# RHI Magnesita NV (RHIM.LSE)

Canonical: https://gigainvestors.com/s/RHIM.LSE

Analysis as of: 2026-10-16T07:41:31.218Z. Financial observations: FY2012–FY2025.

Listing currency: GBX. 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: GBX 2,795.00 per share; close as of 2026-10-15.

Estimated value: low GBX 3,242.20 per share, central GBX 3,624.95 per share, high GBX 4,134.47 per share. Buy at or below the central value GBX 3,624.95 per share. Valuation as of 2026-10-16T07:41:31.218Z; scenarios are not confidence intervals.

Expected annual return: 12.6% at the stated quote. About 12.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.06×

- FY2018: 0.13×

- FY2019: 0.14×

- FY2020: 0.09×

- FY2021: 0.09×

- FY2022: 0.10×

- FY2023: 0.09×

- FY2024: 0.08×

- FY2025: 0.10×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 10.9%

- ROIC, second-lowest year: 10.4%

- Typical minus recent gross margin: 2.4 pp

- Typical gross margin (annual median): 23.8%

- Recent gross margin (lower of latest and 3-year median): 21.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.5%

- ROIC including acquisitions, ten-year median: 6.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.9%

- FY2017: 6.8%

- FY2018: 23.2%

- FY2019: 22.1%

- FY2020: 11.8%

- FY2021: 11.3%

- FY2022: 10.9%

- FY2023: 10.4%

- FY2024: 10.7%

- FY2025: 11.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.04×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 824M

- Net income, five-year total: EUR 790M

- Return on incremental invested capital: 33.5%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 1.8 pp

- Working capital / revenue, final three-year average: 28.5%

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

- FY2021: 0.95×

- FY2022: 0.92×

- FY2023: 0.92×

- FY2024: 1.09×

- FY2025: 1.68×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 10.9% vs 10.7%

- Per-share earnings: 0.41 to 2.94 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.2%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: EUR -336M

- Cumulative retained earnings: EUR 652M

- Diluted shares, 10-year annual growth: 2.2%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 28.0%

- Per-share value change: EUR 2.53

- Per-share value, starting three-year median: EUR 0.41

- Per-share value, ending three-year median: EUR 2.94

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 1.3%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 1.1B

- Cumulative net income, 10 years: EUR 1.2B

- ROIC, first three-year median: 10.9%

- ROIC, last three-year median: 10.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.80

- FY2017: EUR -0.44

- FY2018: EUR 3.48

- FY2019: EUR 2.79

- FY2020: EUR 0.50

- FY2021: EUR 5.12

- FY2022: EUR 3.26

- FY2023: EUR 3.42

- FY2024: EUR 2.94

- FY2025: EUR 1.74

### accounting: pass

- Sloan accruals: -4.7%

- Receivables to sales index (DSRI): 1.15×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.49×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.92×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.9%

- FY2017: -7.3%

- FY2018: -6.7%

- FY2019: -7.9%

- FY2020: -9.6%

- FY2021: 8.6%

- FY2022: -1.9%

- FY2023: -7.0%

- FY2024: -6.4%

- FY2025: -4.7%

## Holders

## Price story

Down 24% since Feb 2024 · sales -5.2%

Story as of 2026-10-16T10:00:11.942Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.9% a year for ten years

### Sales · FY2024–2025

sales -5.2%; source https://filings.xbrl.org/724500UWG6A61XNA3Y36/2025-12-31/ESEF/NL/0/724500UWG6A61XNA3Y36-2025-12-31-1-en/reports/724500UWG6A61XNA3Y36-2025-12-31-1-en.xhtml; observed 2026-03-04.

- FY2016: EUR 1.7B 

- FY2017: EUR 1.9B 

- FY2018: EUR 3.1B 

- FY2019: EUR 2.9B 

- FY2020: EUR 2.3B 

- FY2021: EUR 2.6B 

- FY2022: EUR 3.3B 

- FY2023: EUR 3.6B 

- FY2024: EUR 3.5B 

- FY2025: EUR 3.3B 

### Gross margin · FY2025

gross margin 21.4%; source https://filings.xbrl.org/724500UWG6A61XNA3Y36/2025-12-31/ESEF/NL/0/724500UWG6A61XNA3Y36-2025-12-31-1-en/reports/724500UWG6A61XNA3Y36-2025-12-31-1-en.xhtml; observed 2026-03-04.

- FY2016: 21.6% 

- FY2017: 23.7% 

- FY2018: 23.9% 

- FY2019: 24.5% 

- FY2020: 24.4% 

- FY2021: 22.9% 

- FY2022: 23.0% 

- FY2023: 24.0% 

- FY2024: 24.3% 

- FY2025: 21.4% 

## Owner memo

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

### How it makes money

Operates in metal fabrication; annual sales are EUR 3.3 billion.

- Source: https://eodhd.com/api/fundamentals/RHIM.LSE.json#2025-12-31 (filed 2026-03-04); FY2025: revenue 3305225441; grossProfit 707000093; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RHIM.LSE: RHI Magnesita N.V., together with its subsidiaries, develops, produces, sells, installs, and maintains refractory products and systems used in industrial high-temperature processes worldwide. The company offers magnesite and dolomite, and refractory bricks, as well as mixes, mortars and castables, and functional specialized refractory products. It also provides refractory engineering solutions, such as drawings or design of a linings concept, installation, supervision, maintenance, and recycling. In addition, the company offers systems, sensors, machinery, and digital products; and sells internally produced raw materials, such as magnesite ore, dead-burned magnesia, and fused magnesia. Additionally, it offers raw magnesite, caustic magnesia, sintered magnesia, dolomite and sintered dolomite, magnesia products, slag conditioners, magnesium oxide, spinels, agalmatolite, chromite, grogs, and commodities. The company serves customers in steel, cement, metals, lime, non-ferrous metals, glass, energy, environmental, and chemicals industries. RHI Magnesita N.V. was founded in 1834 and is headquartered in Vienna, Austria.

### Why customers stay

Margins ranged from 21.4% to 24.3% during 2023–25; it earns 10.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/RHIM.LSE.json#2023-12-31 (filed 2026-03-04); FY2023: grossProfit / revenue = 24%.

- Source: https://eodhd.com/api/fundamentals/RHIM.LSE.json#2024-12-31 (filed 2026-03-04); FY2024: grossProfit / revenue = 24.3%.

- Source: https://eodhd.com/api/fundamentals/RHIM.LSE.json#2025-12-31 (filed 2026-03-04); FY2025: grossProfit / revenue = 21.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); 10-year return on capital observations [[2016,0.10930332078055463],[2017,0.06776321462447185],[2018,0.23227309648211406],[2019,0.2213949719655649],[2020,0.11770873860715493],[2021,0.11256804505514853],[2022,0.10928218427362137],[2023,0.10449840404572605],[2024,0.10711767508337304],[2025,0.10962321915917106]]; median 0.10946326996986284. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 23% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/724500UWG6A61XNA3Y36/2025-12-31/ESEF/NL/0/724500UWG6A61XNA3Y36-2025-12-31-1-en/reports/724500UWG6A61XNA3Y36-2025-12-31-1-en.xhtml (filed 2026-03-04); Gross margin observations: [[2021,0.22869796974210238],[2022,0.23013384782346558],[2023,0.24004703510834874]]; range within 2 percentage points.

### Where the cash goes

Earns 33.5% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/RHIM.LSE.json#2016-12-31 (filed 2026-03-04); FY2016: growth capex 0; upkeep 70800000; owner earnings 68300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/RHIM.LSE.json#2018-12-31 (filed 2026-03-04); FY2018: growth capex 0; upkeep 122600000; owner earnings 188900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/RHIM.LSE.json#2019-12-31 (filed 2026-03-04); FY2019: growth capex 0; upkeep 156100000; owner earnings 143120000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/RHIM.LSE.json#2021-12-31 (filed 2026-03-04); FY2021: growth capex 121000000; upkeep 131100000; owner earnings 232000000. Growth capex / owner earnings = 0.521551724137931.

- Source: https://eodhd.com/api/fundamentals/RHIM.LSE.json#2022-12-31 (filed 2026-03-04); FY2022: growth capex 12200000; upkeep 144500000; cash acquisitions 53700000; owner earnings 142920000. Growth capex plus acquisitions / owner earnings = 0.4610971172684019.

