olivLaw · European equity research
Société de Services, de Participations, de Direction et d'Elaboration (Spadel) SPA.BR
Belgium · Euronext Brussels · ISIN BE0003798155 · Vertical: Listed companies from Belgium
Spadel is a Belgian group selling natural mineral water, flavoured water and lemonades under five brands in Belgium, the Netherlands, Luxembourg, France and Bulgaria. For fiscal 2025 the group reported revenue of 399.517.952 EUR, and its sustainability strategy is being redefined for 2030.
At the close of 05 Nov 2026, Société de Services, de Participations, de Direction et d'Elaboration (Spadel) (SPA.BR) stock was 348.00 EUR (+0.00% on the day), with market capitalisation 1.4 bn EUR, P/E 28.2 on diluted EPS of 12.33 EUR over the last 12 months, dividend yield 0.92%, beta 0.00, 52-week range 226.00–448.00 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)
- 44.4
- weak (30–45)
- Bollinger (20, 2)
- 342.88 – 359.72
- in the lower half of the band · %B 0.30 · band width 4.8%
- SMA 50 / 200
- 351.84 / 318.96
- mixed trend
- MACD (12, 26, 9)
- -1.60 / -1.52
- 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 | +2.4% | −0.6% | +3.0 pp | — |
| 3 months | −4.9% | −4.2% | −0.8 pp | — |
| 6 months | +4.2% | +4.3% | −0.1 pp | — |
| Year to date | +52.6% | +7.5% | +45.1 pp | — |
| 1 year | +52.6% | +9.9% | +42.7 pp | +6.3% |
| 3 years | +110.9% | +49.8% | +61.1 pp | −6.5% |
| 5 years | +89.1% | +42.8% | +46.3 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 100 percentile of its own 3-quarter history (min 17.7, median 18.5, max 23.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 345.9 m | 357.3 m | 399.5 m |
| Revenue YoY | unavailable | +3.3% | +11.8% |
| Net income | 28.2 m | 41.0 m | 51.2 m |
| Net income YoY | unavailable | +45.3% | +24.8% |
| Diluted EPS | 6.80 | 9.89 | 12.33 |
| Diluted EPS YoY | unavailable | +45.4% | +24.7% |
| net % | 8.2% | 11.5% | 12.8% |
| Free cash flow | 41.7 m | 45.7 m | 40.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 173.1 m EUR
- Financial debt
- 0 EUR
- Net debt
- -173.1 m EUR
- Equity
- 348.4 m EUR
- Total assets
- 509.1 m EUR
- Debt / equity
- 0.00x
- Current ratio
- 2.02x
- ROE
- 15.5%
- ROA
- 10.4%
- FCF margin
- 10.0%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 345.9 m | 357.3 m | 399.5 m | esef· 21 Apr 2026verified |
| Operating income | 34.2 m | 48.8 m | 61.7 m | esef· 21 Apr 2026verified |
| Interest expense | 2.2 m | 733.0 k | 623.0 k | esef· 21 Apr 2026verified |
| Pre-tax income | 34.6 m | 51.6 m | 63.9 m | esef· 21 Apr 2026verified |
| Income tax | 6.3 m | 10.5 m | 12.8 m | esef· 21 Apr 2026verified |
| Net income | 28.2 m | 41.0 m | 51.2 m | esef· 21 Apr 2026verified |
| Diluted EPS | 6.80 | 9.89 | 12.33 | esef· 21 Apr 2026verified |
| Dividend per share | 1.50 | 2.20 | 3.20 | esef· 21 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 114.1 m | 149.9 m | 173.1 m | esef· 21 Apr 2026verified |
| Receivables | 52.4 m | 59.1 m | 61.2 m | esef· 21 Apr 2026verified |
| Inventories | 23.3 m | 24.8 m | 28.4 m | esef· 21 Apr 2026verified |
| Current assets | 190.9 m | 235.2 m | 264.2 m | esef· 21 Apr 2026verified |
| Property, plant & equipment, net | 118.6 m | 121.9 m | 131.8 m | esef· 21 Apr 2026verified |
| Total assets | 425.9 m | 470.9 m | 509.1 m | esef· 21 Apr 2026verified |
| Long-term debt | 0 | 0 | 0 | esef· 21 Apr 2026verified |
| Current liabilities | 114.1 m | 129.0 m | 131.1 m | esef· 21 Apr 2026verified |
| Total liabilities | 146.7 m | 160.4 m | 160.7 m | esef· 21 Apr 2026verified |
| Equity | 279.1 m | 310.4 m | 348.4 m | esef· 21 Apr 2026verified |
| Shares outstanding at year end | 4.2 m | 4.1 m | 4.2 m | esef· 21 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 61.8 m | 68.5 m | 71.2 m | esef· 21 Apr 2026verified |
| Capex | 20.1 m | 22.8 m | 31.1 m | esef· 21 Apr 2026verified |
| Free cash flow | 41.7 m ≈ | 45.7 m ≈ | 40.1 m ≈ | esef· 21 Apr 2026derived |
| Investing cash flow | -22.5 m | -23.7 m | -34.4 m | esef· 21 Apr 2026verified |
| Financing cash flow | -8.2 m | -9.0 m | -13.6 m | esef· 21 Apr 2026verified |
| Dividends paid | 6.2 m | 9.1 m | 13.3 m | esef· 21 Apr 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: 67 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.4 bn EUR
Key indicators
Coverage and freshness
Score by group
- Quality88
- Returns48
- Balance sheet100
- Valuation32
