olivLaw · European equity research
Grupo Média Capital, SGPS, S.A. MCP.LS
Portugal · Euronext Lisbon · ISIN PTGMC0AM0003 · Vertical: Listed companies from Portugal
Grupo Média Capital is a Portuguese media group active in television, digital, audiovisual production, entertainment and print, listed on the Lisbon exchange. For fiscal 2025 it reports consolidated net income of 3,699,499 euros, while the TVI channel group holds an 18.8% audience share.
At the close of 04 Nov 2026, Grupo Média Capital, SGPS, S.A. (MCP.LS) stock was 1.90 EUR (+0.00% on the day), with market capitalisation 160.8 m EUR, P/E 43.4 on diluted EPS of 0.04 EUR over the last 12 months, dividend yield 2.21%, beta -0.14, 52-week range 1.90–1.90 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.7
- neutral
- Bollinger (20, 2)
- 1.75 – 2.04
- in the upper half of the band · %B 0.52 · band width 15.6%
- SMA 50 / 200
- 1.86 / 1.39
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.02 / 0.02
- 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 | unavailable | +0.4% | unavailable | — |
| 3 months | unavailable | −3.3% | unavailable | — |
| 6 months | unavailable | +4.0% | unavailable | — |
| Year to date | unavailable | +8.1% | unavailable | — |
| 1 year | 0.0% | +10.7% | −10.7 pp | −10.1% |
| 3 years | unavailable | +50.1% | unavailable | +10.3% |
| 5 years | +137.5% | +43.6% | +93.9 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 67 percentile of its own 3-quarter history (min 16.0, median 43.4, max 292.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 319.3 k | 9.3 m | 3.7 m |
| Net income YoY | unavailable | +2,800.0% | −60.0% |
| Diluted EPS | 0.00 | 0.11 | 0.04 |
| Diluted EPS YoY | unavailable | +2,784.2% | −60.0% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 5.1 m | 8.1 m | 13.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.9 m EUR
- Financial debt
- 22.9 m EUR
- Net debt
- 21.0 m EUR
- Equity
- 99.9 m EUR
- Total assets
- 200.7 m EUR
- Debt / equity
- 0.23x
- Current ratio
- 0.66x
- ROE
- 3.7%
- ROA
- 1.9%
- 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 | 1.9 m | 15.3 m | 6.7 m | esef· 22 Oct 2026verified |
| Depreciation & amortisation | 7.4 m | 7.3 m | 7.5 m | esef· 22 Oct 2026verified |
| EBITDA | 9.2 m ≈ | 22.7 m ≈ | 14.2 m ≈ | esef· 22 Oct 2026derived |
| Interest expense | 2.5 m | 3.0 m | 2.4 m | esef· 22 Oct 2026verified |
| Pre-tax income | -611.3 k | 12.3 m | 4.2 m | esef· 22 Oct 2026verified |
| Income tax | -930.6 k | 3.1 m | 515.4 k | esef· 22 Oct 2026verified |
| Net income | 319.3 k | 9.3 m | 3.7 m | esef· 22 Oct 2026verified |
| Diluted EPS | 0.00 | 0.11 | 0.04 | esef· 22 Oct 2026verified |
| Dividend per share | 0.04 | 0.08 | 0.04 | esef· 22 Oct 2026verified |
≈ 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 | 11.9 m | 2.5 m | 1.9 m | esef· 22 Oct 2026verified |
| Receivables | 18.1 m | 26.7 m | 24.2 m | esef· 22 Oct 2026verified |
| Inventories | — | 0 | 4.2 k | esef· 22 Oct 2026verified |
| Current assets | 50.1 m | 47.4 m | 48.0 m | esef· 22 Oct 2026verified |
| Property, plant & equipment, net | 9.3 m | 10.3 m | 10.1 m | esef· 22 Oct 2026verified |
| Goodwill | 73.4 m | 73.4 m | 74.3 m | esef· 22 Oct 2026verified |
| Intangibles (excl. goodwill) | 4.2 m | 3.6 m | 3.2 m | esef· 22 Oct 2026verified |
| Total assets | 200.7 m | 197.6 m | 200.7 m | esef· 22 Oct 2026verified |
| Accounts payable | 39.0 m | 38.8 m | 43.5 m | esef· 22 Oct 2026verified |
| Long-term debt | 27.4 m | 27.4 m | 22.9 m | esef· 22 Oct 2026verified |
| Current liabilities | 70.9 m | 68.0 m | 72.8 m | esef· 22 Oct 2026verified |
| Total liabilities | 103.1 m | 97.8 m | 100.7 m | esef· 22 Oct 2026verified |
| Equity | 97.6 m | 99.8 m | 99.9 m | esef· 22 Oct 2026verified |
| Shares outstanding at year end | — | 84.5 m | 84.6 m | esef· 22 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 9.8 m | 12.7 m | 18.1 m | esef· 22 Oct 2026verified |
