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1. Company Snapshot

1.a. Company Description

Gestamp Automoción, S.A. designs, develops, manufactures, and sells metal automotive components in Europe, North America, South America, and Asia.The company offers Body-in-White products, such as bonnets, roofs, doors, and mudguards, as well as other surface and assembly parts; and structural and crash-related elements that include floors, pillars, rails, and wheel arches.It also provides chassis parts, such as systems; frames and related parts comprising front and rear axles and couplings; control arms; and integrated couplings.


In addition, the company offers mechanism parts, including hinges, door checks, electrical systems, and powered systems, as well as driver controls.It provides its products to manufacturers of light vehicles.The company was incorporated in 1997 and is headquartered in Madrid, Spain.


Gestamp Automoción, S.A. is a subsidiary of Gestamp 2020, S.L.

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1.b. Last Insights on GEST

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1.c. Company Highlights

2. Gestamp's 9M 2025 Earnings: Resilient Performance Amidst Challenges

Gestamp reported revenues of EUR 8.486 billion for the first nine months of 2025, a 4.9% decrease from the same period in 2024, largely due to adverse FX impact and negative volumes in core markets. Despite these challenges, the company demonstrated resilience, with EBITDA margin expanding to 11%, up 38 basis points year-on-year, and EBITDA reaching EUR 925 million. The net income was EUR 104 million, lower than the EUR 127 million reported in 9M 2024, primarily due to a negative financial result performance. EPS came in at '0.05', below estimates of '0.0695'. The company's leverage ratio stands at 1.6x debt to LTM EBITDA, indicating a strong balance sheet with net debt at EUR 2.107 billion.

Publication Date: Dec -02

📋 Highlights
  • Revenue Decline:: 9M 2025 revenues fell 4.9% to EUR 8.486 billion, driven by adverse FX and negative volumes in core markets.
  • EBITDA Margin Expansion:: EBITDA margin rose to 11% (up 38 bps) with EUR 925 million EBITDA, reflecting cost discipline and operational efficiency.
  • Phoenix Plan Impact:: Restructuring costs of EUR 12.2 million (P&L) and EUR 10.2 million (CapEx) underscore strategic investments in NAFTA operations.
  • Balance Sheet Strength:: Net debt at EUR 2.107 billion (1.6x LTM EBITDA leverage) with plans to reduce leverage below 1.5x, ensuring financial flexibility.
  • Regional Divergence:: Eastern Europe and Asia delivered strong results, while Western Europe and Mercosur faced challenges, though market share remains stable.

Regional Performance and Outlook

Gestamp's regional performance showed a mixed trend, with Eastern Europe and Asia delivering solid results, while Western Europe and Mercosur faced challenges. The company expects to meet its full-year guidance, with a solid set of results despite the negative FX evolution and complex environment. Gestamp guided for low single-digit revenue growth but now expects to be below market performance in terms of revenues. However, the company reaffirms its guidance for EBITDA margin, expecting to be in the upper range. As Francisco Riberas, Executive Chairman, highlighted the company's focus on improving profitability levels and strengthening its financial profile.

Valuation and Metrics

With a P/E Ratio of 10.77 and an EV/EBITDA of 3.15, Gestamp's valuation suggests that the market has priced in some level of normalization in the auto industry. The company's ROE stands at 7.06%, and ROIC at 6.42%, indicating a decent return on equity and invested capital. Analysts estimate next year's revenue growth at 2.1%, which may be a reasonable assumption given the current market conditions.

Operational Highlights and Future Plans

Gestamp's Phoenix Plan implementation is on track, with a commitment to deliver 8% and reach a double-digit margin as soon as possible. The company has a clear focus on North America and expects to increase penetration with Chinese OEMs, anticipating growth with them in their expansion plans outside of China. Gestamp has invested heavily in the past year and now aims to strengthen its position with a lower CapEx ratio. The supply chain situation is stable, with some noise around chips and raw materials, but no major impact on production plans.

Cash Flow and Balance Sheet

The company generated €849 million in factoring, representing 7.3% of sales, and expects its leverage ratio to decrease further, potentially below 1.5x. Gestamp's balance sheet is expected to remain strong and flexible, with a focus on preserving cash flow generation. The free cash flow improvement in Q4 is expected to be driven by working capital, with a similar pattern to 2024.

