# Montea C.V.A. (MONT.BR)

Canonical: https://gigainvestors.com/s/MONT.BR

Analysis as of: 2026-10-16T07:41:43.931Z. Financial observations: FY2007–FY2025.

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 63.20 per share; close as of 2026-10-15.

Estimated value: low EUR 164.66 per share, central EUR 218.17 per share, high EUR 255.33 per share. Buy at or below the central value EUR 218.17 per share. Valuation as of 2026-10-16T07:41:43.931Z; scenarios are not confidence intervals.

Expected annual return: 26.3% at the stated quote. About 26.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; BE 10-year bond 4.3% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.41×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.98×

- FY2017: 0.82×

- FY2018: 1.27×

- FY2019: 1.76×

- FY2020: 2.12×

- FY2021: 2.68×

- FY2022: 1.66×

- FY2023: 0.88×

- FY2024: 1.42×

- FY2025: 0.79×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.2%

- ROIC, second-lowest year: 5.0%

- Typical minus recent gross margin: 0.8 pp

- Typical gross margin (annual median): 86.8%

- Recent gross margin (lower of latest and 3-year median): 86.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.3%

- ROIC including acquisitions, ten-year median: 6.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.6%

- FY2017: 5.9%

- FY2018: 8.7%

- FY2019: 11.8%

- FY2020: 13.2%

- FY2021: 13.7%

- FY2022: 7.7%

- FY2023: 5.0%

- FY2024: 6.7%

- FY2025: 3.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 885M

- Net income, five-year total: EUR 886M

- Return on incremental invested capital: 792.0%

- Working capital / revenue, annual change: -2.5 pp

- Working capital / revenue, change between three-year averages: -16.8 pp

- Working capital / revenue, final three-year average: 12.4%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 8.6% vs 5.0%

- Per-share earnings: 2.32 to 7.08 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 9.0%

- Ordinary dilution, 5-year annual growth: 7.9%

- Market cap gain: EUR 994M

- Cumulative retained earnings: EUR 129M

- Diluted shares, 10-year annual growth: 9.0%

- Diluted shares, 5-year annual growth: 7.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 15.0%

- Per-share value change: EUR 4.76

- Per-share value, starting three-year median: EUR 2.32

- Per-share value, ending three-year median: EUR 7.08

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 10.3%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 786K

- Cumulative net income, 10 years: EUR 1.3B

- ROIC, first three-year median: 8.6%

- ROIC, last three-year median: 5.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.18

- FY2017: EUR 2.32

- FY2018: EUR 4.09

- FY2019: EUR 6.87

- FY2020: EUR 9.82

- FY2021: EUR 14.21

- FY2022: EUR 11.40

- FY2023: EUR 6.20

- FY2024: EUR 7.76

- FY2025: EUR 7.08

### accounting: pass

- Sloan accruals: 2.4%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.53×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.7%

- FY2017: -3.6%

- FY2018: 0.9%

- FY2019: 3.6%

- FY2020: 6.1%

- FY2021: 8.8%

- FY2022: 5.2%

- FY2023: 0.3%

- FY2024: 1.9%

- FY2025: 2.4%

## Holders

## Price story

Down 52% since Dec 2021 · "Montea Balances Rental Growth With Development Delays And Lower 2027 Targets" (finance.yahoo.com, Feb 2026) · sales +21.9%

Story as of 2026-10-16T10:00:12.095Z; price observation 2026-10-15.

Price needs cash profits to shrink 11.1% a year for ten years

- 2026-02-15: Montea Balances Rental Growth With Development Delays And Lower 2027 Targets ([finance.yahoo.com](https://finance.yahoo.com/news/montea-balances-rental-growth-development-170934373.html))

### Sales · FY2024–2025

sales +21.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 48M 

- FY2017: EUR 52M 

- FY2018: EUR 62M 

- FY2019: EUR 76M 

- FY2020: EUR 83M 

- FY2021: EUR 94M 

- FY2022: EUR 111M 

- FY2023: EUR 131M 

- FY2024: EUR 137M 

- FY2025: EUR 167M 

### Gross margin · FY2025

gross margin 86%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 83.0% 

- FY2017: 81.7% 

- FY2018: 81.8% 

- FY2019: 87.6% 

- FY2020: 87.5% 

- FY2021: 87.2% 

- FY2022: 88.3% 

- FY2023: 86.6% 

- FY2024: 87.0% 

- FY2025: 86.0% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are EUR 167.4 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:43.931Z); FY2025: revenue 167367000; grossProfit 143981000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 86% to 87% during 2023–25; it earns 8.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:43.931Z); FY2023: grossProfit / revenue = 86.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:43.931Z); FY2024: grossProfit / revenue = 87%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:43.931Z); FY2025: grossProfit / revenue = 86%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:43.931Z); 10-year return on capital observations [[2016,0.08573683817870048],[2017,0.05908618422875164],[2018,0.08745929794994162],[2019,0.11827251071394382],[2020,0.1318833407781614],[2021,0.13737901112893822],[2022,0.07748832883297017],[2023,0.05023293844220445],[2024,0.06691527846494144],[2025,0.038994253818441835]]; median 0.08161258350583533. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 88% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:43.931Z); Gross margin observations: [[2021,0.8724994969872182],[2022,0.8831377070740737],[2023,0.8657840500762329]]; range within 2 percentage points.

