Agroserv Mariuta S.A.

MILK.RO · Consumer Defensive · Annual report 2025-12-31 · 6 reported years · Figures in RON

Market Cap

66.54M RON

Price on 2026-10-28

Average of the Three Values

36.88M RON

The plain average of EPV, Profit and FCFF

Intrinsic / Market Ratio

0.55×

Average / Market Cap, the ratio the list ranks by

Margin of Safety (Average)

-80.4%

1 − Market Cap / Average of the Three Values

Price / Book

1.94×

Market Cap / Book Value as printed (34.25M)

Greenwald Value, Case A: Earnings Power

-9.17M RON

Assets earn too little

Evidence: N is a note in the company's reports, F a line of its financial statements, R a fact from recent research; +n is n more sources. This page reads the company's own reports at its price date; the screener's values, the hollow dots, read the data provider's figures at their own date, so they differ on purpose.

Price vs Value

Every value of the company against the Market Cap on the price date above.

Bottom line

Agroserv Mariuta is worth 36.84M RON against a market cap of 66.47M RON, a margin of safety of -80.4%: the price is above the value. The intrinsic value is the average of EPV + growth (-9.16M RON), Profit (59.84M RON) and FCFF (59.84M RON). Neither Profit nor FCFF could be projected (a loss in the latest three years for Profit, a working capital swing above half the operating profit for FCFF), so both stand at the asset value, what an entrant would spend to rebuild the business less what it owes. Greenwald's value on the case is the earnings power of the equity, -9.16M RON: the earnings power of the business, 79.19M RON, does not cover the debt it carries. With no barrier to entry, net debt at 4.31x EBITDA and Profit's printed growth at -2.9%, the price already pays more than an entrant would spend to rebuild the business.

← Worth Less← LessWorth More →

¼×½×Market Cap 1×2×4×

Book Value

Assets less liabilities, as printed

34.25M RON0.51× Market Cap-94.3% margin

Asset Value

What an entrant would spend to reproduce the assets, less what is owed

59.90M RON0.90× Market Cap-11.1% margin

EPV + Growth Value

From the report's figures

≤ 0

-9.17M RON-0.14× Market Cap— margin

Profit

From the report's figures

59.90M RON0.90× Market Cap-11.1% margin

FCFF

From the report's figures

59.90M RON0.90× Market Cap-11.1% margin

Average of the Three

Uncapped, as the screener averages them

36.88M RON0.55× Market Cap-80.4% margin

Greenwald Value, Case A: Earnings Power

The value Greenwald assigns on this case

≤ 0

-9.17M RON-0.14× Market Cap— margin

Worth more than the Market CapWorth less than the Market CapScreener (its own figures)Axis in multiples of the Market Cap (66.54M RON), logarithmic.

How Each Value Is Built

The screener's three formulas on the report's own figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The verdict rests on their plain average, as the screener ranks; the Greenwald value on the company's case is a reading beside it.

What it is worth

EPV + Growth

-9.17M RON

what the normal year's earnings are worth for ever, plus growth that pays

Profit

59.90M RON

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

59.90M RON

15 years of cash for shareholders and lenders, less what is owed

÷ 3 =

Average Intrinsic Value

36.88M RON

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

66.54M RON

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.55×

the ratio the screener ranks by

Margin of Safety

-80.4%

1 − Market Cap / Average Intrinsic Value

Earnings power value plus growth: -9.17M RON

The normal year's NOPAT as if it lasted for ever (the EPV), less what is owed ahead of the shareholders, plus what new investment adds beyond its cost (the growth value).

①EPV of the Equity-9.17M RON

+②Growth Value0 RON

=Value-9.17M RON

EPV of the Operations (NOPAT over WACC)

79.27M RON

Net Debt and Claims Ahead of the Shareholders

-88.44M RON

Growth Value

0 RON

Value

-9.17M RON

①EPV of the Equity

-9.17M RON

②Growth Value

0 RON

Market value

Market Cap66.54M RON

The price on the date above times the shares.

Value vs market

Margin of Safety—

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 59.90M RON

Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

①Asset Value (the projection was not made)59.90M RON

=Value59.90M RON

The projection was not made: a profit at or below zero in the latest three years, so the value is the asset value alone, as the screener leaves its book.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap66.54M RON

The price on the date above times the shares.

Value vs market

Margin of Safety-11.1%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 59.90M RON

Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt and claims ahead of the shareholders.

①Asset Value (the projection was not made)59.90M RON

=Value59.90M RON

The projection was not made: a change in working capital above half the operating profit in the latest three years, so the value is the asset value alone, as the screener leaves its book.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt and Claims Ahead of the Shareholders

-88.44M RON

Market value

Market Cap66.54M RON

The price on the date above times the shares.

Value vs market

Margin of Safety-11.1%

1 minus the market cap as a share of the value.

From the Reported Years to the Intrinsic Value

The average of the three values on the years as the report gives them, then what each adjustment moved it by. The formulas stay the screener's; an adjustment only reads a reported line as the books do.

36.88M RON

Average on the reported years

EPV + Growth Value, Profit and FCFF on the years as reported

0 RON

Growth by five-year blocks

no value moved

36.88M RON

Intrinsic value

the average the verdict rests on

After	EPV + Growth Value	Profit	FCFF	Average
The reported years	-9.17M RON	59.90M RON	59.90M RON	36.88M RON
Growth by five-year blocks	-9.17M RON	59.90M RON	59.90M RON	36.88M RON

Inflection: none, so the latest five reported years are read.
One good year with no lasting cause: 2025 is the only profitable full year among the printed years, after losses in 2023 and 2024. Cycle and one-off: the 2024 loss came from drought that destroyed the whole maize crop (N328), and the notes call the write-off of that crop largely a one-off cost (N359). So the 2025 recovery is mostly that one-off dropping out, plus a normal harvest, not a new business. Commodity cycle: raw milk prices are falling, as N407 says ("anul 2026 debutează cu un preț al laptelui mai scăzut"), and R020 prints a Romanian fall of "-11% față de iunie 2025". Subsidies: operating subsidies are a large part of the result and are booked on management estimates (N394, N360). The latest report already shows the profit fading: H1 2026 net profit is down, as N436 prints ("-66%"), and R001 confirms it.
Profit growth: the fundamental growth of the reported years.
FCFF growth: the fundamental growth of the reported years.
Profit growth by blocks: not used, the projection was not made (a profit at or below zero in the latest three years), so the value is the asset value.
FCFF growth by blocks: not used, the projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the asset value.

Earnings Power vs Assets

Does the business earn more than it would cost to rebuild? Greenwald's test for a moat.