| Capex | 4.8 m | 4.6 m | 4.9 m | esef· 22 Oct 2026verified |
| Free cash flow | 5.1 m ≈ | 8.1 m ≈ | 13.2 m ≈ | esef· 22 Oct 2026derived |
| Investing cash flow | -5.3 m | -4.7 m | -5.1 m | esef· 22 Oct 2026verified |
| Financing cash flow | 117.3 k | -17.4 m | -13.6 m | esef· 22 Oct 2026verified |
| Dividends paid | 0 | 10.6 m | 3.5 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
Score: 44 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 160.8 m EUR
Key indicators
Coverage and freshness
Score by group
- Valuation40
- Balance sheet42
- Returns59
- Quality46
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: 0.44 – 1.62 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/EBITDA0.81 – 1.62 (Mid 0.85)3 companies used · median multiple 6.6x · quartiles 6.3x – 11.1xCOR.LS, NBA.LS, TDSA.LS
- Peers: P/E0.44 – 0.68 (Mid 0.52)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)0.57 – 0.78 (Mid 0.66)
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
Unattractive profile · Score 44/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.8% | 14 (vs peers) | 14% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 356.4% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.5x | 72 (on a fixed band) | 14% |
| Interest coverage · Balance sheet | 2.7x | 19 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 43.4x | 13 (vs peers) | 14% |
| EV/EBITDA · Valuation | 12.8x | 20 (on a fixed band) | 14% |
| FCF yield · Valuation | 8.2% | 100 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 2.2% | 32 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 26.9% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet42/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality46/100 · 2/3 factors with a value
- Returns59/100 · 2/2 factors with a value
- Valuation40/100 · 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
Grupo Média Capital, SGPS, S.A. (MCP.LS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 3.7%; net debt/EBITDA 1.5x.
The estimated value range is 0.57–0.78 EUR per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 0.66 EUR, the price of 1.90 EUR leaves a potential of -65.3% (value / price − 1) and a margin of safety of -188.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 44/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 356.4%
- Net debt / EBITDA: 1.5x
- FCF yield: 8.2%
- Payout ratio (FCF): 26.9%
What contradicts it
- ROIC: 4.8%
- Interest coverage: 2.7x
- Current ratio: 0.7x
- P/E (TTM): 43.4x
- EV/EBITDA: 12.8x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y.
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 MCP.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
Grupo Média Capital is a Portuguese media group active in television, digital, audiovisual production, entertainment and print, listed on the Lisbon exchange. For fiscal 2025 it reports consolidated net income of 3,699,499 euros, while the TVI channel group holds an 18.8% audience share 1.
SWOT
Strengths
- Solid position in television audience, with a channel group holding a significant market share.
- Integrated portfolio spanning television, digital, audiovisual production and print.
- Positive consolidated net income in 2025, providing capacity for dividend distribution.
Weaknesses
- Dependence on advertising and on traditional television audiences.
- Activity concentrated in the Portuguese market, limiting geographic diversification.
- High compliance costs for sustainability reporting amid regulatory uncertainty.
Opportunities
- Expansion in print and digital through acquisitions such as Newsplex.
- Development of digital platforms and streaming content.
- Monetising audiovisual production for markets outside Portugal.
Threats
- Intense competition from international streaming platforms.
- Declining advertising investment in traditional media.
- Unclear regulatory changes in sustainability reporting.
