# Etablissements Maurel et Prom (MAU.PA)

Canonical: https://gigainvestors.com/s/MAU.PA

Analysis as of: 2026-10-16T07:41:24.998Z. Financial observations: FY2019–FY2025.

Listing currency: EUR. Reporting currency: USD.

## 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 8.04 per share; close as of 2026-10-15.

Estimated value: low EUR 10.33 per share, central EUR 11.49 per share, high EUR 13.04 per share. Buy at or below the central value EUR 11.49 per share. Valuation as of 2026-10-16T07:41:24.998Z; scenarios are not confidence intervals.

Expected annual return: 14.1% at the stated quote. About 14.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FR 10-year bond 4.8% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 26.52×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.14×

- FY2020: -1.62×

- FY2021: 0.32×

- FY2022: 0.52×

- FY2023: 0.28×

- FY2024: 0.32×

- FY2025: 0.22×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 67.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 11.6%

- ROIC, second-lowest year: 3.0%

- Typical minus recent gross margin: 67.0 pp

- Typical gross margin (annual median): 100.0%

- Recent gross margin (lower of latest and 3-year median): 33.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 28.3%

- ROIC including acquisitions, ten-year median: 18.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 3.0%

- FY2020: -45.1%

- FY2021: 11.6%

- FY2022: 23.5%

- FY2023: 12.1%

- FY2024: 16.9%

- FY2025: 7.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.1B

- Net income, five-year total: $1.2B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 4.2 pp

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.92×

- FY2024: 0.99×

- FY2025: 0.81×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 3.0% vs 12.1%

- Per-share earnings: 0.19 to 1.17 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.2%

- Per-share value growth: 57.6%

- Per-share value change: $0.98

- Per-share value, starting three-year median: $0.19

- Per-share value, ending three-year median: $1.17

- Buybacks concentrated in cheaper years (correlation): -0.90

- Average buyback yield: 0.3%

- Buyback history: 5 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 3.0%

- ROIC, last three-year median: 12.1%

Chart: Earnings per share; fiscal year observations.

- FY2019: $0.19

- FY2020: -$2.97

- FY2021: $0.60

- FY2022: $1.03

- FY2023: $1.05

- FY2024: $1.17

- FY2025: $2.13

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: 8.3%

- Receivables to sales index (DSRI): 3.54×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.52×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.12×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -4.9%

- FY2020: -41.8%

- FY2021: -9.5%

- FY2022: -8.2%

- FY2023: -3.2%

- FY2024: -1.9%

- FY2025: 8.3%

## Holders

## Price story

Down 26% since Mar 2026 · sales -25.6%

Story as of 2026-10-16T10:00:11.905Z; price observation 2026-10-15.

Price needs cash profits to shrink 4.7% a year for ten years

### Sales · FY2024–2025

sales -25.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: $504M 

- FY2020: $330M 

- FY2021: $500M 

- FY2022: $676M 

- FY2023: $682M 

- FY2024: $808M 

- FY2025: $602M 

### Gross margin · FY2025

gross margin 33%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2020: 25.5% 

- FY2021: 83.7% 

- FY2025: 33.0% 

## Owner memo

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

### How it makes money

Operates in oil & gas e&p; annual sales are USD 601.6 million.

- Source: https://eodhd.com/api/fundamentals/0F6L.LSE.json#2025-12-31 (filed 2026-10-16T07:41:24.998Z); FY2025: revenue 601565022; grossProfit 198787057; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 33% to 100% during 2023–25; it earns 11.6% on its capital.

- Source: https://eodhd.com/api/fundamentals/0F6L.LSE.json#2023-12-31 (filed 2026-10-16T07:41:24.998Z); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/api/fundamentals/0F6L.LSE.json#2024-12-31 (filed 2026-10-16T07:41:24.998Z); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/api/fundamentals/0F6L.LSE.json#2025-12-31 (filed 2026-10-16T07:41:24.998Z); FY2025: grossProfit / revenue = 33%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:24.998Z); 7-year return on capital observations [[2019,0.029565152002458395],[2020,-0.45085186793720344],[2021,0.115722717097965],[2022,0.23510386990467685],[2023,0.12135189891070239],[2024,0.16850459628084863],[2025,0.07851394751952018]]; median 0.115722717097965. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years; bought back USD 279967 of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:24.998Z); FY2019: growth capex 0; upkeep 182530000; owner earnings 30287200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:24.998Z); FY2021: growth capex 57911000; upkeep 106444000; owner earnings 119458000. Growth capex / owner earnings = 0.48478126203351807.

