Rubis (RUI.PA) | Investment Case

1. Company Snapshot

1.a. Company Description

Rubis, through its subsidiaries, engages in the operation of bulk liquid storage facilities and distribution of petroleum products in Europe, Africa, and the Caribbean.The company operates in two divisions, Retail & Marketing and Support & Services, It operates terminals that provide bulk liquid storage facilities for petroleum products, chemical products, biofuels, fertilizers, molasses, edible oils, and agri-food products; and trades in and distributes fuels, liquefied gases, bitumen, commercial fuel oil, aviation and marine fuel, and lubricants, as well as butane and propane.The company also provides infrastructure, transportation, supply, and services for supporting the development of downstream distribution and marketing business.

It serves gas stations, private individuals, industrial professionals, public works, energy distribution professionals, supermarkets, oil companies, chemical and petrochemical companies, agricultural cooperatives traders, etc., as well as services, transportation, hotel, aviation, marine, and other industries The company was founded in 1990 and is headquartered in Paris, France.

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1.b. Last Insights on RUI

Rubis' recent performance was driven by a solid Q3 2025 performance, with higher volumes and margins across core energy distribution activities. The company's diversified business model demonstrated strength, with sustained volume growth in Retail & Marketing (+6%) and increased LPG unit margin in Europe. Additionally, Rubis' operational execution offset adverse EUR/USD effects. The company reported a strong momentum in bitumen and a trading update that highlighted consistent margin growth and operational strength.

1.c. Company Highlights

Last Price	32.38
Change Percentage	0.68%
Open	32.16
Previous Close	32.16
Market Cap ( Millions)	3341
Volume	86920
Year High	33.08
Year Low	21.78
M A 50	31.91
M A 200	29.04

FCF Yield	10.39%
Dividend Yield	6.27%
ROE	13.99%
Debt / Equity	75.92%
Net Debt / EBIDTA	164.74%
Price To Book	1.29
Price Earnings Ratio	8.81
Price To FCF	9.63
Price To sales	0.51
EV / EBITDA	5.49

2. Rubis Group's H1 2025 Earnings: Strong Volume and Margin Growth

Rubis Group reported a robust first-half 2025 performance, with Group EBITDA rising 3% year-on-year to EUR385 million, driven by volume and margin growth across all regions and product lines. Net income group share increased 26% to EUR163 million, while EPS came in at EUR1.65, beating estimates of EUR1.39. The company's operational cash flow remained strong at EUR276 million, underscoring its consistent performance.

Publication Date: Sep -09

                                    📋 Highlights
                                    Group EBITDA Growth::
                                                Increased by 3% YoY to EUR 385 million in H1 2025.
Net Income Surge::
                                                Net income group share rose 26% to EUR 163 million, driven by strong operational performance.
Operational Cash Flow Strength::
                                                Generated EUR 276 million in robust operational cash flow.
Renewables Expansion::
                                                Power EBITDA jumped 38% to EUR 22 million due to asset and project growth.
Full-Year Guidance Confidence::
                                                Maintains target of EUR 710–760 million EBITDA despite FX headwinds, supported by 1.4x leverage ratio.

                                

Segment Performance

The Retail & Marketing segment achieved both volume and margin growth across all product lines, particularly LPG in Europe and bitumen in Nigeria. The Support & Services segment remained stable, reflecting its cyclical nature. Renewables saw a significant 38% increase in Power EBITDA to EUR22 million, driven by project execution and asset growth.

Regional Highlights

The Caribbean region showed stability, while Jamaica experienced less favorable supply conditions. Kenya's aviation sector faced higher pricing competition, leading to a temporary volume decrease. Despite these regional challenges, Rubis remains confident in achieving its full-year guidance of EUR710 million to EUR760 million EBITDA.

Valuation and Outlook

With a current P/E Ratio of 8.86 and an EV/EBITDA of 5.42, Rubis' valuation appears reasonable. The company's strong financial position, with a leverage ratio of 1.4x, supports its continued growth and investment in renewable energy projects. The Dividend Yield stands at 9.54%, making it an attractive option for income investors. Analysts estimate next year's revenue growth at 3.2%, indicating a stable outlook for the company.

Financial Position

Rubis' financial position remains robust, with a Net Debt / EBITDA ratio of 1.84 and an ROE of 12.37%. The company's ROIC stands at 8.33%, indicating efficient capital allocation. The Free Cash Flow Yield is at 13.87%, providing a buffer for future investments or returns to shareholders.

3. NewsRoom

RUBIS: Transactions carried out within the framework of the share buyback programme (excluding transactions within the liquidity agreement) – 24 to 28 November 2025

Dec -01

Source:

Is Now the Right Time to Reassess Rubis After Its African Partnership?