Market Cap

-50.00M050.00M100.00M

Asset Value

What a newcomer would spend to rebuild it, less what it owes; the bar runs from every asset at the cautious end of its inputs to every asset at the generous end (see Adjusted Balance Sheet)

35.65M – 115.31M

Earnings Power Value

What the business earns, as if it never grew

-9.17M RON

Market Cap

What the market pays for all the shares

66.54M RON

Cost to rebuild (bar: low to high)What it earns, as a value: green above the Market Cap, red belowMarket CapEarns what it costs: Case BLinear axis, RON.

Earnings Power Value / Asset Value-0.15×

0.25×0.80×1.25×4.00×

Logarithmic axis: 0.80× and 1.25× are the same distance from 1×.

Case A: The Assets Earn Too Little (This Company)

The business earns less than it would cost to rebuild. A newcomer would not build it, so the value is what it earns, not what its assets cost.

Case B: A Normal Business

It earns about what its assets cost to rebuild: no moat and no penalty. The value is the asset value.

Case C: Something Protects It

It earns well above what its assets cost. Something keeps newcomers out, and that franchise is worth the difference.

Franchise value

Earnings power value less asset value: what a moat is worth, negative when there is none.

-69.07M RON

Bear case

The bear case is a value toward the low end of the asset value, 35.61M RON.

Base case

The base case is what the printed years support: the intrinsic value of 36.84M RON, below the market cap of 66.47M RON.

Bull case

The bull case would be Profit and FCFF projected at their growth basis, averaged with EPV + growth; neither can be projected on the printed years, so both stand at the asset value of 59.84M RON.

Expected Return

What a buyer at this price earns a year if the business holds: cash returned, organic growth and reinvestment, against the cost of equity.

0.0%

Cash Returned

Earnings Power less the cost of today's debt after tax (its rate × the debt), 1.91M RON, × 0.0% paid out, over the market cap

10.0%

Organic Growth

Revenue growth of 18.1% a year, the average of the reported years (Returns, Payouts and Debt), × value over price of 0.55

1.5%

Reinvestment

3.23M RON kept beyond what organic growth needs × 0.31 of value created per unit, over the market cap

11.5%

Expected Return a Year

At value equal to price: 19.6%

Against a cost of equity of 14.3%: below it by 2.8%. At this price the business does not earn its cost of equity.

Paid out: the reported years' dividends and the buybacks beyond the shares issued, over net income, averaged. Value created per unit: the return on capital over the cost of equity. Working capital per unit of revenue: -6.7%.

What Comes Next

Dated events ahead that can matter to a holder, each with the quote that dates it.

2026Q3 2026 financial results publishedResults
Either way for holders
The quarter includes the delayed harvest revenue and shows whether the company is still on track for its unchanged 2026 budget after H1 net profit fell 66%.

Earnings Power, Step by Step

Average margin on sustainable revenue, average tax, depreciation above maintenance CapEx.

From Revenue to the Value of the Operations

109.10M RON

Latest Revenue

6.1%

Average Operating Margin, Latest 5 Reported Years

6.63M RON

Sustainable Operating Profit

× (1 −

16.0%

Average Tax Rate

) +

2.30M RON

Depreciation Above Maintenance CapEx, After Tax

7.86M RON

Earnings Power (NOPAT)

9.9%

Cost of Capital (WACC)

79.27M RON

EPV of the Operations

Average Tax Rate, set by the analyst: The only profitable reported year, 2025, paid 277,535 on a profit before tax of 4,022,048 (6.9%) because it used up losses carried from 2022-2024 (pretax losses of 1.89m, 2.27m and 3.56m); losses carried forward run out, so the sustainable rate is the statutory profit tax of 16% (R022), not the 6.9% of a year still absorbing past losses.

Cost of equity: 7.2% the 10-year government bond in RON + beta 1.00 (judged by the analyst from listed companies in the same business, the stock trading too thinly for its own) × 7.08% the country's equity risk premium = 14.28%, in the currency of the figures it discounts.

Cost of debt after tax: interest of 7.37M RON over the year's average debt of 92.80M RON, less tax at 16.0% = 6.67%. Weighted 42.69% equity at the market cap, 57.31% debt: 9.92%.

From the Operations to the Shareholders

EPV of the Operations

79.27M RON

Free Cash

cash the company may use freely

+858.98K RON

Assets the Business Does Not Need

Financial investments

+11.01K RON

Debt

financial debt and leases

-89.31M RON

Claims Ahead of the Shareholders

minority interests, a dividend already declared

0 RON

Legacy Liabilities

pensions, lawsuits, environment: inherited from the past

0 RON

EPV of the Equity

-9.17M RON

If the Assumptions Were a Step Off

Earnings power value of the equity at other costs of capital and margins.

No cell reaches the price between 7.9% and 11.9% cost of capital.

WACC ↓ · margin →	5.1%	5.6%	6.1%	6.6%	7.1%
7.9%	-720.29K	5.07M	10.85M	16.64M	22.43M
8.9%	-10.56M	-5.42M	-280.96K	4.86M	9.99M
9.9%	-18.41M	-13.79M	-9.17M	-4.55M	69.77K
10.9%	-24.82M	-20.63M	-16.43M	-12.23M	-8.04M
11.9%	-30.16M	-26.32M	-22.47M	-18.63M	-14.78M

EPV of the equity in RON; the outlined cell is the analysis's own. Green above the market cap (66.54M), red below.

Returns, Payouts and Debt

What each reported year earned, paid to shareholders and owed, as the report prints it, before any adjustment.

Return on Capital, 2025

8.3%

operating profit after tax over book plus net debt

Dividend Yield

0.0%

the latest year's dividends over the Market Cap on the price date above

Paid Out in All, 2025

0.0%

dividends and the buybacks beyond the shares issued, over profit

Net Debt over EBITDA, 2025

4.3×

years of operating profit before depreciation to repay it

	2020	2021	2022	2023	2024	2025
Growth and returns
Revenue growth on the year before	—	40.3%	6.6%	9.8%	11.5%	22.2%
Operating margin	-7.1%	9.7%	4.7%	5.4%	0.4%	10.2%
Net margin	-12.6%	2.5%	-2.6%	-2.8%	-4.0%	3.4%
Return on equity profit over the book at the start of the year	—	—	-4.9%	-6.3%	-10.5%	12.3%
Return on capital operating profit after tax over the book plus net debt at the start of the year	—	—	3.0%	3.7%	0.3%	8.3%
Capex over depreciation above 1×, the company invests more than it wears out	—	3.3×	0.6×	0.9×	1.2×	0.4×
Paid to shareholders
Dividends paid	0 RON	0 RON	0 RON	0 RON	0 RON	0 RON
Buybacks	0 RON	0 RON	0 RON	0 RON	0 RON	0 RON
Shares issued	0 RON	0 RON	0 RON	0 RON	0 RON	0 RON
Dividend payout dividends over profit	—	0.0%	—	—	—	0.0%
Paid out in all dividends and the buybacks beyond the shares issued, over profit	—	0.0%	—	—	—	0.0%
Debt
Debt	—	77.26M RON	83.18M RON	91.50M RON	96.29M RON	89.31M RON
Cash	—	3.66M RON	1.34M RON	808.78K RON	836.35K RON	858.98K RON
Net debt debt less cash; negative is net cash	—	73.60M RON	81.85M RON	90.69M RON	95.46M RON	88.45M RON
Net debt over EBITDA years of operating profit before depreciation to repay it; negative is net cash	—	4.4×	6.3×	6.3×	10.7×	4.3×
Interest cover operating profit over the interest on the debt	-1.2×	1.1×	0.6×	0.6×	0.1×	1.5×

Dividend policy: The company aims to reward investors with bonus shares by capitalising part of its accumulated net profits rather than with cash dividends. The 2025 net profit of 3.744.513 lei went to legal reserves and to partly cover the prior year's tax loss, so no dividend was paid.

