olivLaw · European equity research
Roularta Media Group ROU.BR
Belgium · Euronext Brussels · ISIN BE0003741551 · Vertical: Listed companies from Belgium
Roularta Media Group is a Belgian media group publishing print titles, magazines and digital content, with a focus on quality journalism and integrated advertising services. The group bases its strategy on reader trust, on fighting disinformation and on sustainability, as advertising and subscriptions increasingly shift online. In 2023 the group reported a permanent staff of 1353 people.
At the close of 05 Nov 2026, Roularta Media Group (ROU.BR) stock was 11.50 EUR (−2.95% on the day), with market capitalisation 135.1 m EUR, P/E 57.5 on diluted EPS of 0.20 EUR over the last 12 months, dividend yield 8.72%, beta 0.21, 52-week range 11.40–13.90 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)
- 42.2
- weak (30–45)
- Bollinger (20, 2)
- 11.23 – 12.23
- in the lower half of the band · %B 0.27 · band width 8.5%
- SMA 50 / 200
- 12.11 / 12.69
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.14 / -0.17
- 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 | −7.3% | +0.4% | −7.6 pp | — |
| 3 months | −8.7% | −3.3% | −5.5 pp | — |
| 6 months | −13.2% | +4.0% | −17.2 pp | — |
| Year to date | −7.6% | +8.1% | −15.7 pp | — |
| 1 year | −6.5% | +10.7% | −17.2 pp | +6.3% |
| 3 years | −6.9% | +50.1% | −57.0 pp | −6.5% |
| 5 years | −27.0% | +43.6% | −70.6 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 13.5, median 27.3, max 63.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 300.2 m | 343.1 m | 323.5 m |
| Revenue YoY | unavailable | +14.3% | −5.7% |
| Net income | 16.6 m | 7.6 m | 2.4 m |
| Net income YoY | unavailable | −54.1% | −69.2% |
| Diluted EPS | 1.41 | 0.65 | 0.20 |
| Diluted EPS YoY | unavailable | −53.9% | −69.2% |
| net % | 5.5% | 2.2% | 0.7% |
| Free cash flow | 36.0 m | 13.5 m | 5.3 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 68.3 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 216.8 m EUR
- Total assets
- 363.5 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.14x
- ROE
- 1.1%
- ROA
- 0.6%
- FCF margin
- 1.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 300.2 m | 343.1 m | 323.5 m | esef· 23 Apr 2024verified |
| Depreciation & amortisation | 16.6 m | 19.6 m | 18.4 m | esef· 23 Apr 2024verified |
| Interest expense | 291.0 k | 486.0 k | 461.0 k | esef· 23 Apr 2024verified |
| Pre-tax income | 12.6 m | 5.2 m | 3.6 m | esef· 23 Apr 2024verified |
| Income tax | -3.5 m | 4.6 m | 1.3 m | esef· 23 Apr 2024verified |
| Net income | 16.6 m | 7.6 m | 2.4 m | esef· 23 Apr 2024verified |
| Diluted EPS | 1.41 | 0.65 | 0.20 | esef· 23 Apr 2024verified |
| Dividend per share | 1.00 | 1.00 | 1.00 | esef· 23 Apr 2024derived |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 106.7 m | 84.5 m | 68.3 m | esef· 23 Apr 2024verified |
| Receivables | 52.6 m | 54.8 m | 52.8 m | esef· 23 Apr 2024verified |
| Current assets | 174.5 m | 159.2 m | 140.2 m | esef· 23 Apr 2024verified |
| Property, plant & equipment, net | 65.6 m | 67.5 m | 70.8 m | esef· 23 Apr 2024verified |
| Goodwill | 0 | 9.9 m | 9.9 m | esef· 23 Apr 2024verified |
| Intangibles (excl. goodwill) | 77.6 m | 85.1 m | 85.7 m | esef· 23 Apr 2024verified |
| Total assets | 382.7 m | 381.1 m | 363.5 m | esef· 23 Apr 2024verified |
| Accounts payable | 44.8 m | 49.2 m | 43.8 m | esef· 23 Apr 2024verified |
| Current liabilities | 116.4 m | 125.0 m | 122.6 m | esef· 23 Apr 2024verified |
| Equity | 242.6 m | 225.8 m | 216.8 m | esef· 23 Apr 2024verified |
| Shares outstanding at year end | 11.7 m | 11.7 m | 11.8 m | esef· 23 Apr 2024derived |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 40.0 m | 17.8 m | 13.8 m | esef· 23 Apr 2024verified |
| Capex | 4.0 m | 4.3 m | 8.5 m | esef· 23 Apr 2024verified |
| Free cash flow | 36.0 m ≈ | 13.5 m ≈ | 5.3 m ≈ | esef· 23 Apr 2024derived |
| Investing cash flow | -25.0 m | -26.2 m | -15.5 m | esef· 23 Apr 2024verified |
| Financing cash flow | 1.1 m | -13.8 m | -14.5 m | esef· 23 Apr 2024verified |
| Dividends paid | 11.7 m | 11.8 m | 11.8 m | esef· 23 Apr 2024verified |
≈ 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: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 135.1 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
