olivLaw · European equity research
Aalberts N.V. AALB.AS
Netherlands · Euronext Amsterdam · ISIN NL0000852564 · Vertical: Listed companies from Netherlands
Aalberts N.V. is a European industrial group that makes technologies and components for building installations, mainly for heating, water and climate systems. The company aims to create shared value through its « thrive 2030 » strategy, which combines sustainability, innovation and people development. Its 2024 CSRD report points to strong internal development of managers, with high retention of the professionals it has developed since 2018.
At the close of 04 Nov 2026, Aalberts N.V. (AALB.AS) stock was 41.84 EUR (−1.18% on the day), with market capitalisation 4.6 bn EUR, P/E 25.8 on diluted EPS of 1.62 EUR over the last 12 months, dividend yield 2.70%, beta 1.15, 52-week range 26.04–45.08 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)
- 50.4
- neutral
- Bollinger (20, 2)
- 40.31 – 42.80
- in the upper half of the band · %B 0.61 · band width 6.0%
- SMA 50 / 200
- 42.01 / 37.97
- mixed trend
- MACD (12, 26, 9)
- -0.06 / -0.16
- 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 | −4.0% | −1.5% | −2.5 pp | — |
| 3 months | −6.1% | −5.3% | −0.8 pp | — |
| 6 months | +13.5% | +4.7% | +8.8 pp | — |
| Year to date | +49.1% | +6.0% | +43.1 pp | — |
| 1 year | +57.6% | +8.2% | +49.5 pp | +0.5% |
| 3 years | +30.0% | +47.2% | −17.2 pp | −0.1% |
| 5 years | −14.7% | +41.8% | −56.5 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 100 percentile of its own 3-quarter history (min 12.7, median 13.8, max 21.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 3.2 bn | 3.3 bn | 3.1 bn |
| Revenue YoY | unavailable | +2.9% | −5.3% |
| Net income | 317.3 m | 315.8 m | 179.1 m |
| Net income YoY | unavailable | −0.5% | −43.3% |
| Diluted EPS | 2.86 | 2.85 | 1.62 |
| Diluted EPS YoY | unavailable | −0.3% | −43.2% |
| net % | 9.8% | 9.5% | 5.7% |
| Free cash flow | 58.6 m | 273.4 m | 192.0 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 89.8 m EUR
- Financial debt
- 364.5 m EUR
- Net debt
- 274.7 m EUR
- Equity
- 2.6 bn EUR
- Total assets
- 4.2 bn EUR
- Debt / equity
- 0.14x
- Current ratio
- 1.38x
- ROE
- 7.0%
- ROA
- 4.3%
- FCF margin
- 6.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.2 bn | 3.3 bn | 3.1 bn | esef· 15 Apr 2025verified |
| Operating income | 445.4 m | 463.4 m | 292.4 m | esef· 15 Apr 2025verified |
| Pre-tax income | 424.6 m | 424.0 m | 261.6 m | esef· 15 Apr 2025verified |
| Income tax | 102.3 m | 103.5 m | 74.2 m | esef· 15 Apr 2025verified |
| Net income | 317.3 m | 315.8 m | 179.1 m | esef· 15 Apr 2025verified |
| Diluted EPS | 2.86 | 2.85 | 1.62 | esef· 15 Apr 2025verified |
| Dividend per share | 1.65 | 1.11 | 1.13 | esef· 15 Apr 2025derived |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 79.2 m | 119.7 m | 89.8 m | esef· 15 Apr 2025verified |
| Inventories | 911.3 m | 822.6 m | 799.6 m | esef· 15 Apr 2025verified |
| Current assets | 1.5 bn | 1.4 bn | 1.4 bn | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 995.0 m | 1.1 bn | 1.2 bn | esef· 15 Apr 2025verified |
| Total assets | 4.2 bn | 4.1 bn | 4.2 bn | esef· 15 Apr 2025verified |
| Short-term debt | 161.4 m | 55.1 m | 82.7 m | esef· 15 Apr 2025verified |
| Long-term debt | 477.0 m | 388.7 m | 281.8 m | esef· 15 Apr 2025verified |
| Current liabilities | 996.2 m | 895.3 m | 1.0 bn | esef· 15 Apr 2025verified |
| Equity | 2.4 bn | 2.5 bn | 2.6 bn | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 110.6 m | 110.4 m | 110.6 m | esef· 15 Apr 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 247.3 m | 492.1 m | 432.7 m | esef· 15 Apr 2025verified |
| Capex | 188.7 m | 218.7 m | 240.7 m | esef· 15 Apr 2025verified |
| Free cash flow | 58.6 m ≈ | 273.4 m ≈ | 192.0 m ≈ | esef· 15 Apr 2025derived |
| Investing cash flow | -311.7 m | -132.6 m | -228.4 m | esef· 15 Apr 2025verified |
| Financing cash flow | 22.9 m | -213.3 m | -253.2 m | esef· 15 Apr 2025verified |
| Dividends paid | 182.5 m | 122.7 m | 125.0 m | esef· 15 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
- score weight coverage: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.6 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
56% · 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: 15.38 – 30.22 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 · input data missing
- Peers: P/E16.31 – 30.22 (Mid 22.22)15 companies used · median multiple 13.7x · quartiles 10.1x – 18.7xACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)15.38 – 20.97 (Mid 17.74)
