olivLaw · European equity research
Montebalito, S.A. MTB.MC
Spain · BME Madrid · ISIN ES0116494016 · Vertical: Listed companies from Spain
Montebalito is a Spanish real estate group active in property development, rental of its portfolio and land development in Spain, Brazil and the Dominican Republic. In 2025 it reported gross revenue of 7.4 million euros and profit of 3.5 million euros, but revenue and EBITDA fell from the previous year, and the company is trying to speed up the rotation of its assets to fund new investments.
At the close of 05 Nov 2026, Montebalito, S.A. (MTB.MC) stock was 1.85 EUR (−4.64% on the day), with market capitalisation 59.7 m EUR, P/E 16.8 on diluted EPS of 0.11 EUR over the last 12 months, dividend yield 2.16%, beta 0.21, 52-week range 1.68–2.08 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)
- 42.3
- weak (30–45)
- Bollinger (20, 2)
- 1.83 – 1.99
- in the lower half of the band · %B 0.15 · band width 8.4%
- SMA 50 / 200
- 1.95 / 1.83
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −2.6% | −0.6% | −2.0 pp | — |
| 3 months | −3.1% | −4.2% | +1.0 pp | — |
| 6 months | +3.9% | +4.3% | −0.4 pp | — |
| Year to date | +8.2% | +7.5% | +0.7 pp | — |
| 1 year | +4.5% | +9.9% | −5.4 pp | +4.9% |
| 3 years | +44.5% | +49.8% | −5.3 pp | +30.5% |
| 5 years | +19.4% | +42.8% | −23.5 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 33 percentile of its own 3-quarter history (min 15.5, median 33.0, max 48.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 1.1 m | 1.4 m | 3.6 m |
| Net income YoY | unavailable | +27.4% | +157.6% |
| Diluted EPS | 0.03 | 0.04 | 0.11 |
| Diluted EPS YoY | unavailable | +33.3% | +175.0% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.3 m EUR
- Financial debt
- 4.6 m EUR
- Net debt
- 3.2 m EUR
- Equity
- 78.8 m EUR
- Total assets
- 106.1 m EUR
- Debt / equity
- 0.06x
- Current ratio
- 4.57x
- ROE
- 4.6%
- ROA
- 3.4%
- 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 | 2.0 m | 2.5 m | 6.2 m | esef· 20 Oct 2026verified |
| Interest expense | 671.0 k | 684.0 k | 787.0 k | esef· 20 Oct 2026verified |
| Pre-tax income | 1.7 m | 1.9 m | 4.1 m | esef· 20 Oct 2026verified |
| Income tax | 591.0 k | 502.0 k | 595.0 k | esef· 20 Oct 2026verified |
| Net income | 1.1 m | 1.4 m | 3.6 m | esef· 20 Oct 2026verified |
| Diluted EPS | 0.03 | 0.04 | 0.11 | esef· 20 Oct 2026verified |
| Dividend per share | — | 0.04 | 0.04 | esef· 20 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.5 m | 1.6 m | 1.3 m | esef· 20 Oct 2026verified |
| Receivables | 3.0 m | 2.6 m | 1.3 m | esef· 20 Oct 2026verified |
| Inventories | 56.3 m | 54.9 m | 56.1 m | esef· 20 Oct 2026verified |
| Current assets | 65.0 m | 62.6 m | 70.9 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 347.0 k | 124.0 k | 914.0 k | esef· 20 Oct 2026verified |
| Total assets | 96.7 m | 102.3 m | 106.1 m | esef· 20 Oct 2026verified |
| Accounts payable | 3.3 m | 1.4 m | 3.0 m | esef· 20 Oct 2026verified |
| Short-term debt | 664.0 k | 1.7 m | 4.6 m | esef· 20 Oct 2026verified |
| Current liabilities | 6.4 m | 5.5 m | 15.5 m | esef· 20 Oct 2026verified |
| Equity | 75.3 m | 76.6 m | 78.8 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 36.1 m | 34.5 m | 32.3 m | esef· 20 Oct 2026derived |
Cash flow · EUR
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: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 59.7 m EUR
Key indicators
Coverage and freshness
Score by group
31% · 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: 0.54 – 2.47 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 · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E1.74 – 2.47 (Mid 2.19)19 companies used · median multiple 19.9x · quartiles 15.8x – 22.4xACS.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, FDR.MC
- Dividend discount (DDM)0.54 – 0.74 (Mid 0.63)
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: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.7% | 13 (vs peers) | 33% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 7.9x | 98 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 4.6x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 16.8x | 74 (vs peers) | 33% |
| 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 sheet99/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial13/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial74/100 · 1/3 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
MONTEBALITO, S.A. (MTB.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 4.6%.
The estimated value range is 1.14–1.61 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1.41 EUR, the price of 1.85 EUR leaves a potential of -23.7% (value / price − 1) and a margin of safety of -31.1% (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: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 7.9x
- Current ratio: 4.6x
- P/E (TTM): 16.8x
What contradicts it
- ROIC: 6.7%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Spain · same country · compared with 40 companies
Multiples and returns vs the median
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 MTB.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
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
Montebalito is a Spanish real estate group active in property development, rental of its portfolio and land development in Spain, Brazil and the Dominican Republic. In 2025 it reported gross revenue of 7.4 million euros and profit of 3.5 million euros, but revenue and EBITDA fell from the previous year, and the company is trying to speed up the rotation of its assets to fund new investments.