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: 43.52 – 291.29 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)199.32 – 286.81 (Mid 233.03)WACC 8.5% · starting FCFF 40.6 m EUR · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 35.1%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E130.95 – 291.29 (Mid 189.67)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)43.52 – 59.35 (Mid 50.22)
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 67/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 29.4% | 100 (vs peers) | 17% |
| Net margin · Quality | 12.8% | 87 (vs peers) | 10% |
| FCF conversion · Quality | 78.4% | 69 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 99.1x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 28.2x | 30 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.8% | 35 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.9% | 13 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 33.1% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality88/100 · 3/3 factors with a value
- Returns48/100 · 2/2 factors with a value
- Valuation32/100 · 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
SOCIÉTÉ DE SERVICES, DE PARTICIPATIONS, DE DIRECTION ET D'ELABORATION (SPA.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 399.5 m EUR in 2025; YoY growth 11.8%; net margin 12.8%; ROE 15.5%.
The estimated value range is 130.95–286.81 EUR per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 189.67 EUR, the price of 348.00 EUR leaves a potential of -45.5% (value / price − 1) and a margin of safety of -83.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 67/100, 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
- ROIC: 29.4%
- Net margin: 12.8%
- Interest coverage: 99.1x
- Current ratio: 2.0x
- Payout ratio (FCF): 33.1%
What contradicts it
- P/E (TTM): 28.2x
- Shareholder yield (distributions): 0.9%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| SPA.BRSociété De Services, De Participations, De Direction Et D'elaboration | 1.4 bn | 28.2 | 15.5% | 12.8% | +11.8% | +54% / +123% |
| 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% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for SPA.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 | 220.83 Total return -36% · Per year -36% | 389.13 Total return 13% · Per year 13% | 584.39 Total return 69% · Per year 69% |
| 3 years | 247.01 Total return -27% · Per year -10% | 486.56 Total return 43% · Per year 13% | 797.51 Total return 134% · Per year 33% |
| 5 years | 276.30 Total return -16% · Per year -3% | 608.38 Total return 81% · Per year 13% | 1,088.36 Total return 221% · Per year 26% |
- Exit P/E± 121.64
- Net margin± 85.15
- Annual revenue growth± 65.31
- Annual dilution± 7.15
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
Spadel is a Belgian group selling natural mineral water, flavoured water and lemonades under five brands in Belgium, the Netherlands, Luxembourg, France and Bulgaria. For fiscal 2025 the group reported revenue of 399.517.952 EUR, and its sustainability strategy is being redefined for 2030 1.
SWOT
Strengths
- Recognised regional brands and an integrated value chain, from water source to bottling, are strengths highlighted in the report.
- A portfolio of recognised certifications, such as ISO, FSSC 22000, PME+ and B Corp, supports the reputation for quality and responsible management.
- Positioning on pure, untreated water gives a clear point of differentiation from drinks with additives.
Weaknesses
- Dependence on energy, gas and road transport exposes margins to cost swings that are hard to control.
- Activity is geographically concentrated in five countries, which limits revenue diversification.
- The Source of Change 2025 sustainability strategy is being redefined, so some current targets will be revised.
Opportunities
- Expanding the range of flavoured waters and lemonades with natural ingredients could attract consumers seeking healthier options.
- Greater use of recycled packaging and returnable glass could reduce costs over the longer term and strengthen the sustainability image.
- The 2030 strategy could add emerging topics and open new partnerships with local communities.
Threats
- Restrictions on water extraction and climate change could affect source availability.
- Regulation of plastic packaging could raise costs or shift consumer preferences.
- Competition from large retailers with private label brands could pressure margins on supermarket shelves.