46% · 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: 2.12 – 18.60 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/E2.12 – 4.72 (Mid 3.08)24 companies used · median multiple 15.4x · quartiles 10.6x – 23.6xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR
- Dividend discount (DDM)13.64 – 18.60 (Mid 15.74)
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: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.7% | 26 (vs peers) | 14% |
| FCF conversion · Quality | 225.8% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.1x | 29 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 57.5x | 11 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.9% | 49 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 8.7% | 100 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 222.0% | 0 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial29/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality63/100 · 2/3 factors with a value
- Returns60/100 · 2/2 factors with a value
- Valuation28/100 · 2/3 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
ROULARTA MEDIA GROUP (ROU.BR). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 323.5 m EUR in 2023; YoY growth -5.7%; net margin 0.7%; ROE 1.1%.
The estimated value range is 7.88–11.66 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 9.41 EUR, the price of 11.50 EUR leaves a potential of -18.2% (value / price − 1) and a margin of safety of -22.3% (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: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 225.8%
- Shareholder yield (distributions): 8.7%
What contradicts it
- Net margin: 0.7%
- Current ratio: 1.1x
- P/E (TTM): 57.5x
- Payout ratio (FCF): 222.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Listed companies from Belgium · 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 | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| ROU.BRRoularta Media Group | 135.1 m | 57.5 | 1.1% | 0.7% | −5.7% | −6% / −9% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for ROU.BR 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 | 6.15 Total return -45% · Per year -45% | 10.93 Total return -3% · Per year -3% | 16.53 Total return 46% · Per year 46% |
| 3 years | 4.88 Total return -54% · Per year -23% | 9.86 Total return -10% · Per year -3% | 16.53 Total return 50% · Per year 14% |
| 5 years | 3.88 Total return -61% · Per year -17% | 8.90 Total return -15% · Per year -3% | 16.53 Total return 54% · Per year 9% |
- Exit P/E± 2.46
- Net margin± 1.73
- Annual revenue growth± 1.56
- Annual dilution± 0.14
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
Roularta Media Group is a Belgian media group publishing print titles, magazines and digital content, with a focus on quality journalism and integrated advertising services. The group bases its strategy on reader trust, on fighting disinformation and on sustainability, as advertising and subscriptions increasingly shift online. In 2023 the group reported a permanent staff of 1353 people 1.
SWOT
Strengths
- The group has a solid reputation for quality content and a broad audience of media consumers.
- The brand portfolio covers print, magazines, television and digital, offering diversification.
- The advertiser competence centre enables integrated and tailored solutions for clients.
Weaknesses
- Reliance on advertising and printed sales could expose the group to rapid market changes.
- Costs of energy, paper and distribution can weigh on margins.
- A multi-country structure across three markets implies high operational complexity.
Opportunities
- Demand for verified content and quality journalism could support digital subscriptions.
- Client interest in sustainability could open new green communication services.
- Expanding video content and podcasts could attract new audiences.
Threats
- Large digital platforms can capture advertising budgets and reader attention.
- Disinformation and falling trust in media can reduce the effectiveness of advertising.
- Competition for journalistic talent could raise personnel costs.
Risks
- Decline of print presshigh
Falling printed sales could reduce revenue from print editions if digital transformation does not compensate.