What the Lenders Require

The conditions the lenders set.

Lenders' conditions

The credit agreements contain affirmative, negative and financial conditions; a breach of any of them can make drawn credit immediately due, and the company says its liquidity at that moment may not be enough to repay.
The loan contracts set liquidity indicators; if they are not met, creditors could enforce on the company's main assets or seek insolvency proceedings.
The MILK28E bonds are secured by mortgages on more than 70 hectares of agricultural land and by receivables from a supply contract with a major retail partner.

Financial Statements

Every line the reports print, in RON, before any adjustment, then what is calculated from them. Open a period for the document it comes from.

RON
Income statement
Operating income, of which:	73.73M	104.42M	112.14M	118.91M	119.01M	130.87M	65.85M	66.00M
Turnover	48.77M	68.42M	72.93M	80.08M	89.29M	109.10M	50.68M	48.21M
Change in work in progress	17.54M	26.36M	31.23M	26.53M	17.66M	12.88M	13.08M	13.53M
Operating subsidy income	4.44M	6.31M	4.72M	8.60M	6.99M	4.83M	102.83K	1.35M
Other operating income	2.98M	3.33M	3.25M	3.71M	5.07M	4.07M	1.99M	2.92M
Operating expenses, of which:	77.20M	97.81M	108.72M	114.58M	118.65M	119.69M	58.80M	60.60M
Raw materials and consumables expenses	41.98M	50.19M	62.42M	63.99M	59.42M	56.66M	30.91M	31.68M
Personnel expenses	10.44M	12.74M	12.35M	13.06M	16.16M	20.96M	10.19M	11.50M
Depreciation and value adjustments expense	9.00M	10.14M	9.61M	9.84M	9.60M	9.75M	4.66M	4.11M
Other operating expenses	14.43M	21.38M	19.28M	27.69M	33.47M	32.32M	13.05M	13.31M
Operating result	-3.47M	6.61M	3.40M	4.32M	359.92K	11.18M	7.05M	5.40M
Financial income	90.41K	1.16M	798.30K	607.48K	1.63M	216.86K	60.04K	331.38K
Financial expenses	2.79M	6.04M	6.11M	7.21M	5.56M	7.37M	3.59M	4.52M
Financial result	2.70M	-4.87M	-5.32M	-6.60M	-3.93M	-7.15M	-3.53M	-4.19M
Total income	73.82M	105.59M	112.94M	119.51M	120.64M	131.09M	65.91M	66.33M
Total expenses	79.98M	103.85M	114.83M	121.79M	124.21M	127.06M	62.39M	65.12M
Profit before tax	-6.17M	1.74M	-1.89M	-2.28M	-3.57M	4.03M	3.52M	1.22M
Income tax	—	—	—	—	0	277.81K	—	—
Net result	-6.17M	1.74M	-1.89M	-2.28M	-3.57M	3.75M	3.37M	1.16M
Balance sheet, period end	2020						H1 2025
Fixed assets, of which:	—	93.93M	95.07M	96.05M	101.11M	97.77M	—	99.20M
Intangible fixed assets	—	105.48K	40.07K	22.49K	75.93K	66.82K	—	68.65K
Tangible fixed assets	—	93.81M	95.02M	96.01M	101.02M	97.69M	—	99.12M
Financial fixed assets	—	11.01K	11.01K	11.01K	11.01K	11.01K	—	11.01K
Current assets, of which:	—	56.75M	60.44M	71.99M	65.85M	55.29M	—	57.28M
Inventories	—	39.36M	49.69M	51.58M	42.81M	38.27M	—	47.16M
Receivables	—	13.37M	9.41M	19.60M	22.20M	16.17M	—	8.51M
Cash and bank accounts	—	3.66M	1.34M	808.78K	836.35K	858.98K	—	1.61M
Prepaid expenses	—	362.19K	543.12K	238.85K	416.16K	740.06K	—	961.45K
Total assets	—	151.04M	156.05M	168.28M	167.38M	153.80M	—	157.44M
Current liabilities, of which:	—	62.85M	74.30M	51.34M	79.49M	72.87M	—	66.32M
Third-party suppliers	—	25.13M	28.39M	35.51M	33.14M	23.25M	—	23.15M
Bank debt	—	35.50M	42.96M	12.96M	41.74M	45.38M	—	39.48M
Amounts owed to shareholders	—	81.03K	32.44K	0	0	0	—	—
Finance leases	—	0	1.25M	1.30M	2.02M	1.34M	—	1.18M
Other short-term liabilities	—	2.14M	1.66M	1.57M	2.58M	2.91M	—	2.51M
Long-term liabilities, of which:	—	41.68M	38.94M	77.23M	52.54M	42.60M	—	51.75M
Bank debt and bonds	—	39.30M	35.94M	74.67M	46.97M	38.87M	—	48.09M
Finance leases	—	2.38M	3.00M	2.56M	5.56M	3.72M	—	3.66M
Deferred income	—	7.29M	6.41M	5.64M	4.86M	4.08M	—	3.97M
Subsidy income	—	7.29M	6.41M	5.64M	4.86M	4.08M	—	3.97M
Total liabilities	—	112.32M	119.64M	134.21M	136.88M	119.55M	—	122.04M
Equity, of which:	—	38.36M	36.41M	34.07M	30.50M	34.25M	—	35.41M
Subscribed and paid-up capital	—	1.04M	1.04M	1.04M	1.04M	1.04M	—	1.04M
Share premium	—	19.37M	19.37M	19.37M	19.37M	19.37M	—	19.37M
Legal reserves	—	14.62M	14.62M	14.62M	14.62M	14.62M	—	14.74M
Retained profit / (loss)	—	1.67M	3.27M	1.31M	-963.59K	-4.53M	—	-902.65K
Profit / (loss) for the period	—	1.74M	-1.89M	-2.28M	-3.57M	3.75M	—	1.16M
Total equity and liabilities	—	151.04M	156.05M	168.28M	167.38M	153.80M	—	157.44M
Amounts owed to affiliated companies as an earlier report names it	—	0	—	—	—	—	—	—
Provisions as an earlier report names it	—	501.59K	0	0	—	—	—	—
Cash flow	2020						H1 2025	H1 2026
Cash flows from operating activities
Profit/(loss) before tax	—	1.74M	-1.89M	-2.28M	-3.57M	4.03M	—	—
Adjustments for:
Depreciation of tangible fixed assets	—	9.80M	9.48M	9.92M	8.53M	9.26M	—	—
Amortisation of intangible fixed assets	—	337.13K	133.29K	46.48K	31.98K	80.28K	—	—
Expenses/(income) from value adjustments on fixed assets	—	0	—	833.32K	1.07M	419.39K	—	—
Expenses/(income) from inventory allowances	—	189.98K	-189.98K	—	1.14M	—	—	—
Expenses/(income) from allowances on customers and similar accounts	—	466.72K	-1.21M	695.46K	726.93K	-21.51K	—	—
Expenses/(income) from provisions for risks and charges	—	-135.78K	-501.59K	-501.59K	—	—	—	—
(Net gain)/net loss on disposal of tangible fixed assets	—	1.09M	1.11M	1.11M	1.61M	1.70M	—	—
Subsidy income	—	-1.00M	-883.05K	-771.37K	-779.68K	-779.27K	—	—
Interest expense	—	4.41M	4.39M	5.97M	5.30M	5.46M	—	—
Interest income	—	-5	-11	-40	-21	-14	—	—
Operating cash flow before changes in working capital	—	16.89M	12.85M	15.71M	14.06M	20.14M	—	—
(Increase)/decrease in receivables	—	-3.83M	2.80M	-10.88M	-6.97M	5.36M	—	—
(Increase)/decrease in prepaid expenses	—	916.70K	-180.93K	304.27K	-177.32K	-323.89K	—	—
(Increase)/decrease in inventories	—	-7.49M	-16.12M	-7.88M	1.38M	-603.78K	—	—
Increase / (decrease) in liabilities	—	5.30M	2.02M	6.96M	4.45M	-10.40M	—	—
Increase / (decrease) in deferred income
Interest paid	—	-4.41M	-4.39M	-5.97M	-5.30M	-5.46M	—	—
Interest received	—	5	11	40	21	14	—	—
Income tax paid	—	0	—	—	-26.63K	-172.92K	—	—
Net cash from operating activities	—	7.39M	-3.02M	-1.76M	7.42M	8.55M	—	—
Cash flows from investing activities
Purchases of tangible assets	—	-33.77M	-5.89M	-9.09M	-9.93M	-3.84M	—	—
Purchases of intangible assets	—	-63.36K	-67.88K	-17.57K	-85.42K	-62.06K	—	—
Loans (granted)/repaid and financial fixed assets
Proceeds from sale of fixed assets	—	1.00M	1.46M	2.02M	3.60M	2.06M	—	—
(Purchase)/sale of own shares	—	0	—	—	—	—	—	—
Net cash flow from investing activities	—	-32.83M	-4.50M	-7.09M	-6.42M	-1.84M	—	—
Increase / (decrease) in deferred income as an earlier report names it	—	0	—	—	—	—	—	—
Calculated from the lines above
Income Tax	—	—	—	—	0	277.81K	—	—
Capex Purchases of tangible assets + Purchases of intangible assets	—	33.84M	5.96M	9.11M	10.02M	3.90M	—	—
Depreciation and Amortisation Depreciation of tangible fixed assets + Amortisation of intangible fixed assets	—	10.14M	9.61M	9.97M	8.56M	9.34M	—	—
Fixed Assets Intangible fixed assets + Tangible fixed assets	—	93.92M	95.06M	96.04M	101.10M	97.75M	—	—
Tax Rate Income Tax ÷ Profit Before Tax; a loss year has none	—	—	—	—	—	6.9%	—	—

