olivLaw · European equity research
PROMOTORA DE INFORMACIONES, S.A. PRS.MC
Spain · BME Madrid · ISIN ES01717430J3 · Vertical: Listed companies from Spain
PRISA is a Spanish media and education group, active through the Santillana publishing unit and in radio and press, and is in a period of debt refinancing. For 2025 it reports a Super Senior credit line of 290 million euros, of which 250 million euros were drawn at 31 December 2025, while at that date it had 150.7 million euros of cash available.
At the close of 05 Nov 2026, PROMOTORA DE INFORMACIONES, S.A. (PRS.MC) stock was 2.25 EUR (−1.75% on the day), with market capitalisation 3.1 bn EUR, dividend yield 0.10%, beta 0.37, 52-week range 2.03–3.79 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)
- 51.3
- neutral
- Bollinger (20, 2)
- 1.99 – 2.28
- in the upper half of the band · %B 0.90 · band width 13.7%
- SMA 50 / 200
- 2.43 / 2.97
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.07 / -0.11
- 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 | −3.0% | −0.6% | −2.4 pp | — |
| 3 months | −25.0% | −4.2% | −20.8 pp | — |
| 6 months | −25.5% | +4.3% | −29.8 pp | — |
| Year to date | −36.6% | +7.5% | −44.1 pp | — |
| 1 year | −40.2% | +9.9% | −50.1 pp | +6.7% |
| 3 years | −29.2% | +49.8% | −79.1 pp | +31.5% |
| 5 years | −60.0% | +42.8% | −102.8 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 929.4 m | 880.6 m | 883.2 m |
| Revenue YoY | unavailable | −5.3% | +0.3% |
| Net income | -32.5 m | -11.6 m | -27.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.03 | -0.01 | -0.02 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -3.5% | -1.3% | -3.1% |
| Free cash flow | 114.5 m | 115.6 m | 122.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 150.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- -365.6 m EUR
- Total assets
- 901.6 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.28x
- ROE
- unavailable
- ROA
- -3.0%
- FCF margin
- 13.9%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 929.4 m | 880.6 m | 883.2 m | esef· 20 Oct 2026verified |
| Operating income | 108.8 m | 114.6 m | 89.8 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 70.3 m | 67.3 m | 69.1 m | esef· 20 Oct 2026verified |
| EBITDA | 179.1 m ≈ | 181.9 m ≈ | 158.9 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 113.1 m | 99.7 m | 92.0 m | esef· 20 Oct 2026verified |
| Pre-tax income | 4.2 m | 19.3 m | 7.7 m | esef· 20 Oct 2026verified |
| Income tax | 35.4 m | 30.2 m | 34.3 m | esef· 20 Oct 2026verified |
| Net income | -32.5 m | -11.6 m | -27.1 m | esef· 20 Oct 2026verified |
| Diluted EPS | -0.03 | -0.01 | -0.02 | esef· 20 Oct 2026verified |
| Dividend per share | 0.00 | — | 0.00 | 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 | 176.6 m | 156.0 m | 150.7 m | esef· 20 Oct 2026verified |
| Receivables | 296.1 m | 284.4 m | 305.0 m | esef· 20 Oct 2026verified |
| Inventories | 63.7 m | 49.3 m | 63.7 m | esef· 20 Oct 2026verified |
| Current assets | 544.1 m | 491.7 m | 519.8 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 94.5 m | 81.3 m | 81.0 m | esef· 20 Oct 2026verified |
| Goodwill | 117.7 m | 110.1 m | 104.1 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 104.0 m | 95.1 m | 94.4 m | esef· 20 Oct 2026verified |
| Total assets | 974.8 m | 880.1 m | 901.6 m | esef· 20 Oct 2026verified |
| Current liabilities | 431.5 m | 368.0 m | 405.3 m | esef· 20 Oct 2026verified |
| Equity | -428.2 m | -368.5 m | -365.6 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 1.1 bn | — | 1.4 bn | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 126.4 m | 127.4 m | 131.3 m | esef· 20 Oct 2026verified |
| Capex | 11.9 m | 11.8 m | 8.6 m | esef· 20 Oct 2026verified |
| Free cash flow | 114.5 m ≈ | 115.6 m ≈ | 122.8 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -30.1 m | -24.7 m | -43.0 m | esef· 20 Oct 2026verified |
| Financing cash flow | -111.2 m | -115.0 m | -88.0 m | esef· 20 Oct 2026verified |
| Dividends paid | 2.1 m | 1.6 m | 2.9 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 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: 3.1 bn 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: 0.03 – 0.04 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)0.03 – 0.04 (Mid 0.03)
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: score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -3.1% | 14 (vs peers) | 18% |
| 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 | 1.0x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.3x | 40 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.0% | 50 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 0.1% | 1 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | 2.4% | 100 (on a fixed band) | 12% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet16/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial14/100 · 1/3 factors with a value
- Returns41/100 · 2/2 factors with a value
- Valuation· partial50/100 · 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
PROMOTORA DE INFORMACIONES, S.A. (PRS.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 883.2 m EUR in 2025; YoY growth 0.3%; net margin -3.1%.