- Dependence on advertisinghigh
Advertising revenue is sensitive to economic cycles and to budgets moving towards digital platforms.
- Production costsmedium
Higher energy or paper prices could weigh on operating margins.
- Editorial reputationmedium
Verification errors or disinformation accusations could damage reader trust.
- Talent and stafflow
Difficulty attracting and keeping qualified journalists could slow the development of new products.
Investment thesis
What would need to be true (bull case)
- If the group converts reader trust into digital subscriptions, its editorial position could support revenue growth.
- The integrated advertiser offer, including the sustainability component, could attract budgets seeking complete solutions.
- Diversifying into video, podcasts and events could reduce reliance on a single revenue channel.
What would break the thesis
- If advertising keeps migrating to large digital platforms, group revenue could decline despite content quality.
- Energy and paper costs could stay high, compressing margins.
- A structure across three markets could slow adaptation and raise administrative costs.
What to watch
- Trend in advertising revenue and digital subscriptions2024
- Impact of energy and paper costs on margins2024
- Results of sustainability campaigns and the paper wrap rollout2024
- Trend in headcount and journalist retentionnext annual report
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
Roularta Media Group builds its activity around high-quality editorial content, distributed through print, magazine, television and digital brands. According to the 2023 annual report, the group works with more than 1600 freelancers and addresses an audience of over 3.8 million media consumers 1. In parallel it offers advertisers tailored multimedia solutions through its competence centre for native advertising, cross-media creativity and content marketing 1.
The group emphasises fact-checking, through the Knack Factcheck section and the Eerste Hulp Bij Twijfel project aimed at countering disinformation early 1. Roularta aims to strengthen its so-called brainprint, meaning its impact on the public, including through campaigns such as Maai Mei Niet 1.
On sustainability, the group offsets the emissions of advertising campaigns through tree-planting projects and launched a paper wrap for magazines as an alternative to plastic film 1. Management presents these initiatives as part of its One team, one family, one planet approach 1.
Segments
Print and magazines
Brands such as Knack, Trends and Focus are part of the group's editorial title portfolio, where content quality is the main argument towards readers 1.
Advertising and media services
The advertising division offers integrated campaigns, carbon compensation for campaigns and tailored content for advertisers, based on expertise consolidated in one competence centre 1.
Television and digital
Kanaal Z launched two sustainability-focused series in 2023, on water management and agrifood, extending its thematic video offer 1.
Market context
The group operates in Belgium, the Netherlands and Germany, where audiences and advertising budgets are contested by digital platforms and other press groups 1. The annual report does not provide a quantitative market analysis, so the exact size of competition is hard to estimate from the available source.
Customers and readers pay growing attention to transparency and sustainability, which could favour brands able to demonstrate clear criteria in this area 1.
Trends
- Disinformation and trust in mediamixed
Fighting fake news becomes a reputational advantage for verified-journalism brands, but it requires continuous investment in fact-checking 1.
- Demand for sustainabilitytailwind
Customers and the public ask for transparency on product origin and energy efficiency, which could support the group's green offers 1.
- Raw material costs for pressheadwind
Energy, paper and ink are essential inputs for newspaper and magazine production, and their price swings can affect margins 1.
- War for talentheadwind
Attracting and retaining journalists and qualified staff is becoming harder, forcing the group to invest in employer branding 1.
Competitive position
The group competes with other publishing houses, with digital advertising platforms and with media agencies offering integrated solutions to advertisers 1. The source does not name competitors explicitly, so the list below reflects only the general context of the report.
The group's stated advantage is content quality and its ability to offer tailored multimedia solutions, while competition could intensify in digital markets 1.
- Digital advertising platforms
Companies competing for online advertising budgets, referred to in the general market context of the report.
- Other Belgian publishing houses
Press groups publishing similar titles in Belgium and competing for readers and advertisers.
- Media and advertising agencies
Companies offering media planning and creative services to advertisers, present in the group's service area.
- Video content producers
Channels and producers competing with the group's television and digital content.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202323 Apr 2024
- Annual report 202323 Apr 2024
- Annual report 202218 Apr 2023
- Annual report 202218 Apr 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Roularta Media Group · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.