SWOT
Strengths
- The company has a diversified project base across several countries and a key asset in Seville with a long-term lease once the hotel is handed over 1.
- Debt reduction and profit generation in 2025 give the company the chance to access new financing for investments 1.
- Full occupancy of the Iberia building provides a relatively stable flow of rental income 1.
Weaknesses
- Operating revenue is concentrated in one-off development sales, which makes results sensitive to the timing of transactions 1.
- EBITDA fell from the previous year, partly because extraordinary income from a prior-year expropriation did not recur 1.
- Rental income declined after asset sales, which reduced the recurring revenue base 1.
Opportunities
Risks
- Reliance on asset saleshigh
Revenue and liquidity depend on the pace of development and asset sales, and a delay could affect investment plans 1.
- Financing riskhigh
Difficult access to bank credit for land purchases could limit new projects and increase the need for the company's own funds 1.
- Currency riskmedium
Investments abroad are exposed to exchange-rate moves, and the company does not hedge these exposures fully 1.
- Asset impairmentmedium
A fall in the market value of property assets could lead to write-downs and affect reported results 1.
- Controlling shareholder and related-party dealingsmedium
The existence of a controlling shareholder and ties with board members could create conflicts of interest between shareholders 1.
Investment thesis
What would need to be true (bull case)
- If asset sales continue and the Mogán and Seville projects are completed, the company could strengthen its revenue and obtain new sources of investment finance 1.
- Lower debt and a return to profit could make the company more attractive to lenders if the trend holds 1.
- The long-term lease for the Seville hotel could provide recurring revenue once the building is delivered 1.
What would break the thesis
- If housing demand stays weak, sales and margins could decline, and development revenue could remain volatile 1.
- Dependence on a few large transactions and extraordinary income could make results hard to predict from one year to the next 1.
- If bank financing remains restricted, the company could delay projects and miss acquisition opportunities 1.
What to watch
- Completion of the Seville hotel and start of the lease2026
- Pace of development and asset sales in Spain and the Dominican Republic2026
- Trend in net debt and access to new financing sourcesnext 10-K
- Acceptance of the Mogán urbanisation and any new construction licences2027
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
Montebalito, S.A. and its subsidiaries develop and sell real estate projects, manage a rental portfolio and carry out urbanisation works, with Spain, Brazil and the Dominican Republic as main markets 1. In 2025 gross revenue was 7.4 million euros, most of it from development sales, and EBITDA was positive at 2,414 thousand euros 1. The group is selling finished developments and reducing its debt, aiming to free up liquidity for new land acquisitions 1.
The group works on a three-year business plan approved by its board and aims to make use of its land and ongoing projects, including a hotel in Seville and urbanisation works in Mogán 1. Consolidated results are affected by one-off transactions, such as the sale of a stake in Arguineguín, and by currency effects 1.
Rental income is lower than in the previous year, and the company still relies on asset sales and bank financing for its projects, so the pace of execution and collection is key to its future performance 1.
Segments
Property development
The development segment generated most of the group's revenue in 2025, with 10 homes sold in Spain and one unit each in Brazil and the Dominican Republic, and accounted for 87% of total revenue 1.
Rental portfolio
Rental income fell to 958 thousand euros in 2025 because assets for rent were sold in the Dominican Republic, although the Iberia building is fully occupied and a rise in net rents is expected in 2026 1.
Market context
The company operates in property markets with different demand, regulation and financing conditions, and the report notes that weaker housing demand, oversupply and tighter financing could affect the group's financial position 1. In Spain, bank credit for land purchases is described as difficult to obtain, which led the company to fund investments with its own resources 1.
Assets are valued each year, and their market values could fall if demand weakens, which could reduce margins and the level of future investment 1.
Trends
- Faster asset rotationtailwind
Management is seeking to sell finished developments and focus resources on new opportunities, which could support liquidity if sales hold up 1.
- Harder bank financingheadwind
Restricted access to credit for land purchases limits growth and pushes the company to use its own funds, which could slow new projects 1.
- Changing property demandmixed
Demand for housing has fallen in some markets, while tourism and hotel projects in the Canary Islands and Seville are in development, pointing to mixed conditions 1.
- Currency effectsheadwind
Investments in countries with other currencies have produced exchange losses, and currency conversion has affected after-tax results, so net income depends on exchange rates 1.
Competitive position
The analysed sources do not describe direct competitors, only that the company operates in local development and rental markets where supply and demand set prices 1. Competitive position should therefore be judged from its own activity rather than from listed peers 1.
Competitive risk is most visible in land acquisition and home sales, where supplier delays or higher material costs could weaken the company's position 1.
- Local property developers in Spain
Competition for land and home sales in the same areas, cited as a general risk in the report 1.
- Developers in Brazil
Competition for apartment projects in the Pernambuco region, where the company has obtained a building licence 1.
- Developers in the Dominican Republic
Competition for unit sales in the Veiramar projects, where sales have been relaunched 1.
- Tourism investors in the Canary Islands
Competition for land and tourism projects in Mogán and Gran Canaria, where the company pursues its own developments 1.
News & filings
In the press
No news in our archive over the last 180 days.
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 / Montebalito, 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.