- Source: https://eodhd.com/api/fundamentals/RHIM.LSE.json#2023-12-31 (filed 2026-03-04); FY2023: growth capex 2000000; upkeep 177500000; cash acquisitions 313000000; owner earnings 151166795.09632224. Growth capex plus acquisitions / owner earnings = 2.083790952896002.

- Source: https://eodhd.com/api/fundamentals/RHIM.LSE.json#2024-12-31 (filed 2026-03-04); FY2024: growth capex 0; upkeep 145000000; cash acquisitions 51000000; owner earnings 155462337.66233766. Growth capex plus acquisitions / owner earnings = 0.32805373164252416.

- Source: https://eodhd.com/api/fundamentals/RHIM.LSE.json#2025-12-31 (filed 2026-03-04); FY2025: growth capex 0; upkeep 108995843; cash acquisitions 363000000; owner earnings 142147246. Growth capex plus acquisitions / owner earnings = 2.5536899955135253.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Incremental return on capital 0.3348754825147664, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Dividend observations: [[2016,29900000],[2017,29900000],[2018,33600000],[2019,74200000],[2020,49100000],[2021,71200000],[2022,70500000],[2023,77000000],[2024,87000000],[2025,83465288]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 45.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RHIM.LSE SharesStats.PercentInsiders = 45.421 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.9% yearly over ten years; actual growth was 27.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Ten-year compound average after fade. Initial solved rate -0.054036141626051803. Price 2795; FX 84.48781222921298; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.2570678612503214 → FY2025 2.9261881248724078. Closing-price date 2026-10-15.

