Tubacex TUB.MC
SpainBasic Materials · SteelBolsa de Madrid (BME) · EUR
4.14 EUR (+44.8%)
6 analysts
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Tubacex is a Spanish manufacturer of seamless stainless steel tubes, with a global presence, supplying the energy, oil and gas, petrochemical, and other industrial sectors.
Listed on Bolsa de Madrid (BME) · Symbol TUB.MC · BME: TUB · Currency EUR
Key points
from its scores- ✕Poor share-price trend0.3
- ✕Fragile balance sheet2.1
- ✕Weak growth2.1
AI analysis
bottom line, main risk, context and newsExtremely high leverage and declining revenue make the balance sheet risk too high to offset the seemingly cheap valuation.
Tubacex presents very weak financial health (Net Debt/EBITDA of 10.71) and negative growth (revenue -5.60%), with a negative ROE (-9.82%) reflecting insufficient profitability. Despite a low forward P/E (11.75), the valuation is not attractive due to business deterioration and high leverage.
The main risk is extreme leverage (Net Debt/EBITDA of 10.71), which in a rising rate environment and with a contracting business could lead to solvency issues.
Context and risks
Tubacex is a stainless steel tube manufacturer based in Spain, a country with weak institutional governance and limited minority shareholder protection, adding relevant governance risk. Furthermore, its high leverage (Net Debt/EBITDA of 10.71) and exposure to the energy-intensive steel industry make it vulnerable to European gas price volatility, which is not covered by the automatic layer.
Is Tubacex stock cheap or expensive?
at the analysis dateOn EV / EBITDA, it trades 133% above the Basic Materials median.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| EV / EBITDA | 23.3 | 10.0 | +133% |
| Price / book | 1.2 | 2.3 | −47% |
| Price / sales | 0.5 | 2.2 | −77% |
Sector: median of the 141 Basic Materials companies analysed. In bold, the multiples used for the comparison.
Valuation score: 4.5 out of 10 (median for Basic Materials: 5.8).
Average analyst target: 4.14 EUR, +44.8% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 3.4 (sector 5.1), Growth 2.1 (sector 6.8).
Classic formulas with standard assumptions (5.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Basic Materials medianValuation
- Forward P/E
- 11.8
- EV / EBITDA
- 23.3
- Price / book
- 1.2
- Price / sales
- 0.5
- PEG
- 0.19
- Market cap
- 352.6M EUR
- Enterprise value
- 844.1M EUR
Profitability
- ROE
- −9.8%
- ROA
- −0.5%
- ROIC (approx.)
- 3.4%
- Gross margin
- 54.3%
- Operating margin
- 4.0%
- Net margin
- −6.7%
- Free cash flow
- 12.4M EUR
- FCF yield
- 3.5%
- Cash conversion
- 34%
Solvency
- Total debt
- 509.4M EUR
- Net debt
- 388.5M EUR
- Cash
- 120.9M EUR
- EBITDA
- 36.3M EUR
- Net debt / EBITDA
- 10.71
- Debt / equity
- 128.15
- Current ratio
- 1.23
- Quick ratio
- 0.46
Growth
- Revenue growth
- −5.6%
- EPS (TTM)
- −0.37 EUR
- EPS (forward)
- 0.24 EUR
Dividend
- Dividend yield
- 1.7%
- Payout
- 97.2%
Risk and market
- Beta
- 0.51
- Analyst consensus
- Strong buy (6)
- Target price
- 4.14 EUR
- 52-week range
- 2.44 – 3.73
Recent news
All TUB.MC news →Compare it with its sector
All 141 in Basic Materials →Frequently asked questions about Tubacex
Is Tubacex stock cheap or expensive?
On EV / EBITDA, it trades 133% above the Basic Materials median. Valuation score: 4.5 out of 10 (median for Basic Materials: 5.8). Average analyst target: 4.14 EUR, +44.8% versus the price. This is not investment advice.
What score does Tubacex get on MeridIAn Screener?
It scores 3.5 out of 10, rank 2,037 of 2,130 (better than 4% of the companies analysed). Its strongest category is Risk & Context (6.3) and its weakest, Momentum (0.3). Analysis of 08/10/2026.
How much is Tubacex worth on the stock market?
Its market capitalisation is 352.6M EUR and its enterprise value, debt included, is 844.1M EUR.
How much debt does Tubacex have?
Its net debt (debt minus cash) is 388.5M EUR. That is 10.71 times its EBITDA; the Basic Materials median is 1.41.
Does Tubacex pay a dividend?
Yes: its dividend yield is 1.75% and it pays out 97% of its earnings.
How has Tubacex stock performed over the last year?
It has fallen 17.3% over the last year, excluding dividends. Over the last 52 weeks it has traded between 2.44 and 3.73 EUR. Past performance does not guarantee future results.
What do analysts think of Tubacex?
6 analysts cover it; their average recommendation is “Strong buy” and their average target is 4.14 EUR (+44.8% versus the price). It is an estimate, not market data.