olivLaw · European equity research
Exmar EXM.BR
Belgium · Euronext Brussels · ISIN BE0003808251 · Vertical: Listed companies from Belgium
At the close of 05 Nov 2026, Exmar (EXM.BR) stock was 11.40 EUR (+2.24% on the day), with beta -0.03, 52-week range 9.76–12.00 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.7
- neutral
- Bollinger (20, 2)
- 11.05 – 11.71
- in the upper half of the band · %B 0.53 · band width 5.8%
- SMA 50 / 200
- 11.54 / 10.96
- mixed trend
- MACD (12, 26, 9)
- -0.07 / -0.08
- 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 | −3.0% | +0.4% | −3.4 pp | — |
| 3 months | −0.4% | −3.3% | +2.8 pp | — |
| 6 months | +5.1% | +4.0% | +1.1 pp | — |
| Year to date | +14.3% | +8.1% | +6.2 pp | — |
| 1 year | +6.5% | +10.7% | −4.2 pp | +6.3% |
| 3 years | +39.9% | +50.1% | −10.2 pp | −6.5% |
| 5 years | +151.7% | +43.6% | +108.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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 | 2022 | 2023 |
|---|---|---|
| Revenue | 155.6 m | 487.3 m |
| Revenue YoY | unavailable | +213.2% |
| Net income | 320.3 m | 72.0 m |
| Net income YoY | unavailable | −77.5% |
| Diluted EPS | 5.60 | 1.25 |
| Diluted EPS YoY | unavailable | −77.7% |
| net % | 205.9% | 14.8% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 176.9 m USD
- Financial debt
- 219.8 m USD
- Net debt
- 42.9 m USD
- Equity
- 482.1 m USD
- Total assets
- 926.9 m USD
- Debt / equity
- 0.46x
- Current ratio
- 1.57x
- ROE
- 11.2%
- ROA
- 6.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Revenue | 155.6 m | 487.3 m | esef· 23 Apr 2024verified |
| Operating income | 312.8 m | 49.1 m | esef· 23 Apr 2024verified |
| Depreciation & amortisation | 33.6 m | 34.0 m | esef· 23 Apr 2024verified |
| EBITDA | 346.4 m ≈ | 83.1 m ≈ | esef· 23 Apr 2024derived |
| Pre-tax income | 321.4 m | 76.2 m | esef· 23 Apr 2024verified |
| Income tax | 1.1 m | 4.1 m | esef· 23 Apr 2024verified |
| Net income | 320.3 m | 72.0 m | esef· 23 Apr 2024verified |
| Diluted EPS | 5.60 | 1.25 | esef· 23 Apr 2024verified |
| Dividend per share | 1.04 | 6.79 | esef· 23 Apr 2024derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Cash | 519.6 m | 176.9 m | esef· 23 Apr 2024verified |
| Receivables | 67.1 m | 97.4 m | esef· 23 Apr 2024verified |
| Inventories | 9.2 m | 15.1 m | esef· 23 Apr 2024verified |
| Current assets | 604.6 m | 307.5 m | esef· 23 Apr 2024verified |
| Intangibles (excl. goodwill) | 225.0 k | 314.0 k | esef· 23 Apr 2024verified |
| Total assets | 1.2 bn | 926.9 m | esef· 23 Apr 2024verified |
| Accounts payable | 75.5 m | 146.9 m | esef· 23 Apr 2024verified |
| Long-term debt | 167.5 m | 219.8 m | esef· 23 Apr 2024verified |
| Current liabilities | 129.2 m | 195.9 m | esef· 23 Apr 2024verified |
| Total liabilities | 379.6 m | 444.8 m | esef· 23 Apr 2024verified |
| Equity | 798.7 m | 482.1 m | esef· 23 Apr 2024verified |
| Shares outstanding at year end | 57.2 m | 57.6 m | esef· 23 Apr 2024derived |
Cash flow · USD
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: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
31% · 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: 3.38 – 120.04 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA3.38 – 6.68 (Mid 5.75)6 companies used · median multiple 4.5x · quartiles 2.9x – 5.1xCFEB.BR, DEME.BR, FOU.BR, JEN.BR, MIKO.BR, MOUR.BR
- Peers: P/E13.37 – 29.14 (Mid 18.27)25 companies used · median multiple 14.6x · quartiles 10.7x – 23.3xACKB.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)89.26 – 120.04 (Mid 102.39)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.6% | 52 (vs peers) | 33% |
| Net margin · Quality | 14.8% | 92 (vs peers) | 20% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.5x | 44 (vs peers) | 33% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.6x | 64 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet50/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality67/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
EXMAR (EXM.BR). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 487.3 m USD in 2023; YoY growth 213.2%; net margin 14.8%; ROE 11.2%; net debt/EBITDA 0.5x.
The estimated value range is 13.37–29.14 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 14.8%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · 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 | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| 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 | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for EXM.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
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202323 Apr 2024
- Annual report 202323 Apr 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.