Nov -28

Source:

Rubis: Transactions carried out within the framework of the share buyback programme (excluding transactions within the liquidity agreement) – 18 to 21 November 2025

Nov -24

Source:

France fines TotalEnergies, Rubis, EG Group $217m for Corsica anti-trust violations

Nov -19

Source:

Rubis: FUEL SECTOR IN CORSICA: RUBIS RESPONDS TO THE DECISION OF THE FRENCH COMPETITION AUTHORITY (AUTORITÉ DE LA CONCURRENCE)

Nov -17

Source:

Rubis: Share Buyback Programme

Nov -17

Source:

A Fresh Look at Rubis (ENXTPA:RUI) Valuation Following Its Recent Share Price Performance

Nov -17

Source:

RUBIS: Rubis Énergie sets up inaugural syndicated loan of €1.1 billion

Nov -14

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.51%)

6. Segments

Energy Distribution

Expected Growth: 3.5%

Rubis' Energy Distribution segment growth of 3.5% is driven by increasing demand for energy storage and transportation, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on operational efficiency and cost reduction initiatives contribute to its growth. Furthermore, the rising need for clean energy and infrastructure development in emerging markets also support Rubis' growth momentum.

Renewable Electricity Production

Expected Growth: 5.0%

Rubis' 5.0% growth in Renewable Electricity Production is driven by increasing demand for clean energy, government incentives for renewable energy adoption, declining costs of solar and wind power, and strategic partnerships to expand its renewable energy portfolio.

Corporate

Expected Growth: 2.0%

Rubis' corporate segment growth of 2.0% is driven by increasing demand for energy storage and distribution, strategic acquisitions, and expansion into new markets. Additionally, the company's focus on operational efficiency and cost reduction initiatives have contributed to improved profitability, supporting the growth momentum.

7. Detailed Products

Aviation Fuels

Rubis provides high-quality aviation fuels to airports and airlines, ensuring safe and efficient operations.

Marine Fuels

Rubis offers a range of marine fuels, including marine gas oil, marine diesel oil, and heavy fuel oil, for the shipping industry.

Land Fuels

Rubis supplies a variety of land fuels, including diesel, gasoline, and liquefied petroleum gas (LPG), for industrial, commercial, and residential use.

Bitumen

Rubis produces and distributes bitumen, a key component in road construction and maintenance.

Lubricants

Rubis offers a range of lubricants, including engine oils, gear oils, and hydraulic oils, for industrial and automotive applications.

Specialty Products

Rubis provides specialty products, including solvents, white spirits, and other chemicals, for various industrial and commercial uses.

8. Rubis's Porter Forces

Forces Ranking

Threat Of Substitutes

Rubis has a moderate threat of substitutes due to the availability of alternative energy sources, but the company's focus on specialized storage and logistics services reduces the impact of substitutes.

Bargaining Power Of Customers

Rubis has a low bargaining power of customers due to its strong market position and diversified customer base, which reduces the negotiating power of individual customers.

Bargaining Power Of Suppliers

Rubis has a moderate bargaining power of suppliers due to its dependence on a few large suppliers, but the company's scale and negotiating power mitigate the impact of supplier bargaining power.

Threat Of New Entrants

Rubis has a low threat of new entrants due to the high barriers to entry in the energy storage and logistics industry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

Rubis operates in a highly competitive industry with several established players, leading to a high intensity of rivalry among competitors.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	44.75%
Debt Cost	5.00%
Equity Weight	55.25%
Equity Cost	9.84%
WACC	7.67%
Leverage	81.01%

11. Quality Control: Rubis passed 2 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Rubis

A-Score: 7.1/10

Value: 8.2

Growth: 5.6

Quality: 4.8

Yield: 9.4

Momentum: 7.5

Volatility: 7.3

1-Year Total Return ->

Aker BP

A-Score: 6.9/10

Value: 6.0

Growth: 7.3

Quality: 5.5

Yield: 10.0

Momentum: 6.0

Volatility: 6.3

1-Year Total Return ->

SBM Offshore

A-Score: 5.8/10

Value: 7.6

Growth: 5.3

Quality: 3.9

Yield: 3.1

Momentum: 8.0

Volatility: 7.0

1-Year Total Return ->

DCC

A-Score: 5.3/10

Value: 6.1

Growth: 3.8

Quality: 3.3

Yield: 6.2

Momentum: 3.5

Volatility: 8.7

1-Year Total Return ->

Esso

A-Score: 4.0/10

Value: 8.8

Growth: 5.2

Quality: 2.0

Yield: 5.6

Momentum: 1.0

Volatility: 1.3

1-Year Total Return ->

Neste

A-Score: 3.5/10

Value: 4.8

Growth: 3.2

Quality: 1.2

Yield: 5.6

Momentum: 4.0

Volatility: 2.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-4.08%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.67%

Rubis - FR0013269123

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on RUI

1.c. Company Highlights

Less Volatile

Higher Yield

Stable Momentum

Revenues Beats

Average Yield

Medium Volatility

Average Quality

Strong Momentum

Fairly Valued

Revenues Miss

2. Rubis Group's H1 2025 Earnings: Strong Volume and Margin Growth

Segment Performance

Regional Highlights

Valuation and Outlook

Financial Position

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.51%)

6. Segments

Energy Distribution

Expected Growth: 3.5%

Renewable Electricity Production

Expected Growth: 5.0%

Corporate

Expected Growth: 2.0%

7. Detailed Products

Aviation Fuels

Marine Fuels

Land Fuels

Bitumen

Lubricants

Specialty Products

8. Rubis's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Rubis passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

32.38$

Current Price

32.38$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA