Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Spadel SA is a family-owned producer and marketer of natural mineral water, spring water, and non-alcoholic beverages, operating in the consumer defensive sector. Its primary function centers on bottling and distributing high-quality products from unique European sources, including well-known brands like Spa, Bru, Wattwiller, Carola, and Devin. These offerings encompass mineral waters, zero-calorie flavored waters, soft drinks with 100% natural ingredients, lemonades, and fruit juices, emphasizing health, purity, and sustainability. The company also provides water coolers, dispensers, and operates the Thermes de Spa, extending its reach into wellness services for retail and corporate clients. Headquartered in Brussels, Belgium, Spadel SA employs over 1,359 people and stands as the world's first family-owned mineral water group with B Corp certification across all brands, reflecting its commitment to environmental performance, biodiversity protection, and a circular economy. With roots tracing back to industrial bottling in 1921, Spadel SA drives innovation through ventures like The Source, investing in startups to advance natural beverage trends. It plays a significant role in the beverages industry by supplying everyday essentials that align with consumer shifts toward natural, low-calorie, and sustainable options.
€356.00
€4.00 (-1.11%)
EOD Jun 23, 2026 · Twelve Data
15.41% operating margin is respectable but not wide. ROIC at 14.71%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue up 11.8% YoY with margins expanding 2.0pp. However, free cash flow softened 15%, worth monitoring whether this is timing or structural.
At 29x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Free cash flow declined 15% versus the prior year, cash generation momentum has weakened.
28.9x earnings, 38.4x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
€400M
▲ +11.8% YoY
Net Income (TTM)
€51M
▲ +24.7% YoY
Op. Margin
15.41%
▲ +2.0pp YoY
ROIC
14.71%
▲ +2.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€39M
▼ -14.5% YoY
Op. Cash Flow (TTM)
€45M
▼ -33.9% YoY
Net Debt
-€167M
Net Cash Position
Cash & Equiv.
€173M
3Y CAGR: +7.6%
3Y CAGR: +24.3%
Continue Research
At a P/E of 28.9 and a price-to-free-cash-flow of 38.4, Spadel SA (SPA.XBRU) trades above a two-stage DCF intrinsic value of about €247.68 per share, so at €356.00 the stock looks overvalued (30.4% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Spadel SA scores 77/100 on Intrinsiqq's quality scorecard (a solid business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 0.9%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about €247.68 per share for SPA.XBRU, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around €185.76. At today's €356.00, that puts the stock about 30.4% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Spadel SA scores 77 out of 100 on Intrinsiqq's quality score, passing 4 of 8 checks, which makes it a solid business on these measures. Recent fundamentals include a 15.4% operating margin and a 14.7% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full check-by-check breakdown is on the quality scorecard.
Yes, Spadel SA pays a regular dividend of about €3.20 per share per year (typically in quarterly installments), a yield of roughly 0.9% at the current price. That is a payout ratio of about 25.9% of earnings, so the dividend is amply covered by earnings. Spadel SA has grown the dividend at roughly 12.5% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For SPA.XBRU's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. SPA.XBRU currently trades above its estimated intrinsic value and scores 77/100 on quality (solid). It also yields about 0.9%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.