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.52%)

6. Segments

Parts, Prototypes and Components

Expected Growth: 3.5%

Gestamp Automoción's 3.5% growth in Parts, Prototypes, and Components is driven by increasing demand for lightweight vehicle components, electrification, and autonomous driving. Additionally, the company's focus on innovation, R&D investments, and strategic partnerships with OEMs contribute to its growth. Furthermore, the rising trend of vehicle customization and the need for more complex components also support the segment's expansion.

Byproducts and Containers

Expected Growth: 3.2%

Gestamp Automoción's Byproducts and Containers segment growth of 3.2% is driven by increasing demand for sustainable and lightweight automotive solutions, coupled with the company's strategic expansion into emerging markets and continuous innovation in manufacturing processes, resulting in higher production efficiency and cost savings.

Tooling

Expected Growth: 4.5%

Gestamp Automoción's Tooling segment growth of 4.5% is driven by increasing demand for lightweight vehicle components, electrification, and autonomous driving. OEMs' focus on reducing emissions and improving fuel efficiency is boosting demand for advanced tooling solutions. Additionally, Gestamp's strategic partnerships and investments in emerging markets are expanding its customer base and driving revenue growth.

Services

Expected Growth: 4.8%

Gestamp Automoción's 4.8% growth is driven by increasing demand for lightweight vehicle components, expansion in electric vehicle (EV) production, and growing adoption of autonomous driving technologies. Additionally, the company's strategic acquisitions and partnerships have enhanced its product offerings and geographic presence, contributing to its growth momentum.

7. Detailed Products

Body-in-White

Gestamp Automoción's Body-in-White products include chassis, body and structural components for vehicles, ensuring safety, durability and performance.

Chassis Components

Gestamp Automoción's Chassis Components include suspension, steering and braking systems, ensuring vehicle stability and safety.

Mechanical Subassemblies

Gestamp Automoción's Mechanical Subassemblies include engine mounts, suspension components, and other mechanical parts, ensuring vehicle performance and reliability.

Skin Panels

Gestamp Automoción's Skin Panels include exterior body panels, such as hoods, doors, and trunk lids, ensuring vehicle aesthetics and durability.

Hot Stamped Parts

Gestamp Automoción's Hot Stamped Parts include ultra-high strength steel components, ensuring vehicle safety and crashworthiness.

Battery Trays

Gestamp Automoción's Battery Trays include components for electric and hybrid vehicles, ensuring safe and efficient energy storage.

8. Gestamp Automoción, S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Gestamp Automoción, S.A. is medium due to the presence of alternative materials and technologies in the automotive industry.

Bargaining Power Of Customers

The bargaining power of customers is high due to the concentration of major automotive manufacturers, which gives them significant negotiating power over Gestamp Automoción, S.A.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of multiple suppliers in the market, but also due to the high switching costs for Gestamp Automoción, S.A.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the automotive industry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of established competitors in the automotive industry, leading to a highly competitive market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 60.59%
Debt Cost 8.39%
Equity Weight 39.41%
Equity Cost 10.45%
WACC 9.20%
Leverage 153.76%

11. Quality Control: Gestamp Automoción, S.A. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Relais

A-Score: 6.0/10

Value: 5.4

Growth: 8.9

Quality: 4.7

Yield: 5.6

Momentum: 5.5

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Gestamp Automocion

A-Score: 5.8/10

Value: 8.6

Growth: 5.1

Quality: 2.7

Yield: 4.4

Momentum: 7.5

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Burelle

A-Score: 5.6/10

Value: 10.0

Growth: 5.0

Quality: 2.6

Yield: 3.1

Momentum: 6.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
AB Dynamics

A-Score: 5.1/10

Value: 3.5

Growth: 8.0

Quality: 7.0

Yield: 5.0

Momentum: 0.5

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
CIR

A-Score: 5.0/10

Value: 7.5

Growth: 4.8

Quality: 2.8

Yield: 0.0

Momentum: 6.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Auto Partner

A-Score: 4.7/10

Value: 5.9

Growth: 9.0

Quality: 5.7

Yield: 1.2

Momentum: 1.5

Volatility: 5.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.94$

Current Price

2.94$

Potential

-0.00%

Expected Cash-Flows