Risks
- Dependence on water sourceshigh
Mineral water extraction relies on local permits, and any restriction on them could directly affect production volumes.
- Energy and transport costsmedium
Price swings in energy, gas and road transport could reduce margins if they cannot be passed on to customers.
- Packaging risksmedium
Regulatory changes on plastic and packaging could require additional investment in production lines.
- Geographic concentrationlow
Activity in five countries could become vulnerable to local economic or regulatory shocks.
- Redefinition of sustainability strategylow
Moving from Source of Change 2025 to the 2030 strategy could create uncertainty in investment planning.
Investment thesis
What would need to be true (bull case)
- If Spadel keeps its regional brands and turns its certifications into a commercial advantage, its position in the mineral water market could remain solid.
- A successful shift to recycled packaging and returnable glass could reduce costs and support demand from environmentally conscious consumers.
- An integrated value chain from source to bottling could give control over quality and costs, provided input prices remain stable.
What would break the thesis
- If energy and transport costs rise and cannot be passed on in selling prices, margins could be compressed.
- A restriction on water extraction or regulatory pressure on permits could limit volumes and affect growth plans.
- Concentration in five markets and competition from retailers' private label brands could limit the group's growth.
What to watch
- Publication of the 2030 sustainability strategy and revised targets2026
- Evolution of the B Corp score after the 2025 transition year and adoption of new standards2026
- Evolution of energy and transport costs in the group's marginsnext annual report
- Status of water extraction permits in operating areas2027
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 Spadel group brings together five product brands, Bru, Spa, Carola, Wattwiller and Devin, which supply natural mineral water, flavoured water and lemonades to consumers in Belgium, the Netherlands, Luxembourg, France and Bulgaria 1. According to the report, its business model depends on maintaining a healthy ecosystem and strong relations with local communities 1.
The value chain has three interconnected flows: packaging and ingredients, central operations, and extraction of mineral and spring water 1. Packaging includes PET and rPET preforms, returnable glass bottles, cartons and aluminium cans, while ingredients include sugar and fruit extract 1. Water extraction permits are obtained through local licences 1.
Spadel stresses that its products are pure, untreated waters with no additives or chemical treatments, and certifications such as ISO, FSSC 22000, PME+, Alliance for Water Stewardship and B Corp are part of how it documents quality and sustainable water management 1.
Segments
Natural mineral and spring water
The first product category covers still and sparkling waters, including natural mineral and spring waters, which the group bottles from its own sources under local extraction permits 1.
Flavoured waters
The second category includes still and sparkling flavoured waters, where the range is generally compared with the core brands in Belgium, the Netherlands and Luxembourg 1.
Lemonades
The third category covers still and sparkling lemonades sold in bottles, which depend more on ingredients such as sugar and fruit extract, affecting the supply chain 1.
Market context
Spadel operates in the beverage market, particularly bottled mineral water and lemonades, across five countries 1. The report gives no market share figures, so its position in the market should be assessed using other sources.
The group's activity is linked to the food and beverage sector, but also to sectors in its value chain such as oil, gas and road transport, meaning energy and transport prices influence its costs 1.
Trends
- Shift to recycled packagingmixed
The use of recycled PET and returnable glass fits the circular economy and environmental impact reduction goals reported by Spadel, which could lower raw material costs over the longer term.
- Demand for healthy drinkstailwind
Consumers looking for pure waters without additives support the mineral water segment, and Spadel positions its products on this attribute.
- Pressure on water resourcesheadwind
Management of water extraction is a growing issue, and compliance and certification requirements for sustainable water management could become more costly for operators.
- Energy and transport costsheadwind
Dependence on energy, gas, coal and road transport exposes margins to price swings in these inputs, which could affect profitability if not offset.
Competitive position
The annual report does not explicitly name the group's competitors, so the list below is based on the product category and geographic markets described in the document, without market share figures.
Competition mainly comes from mineral and spring water brands and soft drinks on the same retail shelves in Belgium, the Netherlands, Luxembourg, France and Bulgaria, where Spadel maintains its regional brands.
- European mineral water and soft drink brands
Competitors on the same retail shelves, not explicitly identified in the source.
- Lemonade and flavoured water producers
Competitors in the flavoured drinks segment, not named in the source.
- Spring water operators in Bulgaria
Competitors in the local Bulgarian market, where the group has 629 employees.
- Retailers with private label brands
Indirect competition through private label products on supermarket shelves.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Apr 2026
- Annual report 202423 Apr 2025
- Annual report 202323 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Société de Services, de Participations, de Direction et d'Elaboration (Spadel) · 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.