The estimated value range is 0.03–0.04 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.03 EUR, the price of 2.25 EUR leaves a potential of -98.5% (value / price − 1) and a margin of safety of -6,417.4% (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 (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
- Payout ratio (FCF): 2.4%
What contradicts it
- Net margin: -3.1%
- Interest coverage: 1.0x
- Shareholder yield (distributions): 0.1%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA.
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% |
| PRS.MCPromotora De Informaciones, S.A. | 3.1 bn | — | — | -3.1% | +0.3% | −38% / −25% |
| 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 PRS.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
PRISA is a Spanish media and education group, active through the Santillana publishing unit and in radio and press, and is in a period of debt refinancing. For 2025 it reports a Super Senior credit line of 290 million euros, of which 250 million euros were drawn at 31 December 2025, while at that date it had 150.7 million euros of cash available 1.
SWOT
Strengths
- Established position in Spanish-language education and media, with a network of well-known brands and a presence in several countries.
- A completed refinancing that reduced pressure on debt and extended financial flexibility.
- Investment in artificial intelligence and digital distribution that could support new audience products.
Weaknesses
- Dependence on advertising revenue, which is sensitive to the economic cycle.
- Goodwill impairment in 2025 across several units, indicating performance below expectations in some markets.
- Currency and macroeconomic exposure in Spain and Latin America, which complicates the predictability of results.
Opportunities
- Expanding digital products and subscriber personalisation could increase recurring revenue.
- Distribution on car platforms and voice devices may open new audience channels.
- A lower cost of debt, if the interest rate trend holds, could support margins.
Threats
- Geopolitical instability and trade tariffs can affect costs and advertising demand.
- Competition from digital platforms may reduce the advertising share of radio and press.
- Exchange rate movements can affect results in Latin America.
Risks
- Liquidity and credit headroommedium
The group noted market-wide liquidity tensions that can appear at specific moments, although it has undrawn credit lines and available cash.
- Compliance with financial covenantsmedium
Macroeconomic factors could reduce leverage metrics and affect compliance with financial covenants in the group's financing contracts.
- Asset impairmenthigh
Changes in estimates of revenue, costs or collectability could lead to further impairment of goodwill and intangible assets.
- Advertising revenuehigh
A weaker economic environment or tighter tariffs could reduce advertising revenue and the margins associated with it.
- Geopolitical and currency exposuremedium
The conflicts in Ukraine and the Middle East, the intervention in Venezuela and currency swings could have indirect effects on results.
Investment thesis
What would need to be true (bull case)
- If the refinancing and lower interest costs hold, the company could have a more predictable financial structure and more room for investment.
- Digital products and content personalisation could grow recurring revenue and reduce reliance on traditional advertising.
- Santillana's position in education, with a presence in several countries, could support growth if demand for textbooks and digital resources stays stable.
