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SPADEL SA (SPA.BR) Stock Fundamental Analysis

EBR:SPA - Euronext Brussels - BE0003798155 - Common Stock - Currency: EUR

198  -1 (-0.5%)

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to SPA. SPA was compared to 27 industry peers in the Beverages industry. Both the health and profitability get an excellent rating, making SPA a very profitable company, without any liquidiy or solvency issues. SPA has a expensive valuation and it also scores bad on growth.


Dividend Valuation Growth Profitability Health

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7

1. Profitability

1.1 Basic Checks

In the past year SPA was profitable.
SPA had a positive operating cash flow in the past year.
In the past 5 years SPA has always been profitable.
Each year in the past 5 years SPA had a positive operating cash flow.
SPA.BR Yearly Net Income VS EBIT VS OCF VS FCFSPA.BR Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M

1.2 Ratios

SPA has a Return On Assets of 8.71%. This is amongst the best in the industry. SPA outperforms 81.48% of its industry peers.
With a decent Return On Equity value of 13.22%, SPA is doing good in the industry, outperforming 74.07% of the companies in the same industry.
The Return On Invested Capital of SPA (11.50%) is better than 74.07% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for SPA is in line with the industry average of 8.68%.
The 3 year average ROIC (8.57%) for SPA is below the current ROIC(11.50%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 8.71%
ROE 13.22%
ROIC 11.5%
ROA(3y)6.19%
ROA(5y)6.45%
ROE(3y)9.43%
ROE(5y)10.16%
ROIC(3y)8.57%
ROIC(5y)9.02%
SPA.BR Yearly ROA, ROE, ROICSPA.BR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15

1.3 Margins

SPA has a Profit Margin of 10.82%. This is in the better half of the industry: SPA outperforms 77.78% of its industry peers.
In the last couple of years the Profit Margin of SPA has grown nicely.
SPA's Operating Margin of 12.85% is in line compared to the rest of the industry. SPA outperforms 44.44% of its industry peers.
In the last couple of years the Operating Margin of SPA has grown nicely.
SPA has a Gross Margin of 39.41%. This is in the lower half of the industry: SPA underperforms 66.67% of its industry peers.
In the last couple of years the Gross Margin of SPA has remained more or less at the same level.
Industry RankSector Rank
OM 12.85%
PM (TTM) 10.82%
GM 39.41%
OM growth 3Y-0.5%
OM growth 5Y1.58%
PM growth 3Y4.62%
PM growth 5Y3.65%
GM growth 3Y1.4%
GM growth 5Y1.36%
SPA.BR Yearly Profit, Operating, Gross MarginsSPA.BR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30

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7

2. Health

2.1 Basic Checks

SPA has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
SPA has about the same amout of shares outstanding than it did 1 year ago.
The number of shares outstanding for SPA remains at a similar level compared to 5 years ago.
Compared to 1 year ago, SPA has a worse debt to assets ratio.
SPA.BR Yearly Shares OutstandingSPA.BR Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1M 2M 3M 4M
SPA.BR Yearly Total Debt VS Total AssetsSPA.BR Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

2.2 Solvency

SPA has an Altman-Z score of 5.40. This indicates that SPA is financially healthy and has little risk of bankruptcy at the moment.
SPA has a better Altman-Z score (5.40) than 96.30% of its industry peers.
The Debt to FCF ratio of SPA is 0.12, which is an excellent value as it means it would take SPA, only 0.12 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of SPA (0.12) is better than 96.30% of its industry peers.
SPA has a Debt/Equity ratio of 0.01. This is a healthy value indicating a solid balance between debt and equity.
SPA's Debt to Equity ratio of 0.01 is amongst the best of the industry. SPA outperforms 100.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.01
Debt/FCF 0.12
Altman-Z 5.4
ROIC/WACC1.47
WACC7.82%
SPA.BR Yearly LT Debt VS Equity VS FCFSPA.BR Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M

2.3 Liquidity

A Current Ratio of 1.82 indicates that SPA should not have too much problems paying its short term obligations.
SPA's Current ratio of 1.82 is fine compared to the rest of the industry. SPA outperforms 66.67% of its industry peers.
A Quick Ratio of 1.63 indicates that SPA should not have too much problems paying its short term obligations.
Looking at the Quick ratio, with a value of 1.63, SPA belongs to the top of the industry, outperforming 92.59% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.82
Quick Ratio 1.63
SPA.BR Yearly Current Assets VS Current LiabilitesSPA.BR Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M

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3

3. Growth

3.1 Past

SPA shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 45.32%, which is quite impressive.
The Earnings Per Share has been growing by 8.75% on average over the past years. This is quite good.
Looking at the last year, SPA shows a quite strong growth in Revenue. The Revenue has grown by 9.66% in the last year.
The Revenue has been growing slightly by 4.92% on average over the past years.
EPS 1Y (TTM)45.32%
EPS 3Y15.47%
EPS 5Y8.75%
EPS Q2Q%64.21%
Revenue 1Y (TTM)9.66%
Revenue growth 3Y10.37%
Revenue growth 5Y4.92%
Sales Q2Q%12.07%

3.2 Future

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
EPS Next YN/A
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next YearN/A
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
SPA.BR Yearly Revenue VS EstimatesSPA.BR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M

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3

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 20.02, SPA is valued on the expensive side.
SPA's Price/Earnings is on the same level as the industry average.
When comparing the Price/Earnings ratio of SPA to the average of the S&P500 Index (26.25), we can say SPA is valued slightly cheaper.
Industry RankSector Rank
PE 20.02
Fwd PE N/A
SPA.BR Price Earnings VS Forward Price EarningsSPA.BR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 0 0 0 0

