olivLaw · European equity research
Alumexx N.V. ALX.AS
Netherlands · Euronext Amsterdam · ISIN NL0012194724 · Vertical: Listed companies from Netherlands
Alumexx N.V., based in Etten-Leur, makes and sells aluminium products, mainly scaffolding and ladders, with a significant part sold online. The company completed the Euroscaffold and ASC Group acquisitions in 2025, and its risk profile centres on bank financing, supply and digital compliance.
At the close of 05 Nov 2026, Alumexx N.V. (ALX.AS) stock was 1.23 EUR (+0.00% on the day), with market capitalisation 16.7 m EUR, beta 0.16, 52-week range 1.18–1.57 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.4
- weak (30–45)
- Bollinger (20, 2)
- 1.17 – 1.32
- in the lower half of the band · %B 0.41 · band width 12.7%
- SMA 50 / 200
- 1.32 / 1.40
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.1% | −0.6% | −2.5 pp | — |
| 3 months | −12.8% | −4.2% | −8.6 pp | — |
| 6 months | −14.6% | +4.3% | −18.9 pp | — |
| Year to date | −7.5% | +7.5% | −15.0 pp | — |
| 1 year | −11.5% | +9.9% | −21.4 pp | +0.8% |
| 3 years | +78.3% | +49.8% | +28.4 pp | −0.2% |
| 5 years | +39.5% | +42.8% | −3.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 34.7 m | 39.1 m | 40.1 m |
| Revenue YoY | unavailable | +12.9% | +2.5% |
| Net income | 216.0 k | 642.0 k | -678.0 k |
| Net income YoY | unavailable | +197.2% | −205.6% |
| Diluted EPS | 0.02 | 0.04 | -0.05 |
| Diluted EPS YoY | unavailable | +100.0% | −225.0% |
| net % | 0.6% | 1.6% | -1.7% |
| Free cash flow | 238.0 k | 4.5 m | 2.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.1 m EUR
- Financial debt
- 21.3 m EUR
- Net debt
- 19.2 m EUR
- Equity
- 5.0 m EUR
- Total assets
- 35.0 m EUR
- Debt / equity
- 4.28x
- Current ratio
- 2.13x
- ROE
- -13.7%
- ROA
- -1.9%
- FCF margin
- 6.9%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 34.7 m | 39.1 m | 40.1 m | esef· 12 May 2026verified |
| Cost of revenue | 19.3 m | 18.4 m | 19.3 m | esef· 12 May 2026verified |
| Gross profit | 15.4 m | 20.7 m | 20.8 m | esef· 12 May 2026verified |
| Operating income | 2.2 m | 2.6 m | 827.0 k | esef· 12 May 2026verified |
| Interest expense | 1.7 m | 2.1 m | 1.9 m | esef· 12 May 2026verified |
| Pre-tax income | 472.0 k | 916.0 k | -568.0 k | esef· 12 May 2026verified |
| Income tax | 256.0 k | 274.0 k | 126.0 k | esef· 12 May 2026verified |
| Net income | 216.0 k | 642.0 k | -678.0 k | esef· 12 May 2026verified |
| Diluted EPS | 0.02 | 0.04 | -0.05 | esef· 12 May 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.1 m | 125.0 k | 2.1 m | esef· 12 May 2026verified |
| Receivables | 3.2 m | 3.1 m | 2.6 m | esef· 12 May 2026verified |
| Inventories | 12.7 m | 12.1 m | 10.8 m | esef· 12 May 2026verified |
| Current assets | 17.1 m | 15.3 m | 15.6 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 2.0 m | 1.9 m | 1.5 m | esef· 12 May 2026verified |
| Total assets | 40.9 m | 37.1 m | 35.0 m | esef· 12 May 2026verified |
| Short-term debt | 14.0 m | 2.9 m | 2.2 m | esef· 12 May 2026verified |
| Long-term debt | 9.4 m | 17.8 m | 19.1 m | esef· 12 May 2026verified |
| Current liabilities | 20.7 m | 8.7 m | 7.3 m | esef· 12 May 2026verified |
| Total liabilities | 36.7 m | 32.2 m | 30.0 m | esef· 12 May 2026verified |
| Equity | 4.2 m | 4.9 m | 5.0 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 10.8 m | 16.1 m | 13.6 m | esef· 12 May 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 990.0 k | 5.0 m | 3.0 m | esef· 12 May 2026verified |
| Capex | 752.0 k | 509.0 k | 240.0 k | esef· 12 May 2026verified |
| Free cash flow | 238.0 k ≈ | 4.5 m ≈ | 2.8 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -14.4 m | -462.0 k | -129.0 k | esef· 12 May 2026verified |
| Financing cash flow | 12.5 m | -4.3 m | -873.0 k | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 16.7 m EUR
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.58 – 11.07 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)4.58 – 11.07 (Mid 6.64)WACC 6.1% · starting FCFF 4.3 m EUR · terminal value share of EV 82%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.8% | 35 (vs peers) | 29% |
| Net margin · Quality | -1.7% | 25 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.4x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 16.5% | 100 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality31/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Alumexx N.V. (ALX.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 40.1 m EUR in 2025; YoY growth 2.5%; net margin -1.7%; ROE -13.7%.
