# Malin (MLC.IR)

Canonical: https://gigainvestors.com/s/MLC.IR

Analysis as of: 2026-10-16T07:58:23.829Z. Financial observations: FY2015–FY2024.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

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

Share price: EUR 6.95 per share; close as of 2026-10-14.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 5

- Operating margin variation: 0.49×

Chart: Operating margin; fiscal year observations.

- FY2015: -1.18×

- FY2016: -1.10×

- FY2017: -1.08×

- FY2018: -0.61×

- FY2019: -0.40×

- FY2020: -0.22×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: -4.9%

- ROIC, second-lowest year: -12.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.7%

- ROIC including acquisitions, ten-year median: -6.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2015: -8.0%

- FY2016: -12.7%

- FY2017: -15.5%

- FY2018: -10.6%

- FY2019: -5.5%

- FY2020: -2.8%

- FY2021: -1.1%

- FY2022: -0.6%

- FY2023: -4.2%

- FY2024: -1.5%

### economics: pass

- Owner earnings / net income, 5-yr: 0.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 118M

- Net income, five-year total: EUR 138M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -11.6 pp

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

- FY2020: 1.04×

- FY2021: 1.07×

- FY2022: -0.58×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2024 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -12.7% vs -1.5%

- Per-share earnings: -2.00 to 0.00 (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: -17.3%

- Market cap gain: EUR -347M

- Cumulative retained earnings: EUR 375M

- Diluted shares, 5-year annual growth: -17.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2024

- Per-share value change: EUR 2.00

- Per-share value, starting three-year median: EUR -2.00

- Per-share value, ending three-year median: EUR 0

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 86.1%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: EUR -141M

- ROIC, first three-year median: -12.7%

- ROIC, last three-year median: -1.5%

Chart: Earnings per share; fiscal year observations.

- FY2015: EUR -1.14

- FY2016: EUR -2.00

- FY2017: EUR -2.16

- FY2018: EUR -1.01

- FY2019: EUR -0.11

- FY2020: EUR 1.78

- FY2021: EUR 0.85

- FY2022: EUR 0.38

- FY2023: EUR 0

- FY2024: EUR 0

### accounting: pass

- Sloan accruals: 0.7%

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2015: -6.6%

- FY2016: -15.2%

- FY2017: -23.2%

- FY2018: -12.4%

- FY2019: -0.5%

- FY2020: 24.5%

- FY2021: 18.6%

- FY2022: 7.0%

- FY2023: 2.7%

- FY2024: 0.7%

## Holders

## Price story

Down 33% since Jan 2025 · net income EUR 0

Story as of 2026-10-16T10:00:13.858Z; price observation 2026-10-14.

### Net income · FY2024

net income EUR 0; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2015: EUR -45M 

- FY2016: EUR -84M 

- FY2017: EUR -99M 

- FY2018: EUR -46M 

- FY2019: EUR -5.4M 

- FY2020: EUR 88M 

- FY2021: EUR 38M 

- FY2022: EUR 13M 

- FY2023: EUR 0 

- FY2024: EUR 0 

### Gross margin · FY2020

gross margin 24.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2015: 15.7% 

- FY2016: 27.3% 

- FY2017: 26.5% 

- FY2018: 10.8% 

- FY2019: 21.5% 

- FY2020: 24.9% 

## Owner memo

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

### Why customers stay

It lost 4.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:58:23.829Z); 10-year return on capital observations [[2015,-0.08021812711545694],[2016,-0.12680358992060753],[2017,-0.15505632582322357],[2018,-0.1060922190201729],[2019,-0.055383074611917875],[2020,-0.027712209893319923],[2021,-0.011025228126677403],[2022,-0.006398537477148081],[2023,-0.041635135135135136],[2024,-0.015064836003051106]]; median -0.048509104873526505. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:58:23.829Z); FY2020: growth capex 0; upkeep 2100000; owner earnings 90900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:58:23.829Z); FY2021: growth capex 0; upkeep 1600000; owner earnings 40280000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:58:23.829Z); Dividend observations: [[2015,0],[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 35% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MLC.IR SharesStats.PercentInsiders = 34.961 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.7 times net assets; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:58:23.829Z); Closing price 6.95 EUR; reporting-to-trading FX 1; FY2024 net assets per share 10.18382757578096; price multiple 0.6824546024844721. FY2024 cash earnings/share -0.07379585199841275. Closing-price date 2026-10-14.

