olivLaw · European equity research
CFE (Compagnie d'Entreprises CFE, Aanneming Maatschappij CFE) CFEB.BR
Belgium · Euronext Brussels · ISIN BE0003883031 · Vertical: Listed companies from Belgium
CFE is a Belgian construction and multitechnics group active in Belgium, Luxembourg and Poland, with an investment in battery parks through GreenStor. 2024 showed lower revenue but a strong rise in its order book, so future results depend increasingly on large projects in Antwerp and on property market conditions. Revenue of the Bouw & Renovatie segment was 788.5 million euro, and its order book stood at 1343.5 million euro.
At the close of 05 Nov 2026, CFE (Compagnie d'Entreprises CFE, Aanneming Maatschappij CFE) (CFEB.BR) stock was 10.80 EUR (+0.00% on the day), with market capitalisation 266.8 m EUR, P/E 11.1 on diluted EPS of 0.97 EUR over the last 12 months, beta 0.38, 52-week range 8.56–13.90 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)
- 46.6
- neutral
- Bollinger (20, 2)
- 10.13 – 11.98
- in the lower half of the band · %B 0.36 · band width 16.8%
- SMA 50 / 200
- 11.02 / 11.27
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.10 / -0.09
- MACD below 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 | −1.8% | +0.4% | −2.2 pp | — |
| 3 months | −10.7% | −3.3% | −7.5 pp | — |
| 6 months | −8.5% | +4.0% | −12.4 pp | — |
| Year to date | +26.2% | +8.1% | +18.1 pp | — |
| 1 year | +18.9% | +10.7% | +8.2 pp | +6.3% |
| 3 years | +53.2% | +50.1% | +3.1 pp | −6.5% |
| 5 years | +40.7% | +43.6% | −2.9 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 2-quarter history (min 6.0, median 7.2, max 8.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 1.2 bn | 1.2 bn |
| Revenue YoY | unavailable | −5.3% |
| Net income | 22.8 m | 24.0 m |
| Net income YoY | unavailable | +5.2% |
| Diluted EPS | 0.91 | 0.97 |
| Diluted EPS YoY | unavailable | +6.6% |
| net % | 1.8% | 2.0% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 173.5 m EUR
- Financial debt
- 30.4 m EUR
- Net debt
- -143.1 m EUR
- Equity
- 247.8 m EUR
- Total assets
- 1.1 bn EUR
- Debt / equity
- 0.12x
- Current ratio
- 1.08x
- ROE
- 9.9%
- ROA
- 2.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | esef· 15 Apr 2025verified |
| Operating income | 28.2 m | 28.0 m | esef· 15 Apr 2025verified |
| Depreciation & amortisation | 21.3 m | 21.8 m | esef· 15 Apr 2025verified |
| EBITDA | 49.5 m ≈ | 49.9 m ≈ | esef· 15 Apr 2025derived |
| Pre-tax income | 31.0 m | 36.8 m | esef· 15 Apr 2025verified |
| Income tax | 8.3 m | 12.8 m | esef· 15 Apr 2025verified |
| Net income | 22.8 m | 24.0 m | esef· 15 Apr 2025verified |
| Diluted EPS | 0.91 | 0.97 | esef· 15 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 154.1 m | 173.5 m | esef· 15 Apr 2025verified |
| Receivables | 313.6 m | 265.5 m | esef· 15 Apr 2025verified |
| Inventories | 161.8 m | 141.4 m | esef· 15 Apr 2025verified |
| Current assets | 709.4 m | 656.1 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 95.1 m | 96.0 m | esef· 15 Apr 2025verified |
| Goodwill | 23.9 m | 23.9 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 3.9 m | 6.0 m | esef· 15 Apr 2025verified |
| Total assets | 1.2 bn | 1.1 bn | esef· 15 Apr 2025verified |
| Short-term debt | 56.4 m | 30.4 m | esef· 15 Apr 2025verified |
| Current liabilities | 672.0 m | 610.1 m | esef· 15 Apr 2025verified |
| Equity | 236.4 m | 247.8 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 25.0 m | 24.7 m | esef· 15 Apr 2025derived |
Cash flow · EUR
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: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 266.8 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
58% · 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: 9.98 – 22.92 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/EBITDA13.84 – 16.28 (Mid 15.91)5 companies used · median multiple 5.0x · quartiles 4.0x – 5.2xDEME.BR, FOU.BR, JEN.BR, MIKO.BR, MOUR.BR
- Peers: P/E9.98 – 22.92 (Mid 14.92)24 companies used · median multiple 15.4x · quartiles 10.3x – 23.6xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.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: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.0% | 74 (vs peers) | 18% |
| Net margin · Quality | 2.0% | 36 (vs peers) | 11% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -2.9x | 89 (vs peers) | 18% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.1x | 23 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 11.1x | 74 (vs peers) | 18% |
| EV/EBITDA · Valuation | 2.5x | 88 (vs peers) | 18% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet70/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality60/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation81/100 · 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
AANNEMINGSMAATSCHAPPIJ CFE (CFEB.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 1.2 bn EUR in 2024; YoY growth -5.3%; net margin 2.0%; ROE 9.9%; net debt/EBITDA -2.9x.
