Ibersol, S.G.P.S., S.A. (IBS.LS) | Investment Case

1. Company Snapshot

1.a. Company Description

Ibersol, S.G.P.S., S.A., through its subsidiaries, operates a network of restaurants in Portugal, Spain, and Angola.The company operates restaurants under various brands, including Pizza Hut, Pasta Caffé, Pans & Company, Ribs, FresCo, SantaMaria, Kentucky Fried Chicken, Burger King, O' Kilo, Quiosques, Pizza Móvil, Miit, Taco Bell, Sol, Silva Carvalho Catering e Palace Catering, Travel, coffee counters, and other concessions contract.As of December 31, 2021, it operated 621 restaurants, which include 544 owned units and 77 franchised units.

The company was founded in 1989 and is headquartered in Porto, Portugal.Ibersol, S.G.P.S., S.A. is a subsidiary of ATPS - SGPS, S.A.

Show Full description

1.b. Last Insights on IBS

Ibersol, S.G.P.S., S.A.'s recent performance has been positively influenced by the resilience of the European economy, as reflected in the STOXX Europe 600 Index hitting a new high. The company's status as a dividend stock offers investors a measure of stability and income potential, making it an attractive consideration. With European markets navigating volatility amid AI disruption concerns and strong U.S. job data, Ibersol's ability to provide steady returns is noteworthy. No recent earnings release or share buyback information is available.

1.c. Company Highlights

Last Price	11.3
Change Percentage	4.15%
Open	11.7
Previous Close	10.85
Market Cap ( Millions)	460
Volume	7677
Year High	12
Year Low	7.88
M A 50	10.56
M A 200	10.07

FCF Yield	17.02%
Dividend Yield	6.19%
ROE	4.10%
Debt / Equity	90.63%
Net Debt / EBIDTA	125.48%
Price To Book	1.09
Price Earnings Ratio	25.83
Price To FCF	5.88
Price To sales	0.88
EV / EBITDA	4.85

2. Transcript Summary

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.46%)

6. Segments

Concessions, Travel and Catering

Expected Growth: 4.5%

Ibersol's Concessions, Travel and Catering segment growth of 4.5% is driven by increasing passenger traffic, successful contract renewals, and strategic partnerships. Additionally, investments in digitalization and process efficiency have improved customer experience, leading to higher sales and revenue growth.

Counters

Expected Growth: 4.2%

Ibersol's 4.2% growth is driven by increasing demand for convenience food, strategic expansion into new markets, and successful implementation of cost-saving initiatives. Additionally, the company's focus on digital transformation and investments in e-commerce platforms have contributed to its growth momentum.

Restaurant

Expected Growth: 4.8%

Ibersol's 4.8% growth is driven by increasing demand for convenience food, expansion into new locations, and strategic marketing efforts. Additionally, the company's focus on digital transformation, including online ordering and delivery, has contributed to its growth. Furthermore, Ibersol's diversification into new concepts, such as healthy and sustainable options, has attracted a wider customer base.

Others, Eliminations and Adjustments

Expected Growth: 3.8%

Ibersol's Others, Eliminations and Adjustments segment grew 3.8% driven by increased revenue from non-core businesses, positive foreign exchange effects, and one-time gains from asset sales. Additionally, the company's cost-saving initiatives and improved operational efficiency also contributed to the growth.

7. Detailed Products

Food Service

Ibersol provides food service solutions to restaurants, cafes, and other food establishments, offering a wide range of products and services to meet their needs.

Cash and Carry

Ibersol's cash and carry segment offers a wide range of products, including food, beverages, and non-food items, to professionals and individuals.

Retail

Ibersol operates a chain of retail stores, offering a wide range of products, including food, beverages, and non-food items, to individual consumers.

Wholesale

Ibersol's wholesale segment provides bulk quantities of products to businesses, including restaurants, cafes, and other food establishments.

8. Ibersol, S.G.P.S., S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Ibersol, S.G.P.S., S.A. operates in a highly competitive market, but the threat of substitutes is mitigated by the company's strong brand recognition and customer loyalty.

Bargaining Power Of Customers

Ibersol, S.G.P.S., S.A. has a large customer base, but the bargaining power of customers is high due to the availability of alternative service providers.

Bargaining Power Of Suppliers

Ibersol, S.G.P.S., S.A. has a diversified supplier base, which reduces the bargaining power of suppliers.

Threat Of New Entrants

The threat of new entrants is moderate due to the high capital requirements and regulatory barriers to entry in the industry.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established players in the market, leading to a highly competitive environment.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	19.13%
Debt Cost	5.28%
Equity Weight	80.87%
Equity Cost	8.65%
WACC	8.01%
Leverage	23.65%

11. Quality Control: Ibersol, S.G.P.S., S.A. passed 4 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Ibersol

A-Score: 7.3/10

Value: 7.5

Growth: 3.6

Quality: 3.8

Yield: 10.0

Momentum: 9.5

Volatility: 9.7

1-Year Total Return ->

Domino's Pizza

A-Score: 5.5/10

Value: 8.1

Growth: 6.3

Quality: 6.6

Yield: 6.2

Momentum: 0.5

Volatility: 5.0

1-Year Total Return ->

Fuller Smith & Turner

A-Score: 5.4/10

Value: 7.4

Growth: 5.8

Quality: 3.6

Yield: 5.0

Momentum: 4.0

Volatility: 6.3

1-Year Total Return ->

Wetherspoon

A-Score: 4.6/10

Value: 6.8

Growth: 6.3

Quality: 2.9

Yield: 1.2

Momentum: 4.0

Volatility: 6.3

1-Year Total Return ->

Loungers

A-Score: 4.6/10

Value: 3.6

Growth: 9.1

Quality: 3.3

Yield: 0.0

Momentum: 5.5

Volatility: 6.0

1-Year Total Return ->

HelloFresh

A-Score: 3.2/10

Value: 9.0

Growth: 5.3

Quality: 4.1

Yield: 0.0

Momentum: 0.0

Volatility: 0.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-11.98%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.01%

Ibersol, S.G.P.S., S.A. - PTIBS0AM0008

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on IBS

1.c. Company Highlights

Less Volatile

Higher Yield

Stable Momentum

Fairly Valued

Revenues Miss

Lower Growth

Earnings Miss

Revenues Beats

Strong Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.46%)

6. Segments

Concessions, Travel and Catering

Expected Growth: 4.5%

Counters

Expected Growth: 4.2%

Restaurant

Expected Growth: 4.8%

Others, Eliminations and Adjustments

Expected Growth: 3.8%

7. Detailed Products

Food Service

Cash and Carry

Retail

Wholesale

8. Ibersol, S.G.P.S., S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Ibersol, S.G.P.S., S.A. passed 4 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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.11$

Current Price

0.11$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA