olivLaw · European equity research
Unifiedpost Group BANQ.BR
Belgium · Euronext Brussels · ISIN BE0974371032 · Vertical: Listed companies from Belgium
Unifiedpost Group, also known as Banqup, provides cloud-based SaaS solutions to businesses for electronic invoicing, electronic payments, electronic identification and electronic reporting, replacing paper-based processes. Its 2024 annual report shows 840 employees at year end, and the market it serves is described as fast-growing, driven by demand for automation and tax compliance.
At the close of 06 Nov 2026, Unifiedpost Group (BANQ.BR) stock was 0.85 EUR (−5.56% on the day), with market capitalisation 31.1 m EUR, P/E 0.4 on diluted EPS of 1.94 EUR over the last 12 months, beta 0.56, 52-week range 0.80–4.13 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)
- 26.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.56 – 1.50
- in the lower half of the band · %B 0.31 · band width 90.5%
- SMA 50 / 200
- 1.69 / 2.43
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.25 / -0.28
- 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 | −53.9% | −0.6% | −53.3 pp | — |
| 3 months | −61.2% | −4.2% | −57.0 pp | — |
| 6 months | −66.0% | +4.3% | −70.3 pp | — |
| Year to date | −73.4% | +7.5% | −80.9 pp | — |
| 1 year | −74.1% | +9.9% | −84.0 pp | +6.4% |
| 3 years | −64.1% | +49.8% | −113.9 pp | −6.8% |
| 5 years | −95.3% | +42.8% | −138.1 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.
Today's P/E sits at the 0 percentile of its own 1-quarter history (min 1.6, median 1.6, max 1.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -43.6 m | -83.9 m | 71.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.26 | -2.32 | 1.94 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -33.8 m | 10.3 m | 6.4 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 14.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 148.3 m EUR
- Total assets
- 323.3 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.08x
- ROE
- 63.4%
- ROA
- 23.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Research & development | 14.1 m | 18.4 m | 17.0 m | esef· 17 Apr 2025verified |
| Operating income | -29.9 m | -71.6 m | -32.3 m | esef· 17 Apr 2025verified |
| Interest expense | 9.4 m | 15.4 m | 23.0 m | esef· 17 Apr 2025verified |
| Pre-tax income | -45.1 m | -87.5 m | -50.3 m | esef· 17 Apr 2025verified |
| Income tax | 1.2 m | 745.0 k | 846.0 k | esef· 17 Apr 2025verified |
| Net income | -43.6 m | -83.9 m | 71.0 m | esef· 17 Apr 2025verified |
| Diluted EPS | -1.26 | -2.32 | 1.94 | esef· 17 Apr 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 40.0 m | 22.5 m | 14.5 m | esef· 17 Apr 2025verified |
| Receivables | 29.6 m | 25.3 m | 16.5 m | esef· 17 Apr 2025verified |
| Inventories | 822.0 k | 612.0 k | 544.0 k | esef· 17 Apr 2025verified |
| Current assets | 75.7 m | 60.1 m | 148.2 m | esef· 17 Apr 2025verified |
| Property, plant & equipment, net | 8.2 m | 7.4 m | 1.5 m | esef· 17 Apr 2025verified |
| Goodwill | 153.4 m | 113.1 m | 92.0 m | esef· 17 Apr 2025verified |
| Intangibles (excl. goodwill) | 85.5 m | 82.9 m | 66.7 m | esef· 17 Apr 2025verified |
| Total assets | 338.1 m | 278.0 m | 323.3 m | esef· 17 Apr 2025verified |
| Current liabilities | 65.3 m | 76.1 m | 137.8 m | esef· 17 Apr 2025verified |
| Equity | 158.3 m | 75.9 m | 148.3 m | esef· 17 Apr 2025verified |
| Shares outstanding at year end | 34.6 m | 36.2 m | 36.6 m | esef· 17 Apr 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -11.6 m | 11.0 m | 6.6 m | esef· 17 Apr 2025verified |
| Capex | 22.2 m | 739.0 k | 247.0 k | esef· 17 Apr 2025verified |
| Free cash flow | -33.8 m ≈ | 10.3 m ≈ | 6.4 m ≈ | esef· 17 Apr 2025derived |
| Investing cash flow | -32.2 m | -16.9 m | 98.7 m | esef· 17 Apr 2025verified |
| Financing cash flow | 66.8 m | -11.6 m | -104.3 m | esef· 17 Apr 2025verified |
≈ 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
06 Nov 2026Source: olivLaw, closing series
Market cap: 31.1 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
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: 21.07 – 45.37 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)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E21.07 – 45.37 (Mid 28.06)25 companies used · median multiple 14.5x · quartiles 10.9x – 23.4xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- 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 | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 9.0% | 0 (on a fixed band) | 18% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.4x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.1x | 23 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | 0.4x | 100 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 20.5% | 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 sheet9/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation100/100 · 2/3 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
Unifiedpost Group (BANQ.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: ROE 63.7%.