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

- 2017-10: GBX 3,400.00 per share

- 2017-11: GBX 4,023.00 per share

- 2017-12: GBX 3,905.00 per share

- 2018-01: GBX 4,551.00 per share

- 2018-02: GBX 4,425.00 per share

- 2018-03: GBX 4,400.00 per share

- 2018-04: GBX 4,284.00 per share

- 2018-05: GBX 5,100.00 per share

- 2018-06: GBX 4,600.00 per share

- 2018-07: GBX 4,872.00 per share

- 2018-08: GBX 4,930.00 per share

- 2018-09: GBX 4,688.00 per share

- 2018-10: GBX 3,788.00 per share

- 2018-11: GBX 3,622.00 per share

- 2018-12: GBX 3,960.00 per share

- 2019-01: GBX 4,264.00 per share

- 2019-02: GBX 4,442.00 per share

- 2019-03: GBX 4,522.00 per share

- 2019-04: GBX 4,962.00 per share

- 2019-05: GBX 4,788.00 per share

- 2019-06: GBX 4,836.00 per share

- 2019-07: GBX 4,478.00 per share

- 2019-08: GBX 4,422.00 per share

- 2019-09: GBX 4,060.00 per share

- 2019-10: GBX 3,478.00 per share

- 2019-11: GBX 3,802.00 per share

- 2019-12: GBX 3,848.00 per share

- 2020-01: GBX 3,194.00 per share

- 2020-02: GBX 2,990.00 per share

- 2020-03: GBX 2,050.00 per share

- 2020-04: GBX 2,442.00 per share

- 2020-05: GBX 2,420.00 per share

- 2020-06: GBX 2,458.00 per share

- 2020-07: GBX 2,424.00 per share

- 2020-08: GBX 2,704.00 per share

- 2020-09: GBX 2,542.00 per share

- 2020-10: GBX 2,560.00 per share

- 2020-11: GBX 3,258.00 per share

- 2020-12: GBX 3,506.00 per share

- 2021-01: GBX 3,880.00 per share

- 2021-02: GBX 3,926.00 per share

- 2021-03: GBX 4,218.00 per share

- 2021-04: GBX 4,540.00 per share

- 2021-05: GBX 4,450.00 per share

- 2021-06: GBX 4,050.00 per share

- 2021-07: GBX 3,784.00 per share

- 2021-08: GBX 3,840.00 per share

- 2021-09: GBX 3,278.00 per share

- 2021-10: GBX 3,358.00 per share

- 2021-11: GBX 3,016.00 per share

- 2021-12: GBX 3,306.00 per share

- 2022-01: GBX 3,404.00 per share

- 2022-02: GBX 2,782.00 per share

- 2022-03: GBX 2,436.00 per share

- 2022-04: GBX 2,400.00 per share

- 2022-05: GBX 2,410.00 per share

- 2022-06: GBX 1,991.00 per share

- 2022-07: GBX 2,252.00 per share

- 2022-08: GBX 1,809.00 per share

- 2022-09: GBX 1,689.00 per share

- 2022-10: GBX 1,852.00 per share

- 2022-11: GBX 2,190.00 per share

- 2022-12: GBX 2,224.00 per share

- 2023-01: GBX 2,690.00 per share

- 2023-02: GBX 2,584.00 per share

- 2023-03: GBX 2,240.00 per share

- 2023-04: GBX 2,260.00 per share

- 2023-05: GBX 2,510.00 per share

- 2023-06: GBX 2,652.00 per share

- 2023-07: GBX 2,988.00 per share

- 2023-08: GBX 2,832.00 per share

- 2023-09: GBX 2,782.00 per share

- 2023-10: GBX 2,566.00 per share

- 2023-11: GBX 2,794.00 per share

- 2023-12: GBX 3,460.00 per share

- 2024-01: GBX 3,364.00 per share

- 2024-02: GBX 3,694.00 per share

- 2024-03: GBX 3,532.00 per share

- 2024-04: GBX 3,620.00 per share

- 2024-05: GBX 3,410.00 per share

- 2024-06: GBX 3,465.00 per share

- 2024-07: GBX 3,670.00 per share

- 2024-08: GBX 3,305.00 per share

- 2024-09: GBX 3,430.00 per share

- 2024-10: GBX 3,210.00 per share

- 2024-11: GBX 3,095.00 per share

- 2024-12: GBX 3,260.00 per share

- 2025-01: GBX 3,525.00 per share

- 2025-02: GBX 3,330.00 per share

- 2025-03: GBX 3,035.00 per share

- 2025-04: GBX 3,115.00 per share

- 2025-05: GBX 2,785.00 per share

- 2025-06: GBX 2,965.00 per share

- 2025-07: GBX 2,395.00 per share

- 2025-08: GBX 2,040.00 per share

- 2025-09: GBX 2,060.00 per share

- 2025-10: GBX 2,095.00 per share

- 2025-11: GBX 2,525.00 per share

- 2025-12: GBX 2,780.00 per share

- 2026-01: GBX 2,770.00 per share

- 2026-02: GBX 3,345.00 per share

- 2026-03: GBX 2,360.00 per share

- 2026-04: GBX 2,645.00 per share

- 2026-05: GBX 2,985.00 per share

- 2026-06: GBX 2,735.00 per share

- 2026-07: GBX 2,825.00 per share

- 2026-08: GBX 2,755.00 per share

- 2026-09: GBX 3,105.00 per share

- 2026-10: GBX 2,795.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 1,164.46 per share, central GBX 1,282.04 per share, high GBX 1,438.57 per share

- FY2017: low GBX 1,865.56 per share, central GBX 2,001.44 per share, high GBX 2,182.34 per share

- FY2018: low GBX 2,303.72 per share, central GBX 2,501.87 per share, high GBX 2,765.65 per share

- FY2019: low GBX 2,931.81 per share, central GBX 3,240.53 per share, high GBX 3,651.51 per share

- FY2020: low GBX 2,683.61 per share, central GBX 2,925.34 per share, high GBX 3,247.13 per share

- FY2021: low GBX 3,332.71 per share, central GBX 3,667.63 per share, high GBX 4,113.48 per share

- FY2022: low GBX 4,218.24 per share, central GBX 5,118.52 per share, high GBX 5,849.32 per share

- FY2023: low GBX 4,399.77 per share, central GBX 5,357.15 per share, high GBX 6,080.47 per share

- FY2024: low GBX 4,035.11 per share, central GBX 4,943.60 per share, high GBX 5,639.40 per share

- FY2025: low GBX 3,161.78 per share, central GBX 3,535.04 per share, high GBX 4,031.92 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 2026-10-15T06:47:01.966Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/724500UWG6A61XNA3Y36/2025-12-31/ESEF/NL/0/724500UWG6A61XNA3Y36-2025-12-31-1-en/reports/724500UWG6A61XNA3Y36-2025-12-31-1-en.xhtml); period 2025-12-31, filed 2026-03-04.

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.