Rising financing costs could weigh on lease liabilities and margins.
- If competition forces prices down, revenue and profitability could be affected.
What to watch
- Development of multi-year contracts and recurring revenuenext annual report
- Any impairment losses on intangible assets2026
- Level of receivables transferred through factoringnext annual report
- Evolution of lease liabilities and the incremental borrowing rate2026
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
Izertis, S.A. and its subsidiaries prepare consolidated financial statements expressed in thousands of euros, for the year ended 31 December 2025 1. The accounting notes show an asset base made up of development costs, industrial property, customer relationships and IT applications, each amortised over its own useful life 1. The group records office, vehicle and equipment leases under IFRS 16, recognising right-of-use assets and lease liabilities 1.
Segments
Intangible assets and customer relationships
Customer relationships are amortised on a straight-line basis over an estimated life that considers attrition rates, recurring revenue and multi-year contracts, which shows the business depends on its recurring client portfolio 1.
Tangible assets and right-of-use assets
Furniture, IT equipment, machinery and buildings carry useful lives between four and ten years, while right-of-use assets are amortised straight-line over the lease term 1.
Market context
The documents reviewed do not give a quantified size for the technology services market. The financial statements do show multi-year contracts and recurring revenue, which could matter for demand stability in the group's segment 1.
Trends
- Multi-year contracts and recurring revenuetailwind
The amortisation policy for customer relationships takes into account multi-year contracts and recurring revenue, suggesting a stable client base if these contracts are maintained 1.
- Investment in intangible assetsmixed
Amortising development costs and IT applications over defined lives points to continuing investment in products and platforms, which could support growth if it converts into revenue 1.
- Financing cost of leasesheadwind
Lease liabilities are measured with the incremental borrowing rate, and changes in that rate could alter the financing cost of leased premises and equipment 1.
- Factoring of trade receivablesmixed
The group systematically transfers some trade receivables through factoring contracts, which can speed up collections but may also change its credit risk profile 1.
Competitive position
The documents reviewed do not include a competitive analysis. The group's activity in consulting and technology services sits in a fragmented market, and a comparison with other players cannot be made from these sources.
- Competitors not named in the source
The source reviewed does not name direct competitors, so none can be identified from the document.
- Spanish IT consulting firms
General category; the source contains no names or data on companies in this group.
- European digital services integrators
General category without source data; a quantitative comparison is not possible.
- Software and cloud companies
General category; the source does not allow concrete competitors to be identified.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Izertis, 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.