- Source: https://eodhd.com/api/fundamentals/0F6L.LSE.json#2022-12-31 (filed 2026-10-16T07:41:24.998Z); FY2022: growth capex 20794956; upkeep 74941000; cash acquisitions 0; owner earnings 204817000. Growth capex plus acquisitions / owner earnings = 0.10152944335675261.

- Source: https://eodhd.com/api/fundamentals/0F6L.LSE.json#2023-12-31 (filed 2026-10-16T07:41:24.998Z); FY2023: growth capex 10863242.075080812; upkeep 134892757.9249192; cash acquisitions 45319000; owner earnings 192841442.0750808. Growth capex plus acquisitions / owner earnings = 0.2913390476161594.

- Source: https://eodhd.com/api/fundamentals/0F6L.LSE.json#2024-12-31 (filed 2026-10-16T07:41:24.998Z); FY2024: growth capex 59973000; upkeep 80764000; cash acquisitions 0; owner earnings 231857800. Growth capex plus acquisitions / owner earnings = 0.2586628528347979.

- Source: https://eodhd.com/api/fundamentals/0F6L.LSE.json#2025-12-31 (filed 2026-10-16T07:41:24.998Z); FY2025: growth capex 0; upkeep 191478767; cash acquisitions 0; owner earnings 346547657. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:24.998Z); Dividend observations: [[2019,8797000],[2020,29174000],[2021,29174000],[2022,27245598],[2023,49321000],[2024,64663000],[2025,79879092]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/0F6L.LSE.json#2025-12-31 (filed 2026-10-16T07:41:24.998Z); FY2025: cash repurchases 279967 USD.

### Are managers owners

Insiders own 72.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MAU.PA SharesStats.PercentInsiders = 72.489 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 4.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:24.998Z); Ten-year compound average after fade. Initial solved rate -0.07927670181017052. Price 8.035; FX 0.891837899543379; 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)