Who Owns It

Every holder of 5% or more of the capital the reports and the research name (5% is the share at which holders must disclose), then the rest of the capital.

Mădălina Cocan (Cocan Madalina Oana)

Family or founder

67.5%

EVERGENT INVESTMENTS S.A.

Fund or institution

11.4%

The rest of the capital

holders the reports and the research do not name

21.1%

Peers

The company against listings in the same industry: how the market prices them, what they earn.

Price / Book1.94× vs 1.79× peers' average

Return on Equity10.9% vs 8.0% peers' average

Operating Margin10.2% vs 2.5% peers' average

Peer	Market	Market Cap (USD)	Price / Book	ROE	Op. Margin
1936.HK Ritamix Global Limited	HK	267.84M	7.62×	8.2%	12.2%
MPQ.F MHP SE	DE	576.24M	0.28×	2.6%	3.1%
7555.T Ota Floriculture Auction Co.,Ltd.	JP	23.25M	0.71×	1.1%	-5.6%
2003.T Nitto Fuji Flour Milling Co.,Ltd.	JP	427.52M	1.36×	6.7%	5.4%
BZ3.F Sipef NV	DE	1.28B	1.21×	13.2%	29.9%
1380.T Akikawa Foods & Farms Co., Ltd.	JP	26.35M	1.93×	1.1%	-0.4%
AGTF.TO AGT Food and Ingredients Inc.	CA	970.86M	1.12×	—	0.5%
6BF.F P/F Bakkafrost	DE	2.90B	1.73×	7.6%	-10.5%
2BU.F Bumitama Agri Ltd.	DE	2.16B	2.15×	23.4%	0.0%
9955.T The Yonkyu Co.,Ltd.	JP	213.80M	0.84×	10.1%	4.5%
SGLLV.AX Ricegrowers Limited	AU	675.37M	1.44×	11.3%	5.9%
CALM Cal-Maine Foods, Inc.	US	2.93B	1.13×	2.4%	-15.1%

Farm Products in the screener: 12 of 64, none listed in the same market (RO), so the closest in size. The company's own figures are from its report (2025): net income over the printed book value, operating profit over revenue.

In Our Strategy

Where the screener ranks the company and whether the strategy would buy it.

Not placed: no valuation in the database for this listing.

Adjusted Balance Sheet

From the book value the balance sheet prints to the asset value a buyer would count.

What Moves the Book Value

Book Value

assets less liabilities, as printed

34.25M RON

Tangible fixed assets

+562.60K RON

Inventories

-67.72K RON

Receivables

+2.85M RON

Laptaria cu Caimac brand

not in the balance sheet

+9.12M RON

Retail listings and distribution

not in the balance sheet

+3.75M RON

Trained workforce

not in the balance sheet

+3.42M RON

Organisation (farm and factory management, IFS certification, systems)

not in the balance sheet

+6.01M RON

Asset Value

at reproduction, less what is owed

59.90M RON

Every Line

As printed, each line with what a buyer would count. Open an asset line for the economic assets it holds, and an asset for the figures and quotes behind its value.