The estimated value range is 11.91–19.60 EUR per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 15.42 EUR, the price of 10.80 EUR leaves a potential of 42.7% (value / price − 1) and a margin of safety of 29.9% (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: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 15.0%
- Net debt / EBITDA: -2.9x
- P/E (TTM): 11.1x
- EV/EBITDA: 2.5x
- The price is below the estimated value range
What contradicts it
- Current ratio: 1.1x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, FCF yield, 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 CFEB.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
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 | 5.77 Total return -47% · Per year -47% | 10.26 Total return -5% · Per year -5% | 15.52 Total return 44% · Per year 44% |
| 3 years | 4.58 Total return -58% · Per year -25% | 9.26 Total return -14% · Per year -5% | 15.52 Total return 44% · Per year 13% |
| 5 years | 3.64 Total return -66% · Per year -20% | 8.36 Total return -23% · Per year -5% | 15.52 Total return 44% · Per year 8% |
- Exit P/E± 2.31
- Net margin± 1.62
- Annual revenue growth± 1.46
- Annual dilution± 0.14
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
CFE is a Belgian construction and multitechnics group active in Belgium, Luxembourg and Poland, with an investment in battery parks through GreenStor. 2024 showed lower revenue but a strong rise in its order book, so future results depend increasingly on large projects in Antwerp and on property market conditions. Revenue of the Bouw & Renovatie segment was 788.5 million euro, and its order book stood at 1343.5 million euro 1.
SWOT
Strengths
- The order book grew significantly in 2024, and the net financial position reached a high level, supported by operating cash flow.
- Diversified presence across three European markets, with complementary construction and technical installation segments.
- Stakes in energy and industrial development projects bring income from outside the core construction business.
Weaknesses
- Revenue fell in 2024 in two of the largest segments, showing dependence on project timing.
- Results were affected by impairments on property projects and difficulties in using production capacity in some divisions.
- Exposure to variable interest rates and the cost of financing remains a source of margin pressure.
Opportunities
- Large infrastructure projects in Antwerp could bring stable revenue over several years.
- Development of battery parks could open a new source of investment income.
- Demand for energy-efficient installations could grow in long-term contracts with public clients.
Threats
- Fewer new orders in Poland and property market weakness in Luxembourg could limit growth.
- Legislative changes and legal instability could affect projects and compliance costs.
- Shortage of skilled staff and competition for talent could raise execution costs.
Risks
- Interest ratemedium
Exposure to variable-rate debt, even if partly hedged, can affect results if interest rates rise again.
- Liquiditymedium
Repayment obligations on existing debt and the group's general needs require careful management of credit lines and available cash.
- Currency risk in Poland and Vietnamlow
Activities in Polish zloty, Vietnamese dong and US dollars expose the group to exchange-rate moves, although most operations are in the euro zone.
- Regulatory changesmedium
Legal instability and regulatory shifts can affect projects and their execution timetable.
- Environmental and ESG impacthigh
CO2 emissions, site waste and water use can create reputational and regulatory risks, especially on large projects.
Investment thesis
What would need to be true (bull case)
- If the large order book turns into stable revenue, the group could gradually recover the activity level of 2023.
- A solid net financial position and available credit lines could provide flexibility for new projects.
- Stakes in energy and industrial development could add long-term income independent of classic construction work.
What would break the thesis
- If the drop in orders in Poland and Luxembourg persists, revenue could stay below earlier years' levels.
- If interest rates stay high, financing costs could rise and reduce project margins.
- Further impairments on property projects or delayed sales could again weigh on net results.
What to watch
- Revenue trend of Bouw & Renovatie and Belgian order intake2025
- Execution pace of the Oosterweel link project and related revenue2025
- Commissioning of the La Louvière battery parksummer 2026
- Level of net debt and average cost of gross debtnext 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
CFE operates through two main poles: Bouw & Renovatie, covering residential, commercial and infrastructure construction, and Multitechnieken, covering technical, electrical, HVAC and rail installations. The group also includes the Investeringen & Holding segment, with stakes in Green Offshore, Deep C Holding and GreenStor 1. In 2024 revenue fell to 788.5 million euro for Bouw & Renovatie and to 304.3 million euro for Multitechnieken 1.
In investments, GreenStor develops battery parks in Belgium, while Deep C Holding sells industrial land in Vietnam, where sales fell in 2024 because of new rules on real estate transactions 1.
Segments
Multitechnieken
The segment achieved 304.3 million euro of revenue and EBIT of 10.2 million euro, after a loss in 2023. The VMA division declined as the ZIN project ended, while MOBIX grew 7% on rail and overhead line work 1.
Market context
Financing costs remain an important factor, as the average rate on gross debt was 4.22% at 31 December 2024, relatively stable versus 2023 1.
Trends
- Large infrastructure projects in Antwerptailwind
Work on the Oosterweel link, including tunnels under the Albert Canal, adds multi-year orders and could support Bouw & Renovatie revenue in the coming years 1.
- Weak property market in Luxembourgheadwind
The housing market in Luxembourg remains below pre-crisis levels, and the division's revenue fell, limiting growth this year 1.
- Investment in energy storagemixed
Demand for battery parks in Belgium, through GreenStor, could lift investment income, but the projects are still under construction and depend on commissioning 1.
- Cost of financingheadwind
High interest rates weighed on 2024 results, and exposure to variable rates remains only partly hedged 1.
Competitive position
The company competes in construction and installation markets with Belgian and international construction groups, especially in tenders for public infrastructure and large residential projects. The source notes that fewer tenders in Poland reduced new orders, showing market sensitivity to investment cycles 1.
In multitechnics, competition comes from firms specialised in electrical, HVAC and rail installations, and pressure rises with the mobility of skilled labour and the demand for talent on complex projects 1.
- Belgian and European construction groups
Companies bidding for the same public and private tenders in Belgium, Luxembourg and Poland; no data provided in the source.
- Technical installation specialists
Rivals of the Multitechnieken division, notably in electrical, HVAC and rail infrastructure.
- Battery park developers
Companies active in Belgian energy storage, where GreenStor holds a stake through BSTOR.
- Construction groups active in Vietnam
Competitors in industrial park development, where Deep C Holding sells land.
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 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / CFE (Compagnie d'Entreprises CFE, Aanneming Maatschappij CFE) · 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.