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Turism, Hoteluri, Restaurante Marea Neagra S.A (EFO) Fair Value & Analysis

Consumer Cyclical · RO · Market cap 148M RON

TH Turism, Hoteluri, Restaurante Marea Neagra S.A EFO · RO
Price0.7600 RON
Fair Value0.1600 RON
Upside-79.0%
Quality79/100
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Weak Growth
Thin margins · 4.6% net margin
Low debt · generates free cash flow
Ranks above peers (9/12)
Narrow moat 33/100
Evidence: Medium Range 0.1400 RON – 0.2200 RON Share as image

Fair value as of: Jul 15, 2026

From 18 valuation models · updated 26 days ago

Fair value updated Jul 15, 2026, revised from 0.7900 RON to 0.1600 RON (−79.7%) since Jun 24, 2026. Share price +12.6% over the past month.

A strong business, but screening 79% overvalued on our models.

What matters now

  • A high-quality business (quality 79/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (0.2200 RON). The favourable scenario is already priced in.
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Price vs Fair Value (5 years)

0.8000 RON 0.1095 RON Fair Value 0.1600 RON Sep 2020 Jun 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range 0.1095 RON – 0.8000 RON · fair‑value band 0.1400 RON – 0.2200 RON · the 0.7600 RON price screens above the 0.1600 RON fair value. Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Turism, Hoteluri, Restaurante Marea Neagra S.A (EFO) currently trades at 0.7600 RON, while our model-based Fair Value estimate is 0.1600 RON, implying the stock looks roughly 79.0% overvalued today. The Quality Score stands at 79/100 (high quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Turism, Hoteluri, Restaurante Marea Neagra S.A generated revenue of 35.0M RON at a net margin of 4.6%. Revenue grew 210.4% year over year. It earns a return on equity of 6.7%. The stock trades on a trailing P/E of 9.4. Fundamentals as of Jul 15, 2026

Our scenario range runs from 0.1400 RON (bear case) to 0.2200 RON (bull case); at 0.7600 RON, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 5% below its 52-week high and 85% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 11% fair-value upside, at -79%, EFO screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 0.1600 RON 0.2200 RON 0.2800 RON 80
Residual Income 0.7200 RON 0.7500 RON 0.7400 RON 76
Gordon GGM 0.4100 RON 0.6900 RON 0.9000 RON 70
All 18 models by family
DCF Models
FCF DCF 0.1600 RON 0.2200 RON 0.3000 RON 38
5Y Revenue Exit 0.1000 RON 0.1100 RON 0.1200 RON 39
5Y P/E Exit 0.6600 RON 1.20 RON 1.80 RON 38
10Y Revenue Exit 0.1200 RON 0.1400 RON 0.1600 RON 36
10Y P/E Exit 0.4300 RON 0.8100 RON 1.30 RON 35
Earnings-Based
Graham-Dodd 0.5000 RON 1.89 RON 2.55 RON 54
Lynch FV 0.4600 RON 0.6500 RON 0.8500 RON 50
PEG = 1.0 0.4600 RON 0.6500 RON 0.8500 RON 46
Dividend Discount
Gordon GGM 0.4100 RON 0.6900 RON 0.9000 RON 70
DDM Multi-Stage 0.4100 RON 0.6600 RON 0.7500 RON 61
Multiples
P/E Multiple 1.10 RON 1.46 RON 1.83 RON 63
P/S Multiple 0.0100 RON 0.0100 RON 0.0200 RON 58
P/B Multiple 0.9300 RON 1.24 RON 1.56 RON 55
EV/Revenue 0.0500 RON 0.0500 RON 0.0500 RON 43
Asset-Based
NCAV (Graham) 0.4800 RON 0.6400 RON 0.9500 RON 50
Growth DCF
Growth DCF 0.1600 RON 0.2200 RON 0.2800 RON 80
Economic Profit
Residual Income 0.7200 RON 0.7500 RON 0.7400 RON 76
Growth Earnings
Growth-Adj P/E 0.8100 RON 1.16 RON 1.51 RON 68

Widest divergence: Growth Earnings (1.16 RON) versus Multiples (0.0500 RON). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 35.0M RON
Revenue growth (YoY) +210%
Net margin 4.6%
Return on equity 6.7%
Free cash flow 2.8M RON FY2025
P/E ratio 9.4
More key figures
Operating margin -1,481%
EPS (TTM) 0.0800 RON
EPS growth (YoY) +187%

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 79/100

Of which business quality 78 · Market factors (momentum, volatility) 82

Profitability 38
Margins and returns on capital today
Quality Growth 68
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 78
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 54
Calm price path (market factor)
Momentum 94
Price trend over the last 3–12 months (market factor)
52W Momentum 95
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Turism, Hoteluri, Restaurante Marea Neagra S.A. engages in the provision of tourist accommodation, public catering, and entertainment services in Romania. It operates hotels, restaurants, bars, buffets, and spas. The company was formerly known as S.C. Eforie S.A. and changed its name to Turism, Hoteluri, Restaurante Marea Neagra S.A. in January 2005.

Full company description

Turism, Hoteluri, Restaurante Marea Neagra S.A. engages in the provision of tourist accommodation, public catering, and entertainment services in Romania. It operates hotels, restaurants, bars, buffets, and spas. The company was formerly known as S.C. Eforie S.A. and changed its name to Turism, Hoteluri, Restaurante Marea Neagra S.A. in January 2005. Turism, Hoteluri, Restaurante Marea Neagra S.A. was founded in 1991 and is headquartered in Constanta, Romania.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Turism, Hoteluri, Restaurante Marea Neagra S.A reported revenue of 972K RON in FY2025 versus 40.1M RON in FY2021, a compound −60.5%/yr. Reported net income was 14.4M RON in FY2025, compounding −27.0%/yr from FY2021.

Growth Quality 17/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
972K RON
Latest YoY
+7.8%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−70.4%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−45.2%
Revenue −60.5%/yr
FY21 40.1M RON
FY22 37.3M RON
FY23 237K RON
FY24 902K RON
FY25 972K RON
Net income −27.0%/yr
FY21 50.7M RON
FY22 −6.5M RON
FY23 34.5M RON
FY24 9.7M RON
FY25 14.4M RON

EFO screens 79% overvalued. Compare with Las Vegas Sands Corp →

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Cite: Fair Value Calculator (2026). "Turism, Hoteluri, Restaurante Marea Neagra S.A Fair Value". https://www.fairvalue-calculator.com/stock/EFO

Peer Group

Resorts & Casinos · 76 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 79 · Top 25%
Fair Value upside −79% · Bottom 25%
Return on equity (TTM) 7% · Above median
Return on assets 2% · Below median
Net margin (TTM) 5% · Above median
Revenue growth 210% · Top 25%

Valuation Multiples vs Resorts & Casinos median · lower = cheaper

P/E (TTM) 9.4× · Cheaper than 75% of peers
P/B 0.17× · Cheaper than 75% of peers
P/S (TTM) 0.93× · Cheaper than median
P/FCF 11.5× · Pricier than median
EV/EBITDA 2.9× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 18
FUTURE 100 · sector 33
PAST 27 · sector 19
HEALTH 100 · sector 84
DIVIDEND 0 · sector 52

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Gambling

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Resorts & Casinos stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
Las Vegas Sands Corp LVS $44.79 $52.27 +17%
Galaxy Entertainment Group 0027 HK$34.20 HK$41.44 +21%
Sands China Ltd 1928 HK$13.08 HK$2.05 -84%
MGM Resorts International, through its subsidiaries, MGM $46.13 $13.70 -70%
Wynn Resorts, Limited WYNN $97.05 $69.39 -29%
Red Rock Resorts, Inc RRR $64.75 $17.09 -74%
Boyd Gaming Corporation BYD $87.64 $151.24 +73%
Caesars Entertainment, Inc CZR $29.91 $80.92 +171%
Genting Singapore Limited G13 0.6200 SGD 0.6900 SGD +11%
Vail Resorts, Inc MTN $150.14 $125.02 -17%

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Frequently asked questions

Is Turism, Hoteluri, Restaurante Marea Neagra S.A (EFO) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of 0.1600 RON versus a price of 0.7600 RON, about −79% (overvalued).
What is the fair value of EFO?
Our model-based fair value for Turism, Hoteluri, Restaurante Marea Neagra S.A is 0.1600 RON (as of Jul 15, 2026), built from audited fundamentals. The current price is 0.7600 RON.
What is the quality score of EFO?
Turism, Hoteluri, Restaurante Marea Neagra S.A has a Quality Score of 79/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Turism, Hoteluri, Restaurante Marea Neagra S.A (EFO)?
Turism, Hoteluri, Restaurante Marea Neagra S.A reported trailing-twelve-month revenue of about 35.0M RON (latest available figure, as of Jul 15, 2026).
What is the net profit margin of EFO?
The net profit margin of Turism, Hoteluri, Restaurante Marea Neagra S.A is about 4.6%, meaning it keeps roughly 4.6% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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