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

- 2016-10: EUR 12.00 per share

- 2016-11: EUR 12.30 per share

- 2016-12: EUR 12.20 per share

- 2017-01: EUR 11.50 per share

- 2017-02: EUR 9.85 per share

- 2017-03: EUR 10.09 per share

- 2017-04: EUR 9.90 per share

- 2017-05: EUR 11.96 per share

- 2017-06: EUR 12.33 per share

- 2017-07: EUR 12.70 per share

- 2017-08: EUR 12.00 per share

- 2017-09: EUR 11.40 per share

- 2017-10: EUR 10.25 per share

- 2017-11: EUR 9.75 per share

- 2017-12: EUR 8.50 per share

- 2018-01: EUR 8.90 per share

- 2018-02: EUR 8.20 per share

- 2018-03: EUR 7.60 per share

- 2018-04: EUR 8.20 per share

- 2018-05: EUR 7.05 per share

- 2018-06: EUR 7.15 per share

- 2018-07: EUR 5.60 per share

- 2018-08: EUR 5.20 per share

- 2018-09: EUR 4.80 per share

- 2018-10: EUR 4.30 per share

- 2018-11: EUR 4.76 per share

- 2018-12: EUR 5.00 per share

- 2019-01: EUR 5.50 per share

- 2019-02: EUR 5.50 per share

- 2019-03: EUR 5.50 per share

- 2019-04: EUR 5.35 per share

- 2019-05: EUR 4.66 per share

- 2019-06: EUR 4.00 per share

- 2019-07: EUR 3.82 per share

- 2019-08: EUR 2.30 per share

- 2019-09: EUR 4.00 per share

- 2019-10: EUR 3.70 per share

- 2019-11: EUR 4.00 per share

- 2019-12: EUR 4.54 per share

- 2020-01: EUR 4.28 per share

- 2020-02: EUR 4.18 per share

- 2020-03: EUR 2.70 per share

- 2020-04: EUR 2.90 per share

- 2020-05: EUR 3.02 per share

- 2020-06: EUR 4.38 per share

- 2020-07: EUR 4.50 per share

- 2020-08: EUR 4.00 per share

- 2020-09: EUR 4.00 per share

- 2020-10: EUR 4.00 per share

- 2020-11: EUR 4.30 per share

- 2020-12: EUR 4.10 per share

- 2021-01: EUR 5.00 per share

- 2021-02: EUR 6.00 per share

- 2021-03: EUR 5.90 per share

- 2021-04: EUR 6.20 per share

- 2021-05: EUR 6.35 per share

- 2021-06: EUR 7.50 per share

- 2021-07: EUR 6.90 per share

- 2021-08: EUR 6.90 per share

- 2021-09: EUR 6.85 per share

- 2021-10: EUR 6.65 per share

- 2021-11: EUR 6.95 per share

- 2021-12: EUR 6.70 per share

- 2022-01: EUR 4.90 per share

- 2022-02: EUR 4.82 per share

- 2022-03: EUR 5.15 per share

- 2022-04: EUR 4.65 per share

- 2022-05: EUR 4.25 per share

- 2022-06: EUR 3.95 per share

- 2022-07: EUR 4.25 per share

- 2022-08: EUR 4.50 per share

- 2022-09: EUR 4.35 per share

- 2022-10: EUR 4.90 per share

- 2022-11: EUR 5.60 per share

- 2022-12: EUR 7.26 per share

- 2023-01: EUR 7.32 per share

- 2023-02: EUR 8.10 per share

- 2023-03: EUR 6.90 per share

- 2023-04: EUR 5.00 per share

- 2023-05: EUR 4.80 per share

- 2023-06: EUR 4.68 per share

- 2023-07: EUR 4.50 per share

- 2023-08: EUR 4.58 per share

- 2023-09: EUR 4.54 per share

- 2023-10: EUR 4.06 per share

- 2023-11: EUR 4.42 per share

- 2023-12: EUR 4.50 per share

- 2024-01: EUR 4.96 per share

- 2024-02: EUR 5.90 per share

- 2024-03: EUR 5.80 per share

- 2024-04: EUR 5.40 per share

- 2024-05: EUR 5.70 per share

- 2024-06: EUR 5.90 per share

- 2024-07: EUR 5.90 per share

- 2024-08: EUR 6.45 per share

- 2024-09: EUR 6.10 per share

- 2024-10: EUR 5.80 per share

- 2024-11: EUR 8.50 per share

- 2024-12: EUR 8.60 per share

- 2025-01: EUR 10.30 per share

- 2025-02: EUR 9.75 per share

- 2025-03: EUR 10.30 per share

- 2025-04: EUR 8.50 per share

- 2025-05: EUR 8.30 per share

- 2025-06: EUR 8.00 per share

- 2025-07: EUR 8.50 per share

- 2025-08: EUR 8.00 per share

- 2025-09: EUR 8.20 per share

- 2025-10: EUR 8.30 per share

- 2025-11: EUR 7.85 per share

- 2025-12: EUR 7.70 per share

- 2026-01: EUR 8.00 per share

- 2026-02: EUR 7.60 per share

- 2026-03: EUR 7.70 per share

- 2026-04: EUR 7.95 per share

- 2026-05: EUR 7.75 per share

- 2026-06: EUR 7.45 per share

- 2026-07: EUR 7.10 per share

- 2026-08: EUR 7.00 per share

- 2026-09: EUR 7.00 per share

- 2026-10: EUR 6.95 per share

## Annual estimated value (EUR 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

## 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.