olivLaw · European equity research
Cabka N.V. CABKA.AS
Netherlands · Euronext Amsterdam · ISIN NL00150000S7 · Vertical: Listed companies from Netherlands
Cabka N.V. makes transport pallets and large containers from recycled plastic, headquartered in Amsterdam with plants in Europe and the United States. The company says 2026 could bring higher revenues and a higher EBITDA margin after a year of stabilisation, with a long-term ambition of revenues toward about 300 mn EUR by 2030.
At the close of 05 Nov 2026, Cabka N.V. (CABKA.AS) stock was 2.24 EUR (+2.75% on the day), with market capitalisation 55.1 k EUR, dividend yield 0.00%, beta 0.22, 52-week range 1.41–2.24 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 68.7
- strong (55–70)
- Bollinger (20, 2)
- 1.92 – 2.19
- above the upper band · %B 1.17 · band width 13.4%
- SMA 50 / 200
- 2.03 / 1.89
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.03 / 0.01
- 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 | +15.5% | +0.4% | +15.1 pp | — |
| 3 months | +13.7% | −3.3% | +17.0 pp | — |
| 6 months | +9.8% | +4.0% | +5.8 pp | — |
| Year to date | +26.2% | +8.1% | +18.1 pp | — |
| 1 year | +21.7% | +10.7% | +11.0 pp | −0.2% |
| 3 years | −68.0% | +50.1% | −118.1 pp | +5.3% |
| 5 years | −76.7% | +43.6% | −120.3 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 | 196.9 m | 181.9 m | 180.8 m |
| Revenue YoY | unavailable | −7.6% | −0.6% |
| Net income | -1.5 m | -9.4 m | -7.4 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.06 | -380.00 | -0.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -0.8% | -5.1% | -4.1% |
| Free cash flow | -4.4 m | -3.2 m | 7.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 50.7 m EUR
- Total assets
- 154.6 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.01x
- ROE
- -13.8%
- ROA
- -4.5%
- FCF margin
- 4.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 196.9 m | 181.9 m | 180.8 m | esef· 12 May 2026verified |
| Interest expense | 4.7 m | 5.4 m | 5.9 m | esef· 12 May 2026verified |
| Pre-tax income | -1.2 m | -5.7 m | -4.1 m | esef· 12 May 2026verified |
| Income tax | 332.0 k | 3.6 m | 3.3 m | esef· 12 May 2026verified |
| Net income | -1.5 m | -9.4 m | -7.4 m | esef· 12 May 2026verified |
| Diluted EPS | -0.06 | -380.00 | -0.00 | esef· 12 May 2026verified |
| Dividend per share | 0.15 | 150.58 | 0.00 | esef· 12 May 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 7.3 m | 4.4 m | 3.1 m | esef· 12 May 2026verified |
| Inventories | 32.1 m | 36.2 m | 34.1 m | esef· 12 May 2026verified |
| Current assets | 79.5 m | 69.3 m | 67.0 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 80.8 m | 83.9 m | 71.8 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 2.8 m | 2.7 m | 2.2 m | esef· 12 May 2026verified |
| Total assets | 181.4 m | 173.5 m | 154.6 m | esef· 12 May 2026verified |
| Current liabilities | 67.3 m | 77.4 m | 66.2 m | esef· 12 May 2026verified |
| Equity | 70.7 m | 56.7 m | 50.7 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 25.7 m | 24.6 k | — | esef· 12 May 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 27.2 m | 14.9 m | 18.7 m | esef· 12 May 2026verified |
| Capex | 31.6 m | 18.1 m | 11.2 m | esef· 12 May 2026verified |
| Free cash flow | -4.4 m ≈ | -3.2 m ≈ | 7.4 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -30.7 m | -18.0 m | -5.2 m | esef· 12 May 2026verified |
| Financing cash flow | -11.1 m | 380.0 k | -15.9 m | esef· 12 May 2026verified |
| Dividends paid | 1.2 m | 3.7 m | 0 | 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: 29.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 55.1 k EUR
Key indicators
Coverage and freshness
Score by group
29% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
no valuation method could be computed
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: 29.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -4.1% | 19 (vs peers) | 21% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 18 (on a fixed band) | 14% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 13,461.0% | 100 (on a fixed band) | 29% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 21% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 14% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial18/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial19/100 · 1/3 factors with a value
- Returns40/100 · 2/2 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
Cabka N.V. (CABKA.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 180.8 m EUR in 2025; YoY growth -0.6%; net margin -4.1%; ROE -13.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 13,461.0%
- Payout ratio (FCF): 0.0%
What contradicts it
- Net margin: -4.1%
- Current ratio: 1.0x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), 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. | 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 CABKA.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
Cabka N.V. makes transport pallets and large containers from recycled plastic, headquartered in Amsterdam with plants in Europe and the United States 1. The company says 2026 could bring higher revenues and a higher EBITDA margin after a year of stabilisation, with a long-term ambition of revenues toward about 300 mn EUR by 2030 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Economic slowdownhigh
A fall in economic activity could reduce orders and weigh on profitability 1.
- Labour costmedium
A shortage of skilled staff and rising wages could affect operating costs 1.
- Price pressuremedium
Customers asking for lower prices could limit the company's ability to protect its margins 1.
- Regulatory compliancemedium
Changing legislation and differing national interpretations could create additional costs 1.
- Debt and interest coverhigh
If the interest cover ratio does not improve, the loan renewal could become harder 1.
Investment thesis
What would need to be true (bull case)
- If revenues return to growth and capacity is used better, the EBITDA margin could rise meaningfully, in line with the company's targets 1.
- Recycled-content rules could open new contracts for a company with an integrated recycling chain 1.
- The SHIFT cost programme could support better results in coming years, according to the company 1.
What to watch
- Revenue and EBITDA margin against the 2026 outlook2026
- Interest cover covenant headroom and net debt reduction2027
- Effect of the PPWR regulation on demand2026
- Progress of the second strategic phase and any acquisitions2028
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
Cabka is a producer of transport packaging from recycled plastic, with over 30 years of experience, turning plastic waste into reusable pallets and containers 1. The group runs six production locations, two in Germany, two in Belgium, one in Spain and one in the United States, plus tolling agreements with four contract manufacturers 1. The legal seat is in Amsterdam, while innovation, marketing and sales are concentrated in Valencia 1.
Segments
Market context
The company competes in the market for reusable transport packaging made from recycled plastic, which it describes as still fragmented 1. Demand is shaped by macroeconomic conditions, with customers cautious about capital spending and order volumes softening in some industries 1. Packaging and recycled-content rules are described as a long-term tailwind 1.
Trends
- PPWR regulationtailwind
The EU packaging and packaging waste regulation, applying from August 2026, favours products with high recycled content, which could support demand for Cabka products 1.
- Economic slowdownheadwind
The company sees cooling demand from some core customers, reflected in lower order volumes in certain industries 1.
- Labour costsheadwind
Personnel costs are rising, especially for specialist roles and at remote sites, which pressures margins 1.
- Price pressuremixed
Customers push for lower prices because raw material costs have eased, yet the company defended its gross margin in fiscal 2025 1.
Competitive position
The reusable plastic packaging market is fragmented, with competition from regional producers and lower-cost suppliers in low-price markets 1. The company argues that vertical integration, from waste sourcing to finished product, gives it a structural advantage 1.
- Regional plastic pallet producers
Local manufacturers competing on price in Europe and the United States, referred to as a pricing pressure 1.
- Lower-cost producers
Suppliers from low-cost markets that put pressure on selling prices 1.
- Pallet pooling operators
Companies offering reusable pallet systems that compete for the same logistics contracts 1.
- Integrated plastic recyclers
Firms collecting and recycling plastic that compete with Cabka for recycled raw material 1.
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 202417 Apr 2025
- Annual report 202412 May 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Cabka 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.