Miquel y Costas y Miquel

Miquel y Costas shares have dropped to €10.45, close to their 52-week low of €10.30. The decline raises an important question for value investors: is the market overlooking a solid business, or are falling profits warning that the stock could remain under pressure? On October 13, 2026, the shares fell another 2.79%. The latest results explain the concern. During the first half of 2026, revenue declined 7.4% to €156 million. Earnings before interest, taxes, depreciation and amortization fell 13.7% to €35.1 million, while net profit dropped 23.1% to €18.7 million. The operating environment remains challenging, and the company reported that a weaker United States dollar hurt sales and margins, particularly in businesses exposed to that currency. Despite these setbacks, the business remains profitable. Its earnings margin is still meaningful, and management has continued shareholder distributions. In September, the company confirmed an interim dividend of approximately €0.115 per share, paid on October 7. Recent capital actions, including share repurchases and a capital increase, also deserve attention when assessing shareholder value. For value investors, the lower price could offer an entry point if profits recover and currency pressure eases. However, continued revenue declines, shrinking margins and limited trading liquidity could delay a rebound. A recovery depends on stronger results, not simply a cheaper share price. This review is for informational and educational purposes only, not financial advice.