### Where the cash goes

Spends 2.7% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:43.931Z); FY2016: growth capex 0; upkeep 121000; owner earnings 34560000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:43.931Z); FY2017: growth capex 924667.1534110729; upkeep 1455332.846588927; owner earnings 35297667.153411075. Growth capex / owner earnings = 0.026196268138409126.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:43.931Z); FY2018: growth capex 628000; upkeep 205000; owner earnings 64575000. Growth capex / owner earnings = 0.009725125822686798.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:43.931Z); FY2019: growth capex 655000; upkeep 256000; owner earnings 108258000. Growth capex / owner earnings = 0.006050361174231927.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:43.931Z); FY2020: growth capex 1728790.9381449725; upkeep 14355209.061855027; owner earnings 140745590.93814498. Growth capex / owner earnings = 0.012283091261485721.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:43.931Z); FY2021: growth capex 2155000; upkeep 346000; owner earnings 227520600. Growth capex / owner earnings = 0.009471669818029663.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:43.931Z); FY2022: growth capex 166000; upkeep 432000; owner earnings 204364000. Growth capex / owner earnings = 0.0008122761347399737.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:43.931Z); FY2023: growth capex 145000; upkeep 336000; owner earnings 118418600. Growth capex / owner earnings = 0.0012244698045746191.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:43.931Z); FY2024: growth capex 880000; upkeep 367000; owner earnings 171434600. Growth capex / owner earnings = 0.005133152817459252.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:43.931Z); FY2025: growth capex 4440000; upkeep 388000; owner earnings 163159400. Growth capex / owner earnings = 0.02721265216714452.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:43.931Z); Incremental return on capital 7.919876883166785, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:43.931Z); Dividend observations: [[2016,18700000],[2017,20999000],[2018,21375000],[2019,28961000],[2020,40049000],[2021,45308000],[2022,49109000],[2023,59230000],[2024,75533000],[2025,86059000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 10.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MONT.BR SharesStats.PercentInsiders = 10.298 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 11.1% yearly over ten years; actual growth was 11.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:43.931Z); Ten-year compound average after fade. Initial solved rate -0.1673064859020285. Price 63.2; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.428906099671008 → FY2025 7.072668949672721. Closing-price date 2026-10-15.