What would break the thesis
- If radio and press advertising keeps declining, group revenue could remain under pressure and further impairments could follow.
- Liquidity tensions and the need to meet financial covenants could limit the company's room for manoeuvre in periods of instability.
- Exposure to Venezuela, Latin America and the geopolitical environment could generate unexpected losses or additional costs.
What to watch
- Advertising revenue trend in radio and pressQ1 2027
- Compliance with financial covenants after the refinancing2027
- Santillana results under new leadership2027
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 PRISA group groups its activity into two main areas: Education, through Santillana, and Media, through radio and news, plus a corporate centre that sets strategy and aligns the businesses 1. The company's highest governing body is the Board of Directors, and in 2025 leadership changed at Santillana and Prisa Media, with the Santillana change effective 1 January 2026 1.
Financially, 2025 was marked by debt refinancing: on 9 May 2025 the Junior debt tranche of 40.374 million euros was fully repaid using funds from a capital increase, with the aim of making the financial structure more flexible and lowering the average cost of debt 1. The company stated it had sufficient cash to meet payment commitments over the next twelve months, based on cash forecasts 1.
The group invested in digital innovation, including artificial intelligence technologies, for products such as content personalisation features and tools for journalists, while some projects remained at proof-of-concept or pilot stage without moving into production 1.
Segments
Education (Santillana)
Santillana is the group's education and publishing division, also active in Latin America; its performance depends on macroeconomic conditions and on costs such as raw materials and distribution, which were affected by inflation and supply chain disruptions 1.
Media (Prisa Media)
Prisa Media covers radio and press, including digital publications, and advertising revenue is the most sensitive to the economic cycle; in 2025 the group tested distribution on car platforms and personalisation products for subscribers 1.
Market context
The sources indicate that the advertising and education markets are influenced by macroeconomic conditions, interest rates (Euribor) and exchange rates in Spain and Latin America 1. The company noted a risk that advertising revenue could deteriorate if the economic environment weakens 1.
For radio, the 2025 goodwill impairment tests show that expectations for advertising growth fell slightly in some markets, notably in Chile, where an impairment of 2.881 million euros was recorded 1.
Trends
- Cost of financing and refinancingtailwind
The decline in Euribor in the second half of 2024 and during 2025 eased pressure on interest costs, and the refinancing extended maturities and reduced the cost of debt, which could support operating margins 1.
- Advertising under pressureheadwind
An uncertain macroeconomic environment and lower advertising growth expectations weighed on the radio units, and the company acknowledged these developments could reduce advertising revenue 1.
- Geopolitical conflicts and tariffsmixed
The war in Ukraine, the Middle East conflict, trade tariffs and the intervention in Venezuela are cited as sources of instability; the company says the direct impact is limited but that indirect effects on costs and revenue could be significant 1.
- Artificial intelligence and digital distributionmixed
Digitalisation and artificial intelligence are presented as strategic axes, with personalisation products and editorial tools, but also with projects that did not reach production; the commercial outcome is still uncertain 1.
Competitive position
The sources reviewed do not name competitors in the provisional materials; a competitive analysis would need to rely on documents describing the education and media markets in Spain and Latin America 1. Santillana and Prisa Media operate in markets where competition from publishers and radio groups is constant 1.
Competitive pressure is most visible in advertising prices and market shares in radio, where the group noted it positions its businesses according to their share of the advertising market 1.
- Publishers and education groups in Spain and Latin America
Regional competitors of Santillana in textbooks and education; not named in the sources provided.
- Radio groups in Spain and Chile
Competitors of Prisa Media in radio and audio advertising in the regions where the company is present.
- Digital news and audio platforms
Competition for audience attention and for digital advertising, especially on digital distribution channels.
- Digital education content providers
Competition for digital resources for schools and students, a segment mentioned in the context of digital transformation.
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 202520 Oct 2026
- Annual report 202408 May 2025
- Annual report 202308 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / PROMOTORA DE INFORMACIONES, 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.