# Ibersol SGPS (IBS.LS)

Canonical: https://gigainvestors.com/s/IBS.LS

Analysis as of: 2026-10-16T07:47:27.701Z. Financial observations: FY2000–FY2026.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 9.94 per share; close as of 2026-10-15.

Estimated value: low EUR 10.19 per share, central EUR 11.32 per share, high EUR 12.82 per share. Buy at or below the central value EUR 11.32 per share. Valuation as of 2026-10-16T07:47:27.701Z; scenarios are not confidence intervals.

Expected annual return: 11.3% at the stated quote. About 11.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; PT 10-year bond 3.9% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 1.72×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.07×

- FY2019: 0.06×

- FY2020: -0.18×

- FY2021: 0.12×

- FY2022: 0.06×

- FY2023: 0.06×

- FY2024: 0.05×

- FY2025: 0.06×

- LTM to Jun 2026: 0.06×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.0%

- ROIC, second-lowest year: 4.9%

- Typical minus recent gross margin: 1.2 pp

- Typical gross margin (annual median): 49.4%

- Recent gross margin (lower of latest and 3-year median): 48.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.1%

- ROIC including acquisitions, ten-year median: 5.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.7%

- FY2017: 16.6%

- FY2018: 13.1%

- FY2019: 5.5%

- FY2020: -7.7%

- FY2021: 10.0%

- FY2022: 8.7%

- FY2023: 6.6%

- FY2024: 4.9%

- FY2025: 7.2%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.79×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 187M

- Net income, five-year total: EUR 236M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.9 pp

- Working capital / revenue, change between three-year averages: -6.3 pp

- Working capital / revenue, final three-year average: -6.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.55×

- FY2022: 0.86×

- FY2023: -0.88×

- FY2024: -1.05×

- FY2025: 1.91×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 14.7% vs 6.6%

- Per-share earnings: 0.77 to 0.37 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 4.6%

- Market cap gain: EUR 69M

- Cumulative retained earnings: EUR 239M

- Diluted shares, 5-year annual growth: 4.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -11.3%

- Per-share value change: EUR -0.40

- Per-share value, starting three-year median: EUR 0.77

- Per-share value, ending three-year median: EUR 0.37

- Buybacks concentrated in cheaper years (correlation): -0.77

- Average buyback yield: 0.9%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 88M

- Cumulative net income, 10 years: EUR 277M

- ROIC, first three-year median: 14.7%

- ROIC, last three-year median: 6.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 0.95

- FY2018: EUR 0.77

- FY2019: EUR 0.54

- FY2020: EUR -1.70

- FY2021: EUR 0.74

- FY2022: EUR 4.18

- FY2023: EUR 0.37

- FY2024: EUR 0.33

- FY2025: EUR 0.37

### accounting: pass

- Sloan accruals: -16.2%

- Receivables to sales index (DSRI): 0.73×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 8.35×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.30×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.2%

- FY2017: -8.3%

- FY2018: -4.4%

- FY2019: -13.0%

- FY2020: -10.8%

- FY2021: -7.7%

- FY2024: -9.3%

- FY2025: -16.2%

## Holders

## Price story

Price needs cash profits to shrink 1.1% a year for ten years · sales +2.5%

Story as of 2026-10-16T10:00:13.709Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.1% a year for ten years

### Sales · FY2025–2026

sales +2.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 448M 

- FY2018: EUR 450M 

- FY2019: EUR 485M 

- FY2020: EUR 289M 

- FY2021: EUR 357M 

- FY2022: EUR 356M 

- FY2023: EUR 418M 

- FY2024: EUR 474M 

- FY2025: EUR 530M 

- FY2026: EUR 543M 

### Gross margin · FY2025

gross margin 48.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 72.1% 

- FY2017: 73.7% 

- FY2018: 72.7% 

- FY2019: 72.7% 

- FY2020: 45.9% 

- FY2021: 50.1% 

- FY2022: 48.5% 

- FY2023: 48.2% 

- FY2024: 47.8% 

- FY2025: 48.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in restaurants; annual sales are EUR 529.5 million.

- Source: https://eodhd.com/api/fundamentals/IBS.LS.json#2025-12-31 (filed 2026-10-16T07:47:27.701Z); FY2025: revenue 529515952; grossProfit 257432884; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IBS.LS: Ibersol, S.G.P.S., S.A., through its subsidiaries, operates a network of restaurants in Portugal, Spain, and Angola. The company operates through Restaurants; Counters; Concessions, Travel, and Catering; and Other segments. It operates restaurants under the Pizza Hut, Pasta Caffé, Pans & Company, Ribs, FrescCo, Dehesa SantaMaría, Kentucky Fried Chicken, Burger King, Pans Café, Pizza Móvil, Miit, Taco Bell, Sol, PRET, eat out, Goto Café, Pret A Manger, and other brands. The company also provides catering services under the Silva Carvalho Catering and Palace Catering brands. Ibersol, S.G.P.S., S.A. was incorporated in 1985 and is headquartered in Porto, Portugal. Ibersol, S.G.P.S., S.A. is a subsidiary of ATPS-SGPS, SA.