Line	Balance sheet	Adjusted	Change	Why
Fixed assets, of which:	97.77M	98.33M	+0.6%
Intangible fixed assets	66.82K	66.82K	0.0%
Tangible fixed assets	97.69M	98.25M	+0.6%	The sum of the economic assets below.
Financial fixed assets	11.01K	11.01K	0.0%
Current assets, of which:	55.29M	58.07M	+5.0%
Inventories	38.27M	38.20M	-0.2%	The sum of the economic assets below.
Receivables	16.17M	19.02M	+17.6%
Cash and bank accounts	858.98K	858.98K	0.0%
Prepaid expenses	740.06K	740.06K	0.0%
Total assets	153.80M	157.14M	+2.2%
Current liabilities, of which:	72.87M	72.87M	0.0%
Third-party suppliers	23.25M	23.25M	0.0%
Bank debt	45.38M	45.38M	0.0%
Amounts owed to shareholders	0	0	—
Finance leases	1.34M	1.34M	0.0%
Other short-term liabilities	2.91M	2.91M	0.0%
Long-term liabilities, of which:	42.60M	42.60M	0.0%
Bank debt and bonds	38.87M	38.87M	0.0%
Finance leases	3.72M	3.72M	0.0%
Deferred income	4.08M	4.08M	0.0%
Subsidy income	4.08M	4.08M	0.0%
Total liabilities	119.55M	119.55M	0.0%
Equity, of which:	34.25M	—	—
Subscribed and paid-up capital	1.04M
Share premium	19.37M
Legal reserves	14.62M
Retained profit / (loss)	-4.53M
Profit / (loss) for the period	3.75M
Total equity and liabilities	153.80M	157.14M	+2.2%
Not in the balance sheet: Laptaria cu Caimac brand	0	9.12M	—	Valued by the royalty its sales would pay. Not on the balance sheet. Its value shows in the factory's branded sales, but it is small against market leaders such as Zuzu. Inputs: sales 77.46M RON (N396); royalty rate 2.0%, 1.0% to 3.0%; discount rate 14.3% (R008, R009); tax rate 16.0%.
Not in the balance sheet: Retail listings and distribution	0	3.75M	—	Valued by the cost of acquiring each customer. Not on the balance sheet. An entrant would have to pay to get onto these shelves. Inputs: units 2,500 (N422); unit cost 1.50K RON, 500 RON to 3.00K RON.
Not in the balance sheet: Trained workforce	0	3.42M	—	Valued by units times the cost of one unit. Not on the balance sheet. An entrant must build this workforce. Inputs: quantity 228 (N405); unit cost 15.00K RON, 8.00K RON to 25.00K RON.
Not in the balance sheet: Organisation (farm and factory management, IFS certification, systems)	0	6.01M	—	Valued by years of spending it takes to build. Not on the balance sheet, but every going business has one. Inputs: annual spend 2.00M RON, 1.00M RON to 3.00M RON; years 3 years, 2 years to 4 years.
ASSET VALUE AT REPRODUCTION, LESS WHAT IS OWED	34.25M	59.90M	+74.9%	The adjusted assets, less the liabilities, claims, legacy amounts the balance sheet does not carry and the restricted cash.

Investor Checklist

The questions to ask of any business, answered from the reports and research, or marked unknown.

Answered

questions

Not applicable

question

Unknown

question

business

The largest customers, products, suppliers and countries, and their share of revenue.

Sales lean on a few international retail chains. The company had 257 active customers in 2025, and the largest one alone accounts for a large part of total turnover. The dairy factory is the dominant segment.

Customers: four of the top five are retailers. The largest takes a large part of total turnover, and the second a smaller but material share (N452).
Products: the dairy factory brings in most of the turnover. Crops and livestock make up the rest (N396, N425).
Raw milk: part of the farm's milk is sold to other processors (N403).
Countries: mainly Romania. Pregnant heifers were exported to Moldova (N429), and an agreement with Markant AG gives access to European retail networks (N191).
Suppliers: the reports give no shares for suppliers.

Fixed against variable costs, operating leverage, the main cost lines and what drives them.

Raw materials are the largest cost and the most variable one. Personnel, depreciation and interest are largely fixed, and with the factory using 34% of its capacity they give the business strong operating leverage.

Raw materials and consumables: 56,607,158 in 2025 (F112), driven by feed, farm inputs and prices (N372).
Personnel: 20,937,858 in 2025 (F113), rising with legislation and wage increases (N362).
Depreciation and value adjustments: 9,737,456 in 2025 (F114), reflecting a capital-intensive asset base (N224).
Other operating expenses: 32,292,689 in 2025 (F115).
Financial expenses: 7,360,092 in 2025 (F118), of which interest 5,452,407 (F214). Interest is high against operating profit (N227).
Indirect production cost per litre fell from "2,92 lei/litru" in 2018 to "2.09 lei/litru" in 2024 (N341).

How revenue, volumes and margins moved through past cycles and shocks.

Results swing with weather, the raw milk price, input costs and retail terms. The company made net losses in 2022, 2023 and 2024, returned to profit in 2025, and fell back in H1 2026.

2022: a net loss from energy costs, inflation and drought (N171).
2023: price caps and Law 81/2022 (N273), plus the loss of a national chain (N292). A second net loss followed (N319).
2024: drought destroyed the whole maize crop (N328), and the operating result collapsed (N358).
2025: operating result of 11,165,496 and net profit of 3,744,513 (F116, F124).
H1 2026: net profit fell 66% (R001), EBITDA 19% (R002) and livestock revenue 18% on the lower raw milk price (R004). The Romanian price fell 11% year on year (R020).

industry

What could replace the product or shrink the industry: substitutes, technology, energy transition, regulation.

Dairy staples have no real substitute in the evidence, and the retail market is expected to grow 5% in 2026. The threats come from regulation, retailers and channel shifts, not from replacement of the product.

Regulation: the government capped shelf prices and retail mark-ups, and Law 81/2022 changed supplier-retailer dealings (N273).
Channel: discount stores, which are not a focus for the brand, are growing (N292).
Packaging rules: the bottle and jar recovery project depends on grants and legislation (N414).
Energy: the biogas project was dropped (N413), and EU grants were won for photovoltaic plants (N448).

moat

Return on equity and on capital over the years in the statements, against the cost of capital.

Returns have been below the cost of equity. Net losses ran through 2022-2024, and the 2025 net profit of 3,744,513 sits against equity of 34,214,876. The cost of equity rests on a Romanian 10-year yield of 7.20% and an equity risk premium of 7.08%.

When the protections expire or could erode: licence or concession end dates, patent expiries, regulatory reviews, contract renewals.

There is no protection to expire. No licence, captivity, technology or scale barrier holds. What could still erode are retail contract terms and certification.

IFS certification is maintained and needed for export to EU retailers (N374).
The Markant AG agreement has terms negotiated until 2025 (N191).
Changes in large retail chains' contract terms could hurt results (N423).
The MILK28E bonds are secured by receivables from a supply contract with a major retailer (N376).

earnings

One-off items, accruals against cash, capitalised costs, stock-based pay, provisions built or released.

Earnings lean on judgemental subsidy income, non-cash production income and recurring disposal losses. In 2025, operating cash flow of 8,538,435 exceeded net income of 3,744,513.

Subsidies: APIA income is booked on management's estimate of claims filed (N394). The H1 2026 diesel subsidy may not recur (N434).
Work in progress: 12,867,647 of production income in 2025 (F108), a non-cash item (N024).
Capitalised costs: interest capitalised on long-built assets (N106), and price differences capitalised in inventory (N113).
Disposal losses recur, mostly on culled cattle: 1,698,868 in 2025 (F212, N390).
Provisions: a receivables allowance of 2,847,203 (N465), partly reversed in 2025 (F210). An inventory write-down was charged in 2024 (N391).
Past accounting errors were corrected through equity (N075). A stock option plan was approved (N447).

Capital spending needed just to keep capacity, against growth spending and against depreciation.

Capex in 2025 fell to 3,835,382, against depreciation of 9,251,270. The herd, at its maximum size, was replaced outside the capex line with heifers worth 5,694,996, so maintenance spending is well above printed capex.

Tangible capex: 9,080,907 in 2023, 9,924,026 in 2024 and 3,835,382 in 2025 (F167, F197, F227).
Herd replacement: 5,694,996 of heifers moved from inventory and 6,323,110 of cows sold (N457). The herd is at maximum capacity (N400).
Most of the machinery's cost is already used up (N461), so replacement spending lies ahead.

balance sheet

Guarantees, purchase commitments, leases, pensions, litigation, environmental and decommissioning duties, obligations at the end of a concession.

The reports show no pensions and no environmental liability, but assets are heavily pledged and some obligations are unquantified.

There are no pension or post-employment obligations (N110).
Lawsuits to recover receivables are under way, with no amounts disclosed (N159).
No environmental liability is recorded, and no environmental lawsuits are expected (N161, N325).
Grant conditions require keeping the activity and jobs going (N210).
Pledges: mortgages on land and buildings, the herd, and receivables from significant customers (N135, N139, N376).
Profit tax has never been inspected, and the recorded taxes could be challenged (N160, N373).
Advances were paid to non-resident suppliers, which carries recovery risk (N240).
Purchase commitments are not disclosed.

Debt, maturities, covenants, refinancing needs, liquidity.

At end-2025, current bank debt of 45,334,394, long-term bank debt and bonds of 38,835,142, and leases sat against cash of 858,119. Current liabilities of 72,800,905 exceeded current assets of 55,237,076.

June 2026: current bank debt 39,440,421, long-term bank debt and bonds 48,038,966, cash 1,609,202 (F071, F076, F066).
Covenants: a breach can make the loans due at once, and liquidity may not be enough to repay them (N380, N305).
Rates: fixed on the bonds and variable on the bank loans, with FX differences on top (N356, N435).
Refinancing: the credit lines are renewed each year (N134). The MILK25E bonds were repaid through new MILK28E bonds secured on farmland (N377, N376).
Management treats the company as a going concern despite negative net working capital (N111).

Assets the business does not need to run: surplus cash, investments, idle land or plant.

There is no surplus to speak of. Financial investments are 11,000 and cash is 858,119. The factory's spare capacity is operating capacity, not an excess asset.

management

Dividends, buybacks, investments and acquisitions over time, and what they returned.

Capital went into the farm and factory, funded by a 2021 private placement, bonds and bank debt. No cash dividend has been paid since 2020, and returns since have mostly been losses.

Dividends: paid in 2020 (N095), none since. Bonus shares are the policy (N006, N008), and the 2025 profit went to reserves and prior losses (N444).
Investment: heavy capex in 2021 (N088), and bond money spent on the factory expansion, warehouse and cheese and butter section (N128, N182).
Buyback approved (N445). The board can raise capital for three years (N446).
Projects: biogas dropped (N413), photovoltaic grants won (N448). A capital increase was set aside in favour of new bonds (N412).

Minority protection, related-party dealings, the board and its independence (the main shareholders have their own section).

Control sits with one family. Two of the three directors are independent, but the protections for minority shareholders are thin.

The board chairman and founder is related to the majority shareholder (N409).
The board has three members, two of them independent (N212). A company controlled by an independent director faces an insolvency request (N213).
The board had not yet adopted rules on conflicts of interest (N215).
A related party, Agrobest S.R.L., was settled to zero by end-2021 (N057).
Capital can be raised without a new vote (N446), and a stock option plan was approved (N447).
The auditor is PKF Finconta (N375). Internal audit was outsourced (N417). The H1 2026 figures are unaudited (N418).

Who runs it, their record, their incentives, turnover.

The company is run by its founder and majority owner, Mădălina Oana Cocan, who holds 67.4986%. The record shows missed targets and three loss years before 2025's profit.

2021 results fell below the listing forecasts (N034).
The 2023 budget aimed for a return to profit (N178), but 2023 closed with a net loss (N319).
A new board chair and a new general manager were appointed (N327).
Incentives: a stock option plan (N447). Management keeps the 2026 budget unchanged (N449).

regulation

Who regulates, how prices or tariffs are set, the allowed return, the next review.

Prices are not regulated, and there is no allowed return or tariff review. The state intervenes through price caps, rules on dealings with retailers and farm subsidies.

Price caps on shelf prices and retail mark-ups, and Law 81/2022 on supplier-retailer dealings (N273).
APIA subsidies for farmland and milk production (N317), booked on estimates (N394).
Profit tax at 16% (R022), with tax rules open to interpretation (N373).

Special taxes, state intervention, currency, country risk.

Country risk is high. Romania is rated Baa3, with a country risk premium of 2.85%, and the IMF projects a 0.5% fall in real GDP in 2026.

The war in Ukraine affects currency, interest rates, credit and energy (N451).
Currency: FX differences on foreign-currency balances (N435).
Results depend on subsidy policy (N078).
The 10-year yield was 7.20% on 30 October 2026 (R008).

technology

The systems the business runs on (control, IT, automation): their state, cyber risk, obsolescence.

The reports do not describe the control, IT or automation systems, their age or cyber risk. Only food-safety certification (N374) and irrigation (N036) are mentioned.

For a technology-driven business: switching costs, network effects, proprietary data, R&D as investment, marginal cost of scale, retention.

This is not a technology-driven business. Capitalised development is almost fully amortised (N127), and none of the barriers rests on technology.

Age and condition of the physical assets, remaining life, deferred maintenance.

The factory is fairly new, but the machinery is old. Close to half of the buildings' cost and most of the machinery's cost are already used up.

The factory has run since 2018 (N104). A second hall came into use in 2022 (N282).
Part of the herd was sold to make it younger (N126).
Assets under construction carry an impairment of 2,038,964 (N463) and capitalised interest (N106).
The reports do not quantify deferred maintenance.

market

What the price implies, liquidity, analyst coverage, why the market pays what it pays.

The price stands above the asset value, although nothing protects the earnings. Trading is thin, so the price is a weak benchmark. The research shows no analyst coverage.

The shares trade thinly (N411, N368).
The 2021 private placement and Evergent's purchase set market reference prices (N002, N003).
No cash dividend supports the price (N444).

Why the gap might never close.

The gap may never close because no barrier lifts returns above the cost of capital, and interest absorbs much of the operating profit.

Financial expenses exceed or absorb the operating result (N174, N227).
The controlling holder has 67.4986% and trading is thin (R006, N411).
There is no cash dividend (N444), and dilution authority exists (N446).
Price caps limit the margin (N273).

decision

The facts that, if observed, would prove the conclusion wrong.

The conclusion that the price pays above what the business is worth would be wrong if earnings proved durable or the assets proved worth more than their base values.

Q3 2026 results (25 November 2026, R005) and the full year meet the budget's net profit of 2.3 million lei (R003), and profits recur.
Factory use rises well above its present share of capacity (N401), and volume gains hold through retail terms.
Land, building and equipment prices, once sourced, show reproduction costs well above book.
On the downside: a covenant breach (N380), or losing the largest customer, which alone takes a large part of turnover (N452).