The estimated value range is 21.07–45.37 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 28.06 EUR, the price of 0.85 EUR leaves a potential of 3,201.7% (value / price − 1) and a margin of safety of 97.0% (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
- P/E (TTM): 0.4x
- FCF yield: 20.5%
- The price is below the estimated value range
What contradicts it
- FCF conversion: 9.0%
- Interest coverage: -1.4x
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 12.0 bn | 23.4 | 9.6% | 13.6% | −2.0% | +29% / +35% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.3 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.5 bn | 22.7 | — | 5.3% | −1.5% | +19% / +14% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.1 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.5 | 9.4% | 2.9% | +3.1% | +10% / −7% |
| DEME.BRDeme Group | 4.1 bn | 12.0 | 15.5% | 8.3% | +1.3% | +18% / +69% |
| AZE.BRAzelis Group | 2.9 bn | 15.9 | 6.6% | 4.3% | +1.5% | +27% / −43% |
| MELE.BRMelexis | 2.2 bn | 12.6 | 30.7% | 18.4% | −3.3% | +1% / −37% |
| BEKB.BRNV Bekaert SA | 2.0 bn | 30.2 | 3.1% | 1.8% | −6.4% | +8% / −6% |
| FAGR.BRFagron | 1.8 bn | 22.0 | 16.7% | 9.2% | +14.3% | +14% / +39% |
| KIN.BRKinepolis Group | 1.3 bn | 33.1 | 19.3% | 7.0% | −4.5% | +58% / +9% |
| JEN.BRJensen Group | 710.7 m | 17.3 | 15.1% | 9.1% | +13.3% | +28% / +112% |
| BAR.BRBarco | 556.0 m | 9.0 | 7.9% | 6.7% | −9.9% | −49% / −59% |
| IBAB.BRIon Beam Applications | 479.6 m | 38.9 | 10.7% | 2.1% | +24.5% | +45% / +50% |
| DECB.BRDeceuninck | 337.1 m | 24.3 | 4.3% | 1.7% | −4.5% | +7% / +7% |
| CAMB.BRCampine | 270.8 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +160% |
| CFEB.BRAannemingsmaatschappij Cfe | 269.3 m | 11.2 | 9.9% | 2.0% | −5.3% | +24% / +49% |
| MOUR.BRMoury Construct | 265.2 m | 10.9 | 21.3% | 13.1% | −4.0% | +13% / +79% |
| EVS.BREvs Broadcast Equipment | 243.5 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| ECONB.BREconocom Group | 205.3 m | 39.5 | 1.2% | 0.2% | +4.3% | −4% / −37% |
| BPOST.BRBpost | 176.2 m | 2.7 | 6.3% | 1.5% | −2.6% | −53% / −81% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 166.0 m | 157.4 | 3.5% | 4.5% | −5.9% | −8% / −20% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for BANQ.BR 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
Scenarios are not available. input data missing
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
Unifiedpost Group, also known as Banqup, provides cloud-based SaaS solutions to businesses for electronic invoicing, electronic payments, electronic identification and electronic reporting, replacing paper-based processes. Its 2024 annual report shows 840 employees at year end, and the market it serves is described as fast-growing, driven by demand for automation and tax compliance.
SWOT
Strengths
- A unified SaaS platform combining invoicing, payments, identification and electronic reporting.
- A modular architecture that allows rapid adaptation to regulatory change.
- Experience in CSRD sustainability reporting, with a clear ESG governance structure.
Weaknesses
- Disposals reduce portfolio complexity but also the scale of activities.
- Many Scope 3 emissions are calculated from indirect estimates, without primary supplier data.
- The climate policy is not yet finalised and emission reduction targets have not been set.
Opportunities
- Demand for automation and tax compliance could open new opportunities for the unified platform.
- Expanding the electric vehicle fleet and charging infrastructure could reduce operational emissions.
- Customers seeking auditable ESG reporting might prefer digitised solutions.