### Why customers stay

Margins ranged from 47.8% to 48.6% during 2023–25; it earns 8% on its capital.

- Source: https://eodhd.com/api/fundamentals/IBS.LS.json#2023-12-31 (filed 2026-10-16T07:47:27.701Z); FY2023: grossProfit / revenue = 48.2%.

- Source: https://eodhd.com/api/fundamentals/IBS.LS.json#2024-12-31 (filed 2026-10-16T07:47:27.701Z); FY2024: grossProfit / revenue = 47.8%.

- Source: https://eodhd.com/api/fundamentals/IBS.LS.json#2025-12-31 (filed 2026-10-16T07:47:27.701Z); FY2025: grossProfit / revenue = 48.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:27.701Z); 10-year return on capital observations [[2016,0.14738152196464332],[2017,0.16632602280278047],[2018,0.13122702070672207],[2019,0.055137199852618585],[2020,-0.07749753165268454],[2021,0.10015657972724853],[2022,0.08735040617248051],[2023,0.06573570073357664],[2024,0.04862675636505887],[2025,0.07187102522686557]]; median 0.07961071569967304. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 48% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:27.701Z); Gross margin observations: [[2021,0.501127484611412],[2022,0.48473636707107826],[2023,0.4816600367609099]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back EUR 10.7 million of shares.

- Source: https://eodhd.com/api/fundamentals/IBS.LS.json#2016-12-31 (filed 2026-10-16T07:47:27.701Z); FY2016: growth capex 0; upkeep 26220493; owner earnings 14747431. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IBS.LS.json#2017-12-31 (filed 2026-10-16T07:47:27.701Z); FY2017: growth capex 0; upkeep 32426484; owner earnings 34589242. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IBS.LS.json#2018-12-31 (filed 2026-10-16T07:47:27.701Z); FY2018: growth capex 0; upkeep 25565440; owner earnings 18804557. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:27.701Z); FY2021: growth capex 0; upkeep 37786456; owner earnings 48630512.2. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IBS.LS.json#2022-12-31 (filed 2026-10-16T07:47:27.701Z); FY2022: growth capex 0; upkeep 43275747; owner earnings 137486492.2. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IBS.LS.json#2025-12-31 (filed 2026-10-16T07:47:27.701Z); FY2025: growth capex 0; upkeep 36451786; cash acquisitions 0; owner earnings 29031982.199999996. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:27.701Z); Dividend observations: [[2016,1800000],[2017,2160010],[2018,3144647],[2019,3366781],[2020,49806],[2021,0],[2022,5724003],[2023,29651704],[2024,20755209],[2025,28539062]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/IBS.LS.json#2025-12-31 (filed 2026-10-16T07:47:27.701Z); FY2025: cash repurchases 10701715 EUR.

### Are managers owners

Insiders own 65% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IBS.LS SharesStats.PercentInsiders = 65.044 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:27.701Z); Ten-year compound average after fade. Initial solved rate -0.028326787042547687. Price 9.94; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-11: EUR 7.96 per share