	Question	Answer
business
	The largest customers, products, suppliers and countries, and their share of revenue.	Sales lean on a few international retail chains. The company had 257 active customers in 2025, and the largest one alone accounts for a large part of total turnover. The dairy factory is the dominant segment. Customers: four of the top five are retailers. The largest takes a large part of total turnover, and the second a smaller but material share (N452). Products: the dairy factory brings in most of the turnover. Crops and livestock make up the rest (N396, N425). Raw milk: part of the farm's milk is sold to other processors (N403). Countries: mainly Romania. Pregnant heifers were exported to Moldova (N429), and an agreement with Markant AG gives access to European retail networks (N191). Suppliers: the reports give no shares for suppliers.
	Fixed against variable costs, operating leverage, the main cost lines and what drives them.	Raw materials are the largest cost and the most variable one. Personnel, depreciation and interest are largely fixed, and with the factory using 34% of its capacity they give the business strong operating leverage. Raw materials and consumables: 56,607,158 in 2025 (F112), driven by feed, farm inputs and prices (N372). Personnel: 20,937,858 in 2025 (F113), rising with legislation and wage increases (N362). Depreciation and value adjustments: 9,737,456 in 2025 (F114), reflecting a capital-intensive asset base (N224). Other operating expenses: 32,292,689 in 2025 (F115). Financial expenses: 7,360,092 in 2025 (F118), of which interest 5,452,407 (F214). Interest is high against operating profit (N227). Indirect production cost per litre fell from "2,92 lei/litru" in 2018 to "2.09 lei/litru" in 2024 (N341).
	How revenue, volumes and margins moved through past cycles and shocks.	Results swing with weather, the raw milk price, input costs and retail terms. The company made net losses in 2022, 2023 and 2024, returned to profit in 2025, and fell back in H1 2026. 2022: a net loss from energy costs, inflation and drought (N171). 2023: price caps and Law 81/2022 (N273), plus the loss of a national chain (N292). A second net loss followed (N319). 2024: drought destroyed the whole maize crop (N328), and the operating result collapsed (N358). 2025: operating result of 11,165,496 and net profit of 3,744,513 (F116, F124). H1 2026: net profit fell 66% (R001), EBITDA 19% (R002) and livestock revenue 18% on the lower raw milk price (R004). The Romanian price fell 11% year on year (R020).
industry
	What could replace the product or shrink the industry: substitutes, technology, energy transition, regulation.	Dairy staples have no real substitute in the evidence, and the retail market is expected to grow 5% in 2026. The threats come from regulation, retailers and channel shifts, not from replacement of the product. Regulation: the government capped shelf prices and retail mark-ups, and Law 81/2022 changed supplier-retailer dealings (N273). Channel: discount stores, which are not a focus for the brand, are growing (N292). Packaging rules: the bottle and jar recovery project depends on grants and legislation (N414). Energy: the biogas project was dropped (N413), and EU grants were won for photovoltaic plants (N448).
moat
	Return on equity and on capital over the years in the statements, against the cost of capital.	Returns have been below the cost of equity. Net losses ran through 2022-2024, and the 2025 net profit of 3,744,513 sits against equity of 34,214,876. The cost of equity rests on a Romanian 10-year yield of 7.20% and an equity risk premium of 7.08%.
	When the protections expire or could erode: licence or concession end dates, patent expiries, regulatory reviews, contract renewals.	There is no protection to expire. No licence, captivity, technology or scale barrier holds. What could still erode are retail contract terms and certification. IFS certification is maintained and needed for export to EU retailers (N374). The Markant AG agreement has terms negotiated until 2025 (N191). Changes in large retail chains' contract terms could hurt results (N423). The MILK28E bonds are secured by receivables from a supply contract with a major retailer (N376).
earnings
	One-off items, accruals against cash, capitalised costs, stock-based pay, provisions built or released.	Earnings lean on judgemental subsidy income, non-cash production income and recurring disposal losses. In 2025, operating cash flow of 8,538,435 exceeded net income of 3,744,513. Subsidies: APIA income is booked on management's estimate of claims filed (N394). The H1 2026 diesel subsidy may not recur (N434). Work in progress: 12,867,647 of production income in 2025 (F108), a non-cash item (N024). Capitalised costs: interest capitalised on long-built assets (N106), and price differences capitalised in inventory (N113). Disposal losses recur, mostly on culled cattle: 1,698,868 in 2025 (F212, N390). Provisions: a receivables allowance of 2,847,203 (N465), partly reversed in 2025 (F210). An inventory write-down was charged in 2024 (N391). Past accounting errors were corrected through equity (N075). A stock option plan was approved (N447).
	Capital spending needed just to keep capacity, against growth spending and against depreciation.	Capex in 2025 fell to 3,835,382, against depreciation of 9,251,270. The herd, at its maximum size, was replaced outside the capex line with heifers worth 5,694,996, so maintenance spending is well above printed capex. Tangible capex: 9,080,907 in 2023, 9,924,026 in 2024 and 3,835,382 in 2025 (F167, F197, F227). Herd replacement: 5,694,996 of heifers moved from inventory and 6,323,110 of cows sold (N457). The herd is at maximum capacity (N400). Most of the machinery's cost is already used up (N461), so replacement spending lies ahead.
balance sheet
	Guarantees, purchase commitments, leases, pensions, litigation, environmental and decommissioning duties, obligations at the end of a concession.	The reports show no pensions and no environmental liability, but assets are heavily pledged and some obligations are unquantified. There are no pension or post-employment obligations (N110). Lawsuits to recover receivables are under way, with no amounts disclosed (N159). No environmental liability is recorded, and no environmental lawsuits are expected (N161, N325). Grant conditions require keeping the activity and jobs going (N210). Pledges: mortgages on land and buildings, the herd, and receivables from significant customers (N135, N139, N376). Profit tax has never been inspected, and the recorded taxes could be challenged (N160, N373). Advances were paid to non-resident suppliers, which carries recovery risk (N240). Purchase commitments are not disclosed.
	Debt, maturities, covenants, refinancing needs, liquidity.	At end-2025, current bank debt of 45,334,394, long-term bank debt and bonds of 38,835,142, and leases sat against cash of 858,119. Current liabilities of 72,800,905 exceeded current assets of 55,237,076. June 2026: current bank debt 39,440,421, long-term bank debt and bonds 48,038,966, cash 1,609,202 (F071, F076, F066). Covenants: a breach can make the loans due at once, and liquidity may not be enough to repay them (N380, N305). Rates: fixed on the bonds and variable on the bank loans, with FX differences on top (N356, N435). Refinancing: the credit lines are renewed each year (N134). The MILK25E bonds were repaid through new MILK28E bonds secured on farmland (N377, N376). Management treats the company as a going concern despite negative net working capital (N111).
	Assets the business does not need to run: surplus cash, investments, idle land or plant.	There is no surplus to speak of. Financial investments are 11,000 and cash is 858,119. The factory's spare capacity is operating capacity, not an excess asset.
management
	Dividends, buybacks, investments and acquisitions over time, and what they returned.	Capital went into the farm and factory, funded by a 2021 private placement, bonds and bank debt. No cash dividend has been paid since 2020, and returns since have mostly been losses. Dividends: paid in 2020 (N095), none since. Bonus shares are the policy (N006, N008), and the 2025 profit went to reserves and prior losses (N444). Investment: heavy capex in 2021 (N088), and bond money spent on the factory expansion, warehouse and cheese and butter section (N128, N182). Buyback approved (N445). The board can raise capital for three years (N446). Projects: biogas dropped (N413), photovoltaic grants won (N448). A capital increase was set aside in favour of new bonds (N412).
	Minority protection, related-party dealings, the board and its independence (the main shareholders have their own section).	Control sits with one family. Two of the three directors are independent, but the protections for minority shareholders are thin. The board chairman and founder is related to the majority shareholder (N409). The board has three members, two of them independent (N212). A company controlled by an independent director faces an insolvency request (N213). The board had not yet adopted rules on conflicts of interest (N215). A related party, Agrobest S.R.L., was settled to zero by end-2021 (N057). Capital can be raised without a new vote (N446), and a stock option plan was approved (N447). The auditor is PKF Finconta (N375). Internal audit was outsourced (N417). The H1 2026 figures are unaudited (N418).
	Who runs it, their record, their incentives, turnover.	The company is run by its founder and majority owner, Mădălina Oana Cocan, who holds 67.4986%. The record shows missed targets and three loss years before 2025's profit. 2021 results fell below the listing forecasts (N034). The 2023 budget aimed for a return to profit (N178), but 2023 closed with a net loss (N319). A new board chair and a new general manager were appointed (N327). Incentives: a stock option plan (N447). Management keeps the 2026 budget unchanged (N449).
regulation
	Who regulates, how prices or tariffs are set, the allowed return, the next review.	Prices are not regulated, and there is no allowed return or tariff review. The state intervenes through price caps, rules on dealings with retailers and farm subsidies. Price caps on shelf prices and retail mark-ups, and Law 81/2022 on supplier-retailer dealings (N273). APIA subsidies for farmland and milk production (N317), booked on estimates (N394). Profit tax at 16% (R022), with tax rules open to interpretation (N373).
	Special taxes, state intervention, currency, country risk.	Country risk is high. Romania is rated Baa3, with a country risk premium of 2.85%, and the IMF projects a 0.5% fall in real GDP in 2026. The war in Ukraine affects currency, interest rates, credit and energy (N451). Currency: FX differences on foreign-currency balances (N435). Results depend on subsidy policy (N078). The 10-year yield was 7.20% on 30 October 2026 (R008).
technology
	The systems the business runs on (control, IT, automation): their state, cyber risk, obsolescence.	The reports do not describe the control, IT or automation systems, their age or cyber risk. Only food-safety certification (N374) and irrigation (N036) are mentioned.
	For a technology-driven business: switching costs, network effects, proprietary data, R&D as investment, marginal cost of scale, retention.	This is not a technology-driven business. Capitalised development is almost fully amortised (N127), and none of the barriers rests on technology.
	Age and condition of the physical assets, remaining life, deferred maintenance.	The factory is fairly new, but the machinery is old. Close to half of the buildings' cost and most of the machinery's cost are already used up. The factory has run since 2018 (N104). A second hall came into use in 2022 (N282). Part of the herd was sold to make it younger (N126). Assets under construction carry an impairment of 2,038,964 (N463) and capitalised interest (N106). The reports do not quantify deferred maintenance.
market
	What the price implies, liquidity, analyst coverage, why the market pays what it pays.	The price stands above the asset value, although nothing protects the earnings. Trading is thin, so the price is a weak benchmark. The research shows no analyst coverage. The shares trade thinly (N411, N368). The 2021 private placement and Evergent's purchase set market reference prices (N002, N003). No cash dividend supports the price (N444).
	Why the gap might never close.	The gap may never close because no barrier lifts returns above the cost of capital, and interest absorbs much of the operating profit. Financial expenses exceed or absorb the operating result (N174, N227). The controlling holder has 67.4986% and trading is thin (R006, N411). There is no cash dividend (N444), and dilution authority exists (N446). Price caps limit the margin (N273).
decision
	The facts that, if observed, would prove the conclusion wrong.	The conclusion that the price pays above what the business is worth would be wrong if earnings proved durable or the assets proved worth more than their base values. Q3 2026 results (25 November 2026, R005) and the full year meet the budget's net profit of 2.3 million lei (R003), and profits recur. Factory use rises well above its present share of capacity (N401), and volume gains hold through retail terms. Land, building and equipment prices, once sourced, show reproduction costs well above book. On the downside: a covenant breach (N380), or losing the largest customer, which alone takes a large part of turnover (N452).

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