Threats
- Regulatory changes may alter the requirements the platform must meet.
- Dependence on suppliers and supply chain conditions can affect costs and service quality.
- Physical climate risks were assessed as not significant, but could affect IT infrastructure if the assessment changes.
Risks
- Consistency of sustainability reportingmedium
The decentralised business model could make uniform application of ESG data methodology difficult.
- Reliance on estimates for Scope 3medium
Value chain emissions are calculated from industry averages, which could lead to deviations from reality.
- Delay in climate policymedium
The lack of a policy and emission reduction targets could draw questions from investors and regulators.
- Energy-intensive operationslow
IT infrastructure and print operations were identified as energy-intensive activities that need alignment with climate neutrality goals.
- Execution of disposals and integrationmedium
Unifying the platform and bringing brands together could slow down if integration of activities runs into difficulties.
Investment thesis
What would need to be true (bull case)
- If demand for electronic invoicing and tax compliance keeps growing, the unified platform could capture a larger share of the market.
- The modular architecture could allow new features to be launched quickly when regulatory changes arrive.
- Reducing non-strategic activities through disposals could focus resources on the core SaaS services.
What would break the thesis
- If integrating the platforms runs into difficulties, the advantage of a single solution could be diminished.
- The lack of a finalised climate policy and emission targets could be seen as a governance weakness.
- Reliance on estimates for indirect emissions could reduce confidence in the reported sustainability data.
What to watch
- Setting of greenhouse gas emission reduction targets2025
- Finalisation of the climate change policy2025
- Transformation of the privacy committee into a compliance committee2025
- Progress in electrifying the vehicle fleetnext 10-K
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
According to the 2024 annual report, Unifiedpost Group helps customers simplify their business operations through cloud-based solutions, supporting the move from traditional paper-based communication to digitised services. Its SaaS platform is designed to reduce reliance on paper processes, optimise resource consumption and provide the audit trail needed for ESG reporting 1. In 2024 the group unified its Banqup platform, integrating electronic invoicing, electronic payments, electronic identification and electronic reporting into one modular platform 1.
The business model rests on a single modular platform that allows new features to be introduced quickly and the offer to be adapted to regulatory changes. The group aims to provide one solution that meets current demands and anticipates future challenges, including by bringing its brands under one name 1.
The report also mentions disposals in 2024, among them the 21 Grams activities and the Wholesale Identity Access activity in the Netherlands, treated as discontinued operations in the sustainability reporting 1. The company reports under CSRD for the first time, which limits some comparisons with earlier years 1.
Segments
Electronic invoicing
Electronic invoicing is one of the core components of the Banqup platform, described in the report as integrated alongside electronic payments, identification and reporting 1.
Electronic payments
Electronic payments are offered through the group's payments branch, Unifiedpost Payments, which has a dedicated compliance officer 1.
Electronic identification and reporting
Electronic identification and electronic reporting complete the offer, supporting customers facing reporting and tax compliance requirements 1.
Market context
The report describes the market as fast-growing, defined by demand for process automation to improve operational efficiency, the need to comply with invoicing and tax reporting rules, and rising attention to sustainability 1. The company operates across several markets and regions, with staff distributed geographically 1.
Growth depends on the group's ability to adapt to new regulation, and the report indicates the modular platform is designed for exactly that purpose 1.
Trends
- Digitisation of invoicingtailwind
The shift from paper processes to electronic invoicing is the main driver of the Unifiedpost offer, according to the report 1.
- Stricter tax regulationtailwind
Compliance requirements for invoicing and tax reporting increase demand for automated solutions, as described in the market section of the report 1.
- Focus on sustainabilitytailwind
Companies are encouraged to include ESG factors in strategies and reporting, which could increase interest in solutions that reduce paper use 1.
- Portfolio consolidationmixed
The 2024 disposals and brand unification show a reorganisation of the portfolio, with effects that are hard to estimate from the available report 1.
Competitive position
The available source does not identify the group's competitors. The annual report mentions only the growing market and compliance demand, without naming rival firms 1.
Without a competitor list in the source, assessment of competitive position is limited to the description of a single modular platform, which could be an advantage if the integration works as presented 1.
- Competitors not named in the source
The 2024 annual report does not identify competitors; no names or tickers are given.
- Other electronic invoicing platforms
General category, no names from the source.
- B2B payment solution providers
General category, no names from the source.
- Electronic identification providers
General category, no names from the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202417 Apr 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Unifiedpost Group · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.