Added to YB: 2025-05-05
Pitch date: 2025-05-02
SPA.BR [bullish]
Spadel SA
+14.27%
current return
Author Info
Mahad is a contrarian value investor with a focus on DCF analysis and a disciplined margin of safety approach. Sign up for the newsletter.
Company Info
Spadel SA produces and markets natural mineral water in Belgium. It offers natural mineral water under the Spa, Bru, Wattwiller, Carola, and Devin brand names.
Market Cap
EUR 809.3M
Pitch Price
EUR 197.78
Price Target
364.00 (+61%)
Dividend
N/A
EV/EBITDA
9.36
P/E
19.72
EV/Sales
1.75
Sector
Beverages
Category
growth
Spadel (EBR:SPA)
SPA.BR: Belgian bottled water company w/ 5 regional brands sold locally (95% w/in 500km). 9% revenue CAGR since 2020, 9.5% growth last yr, strongest in Bulgaria (+17.4%). Operating margins 12.9%, top-tier ROE/ROC (13.9%/14.3%). Net cash €146M. Underpaying dividends at 1.12% yield. €364 price target (82% upside). Risks: pollution, health concerns, regulation.
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