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SPADEL SA (SPA.BR) Stock Fundamental Analysis

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

181  0 (0%)

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to SPA. SPA was compared to 25 industry peers in the Beverages industry. While SPA has a great health rating, its profitability is only average at the moment. SPA does not seem to be growing, but still is valued expensively.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

In the past year SPA was profitable.
In the past year SPA had a positive cash flow from operations.
SPA had positive earnings in each of the past 5 years.
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 20M 40M 60M

1.2 Ratios

SPA's Return On Assets of 7.51% is amongst the best of the industry. SPA outperforms 80.77% of its industry peers.
SPA has a better Return On Equity (11.71%) than 76.92% of its industry peers.
SPA has a better Return On Invested Capital (9.60%) than 76.92% of its industry peers.
SPA had an Average Return On Invested Capital over the past 3 years of 7.78%. This is in line with the industry average of 7.88%.
The 3 year average ROIC (7.78%) for SPA is below the current ROIC(9.60%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 7.51%
ROE 11.71%
ROIC 9.6%
ROA(3y)5.51%
ROA(5y)6.09%
ROE(3y)8.56%
ROE(5y)10.06%
ROIC(3y)7.78%
ROIC(5y)8.43%
SPA.BR Yearly ROA, ROE, ROICSPA.BR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 5 10 15

1.3 Margins

SPA has a Profit Margin (9.59%) which is in line with its industry peers.
In the last couple of years the Profit Margin of SPA has declined.
SPA has a worse Operating Margin (11.31%) than 65.38% of its industry peers.
In the last couple of years the Operating Margin of SPA has declined.
With a Gross Margin value of 36.73%, SPA is not doing good in the industry: 69.23% of the companies in the same industry are doing better.
In the last couple of years the Gross Margin of SPA has remained more or less at the same level.
Industry RankSector Rank
OM 11.31%
PM (TTM) 9.59%
GM 36.73%
OM growth 3Y-9.62%
OM growth 5Y-10.35%
PM growth 3Y-7.32%
PM growth 5Y-7.55%
GM growth 3Y-3.56%
GM growth 5Y0.36%
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 10 20 30

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8

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so SPA is still creating some value.
The number of shares outstanding for SPA remains at a similar level compared to 1 year ago.
Compared to 5 years ago, SPA has about the same amount of shares outstanding.
Compared to 1 year ago, SPA has an improved debt to assets ratio.
SPA.BR Yearly Shares OutstandingSPA.BR Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 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 100M 200M 300M 400M

2.2 Solvency

An Altman-Z score of 4.96 indicates that SPA is not in any danger for bankruptcy at the moment.
With an excellent Altman-Z score value of 4.96, SPA belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
SPA has a debt to FCF ratio of 0.08. This is a very positive value and a sign of high solvency as it would only need 0.08 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 0.08, SPA belongs to the top of the industry, outperforming 100.00% of the companies in the same industry.
SPA has a Debt/Equity ratio of 0.01. This is a healthy value indicating a solid balance between debt and equity.
SPA has a better Debt to Equity ratio (0.01) than 100.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.01
Debt/FCF 0.08
Altman-Z 4.96
ROIC/WACC1.23
WACC7.78%
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 50M 100M 150M 200M 250M

2.3 Liquidity

A Current Ratio of 1.77 indicates that SPA should not have too much problems paying its short term obligations.
SPA's Current ratio of 1.77 is fine compared to the rest of the industry. SPA outperforms 73.08% of its industry peers.
SPA has a Quick Ratio of 1.56. This is a normal value and indicates that SPA is financially healthy and should not expect problems in meeting its short term obligations.
The Quick ratio of SPA (1.56) is better than 96.15% of its industry peers.
Industry RankSector Rank
Current Ratio 1.77
Quick Ratio 1.56
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 50M 100M 150M

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2

3. Growth

3.1 Past

SPA shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 54.03%, which is quite impressive.
SPA shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -5.77% yearly.
The Revenue has been growing slightly by 5.09% in the past year.
The Revenue has been growing slightly by 1.93% on average over the past years.
EPS 1Y (TTM)54.03%
EPS 3Y1.09%
EPS 5Y-5.77%
EPS Q2Q%34.55%
Revenue 1Y (TTM)5.09%
Revenue growth 3Y9.07%
Revenue growth 5Y1.93%
Sales Q2Q%7.37%

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 100M 200M 300M
SPA.BR Yearly EPS VS EstimatesSPA.BR Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

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2

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 21.81 indicates a rather expensive valuation of SPA.
The rest of the industry has a similar Price/Earnings ratio as SPA.
The average S&P500 Price/Earnings ratio is at 29.35. SPA is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 21.81
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

61.54% of the companies in the same industry are more expensive than SPA, based on the Enterprise Value to EBITDA ratio.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of SPA indicates a somewhat cheap valuation: SPA is cheaper than 76.92% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 13.5
EV/EBITDA 10.32
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

PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2YN/A
EPS Next 3YN/A

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2

5. Dividend

5.1 Amount

SPA has a yearly dividend return of 0.85%, which is pretty low.
Compared to an average industry Dividend Yield of 2.64, SPA's dividend is way lower than its industry peers. On top of this 88.46% of the companies listed in the same industry pay a better dividend than SPA!
With a Dividend Yield of 0.85, SPA pays less dividend than the S&P500 average, which is at 2.33.
Industry RankSector Rank
Dividend Yield 0.85%

5.2 History

The dividend of SPA decreases each year by -3.55%.
Dividend Growth(5Y)-3.55%
Div Incr Years1
Div Non Decr Years1
SPA.BR Yearly Dividends per shareSPA.BR Yearly Dividends per shareYearly Dividends per share 2019 2020 2021 2022 2023 2024 0.5 1 1.5 2

5.3 Sustainability

SPA pays out 26.53% of its income as dividend. This is a sustainable payout ratio.
SPA's earnings and Dividend Rate are declining. This means the current dividend is most likely not sustainable.
DP26.53%
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 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 (3/5/2025, 7:00:00 PM)

181

0 (0%)

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 Cap751.15M
AnalystsN/A
Price TargetN/A
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0.85%
Yearly Dividend1.5
Dividend Growth(5Y)-3.55%
DP26.53%
Div Incr Years1
Div Non Decr Years1
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 21.81
Fwd PE N/A
P/S 2.09
P/FCF 13.5
P/OCF 10.25
P/B 2.55
P/tB 4.15
EV/EBITDA 10.32
EPS(TTM)8.3
EY4.59%
EPS(NY)N/A
Fwd EYN/A
FCF(TTM)13.41
FCFY7.41%
OCF(TTM)17.65
OCFY9.75%
SpS86.51
BVpS70.88
TBVpS43.64
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 7.51%
ROE 11.71%
ROCE 12.3%
ROIC 9.6%
ROICexc 14.74%
ROICexgc 31.1%
OM 11.31%
PM (TTM) 9.59%
GM 36.73%
FCFM 15.5%
ROA(3y)5.51%
ROA(5y)6.09%
ROE(3y)8.56%
ROE(5y)10.06%
ROIC(3y)7.78%
ROIC(5y)8.43%
ROICexc(3y)11.43%
ROICexc(5y)12.09%
ROICexgc(3y)26.61%
ROICexgc(5y)28.37%
ROCE(3y)10.12%
ROCE(5y)11.13%
ROICexcg growth 3Y0.83%
ROICexcg growth 5Y-10.26%
ROICexc growth 3Y0.85%
ROICexc growth 5Y-8.52%
OM growth 3Y-9.62%
OM growth 5Y-10.35%
PM growth 3Y-7.32%
PM growth 5Y-7.55%
GM growth 3Y-3.56%
GM growth 5Y0.36%
F-Score7
Asset Turnover0.78
Health
Industry RankSector Rank
Debt/Equity 0.01
Debt/FCF 0.08
Debt/EBITDA 0.05
Cap/Depr 82.11%
Cap/Sales 4.91%
Interest Coverage 250
Cash Conversion 118.05%
Profit Quality 161.51%
Current Ratio 1.77
Quick Ratio 1.56
Altman-Z 4.96
F-Score7
WACC7.78%
ROIC/WACC1.23
Cap/Depr(3y)87.97%
Cap/Depr(5y)93.15%
Cap/Sales(3y)5.88%
Cap/Sales(5y)6.44%
Profit Quality(3y)135.33%
Profit Quality(5y)116.36%
High Growth Momentum
Growth
EPS 1Y (TTM)54.03%
EPS 3Y1.09%
EPS 5Y-5.77%
EPS Q2Q%34.55%
EPS Next YN/A
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)5.09%
Revenue growth 3Y9.07%
Revenue growth 5Y1.93%
Sales Q2Q%7.37%
Revenue Next YearN/A
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y35.2%
EBIT growth 3Y-1.42%
EBIT growth 5Y-8.62%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y175.36%
FCF growth 3Y12.02%
FCF growth 5Y12.09%
OCF growth 1Y79.45%
OCF growth 3Y8.12%
OCF growth 5Y7.81%