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: score weight coverage: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.3% | 50 (vs peers) | 19% |
| Net margin · Quality | 5.7% | 69 (vs peers) | 11% |
| FCF conversion · Quality | 107.2% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.4x | 48 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 25.8x | 38 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.2% | 52 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 2.7% | 39 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 65.1% | 78 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial48/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality69/100 · 3/3 factors with a value
- Returns55/100 · 2/2 factors with a value
- Valuation44/100 · 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
Aalberts N.V. (AALB.AS). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 3.1 bn EUR in 2024; YoY growth -5.3%; net margin 5.7%; ROE 7.2%.
The estimated value range is 15.84–25.59 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 19.98 EUR, the price of 41.84 EUR leaves a potential of -52.2% (value / price − 1) and a margin of safety of -109.4% (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 (score weight coverage: 56.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 107.2%
- Payout ratio (FCF): 65.1%
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
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. | 519.6 bn | 50.9 | 44.2% | 31.3% | +15.6% | +48% / +115% |
| ASM.ASASM International N.V. | 33.5 bn | 46.5 | 18.7% | 22.8% | +8.2% | +44% / +45% |
| DSFIR.ASDSM-Firmenich AG | 32.0 bn | 114.3 | 1.2% | 2.2% | +20.4% | +52% / +24% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 30.9 bn | 13.7 | 15.3% | 2.5% | +3.4% | −4% / +29% |
| ADYEN.ASAdyen N.V. | 26.9 bn | 25.4 | 22.3% | 40.1% | +18.9% | −36% / −20% |
| HAL.ASHAL Trust | 15.6 bn | 9.8 | 10.5% | 12.8% | +1.2% | +23% / +49% |
| EXO.ASExor N.V. | 15.3 bn | — | -10.6% | — | −100.0% | +3% / −17% |
| BESI.ASBE Semiconductor Industries N.V. | 12.1 bn | 91.6 | 28.7% | 22.3% | −2.7% | +17% / +18% |
| AKZA.ASAkzo Nobel N.V. | 10.8 bn | 17.1 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.6 bn | 25.8 | 7.2% | 5.7% | −5.3% | +51% / +15% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.3 | 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. | 3.4 bn | 42.5 | 9.1% | 1.3% | +2.9% | +49% / +408% |
| 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 | 9.7 | 10.2% | 6.5% | +1.7% | +27% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +56% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 973.4 m | — | -1.5% | -1.1% | −18.8% | −1% / −49% |
| ACOMO.ASAcomo N.V. | 687.4 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 667.9 m | — | -28.2% | -21.7% | +66.1% | +61% / +25% |
| FFARM.ASForFarmers N.V. | 515.9 m | 10.3 | 14.5% | 1.6% | +14.8% | +31% / +140% |
| BRNL.ASBrunel International N.V. | 386.2 m | 126.5 | 1.0% | 0.3% | −10.8% | −5% / −29% |
| ALFEN.ASAlfen N.V. | 229.8 m | — | -0.1% | -0.0% | −10.7% | +0% / −77% |
| ENVI.ASEnvipco Holding N.V. | 227.9 m | — | -12.7% | -11.9% | −20.8% | −24% / +49% |
| CMCOM.ASCM.com N.V. | 188.7 m | — | -22.2% | -1.5% | −5.4% | +21% / −31% |
1- and 3-year price returns: for AALB.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 | 22.37 Total return -45% · Per year -45% | 39.75 Total return -2% · Per year -2% | 60.14 Total return 47% · Per year 47% |
| 3 years | 17.76 Total return -52% · Per year -22% | 35.87 Total return -7% · Per year -2% | 60.14 Total return 53% · Per year 15% |
| 5 years | 14.10 Total return -59% · Per year -16% | 32.37 Total return -11% · Per year -2% | 60.14 Total return 59% · Per year 10% |
- Exit P/E± 8.97
- Net margin± 6.28
- Annual revenue growth± 5.67
- Annual dilution± 0.53
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
Aalberts N.V. is a European industrial group that makes technologies and components for building installations, mainly for heating, water and climate systems. The company aims to create shared value through its « thrive 2030 » strategy, which combines sustainability, innovation and people development. Its 2024 CSRD report points to strong internal development of managers, with high retention of the professionals it has developed since 2018 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- CSRD compliance riskmedium
Errors in ESG reporting could draw regulatory attention, and the internal control system is still being developed 1.
