olivLaw · European equity research
Metrovacesa, S.A. MVC.MC
Spain · BME Madrid · ISIN ES0105122024 · Vertical: Listed companies from Spain
Metrovacesa is a Spanish real estate group that develops residential projects, sells land and manages buildings for rental, with operations concentrated in Spain. Its annual report for fiscal 2025 states that no financial, non-financial or tax risks with significant impact materialised during the year, although there were isolated delays in urban planning milestones and rising construction costs.
At the close of 04 Nov 2026, Metrovacesa, S.A. (MVC.MC) stock was 11.32 EUR (+1.80% on the day), with market capitalisation 1.7 bn EUR, P/E 30.2 on diluted EPS of 0.38 EUR over the last 12 months, dividend yield 13.96%, beta 0.35, 52-week range 8.90–13.25 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)
- 75.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 10.08 – 11.29
- above the upper band · %B 1.02 · band width 11.3%
- SMA 50 / 200
- 10.51 / 10.97
- mixed trend
- MACD (12, 26, 9)
- 0.19 / 0.13
- 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 | +10.8% | −1.5% | +12.3 pp | — |
| 3 months | +4.6% | −5.3% | +9.9 pp | — |
| 6 months | −6.4% | +4.7% | −11.1 pp | — |
| Year to date | +20.9% | +6.0% | +14.9 pp | — |
| 1 year | −2.8% | +8.2% | −11.0 pp | +3.3% |
| 3 years | +42.7% | +47.2% | −4.4 pp | +30.3% |
| 5 years | +47.0% | +41.8% | +5.2 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 50 percentile of its own 2-quarter history (min 25.0, median 54.4, max 83.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 502.4 m | 588.1 m | 676.4 m |
| Revenue YoY | unavailable | +17.1% | +15.0% |
| Net income | -20.8 m | 15.9 m | 56.9 m |
| Net income YoY | unavailable | unavailable | +257.9% |
| Diluted EPS | unavailable | 0.10 | 0.38 |
| Diluted EPS YoY | unavailable | unavailable | +257.9% |
| net % | -4.1% | 2.7% | 8.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 194.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.4 bn EUR
- Total assets
- 2.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 3.59x
- ROE
- 3.8%
- ROA
- 2.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 502.4 m | 588.1 m | 676.4 m | esef· 20 Oct 2026verified |
| Gross profit | 127.6 m | 124.0 m | 179.6 m | esef· 20 Oct 2026verified |
| Operating income | 74.2 m | 73.4 m | 127.6 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 3.2 m | -3.3 m | -1.2 m | esef· 20 Oct 2026verified |
| EBITDA | 77.4 m ≈ | 76.8 m ≈ | 128.9 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 26.4 m | 37.3 m | 26.9 m | esef· 20 Oct 2026verified |
| Pre-tax income | -16.5 m | 24.5 m | 72.5 m | esef· 20 Oct 2026verified |
| Income tax | 4.3 m | 8.6 m | 15.7 m | esef· 20 Oct 2026verified |
| Net income | -20.8 m | 15.9 m | 56.9 m | esef· 20 Oct 2026verified |
| Diluted EPS | — | 0.10 | 0.38 | esef· 20 Oct 2026verified |
| Dividend per share | — | 0.69 | 1.58 | esef· 20 Oct 2026derived |
≈ 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 | 196.3 m | 186.4 m | 194.1 m | esef· 20 Oct 2026verified |
| Current assets | 2.1 bn | 2.0 bn | 1.9 bn | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 4.6 m | 3.8 m | 3.1 m | esef· 20 Oct 2026verified |
| Total assets | 2.5 bn | 2.4 bn | 2.3 bn | esef· 20 Oct 2026verified |
| Accounts payable | 305.0 m | 285.5 m | 289.1 m | esef· 20 Oct 2026verified |
| Current liabilities | 555.4 m | 506.7 m | 521.4 m | esef· 20 Oct 2026verified |
| Total liabilities | 847.4 m | 816.6 m | 843.8 m | esef· 20 Oct 2026verified |
| Equity | 1.7 bn | 1.6 bn | 1.4 bn | esef· 20 Oct 2026verified |
| Shares outstanding at year end | — | 151.6 m | 151.6 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 32.2 m | 95.0 m | 217.1 m | esef· 20 Oct 2026verified |
| Investing cash flow | -28.7 m | 39.5 m | -14.8 m | esef· 20 Oct 2026verified |
| Financing cash flow | -9.2 m | -144.3 m | -194.7 m | esef· 20 Oct 2026verified |
| Dividends paid | 100.0 m | 104.6 m | 239.5 m | esef· 20 Oct 2026verified |
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: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.7 bn EUR
Key indicators
Coverage and freshness
Score by group
33% · 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: 5.42 – 29.30 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/E5.42 – 9.02 (Mid 7.44)20 companies used · median multiple 19.8x · quartiles 14.4x – 24.0xACS.MC, ADX.MC, ADZ.MC, AEDAS.MC, AENA.MC, AMS.MC, ANA.MC, CAF.MC, CLEO.MC, CMO.MC, DESA.MC, DIA.MC, EAT.MC, EBRO.MC, EDR.MC, ELE.MC, ENER.MC, ENO.MC, FAE.MC, FCC.MC
- Dividend discount (DDM)21.49 – 29.30 (Mid 24.79)
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: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 8.4% | 68 (vs peers) | 19% |
| 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 | 4.7x | 50 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 3.6x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 30.2x | 27 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 14.0% | 100 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet70/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial68/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial27/100 · 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
METROVACESA SA (MVC.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 676.4 m EUR in 2025; YoY growth 15.0%; net margin 8.4%; ROE 3.8%.
The estimated value range is 13.45–19.16 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 16.12 EUR, the price of 11.32 EUR leaves a potential of 42.4% (value / price − 1) and a margin of safety of 29.8% (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: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.6x
- Shareholder yield (distributions): 14.0%
- The price is below the estimated value range
What contradicts it
- P/E (TTM): 30.2x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, 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 | 42.4 bn | 19.8 | 24.2% | 34.0% | +8.9% | +20% / +78% |
| 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. | 22.6 bn | 23.7 | 19.9% | 1.9% | +19.7% | +10% / +142% |
| ANA.MCAcciona SA | 11.6 bn | 14.5 | 16.9% | 4.0% | +5.5% | +23% / +65% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.5 | 5.3% | 1.7% | +6.9% | −8% / −13% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.7 | 165.6% | 2.2% | −2.7% | +52% / +383,650% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.5 bn | 22.2 | 10.5% | 2.5% | +15.1% | −2% / +60% |
| ALM.MCAlmirall S.A. | 2.3 bn | 50.5 | 3.1% | 4.2% | +12.4% | −12% / +31% |
| MVC.MCMetrovacesa SA | 1.7 bn | 30.2 | 3.8% | 8.4% | +15.0% | −1% / +35% |
| 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 | 571.1 m | 11.4 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 510.6 m | 31.7 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 489.0 m | 25.0 | 9.3% | 1.0% | −5.4% | −19% / −14% |
| ATRY.MCAtrys Health, S.A. | 199.3 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 178.8 m | 32.8 | 4.2% | 6.4% | +3.6% | −32% / −4% |
| ADZ.MCAdolfo Dominguez SA | 62.4 m | 38.1 | 9.0% | 1.2% | +1.8% | +38% / +39% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 49.6 m | 10.2 | 152.3% | 10.0% | +2.2% | +32% / unavailable |
| EZE.MCGrupo Ezentis SA | 30.0 m | — | — | -9.3% | +147.2% | −27% / −35% |
| 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% | +12% / +59% |
1- and 3-year price returns: for MVC.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 | 7.40 Total return -32% · Per year -32% | 13.02 Total return 19% · Per year 19% | 19.53 Total return 77% · Per year 77% |
| 3 years | 8.77 Total return -13% · Per year -5% | 17.22 Total return 65% · Per year 18% | 28.12 Total return 165% · Per year 38% |
| 5 years | 10.41 Total return 9% · Per year 2% | 22.77 Total return 127% · Per year 18% | 40.49 Total return 292% · Per year 31% |
- Exit P/E± 4.30
- Net margin± 3.01
- Annual revenue growth± 2.25
- Annual dilution± 0.25
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
Metrovacesa is a Spanish real estate group that develops residential projects, sells land and manages buildings for rental, with operations concentrated in Spain 1. Its annual report for fiscal 2025 states that no financial, non-financial or tax risks with significant impact materialised during the year, although there were isolated delays in urban planning milestones and rising construction costs 1.
SWOT
Strengths
- The group has a governance structure with an active internal control system over financial reporting and an Audit Committee, according to the annual report 1.
- Major risks are monitored with automated indicators, and action plans are reported periodically to the relevant committees 1.
- The group reported that no financial, non-financial or tax risks with significant impact on the company materialised in 2025 1.
