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Ramada Investimentos e Industria S.A (RAM) Fair Value & Analysis

Basic Materials · PT · Market cap €175M · ISIN PTFRV0AE0004

What is Ramada Investimentos e Industria S.A really worth?

RI Ramada Investimentos e Industria S.A RAM · LS
Price€6.94
Fair Value€5.59
Upside−19.4%
Quality74/100

A solid business, but trading 24% above our fair value of €5.59.

As of Aug 19, 2026, the fair value of Ramada Investimentos e Industria S.A is €5.59 per share against a price of €6.94, so the fair value sits 19% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Highly profitable · 82.7% net margin
Low debt · generates free cash flow
Wide moat 66/100

Risks

!Weak Growth (revenue 5y −36.9 %/yr)
!Mixed vs. peers (7/14)
!Weak on valuation: 7 out of 100
!Weak on past: 23 out of 100

For context

·12.82% dividend yield
Evidence: High Range €3.91 – €7.10

Fair value as of: Aug 19, 2026

From 23 valuation models · updated 17 days ago

Fair value updated Aug 19, 2026, revised from €4.46 to €5.59 (+25.4%) since Aug 13, 2026.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • A high-quality business (quality 74/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • A fairly wide model range (€3.91 to €7.10) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

€7.45 €3.26 Fair Value €5.59 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.

How to read this chart

60‑month range €3.26 – €7.45 · fair‑value band €3.91 – €7.10 · the €6.94 price screens above the €5.59 fair value. Dashed = 300-day average. As of Aug 19, 2026.

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Analysis

Ramada Investimentos e Industria S.A (RAM) currently trades at €6.94, while our model-based Fair Value estimate is €5.59, implying the stock looks roughly 24.1% overvalued today. The Quality Score stands at 74/100 (solid quality), in the Basic Materials sector. Bull case: the Dividend Discount group reads highest at a median of €7.82 per share, and 2 of the 23 models we run sit above the €6.94 price. Bear case: the Earnings-Based group reads lowest at €1.35, and 21 of the 23 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Ramada Investimentos e Industria S.A generated revenue of €10.2M at a net margin of 82.7%. Revenue declined 2.5% year over year. It earns a return on equity of 5.8%. The stock trades on a trailing P/E of 27.8. Fundamentals as of Aug 19, 2026

Our scenario range runs from €3.91 (bear case) to €7.10 (bull case); at €6.94, the current price sits within 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 10% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −23% fair-value upside, at −19%, RAM screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF best evidence €2.08 €2.61 €3.46 82
Growth DCF €2.14 €2.63 €3.37 80
Owner Earnings €2.82 €3.54 €4.70 78
All 23 models by family
DCF Models
FCF DCF best evidence €2.08 €2.61 €3.46 82
Owner Earnings €2.82 €3.54 €4.70 78
5Y Revenue Exit €1.22 €1.43 €1.73 74
5Y EBITDA Exit €2.34 €3.36 €4.72 75
5Y P/E Exit €2.99 €4.49 €6.27 71
10Y Revenue Exit €1.61 €1.79 €1.96 68
10Y EBITDA Exit €2.20 €2.81 €3.45 70
10Y P/E Exit €2.54 €3.41 €4.23 65
Earnings-Based
Graham-Dodd €2.34 €2.86 €3.21 67
EPV €1.21 €1.35 €1.46 74
Dividend Discount
Gordon GGM €7.31 €7.82 €8.56 69
DDM Multi-Stage €7.31 €8.47 €9.90 67
Multiples
P/E Multiple €4.38 €5.84 €7.30 63
P/S Multiple €0.4500 €0.6000 €0.7500 58
P/B Multiple €4.38 €5.84 €7.30 55
EV/EBIT €3.46 €4.60 €5.74 66
EV/EBITDA €2.98 €3.96 €4.94 67
EV/Revenue €0.4700 €0.6500 €0.8300 54
Asset-Based
NCAV (Graham) €1.94 €2.60 €3.89 54
Growth DCF
Growth DCF €2.14 €2.63 €3.37 80
Economic Profit
Residual Income €3.02 €3.20 €3.34 76
ROIC Compounder €1.21 €1.35 €1.46 72
Growth Earnings
Growth-Adj P/E €3.12 €4.46 €5.80 67

Widest divergence: Dividend Discount (€7.82) versus Earnings-Based (€1.35). Highest evidence: FCF DCF (82).

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Key figures & financial health

P/E ratio 27.8
P/S ratio 23.8 P/E × margin
EPS (TTM) €0.2500 price ÷ EPS = P/E 27.8
Dividend yield 12.8%
Net margin 85.9% FY2025
Return on equity 5.8% TTM
More key figures
Profitability
Return on assets (EBIT) 7.4% avg 5y
Operating margin 77.7% TTM
Growth
Revenue (TTM) €10.2M TTM
Revenue growth (YoY) −2.5% 3y avg −62.4%
EPS growth (YoY) −14.5%
Balance sheet & cash flow
Free cash flow €7.2M FY2025
Net debt €980K FY2024 · ≈ 0.1 yrs of FCF

Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 74/100

Of which business quality 71 · Market factors (momentum, volatility) 59

Profitability 43
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 92
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 43
Distance to the 52-week high (market factor)
Net Issuance 82
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Ramada Investimentos e Industria, S.A., together with its subsidiaries, engages in the real estate business in Portugal. It owns and leases forested lands; and manages real estate properties and investments. The company was formerly known as F. Ramada Investimentos, SGPS, S.A. and changed its name to Ramada Investimentos e Industria, S.A. in May 2018.

Full company description

Ramada Investimentos e Industria, S.A., together with its subsidiaries, engages in the real estate business in Portugal. It owns and leases forested lands; and manages real estate properties and investments. The company was formerly known as F. Ramada Investimentos, SGPS, S.A. and changed its name to Ramada Investimentos e Industria, S.A. in May 2018. Ramada Investimentos e Industria, S.A. was founded in 1935 and is headquartered in Porto, Portugal.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ramada Investimentos e Industria S.A reported revenue of €10.3M in FY2025 versus €143M in FY2021, a compound −48.2%/yr. Reported net income was €8.8M in FY2025, compounding −12.6%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€10.3M
Latest YoY
+0.6%
Avg. revenue 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.
−62.4%
Avg. revenue 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.
−36.9%
Avg. revenue growth/yr (10Y) 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.
−22.2%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
+5.5% · in EUR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−7.3%
Dividend yield12.8%
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11.9% (2020) → 81.4% (2025) · rising
Worst earnings drop88% (2020) · in EUR
⚠ Revenue per share shrinking 34.3%/yr over ~6Y (margins intact) Structural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Revenue −48.2%/yr
FY21 €143M
FY22 €194M
FY23 €9.8M
FY24 €10.2M
FY25 €10.3M
Net income −12.6%/yr
FY21 €15.1M
FY22 €20.0M
FY23 €10.4M
FY24 €28.8M
FY25 €8.8M

RAM screens 24% overvalued. Compare with Nucor Corporation →

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Cite: Fair Value Calculator (2026). "Ramada Investimentos e Industria S.A Fair Value". https://www.fairvalue-calculator.com/stock/RAM.LS

Peer Group

Steel · 399 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 74 · Top 25%
Fair Value upside −19% · Below median
Return on equity (TTM) 6% · Above median
Return on assets 4% · Above median
Net margin (TTM) 83% · Top 25%
Operating margin (TTM) 78% · Top 25%
Revenue growth −3% · Below median
Dividend yield (TTM) 12.8% · Top 25%

Valuation Multiples vs Steel median · lower = cheaper

P/E (TTM) 27.8× · Pricier than median
P/B 2.05× · Pricier than 75% of peers
P/S (TTM) 19.97× · Pricier than 75% of peers
P/FCF 28.2× · Pricier than 75% of peers
EV/EBITDA 24.2× · Pricier than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE7 · sector 13
FUTURE0 · sector 2
PAST23 · sector 16
HEALTH100 · sector 95
DIVIDEND100 · sector 49

Values & ESG

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

None of the checked exposures detected

Similar stocks

10 more Steel stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).

Stock Price Fair Value vs Fair Value
Nucor Corporation NUE $250.50 $116.05 −54%
ArcelorMittal S.A MT €64.60 €46.04 −29%
JSW Steel Limited JSWSTEEL ₹1,296 ₹1,119 −14%
Steel Dynamics, Inc STLD $234.67 $127.14 −46%
500228 500228 ₹1,292 ₹1,079 −16%
Tata Steel Limited TATASTEEL ₹188.79 ₹145.39 −23%
Reliance, Inc RS $387.59 $217.81 −44%
Baoshan Iron & Steel Co 600019 ¥5.91 ¥8.07 +37%
POSCO Holdings PKX $63.13 $85.21 +35%
Jindal Steel & Power Limited JINDALSTEL ₹1,114 ₹429.44 −61%

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Frequently asked questions

Is Ramada Investimentos e Industria S.A (RAM) overvalued or undervalued?
As of Aug 19, 2026, our model estimates a fair value of €5.59 versus a price of €6.94, about −19% upside (overvalued).
What is the fair value of RAM?
Our model-based fair value for Ramada Investimentos e Industria S.A is €5.59 (as of Aug 19, 2026), built from audited fundamentals. The current price: €6.94.
What is the quality score of RAM?
Ramada Investimentos e Industria S.A has a Quality Score of 74/100. 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 price target for Ramada Investimentos e Industria S.A (RAM)?
Our model-based price target is the fair value of €5.59 (as of Aug 19, 2026) from 23 valuation models. Cautious scenario €3.91, optimistic scenario €7.10. It is a calculation from audited fundamentals, not an analyst target.
What is the Ramada Investimentos e Industria S.A stock forecast for 2026?
Our models put fair value at €5.59, about −19% upside versus a price of €6.94 (overvalued). Cautious scenario €3.91, optimistic scenario €7.10. The calculation is refreshed regularly with new filings.
What is the revenue of Ramada Investimentos e Industria S.A (RAM)?
Ramada Investimentos e Industria S.A reported trailing-twelve-month revenue of about €10.2M (latest available figure, as of Aug 19, 2026).
What is the net profit margin of RAM?
The net profit margin of Ramada Investimentos e Industria S.A is about 82.7%, meaning it keeps roughly 82.7% of revenue as net income. Based on the latest reported figures.
Does Ramada Investimentos e Industria S.A pay a dividend?
Ramada Investimentos e Industria S.A currently shows a dividend yield of about 12.82% relative to its recent price (as of Aug 19, 2026).
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