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of SPA is on the same level as its industry peers.
Based on the Price/Free Cash Flow ratio, SPA is valued a bit cheaper than 62.96% of the companies in the same industry.
Industry RankSector Rank
P/FCF 18.25
EV/EBITDA 9.54
SPA.BR Per share dataSPA.BR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80

4.3 Compensation for Growth

The decent profitability rating of SPA may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)2.29
EPS Next 2YN/A
EPS Next 3YN/A

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4

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 1.13%, SPA has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 2.81, SPA's dividend is way lower than its industry peers. On top of this 81.48% of the companies listed in the same industry pay a better dividend than SPA!
With a Dividend Yield of 1.13, SPA pays less dividend than the S&P500 average, which is at 2.38.
Industry RankSector Rank
Dividend Yield 1.13%

5.2 History

The dividend of SPA has a limited annual growth rate of 1.92%.
Dividend Growth(5Y)1.92%
Div Incr Years2
Div Non Decr Years2
SPA.BR Yearly Dividends per shareSPA.BR Yearly Dividends per shareYearly Dividends per share 2019 2020 2021 2022 2023 2024 2025 1 2 3

5.3 Sustainability

SPA pays out 22.25% of its income as dividend. This is a sustainable payout ratio.
The dividend of SPA is growing, but earnings are growing more, so the dividend growth is sustainable.
DP22.25%
EPS Next 2YN/A
EPS Next 3YN/A
SPA.BR Yearly Income VS Free CF VS DividendSPA.BR Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M
SPA.BR Dividend Payout.SPA.BR Dividend Payout, showing the Payout Ratio.SPA.BR Dividend Payout.PayoutRetained Earnings

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SPADEL SA

EBR:SPA (5/30/2025, 7:00:00 PM)

198

-1 (-0.5%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryBeverages
Earnings (Last)03-04 2025-03-04
Earnings (Next)N/A N/A
Inst OwnersN/A
Inst Owner ChangeN/A
Ins Owners97.48%
Ins Owner ChangeN/A
Market Cap821.70M
AnalystsN/A
Price TargetN/A
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.13%
Yearly Dividend2.2
Dividend Growth(5Y)1.92%
DP22.25%
Div Incr Years2
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)N/A
PT rev (3m)N/A
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)N/A
EPS NY rev (3m)N/A
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)N/A
Revenue NY rev (3m)N/A
Valuation
Industry RankSector Rank
PE 20.02
Fwd PE N/A
P/S 2.17
P/FCF 18.25
P/OCF 11.99
P/B 2.65
P/tB 4.14
EV/EBITDA 9.54
EPS(TTM)9.89
EY4.99%
EPS(NY)N/A
Fwd EYN/A
FCF(TTM)10.85
FCFY5.48%
OCF(TTM)16.51
OCFY8.34%
SpS91.41
BVpS74.79
TBVpS47.88
PEG (NY)N/A
PEG (5Y)2.29
Profitability
Industry RankSector Rank
ROA 8.71%
ROE 13.22%
ROCE 14.26%
ROIC 11.5%
ROICexc 20.47%
ROICexgc 48.93%
OM 12.85%
PM (TTM) 10.82%
GM 39.41%
FCFM 11.87%
ROA(3y)6.19%
ROA(5y)6.45%
ROE(3y)9.43%
ROE(5y)10.16%
ROIC(3y)8.57%
ROIC(5y)9.02%
ROICexc(3y)13.94%
ROICexc(5y)13.81%
ROICexgc(3y)32.94%
ROICexgc(5y)32.52%
ROCE(3y)10.63%
ROCE(5y)11.39%
ROICexcg growth 3Y14.92%
ROICexcg growth 5Y8.53%
ROICexc growth 3Y13.66%
ROICexc growth 5Y8.37%
OM growth 3Y-0.5%
OM growth 5Y1.58%
PM growth 3Y4.62%
PM growth 5Y3.65%
GM growth 3Y1.4%
GM growth 5Y1.36%
F-Score6
Asset Turnover0.81
Health
Industry RankSector Rank
Debt/Equity 0.01
Debt/FCF 0.12
Debt/EBITDA 0.05
Cap/Depr 105.67%
Cap/Sales 6.19%
Interest Coverage 66.51
Cash Conversion 96.54%
Profit Quality 109.76%
Current Ratio 1.82
Quick Ratio 1.63
Altman-Z 5.4
F-Score6
WACC7.82%
ROIC/WACC1.47
Cap/Depr(3y)93.53%
Cap/Depr(5y)93.22%
Cap/Sales(3y)5.83%
Cap/Sales(5y)6.29%
Profit Quality(3y)136.29%
Profit Quality(5y)124.06%
High Growth Momentum
Growth
EPS 1Y (TTM)45.32%
EPS 3Y15.47%
EPS 5Y8.75%
EPS Q2Q%64.21%
EPS Next YN/A
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)9.66%
Revenue growth 3Y10.37%
Revenue growth 5Y4.92%
Sales Q2Q%12.07%
Revenue Next YearN/A
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y42.35%
EBIT growth 3Y9.82%
EBIT growth 5Y6.57%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y12.06%
FCF growth 3Y16.51%
FCF growth 5Y18.57%
OCF growth 1Y10.87%
OCF growth 3Y13.89%
OCF growth 5Y11.4%