- Supply-chain due diligencemedium
Supplier checks on human and environmental rights are ongoing, and gaps could create reputational risks 1.
- Climate risksmedium
Physical and transition climate risks are addressed in the HSRS plans, but their impact depends on future developments 1.
- Uncertainty in emissions datalow
The spend-based method for scope 3 involves assumptions that could change reported results 1.
- Dependence on talentlow
Losing key managers could affect continuity, although reported retention is high 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Progress in CSRD implementation and group-wide ESG reporting2025
- Timeline for rolling out automated due diligence2025
- Delivery of the 'thrive 2030' strategy targets2026
- Trend in manager retention and internal promotionsnext annual report
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 annual report for the year ended 31 December 2024, Aalberts describes its activity through the 'Aalberts way', based on entrepreneurship and people 1. The group runs several business lines, each led by its own team, and its long-term strategy is anchored in the 'thrive 2030' plan 1. The company presents itself as a global manufacturer with a complex supply chain and a focus on technological innovation.
Aalberts says it manages its impact on the environment and society responsibly, with sustainability policies aligned to ESRS and the CSRD directive 1. The report also includes a double materiality assessment that identifies the ESG topics with the greatest impact on the company 1.
The company mentions collaborations with universities and student teams, such as Delft University of Technology, as part of testing products and long-term sustainable solutions 1. This model emphasises knowledge transfer and in-house technological development.
Segments
Divisions by business line
The annual report describes operations by business team, each with its own HSRS improvement plan and innovation roadmap 1. The team structure allows strategy to be adapted to different markets and products.
Innovation and sustainable products
Innovation is organised through roadmaps for each business team, with a focus on energy efficiency and products with lower environmental impact, documented through Environmental Product Declarations 1.
Supply chain
For suppliers, the company has integrated human and environmental rights due diligence into existing supplier management processes, based on the UNGP and OECD guidelines 1.
Market context
The annual report does not detail the size of the total market in this passage, so the analysis relies on the content available in the source document 1. As an industrial group with global operations, Aalberts is exposed to construction and installation cycles, as well as European Union environmental regulation 1.
The CSRD framework and the EU taxonomy shape reporting requirements and demand for energy-efficient products, factors the document treats as relevant to the company's strategy 1.
Trends
- Stricter sustainability regulationmixed
Implementation of the CSRD and the expected CSDDD, anticipated around 2027, raise reporting and due diligence requirements, which could add administrative costs 1.
- Demand for energy efficiencytailwind
The focus on energy-efficiency solutions and decarbonisation, mentioned in the HSRS plans, could support demand for the company's products 1.
- Pressure on the supply chainheadwind
Checking suppliers for human and environmental rights may increase operational complexity and compliance costs 1.
- Talent developmenttailwind
Manager development and succession planning programmes, with high retention, could support operational continuity if they remain effective 1.
Competitive position
The 2024 annual report does not name direct competitors, so detailed market positions cannot be drawn from this document alone 1. Competitive analysis remains dependent on additional sources.
The differentiation the company describes rests on its own culture, people development and technological innovation, rather than on named comparisons with competitors 1.
- Not named in the source
The source document does not identify direct competitors; no tickers or comparisons can be assigned without additional sources.
- Suppliers and supply-chain partners
The company works with suppliers who must follow its Supplier Code of Conduct; this is a business relationship rather than competition 1.
- Universities and research teams
Partnerships with universities serve technology testing rather than direct competition 1.
- Other manufacturers of building components
Competition in the building-components sector is not detailed in the source document.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202301 May 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Aalberts N.V. · 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.