- 2016-10: EUR 4.01 per share

- 2016-11: EUR 4.12 per share

- 2016-12: EUR 4.22 per share

- 2017-01: EUR 4.24 per share

- 2017-02: EUR 3.58 per share

- 2017-03: EUR 3.33 per share

- 2017-04: EUR 3.47 per share

- 2017-05: EUR 3.85 per share

- 2017-06: EUR 3.42 per share

- 2017-07: EUR 3.50 per share

- 2017-08: EUR 3.54 per share

- 2017-09: EUR 3.76 per share

- 2017-10: EUR 3.64 per share

- 2017-11: EUR 3.60 per share

- 2017-12: EUR 3.60 per share

- 2018-01: EUR 3.74 per share

- 2018-02: EUR 3.52 per share

- 2018-03: EUR 3.86 per share

- 2018-04: EUR 4.77 per share

- 2018-05: EUR 5.69 per share

- 2018-06: EUR 6.25 per share

- 2018-07: EUR 6.28 per share

- 2018-08: EUR 5.85 per share

- 2018-09: EUR 5.49 per share

- 2018-10: EUR 4.10 per share

- 2018-11: EUR 3.46 per share

- 2018-12: EUR 3.23 per share

- 2019-01: EUR 3.45 per share

- 2019-02: EUR 3.55 per share

- 2019-03: EUR 3.43 per share

- 2019-04: EUR 3.37 per share

- 2019-05: EUR 2.90 per share

- 2019-06: EUR 2.91 per share

- 2019-07: EUR 2.92 per share

- 2019-08: EUR 2.92 per share

- 2019-09: EUR 2.80 per share

- 2019-10: EUR 2.63 per share

- 2019-11: EUR 2.57 per share

- 2019-12: EUR 2.82 per share

- 2020-01: EUR 2.54 per share

- 2020-02: EUR 2.29 per share

- 2020-03: EUR 1.53 per share

- 2020-04: EUR 1.70 per share

- 2020-05: EUR 1.71 per share

- 2020-06: EUR 1.75 per share

- 2020-07: EUR 1.67 per share

- 2020-08: EUR 1.67 per share

- 2020-09: EUR 1.48 per share

- 2020-10: EUR 1.19 per share

- 2020-11: EUR 1.56 per share

- 2020-12: EUR 1.74 per share

- 2021-01: EUR 1.66 per share

- 2021-02: EUR 1.89 per share

- 2021-03: EUR 2.01 per share

- 2021-04: EUR 1.93 per share

- 2021-05: EUR 1.83 per share

- 2021-06: EUR 1.90 per share

- 2021-07: EUR 1.89 per share

- 2021-08: EUR 2.12 per share

- 2021-09: EUR 2.30 per share

- 2021-10: EUR 2.49 per share

- 2021-11: EUR 2.24 per share

- 2021-12: EUR 2.28 per share

- 2022-01: EUR 2.63 per share

- 2022-02: EUR 2.85 per share

- 2022-03: EUR 4.06 per share

- 2022-04: EUR 4.35 per share

- 2022-05: EUR 4.91 per share

- 2022-06: EUR 4.46 per share

- 2022-07: EUR 5.15 per share

- 2022-08: EUR 5.04 per share

- 2022-09: EUR 4.01 per share

- 2022-10: EUR 4.55 per share

- 2022-11: EUR 4.13 per share

- 2022-12: EUR 4.02 per share

- 2023-01: EUR 3.69 per share

- 2023-02: EUR 3.53 per share

- 2023-03: EUR 3.45 per share

- 2023-04: EUR 3.47 per share

- 2023-05: EUR 3.68 per share

- 2023-06: EUR 3.91 per share

- 2023-07: EUR 4.29 per share

- 2023-08: EUR 4.41 per share

- 2023-09: EUR 4.89 per share

- 2023-10: EUR 5.62 per share

- 2023-11: EUR 6.43 per share

- 2023-12: EUR 6.09 per share

- 2024-01: EUR 5.53 per share

- 2024-02: EUR 5.02 per share

- 2024-03: EUR 5.60 per share

- 2024-04: EUR 5.98 per share

- 2024-05: EUR 6.66 per share

- 2024-06: EUR 6.04 per share

- 2024-07: EUR 5.66 per share

- 2024-08: EUR 5.27 per share

- 2024-09: EUR 4.72 per share

- 2024-10: EUR 4.80 per share

- 2024-11: EUR 5.01 per share

- 2024-12: EUR 5.68 per share

- 2025-01: EUR 6.20 per share

- 2025-02: EUR 5.88 per share

- 2025-03: EUR 4.85 per share

- 2025-04: EUR 4.55 per share

- 2025-05: EUR 4.79 per share

- 2025-06: EUR 4.83 per share

- 2025-07: EUR 5.38 per share

- 2025-08: EUR 5.08 per share

- 2025-09: EUR 4.88 per share

- 2025-10: EUR 4.82 per share

- 2025-11: EUR 4.82 per share

- 2025-12: EUR 5.53 per share

- 2026-01: EUR 6.58 per share

- 2026-02: EUR 8.93 per share

- 2026-03: EUR 10.80 per share

- 2026-04: EUR 9.96 per share

- 2026-05: EUR 9.01 per share

- 2026-06: EUR 7.79 per share

- 2026-07: EUR 8.12 per share

- 2026-08: EUR 7.92 per share

- 2026-09: EUR 7.82 per share

- 2026-10: EUR 8.27 per share

## Annual estimated value (EUR per share)

- FY2023: low EUR 8.85 per share, central EUR 9.95 per share, high EUR 11.41 per share

- FY2024: low EUR 12.19 per share, central EUR 13.73 per share, high EUR 15.79 per share

- FY2025: low EUR 10.39 per share, central EUR 11.55 per share, high EUR 13.09 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 2026-10-15T06:47:02.171Z 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.