- 2016-12: EUR 8.47 per share

- 2017-01: EUR 8.47 per share

- 2017-02: EUR 9.35 per share

- 2017-03: EUR 10.24 per share

- 2017-04: EUR 9.82 per share

- 2017-05: EUR 10.10 per share

- 2017-06: EUR 9.63 per share

- 2017-07: EUR 9.70 per share

- 2017-08: EUR 9.74 per share

- 2017-09: EUR 11.05 per share

- 2017-10: EUR 10.55 per share

- 2017-11: EUR 10.09 per share

- 2017-12: EUR 10.29 per share

- 2018-01: EUR 10.13 per share

- 2018-02: EUR 9.83 per share

- 2018-03: EUR 9.53 per share

- 2018-04: EUR 9.62 per share

- 2018-05: EUR 9.36 per share

- 2018-06: EUR 10.17 per share

- 2018-07: EUR 10.17 per share

- 2018-08: EUR 9.76 per share

- 2018-09: EUR 9.56 per share

- 2018-10: EUR 8.64 per share

- 2018-11: EUR 8.26 per share

- 2018-12: EUR 8.03 per share

- 2019-01: EUR 8.56 per share

- 2019-02: EUR 8.15 per share

- 2019-03: EUR 7.87 per share

- 2019-04: EUR 8.07 per share

- 2019-05: EUR 8.24 per share

- 2019-06: EUR 8.17 per share

- 2019-07: EUR 8.32 per share

- 2019-08: EUR 8.30 per share

- 2019-09: EUR 8.22 per share

- 2019-10: EUR 7.63 per share

- 2019-11: EUR 7.50 per share

- 2019-12: EUR 8.13 per share

- 2020-01: EUR 8.72 per share

- 2020-02: EUR 8.28 per share

- 2020-03: EUR 4.84 per share

- 2020-04: EUR 4.08 per share

- 2020-05: EUR 6.22 per share

- 2020-06: EUR 5.29 per share

- 2020-07: EUR 5.55 per share

- 2020-08: EUR 5.49 per share

- 2020-09: EUR 4.81 per share

- 2020-10: EUR 3.73 per share

- 2020-11: EUR 5.10 per share

- 2020-12: EUR 5.49 per share

- 2021-01: EUR 4.96 per share

- 2021-02: EUR 5.84 per share

- 2021-03: EUR 5.53 per share

- 2021-04: EUR 6.49 per share

- 2021-05: EUR 6.20 per share

- 2021-06: EUR 6.10 per share

- 2021-07: EUR 6.02 per share

- 2021-08: EUR 5.92 per share

- 2021-09: EUR 5.86 per share

- 2021-10: EUR 5.39 per share

- 2021-11: EUR 5.91 per share

- 2021-12: EUR 5.63 per share

- 2022-01: EUR 5.40 per share

- 2022-02: EUR 5.54 per share

- 2022-03: EUR 6.21 per share

- 2022-04: EUR 6.06 per share

- 2022-05: EUR 6.99 per share

- 2022-06: EUR 6.93 per share

- 2022-07: EUR 6.43 per share

- 2022-08: EUR 6.30 per share

- 2022-09: EUR 5.69 per share

- 2022-10: EUR 6.43 per share

- 2022-11: EUR 6.10 per share

- 2022-12: EUR 5.99 per share

- 2023-01: EUR 6.69 per share

- 2023-02: EUR 6.93 per share

- 2023-03: EUR 7.19 per share

- 2023-04: EUR 7.32 per share

- 2023-05: EUR 7.65 per share

- 2023-06: EUR 6.72 per share

- 2023-07: EUR 6.94 per share

- 2023-08: EUR 6.78 per share

- 2023-09: EUR 6.90 per share

- 2023-10: EUR 6.70 per share

- 2023-11: EUR 6.74 per share

- 2023-12: EUR 6.68 per share

- 2024-01: EUR 6.68 per share

- 2024-02: EUR 6.60 per share

- 2024-03: EUR 6.76 per share

- 2024-04: EUR 7.02 per share

- 2024-05: EUR 7.40 per share

- 2024-06: EUR 6.82 per share

- 2024-07: EUR 6.98 per share

- 2024-08: EUR 7.20 per share

- 2024-09: EUR 7.24 per share

- 2024-10: EUR 7.36 per share

- 2024-11: EUR 7.50 per share

- 2024-12: EUR 7.48 per share

- 2025-01: EUR 8.50 per share

- 2025-02: EUR 8.54 per share

- 2025-03: EUR 8.74 per share

- 2025-04: EUR 9.30 per share

- 2025-05: EUR 9.98 per share

- 2025-06: EUR 9.68 per share

- 2025-07: EUR 9.36 per share

- 2025-08: EUR 9.52 per share

- 2025-09: EUR 10.00 per share

- 2025-10: EUR 10.10 per share

- 2025-11: EUR 10.05 per share

- 2025-12: EUR 9.90 per share

- 2026-01: EUR 10.65 per share

- 2026-02: EUR 11.45 per share

- 2026-03: EUR 10.80 per share

- 2026-04: EUR 12.00 per share

- 2026-05: EUR 11.80 per share

- 2026-06: EUR 9.85 per share

- 2026-07: EUR 9.61 per share

- 2026-08: EUR 10.30 per share

- 2026-09: EUR 9.91 per share

- 2026-10: EUR 9.94 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 7.62 per share, central EUR 8.54 per share, high EUR 9.76 per share

- FY2018: low EUR 7.36 per share, central EUR 8.23 per share, high EUR 9.39 per share

- FY2019: low EUR 8.13 per share, central EUR 9.07 per share, high EUR 10.32 per share

- FY2020: low EUR 5.45 per share, central EUR 6.01 per share, high EUR 6.76 per share

- FY2021: low EUR 5.97 per share, central EUR 6.50 per share, high EUR 7.20 per share

- FY2022: low EUR 10.25 per share, central EUR 10.84 per share, high EUR 11.62 per share

- FY2025: low EUR 10.45 per share, central EUR 11.52 per share, high EUR 12.96 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:53:20.536Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.