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

- 2016-11: EUR 40.84 per share

- 2016-12: EUR 44.03 per share

- 2017-01: EUR 42.02 per share

- 2017-02: EUR 44.06 per share

- 2017-03: EUR 42.83 per share

- 2017-04: EUR 44.33 per share

- 2017-05: EUR 46.53 per share

- 2017-06: EUR 46.43 per share

- 2017-07: EUR 45.92 per share

- 2017-08: EUR 45.10 per share

- 2017-09: EUR 43.65 per share

- 2017-10: EUR 41.68 per share

- 2017-11: EUR 44.15 per share

- 2017-12: EUR 41.48 per share

- 2018-01: EUR 41.53 per share

- 2018-02: EUR 41.72 per share

- 2018-03: EUR 41.53 per share

- 2018-04: EUR 42.98 per share

- 2018-05: EUR 43.37 per share

- 2018-06: EUR 43.95 per share

- 2018-07: EUR 45.97 per share

- 2018-08: EUR 48.29 per share

- 2018-09: EUR 54.47 per share

- 2018-10: EUR 51.77 per share

- 2018-11: EUR 55.44 per share

- 2018-12: EUR 57.76 per share

- 2019-01: EUR 59.88 per share

- 2019-02: EUR 58.40 per share

- 2019-03: EUR 73.60 per share

- 2019-04: EUR 75.00 per share

- 2019-05: EUR 77.90 per share

- 2019-06: EUR 75.40 per share

- 2019-07: EUR 76.50 per share

- 2019-08: EUR 75.30 per share

- 2019-09: EUR 77.70 per share

- 2019-10: EUR 81.30 per share

- 2019-11: EUR 79.10 per share

- 2019-12: EUR 81.00 per share

- 2020-01: EUR 89.20 per share

- 2020-02: EUR 85.10 per share

- 2020-03: EUR 84.50 per share

- 2020-04: EUR 80.30 per share

- 2020-05: EUR 84.20 per share

- 2020-06: EUR 89.20 per share

- 2020-07: EUR 94.50 per share

- 2020-08: EUR 99.40 per share

- 2020-09: EUR 101.00 per share

- 2020-10: EUR 94.20 per share

- 2020-11: EUR 97.90 per share

- 2020-12: EUR 93.10 per share

- 2021-01: EUR 100.60 per share

- 2021-02: EUR 93.20 per share

- 2021-03: EUR 89.00 per share

- 2021-04: EUR 91.20 per share

- 2021-05: EUR 95.40 per share

- 2021-06: EUR 99.20 per share

- 2021-07: EUR 113.00 per share

- 2021-08: EUR 125.60 per share

- 2021-09: EUR 114.40 per share

- 2021-10: EUR 128.40 per share

- 2021-11: EUR 127.60 per share

- 2021-12: EUR 132.20 per share

- 2022-01: EUR 122.80 per share

- 2022-02: EUR 111.60 per share

- 2022-03: EUR 118.00 per share

- 2022-04: EUR 113.80 per share

- 2022-05: EUR 100.00 per share

- 2022-06: EUR 91.30 per share

- 2022-07: EUR 98.90 per share

- 2022-08: EUR 89.80 per share

- 2022-09: EUR 77.20 per share

- 2022-10: EUR 69.10 per share

- 2022-11: EUR 63.40 per share

- 2022-12: EUR 66.60 per share

- 2023-01: EUR 73.60 per share

- 2023-02: EUR 77.90 per share

- 2023-03: EUR 74.50 per share

- 2023-04: EUR 79.40 per share

- 2023-05: EUR 75.90 per share

- 2023-06: EUR 70.60 per share

- 2023-07: EUR 73.70 per share

- 2023-08: EUR 74.10 per share

- 2023-09: EUR 67.30 per share

- 2023-10: EUR 66.70 per share

- 2023-11: EUR 79.70 per share

- 2023-12: EUR 86.20 per share

- 2024-01: EUR 79.80 per share

- 2024-02: EUR 74.00 per share

- 2024-03: EUR 83.50 per share

- 2024-04: EUR 80.60 per share

- 2024-05: EUR 83.80 per share

- 2024-06: EUR 79.10 per share

- 2024-07: EUR 80.10 per share

- 2024-08: EUR 78.90 per share

- 2024-09: EUR 74.70 per share

- 2024-10: EUR 67.00 per share

- 2024-11: EUR 66.70 per share

- 2024-12: EUR 63.30 per share

- 2025-01: EUR 66.90 per share

- 2025-02: EUR 64.10 per share

- 2025-03: EUR 66.00 per share

- 2025-04: EUR 63.97 per share

- 2025-05: EUR 65.00 per share

- 2025-06: EUR 65.10 per share

- 2025-07: EUR 65.50 per share

- 2025-08: EUR 68.30 per share

- 2025-09: EUR 68.60 per share

- 2025-10: EUR 70.00 per share

- 2025-11: EUR 71.60 per share

- 2025-12: EUR 73.20 per share

- 2026-01: EUR 71.40 per share

- 2026-02: EUR 78.40 per share

- 2026-03: EUR 65.40 per share

- 2026-04: EUR 70.40 per share

- 2026-05: EUR 66.80 per share

- 2026-06: EUR 66.90 per share

- 2026-07: EUR 68.00 per share

- 2026-08: EUR 64.50 per share

- 2026-09: EUR 62.00 per share

- 2026-10: EUR 63.20 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 18.62 per share, central EUR 21.17 per share, high EUR 24.56 per share

- FY2017: low EUR 20.55 per share, central EUR 23.36 per share, high EUR 27.11 per share

- FY2018: low EUR 29.26 per share, central EUR 33.58 per share, high EUR 38.98 per share

- FY2019: low EUR 40.01 per share, central EUR 48.40 per share, high EUR 56.34 per share

- FY2020: low EUR 65.11 per share, central EUR 80.41 per share, high EUR 93.76 per share

- FY2021: low EUR 110.85 per share, central EUR 151.17 per share, high EUR 177.07 per share

- FY2022: low EUR 133.76 per share, central EUR 171.81 per share, high EUR 200.24 per share

- FY2023: low EUR 150.10 per share, central EUR 195.47 per share, high EUR 227.93 per share

- FY2024: low EUR 134.83 per share, central EUR 179.43 per share, high EUR 210.00 per share

- FY2025: low EUR 114.72 per share, central EUR 152.03 per share, high EUR 177.93 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 2026-10-15T06:47:37.368Z 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.