Weaknesses
Opportunities
Risks
- Urban planning delaysmedium
Delays in reaching urban planning milestones could postpone project launches or deliveries, with effects on the revenue calendar.
- Construction costshigh
Rising construction costs and labour shortages could reduce margins if they cannot be passed on to clients.
- Regulatory riskmedium
Legislative changes affecting the real estate sector could alter project conditions and compliance costs.
- Climate risksmedium
Asset exposure to physical and transition climate risks could affect value and operating costs over the long term.
- Financial riskslow
Financing availability, liquidity and interest rate movements are identified financial risks that could influence project development.
Investment thesis
What would need to be true (bull case)
- If demand in Spain's residential market holds up, the group's land bank and project pipeline could support higher sales revenue.
- Recurring rental income could reduce reliance on one-off sales and stabilise results over longer periods.
- The internal control system and automated risk monitoring could limit unexpected impacts on the financial statements.
What would break the thesis
- If construction costs keep rising, project margins could fall further than anticipated.
- Repeated urban planning delays could push deliveries into later periods and affect cash collections.
- If urban planning or tax rules change substantially, development plans could require costly revisions.
What to watch
- Trend in construction costs and margins of projects under way2026
- Level of customer advances and pace of sales contractsQ1 2027
- Implementation of remediation plans for third-party risk and sustainability information controls2026
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
Metrovacesa operates mainly in real estate development, including the sale of developments and land, following revenue recognition rules described in the annual report 1. Sales of developments and land are recognised when the significant risks and rewards of ownership pass to the buyer, usually at the date the sale deed is signed 1. The group also earns rental income, which is recognised over the lease terms 1.
The group structure includes subsidiaries, associates and joint ventures, all consolidated under applicable accounting standards, and the parent belongs to a Spanish consolidated tax group 1. Annex I of the annual report details the consolidation scope, and at 31 December 2025 all of the group's joint arrangements were classified as joint ventures rather than joint operations 1.
Financial management relies on an internal control system over financial reporting, overseen by the Audit Committee and the Board of Directors, which approves the financial statements 1. The corporate governance report states that internal audit monitors risk indicators at least every six months 1.
Segments
Development and sale of developments and land
This is the main segment, where revenue is recognised when risks and rewards transfer to the buyer, and customer advances are recorded as liabilities until the sale is recognised 1. Activity depends on the progress of urban planning and the pace of construction deliveries 1.
Market context
The group operates in the Spanish real estate market, where activity is shaped by urban planning rules, land availability and construction costs 1. The annual report notes that the sector has seen rising construction costs alongside a shortage of skilled labour 1.
The regulatory framework matters in particular, because the ten-year warranty required by Spanish law for real estate companies generates specific provisions for delivered works 1. The group monitors legislative changes constantly and reports action plans for higher-impact measures to the Management Committee 1.
Trends
- Rising construction costsheadwind
Construction costs continued to rise in 2025, amid labour shortages and higher technical and sustainability requirements; the group says these were absorbed within expected operating margins 1. If cost pressure intensified, project margins could be affected 1.
- Delays in urban planning processesheadwind
During 2025 there were isolated delays in reaching some urban planning milestones, which required internal planning adjustments without a relevant impact on activity 1. Execution timelines for some works also had isolated incidents, without material effect on delivery schedules 1.
- Sales demand and contracting pacemixed
Sales revenue depends on when control of properties transfers, so the pace of contract signings directly drives the timing of revenue recognition 1. Customer advances indicate pre-contracting levels that can support near-term activity 1.
- Sustainability and climate risksmixed
The group updated its climate risk and opportunity analysis and defined indicators for asset exposure to physical and transition risks, which could influence costs and asset values over the long term 1. Sustainability requirements also increase the complexity of new construction 1.
Competitive position
The group competes in a real estate market with many developers, and the annual report lists competition among strategic risks arising from the external environment, alongside actions by clients, competitors and regulators 1. Competitive position depends on access to well-located land and the ability to deliver projects on time 1.
Differentiation may come from efficient management of the land portfolio, project quality and the ability to control construction costs under cost pressure 1. The report does not offer a quantitative comparison with competitors 1.
- Residential property developers in Spain
Companies competing for land and buyers in the same urban areas; the annual report does not name competitors.
- Builders and developers active in the Spanish market
Players competing for skilled labour and construction contracts, a resource the report describes as scarce in the sector.
- Residential and commercial rental operators
Competition for tenants and for returns on assets held in the portfolio.
- Real estate investors and funds
Competitors for land and developed assets, especially in urban areas with strong demand.
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 / Metrovacesa, 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.