The estimated value range is 4.58–11.07 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 6.64 EUR, the price of 1.23 EUR leaves a potential of 439.6% (value / price − 1) and a margin of safety of 81.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.1x
- FCF yield: 16.5%
- The price is below the estimated value range
What contradicts it
- Net margin: -1.7%
- Interest coverage: 0.4x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.6 | 10.2% | 6.5% | +1.7% | +26% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for ALX.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Alumexx N.V., based in Etten-Leur, makes and sells aluminium products, mainly scaffolding and ladders, with a significant part sold online. The company completed the Euroscaffold and ASC Group acquisitions in 2025, and its risk profile centres on bank financing, supply and digital compliance.
SWOT
Strengths
- A diversified product range and production capacity across several units that can take over each other's output 1.
- A fragmented customer base with no dependence on large customers, which reduces concentration risk 1.
- Declared sustainability policies, including solar energy and aluminium recycling, that may support customer relationships 1.
Weaknesses
Opportunities
Risks
- Refinancing and financial covenantshigh
Variable-rate loans and staggered repayments could strain liquidity if covenant conditions are not met 1.
- Aluminium volatilitymedium
Aluminium prices and availability can fluctuate, affecting costs and customer relationships, especially if the supply chain is disrupted 1.
- Euroscaffold integrationmedium
If integration fails, inefficiencies and internal friction between the teams of two former rivals could emerge 1.
- Cybersecurity and GDPRmedium
Ransomware attacks and breaches of personal data could affect operations and attract sanctions 1.
- Talent shortagelow
Difficulty attracting and keeping skilled staff could raise wage costs and affect project delivery 1.
Investment thesis
What would need to be true (bull case)
- If the Euroscaffold integration consolidates, the group could gain production synergies and a broader offer for customers.
- A fragmented customer base and diversified sourcing may reduce the risk of sales or cost shocks.
- Investment in renewable energy and recycling could lower long-term costs and appeal to sustainability-minded customers.
What would break the thesis
- Debt with variable interest and staggered repayment obligations could limit financial flexibility if the market deteriorates.
- Dependence on aluminium exposes the company to raw material price volatility, without a fully declared hedge in the report.
- Integrating a former rival could delay synergies if organisational cultures remain separate.
What to watch
- Trend in margins and aluminium costs after the Euroscaffold integrationQ1 2027
- Compliance with Rabobank financing agreements and the start of repayments in the second half of 20262026
- Growth of online sales and progress on cybersecuritynext 10-K
- Progress of sustainability projects and emissions reduction2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Alumexx N.V. heads a group based in Etten-Leur that manufactures and distributes aluminium products, especially for work at height. According to its annual report for the year ended 31 December 2025 1, the company organises its activity in distinct production and distribution units that can take over each other's production. The Euroscaffold and ASC Group acquisitions were financed through a EUR 16.6 million facility package from Rabobank 1.
The business model combines in-house production, an accredited inspection body and online sales, where payments are protected by secure technologies 1. Alumexx is working to integrate its former competitor Euroscaffold, whose locations are now organised by customer type rather than by brand 1.
The company cites sustainability measures including solar panels, storage battery packs and its own system for collecting used aluminium 1. The report states that no customer contributes 5% or more of revenue 1, which limits customer concentration risk.
Segments
Aluminium products for work at height
The core segment covers scaffolding, ladders and other aluminium equipment for work at height, produced at the Alumexx North, Mid and South units 1. Products must meet Dutch and European standards, and TÜV certification is handled internally 1.
Euroscaffold and the expanded segment after acquisition
The Euroscaffold acquisition brought a long-standing competitor into the group, and integration means locations serve different customer types rather than separate brands 1. The report notes that operational managers oversee each location, indicating an operating structure still being consolidated 1.
Market context
Alumexx operates in the European market for aluminium equipment for construction and industry, where demand depends on construction activity and raw material costs. The annual report does not give the total market size, but describes the company's exposure to aluminium price and availability 1. The auditor set a materiality threshold of EUR 280,000, calculated on revenue 1.
The market is shaped by CO2 emissions rules, energy costs and recycling requirements, which can change the cost structure across the sector 1. The company believes opportunities could arise from lower energy costs and customer preference for products with a lower carbon footprint 1.
Trends
- Carbon taxation and energy costsmixed
Higher CO2 taxes and energy prices could raise operating costs, though investment in solar panels and energy efficiency may offset part of the effect 1.
- Circular economy and recyclingmixed
Stricter waste rules could increase pressure on the quality of recycled material, but may open new services such as repair and refurbishment 1.
- Tight labour marketheadwind
A tight labour market in Western Europe makes it costlier to attract and retain staff, which could press on wages and training costs 1.
- Digitalisation and cybersecuritymixed
Online sales and wider use of software increase exposure to cyber attacks and GDPR requirements, but may also improve customer access 1.
Competitive position
The annual report does not explicitly name competitors, but states that Alumexx and Euroscaffold were major competitors for many years before the acquisition 1. Competitive position depends on the product range and pricing policy, which management monitors continuously 1.
The company's declared advantage lies in its diversified range and the R&D department's ability to serve several market segments without depending on a single proposition 1. Without market-share data in the sources, the company's relative position cannot be established with certainty.
- Euroscaffold (former competitor, acquired)
Former direct competitor, now integrated into the Alumexx group following the acquisition, per the annual report 1.
- Other competitors not identified in source
The annual report does not name other competitors; the comparative analysis remains limited to the available sources.
- Aluminium suppliers and producers
Not direct competitors, but they influence the price and availability of raw materials, per the report 1.
- Producers of work-at-height access equipment
General competitor category; the sources do not allow identification by name and ticker.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202429 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Alumexx N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.