Risks
- Regulatory uncertaintymedium
The lack of national CSRD transposition and changes under the Omnibus package could alter reporting requirements.
- Dependence on advertisinghigh
Advertising revenue could fall if television audiences shrink.
- Digital competitionhigh
Streaming platforms could attract advertising budgets and consumer attention.
- Integration of acquisitionslow
Integrating Newsplex into the reporting perimeter could bring operational difficulties.
- Geographic concentrationmedium
Activity concentrated in Portugal exposes the group to local economic conditions.
Investment thesis
What would need to be true (bull case)
- If the TVI share holds and digital advertising grows, the group could strengthen its revenue.
- The Newsplex acquisition could open new revenue sources in print.
- Positive consolidated net income in 2025 provides a framework for the dividend policy.
What would break the thesis
- If television audiences decline, advertising revenue could weaken.
- Competition from international platforms could reduce the group's market share.
- Regulatory uncertainty may increase compliance costs.
What to watch
- Evolution of the TVI channel group audience share2026
- Integration and results of Newsplex in print2026
- CSRD transposition and effects of the Omnibus package in Portugalnext 10-K
- Dividend policy and distribution of net income2026
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 operates in the media sector, focusing on the production and distribution of entertainment and information content. Its segments are Television, Digital and Entertainment, Audiovisual Production and Other, which includes print, the holding and shared services 1. The group had 1,099 employees at the end of 2025 1.
The value model turns resources such as content production, rights and equipment into diversified programmes distributed through free-to-air and pay-TV channels, digital platforms and print 1. Revenue depends on advertising from agencies and advertisers, as well as subscriptions and audiences across traditional and digital media 1.
In August 2025 the group acquired Newsplex, S.A., active in print, extending its reporting perimeter 1. The stated mission emphasises quality, credibility and editorial independence, and the sustainability report describes a programme to reduce greenhouse gas emissions 1.
Segments
Television, Digital and Entertainment
This segment includes free-to-air and pay-TV broadcasting, digital presence and channels such as CNN Portugal, together with the TVI channel group 1. The TVI group holds an audience share of 18.8% 1.
Audiovisual Production
The segment covers fiction and entertainment production, set construction and production support services, carried out by subsidiaries such as Plural Entertainment and MC Entertainment 1.
Other
This segment includes print, following the Newsplex acquisition, as well as the holding company and the group's shared services 1.
Market context
The group operates in the Portuguese media market, where revenue depends on advertising, audience and subscriptions. The TVI group's 18.8% share shows its position in television audience 1. The company states that its sustainability reporting is aligned with European rules amid high regulatory uncertainty 1.
The market is influenced by European regulatory changes, such as the absence of national CSRD transposition in Portugal and the effects of the Omnibus package 1. If these rules become clearer, they could change the group's reporting obligations 1.
Trends
- Consolidation of print through acquisitionstailwind
The August 2025 Newsplex acquisition shows expansion in print, which could diversify the group's revenue sources 1.
- Shift toward digital consumptionmixed
Digital presence and streaming platforms form part of the value chain but could reduce revenue from traditional television 1.
- Regulatory uncertainty on reportingheadwind
The lack of national CSRD transposition and the Omnibus package create uncertainty about sustainability reporting requirements 1.
- Decarbonisation of operationstailwind
Fleet electrification and green electricity contracts reduced the group's emissions, which could lower energy costs over the long term 1.
Competitive position
The group competes in the Portuguese television, print and digital content market with other local and international media operators. The analysed source does not explicitly name competitors, so the list below is not exhaustive 1.
Competition centres on audience, advertising and the production of quality content. The group supports its position through the TVI share and integrated in-house production 1.
- Portuguese television operators
Direct competitors for audience and advertising in general television, per the sector context described in the report.
- International streaming platforms
Compete for consumer attention and content budgets, noted as part of the value chain.
- Portuguese print publishers
Competitors in print, a segment extended through the Newsplex acquisition.
- Audiovisual production houses
Competitors in fiction and entertainment production for channels and platforms.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202522 Oct 2026
- Annual report 202422 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Grupo Média Capital, SGPS, 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.