olivLaw · European equity research
CM.com N.V. CMCOM.AS
Netherlands · Euronext Amsterdam · ISIN NL0012747059 · Vertical: Listed companies from Netherlands
CM.com offers one platform for customer interaction that brings together communication, marketing, customer service, payments and live experiences. In 2025 it launched HALO, an agentic AI platform, at a time when companies are looking to consolidate vendors. Revenue was 259.4 million EUR in fiscal 2025 and EBITDA 18.4 million EUR.
At the close of 03 Nov 2026, CM.com N.V. (CMCOM.AS) stock was 6.10 EUR (−0.49% on the day), with market capitalisation 192.5 m EUR, beta 0.48, 52-week range 4.23–7.42 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)
- 33.0
- weak (30–45)
- Bollinger (20, 2)
- 5.88 – 7.20
- in the lower half of the band · %B 0.17 · band width 20.2%
- SMA 50 / 200
- 6.74 / 6.22
- mixed trend
- MACD (12, 26, 9)
- -0.20 / -0.15
- 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 | −10.3% | −1.0% | −9.3 pp | — |
| 3 months | −15.4% | −3.9% | −11.5 pp | — |
| 6 months | −3.0% | +7.2% | −10.2 pp | — |
| Year to date | +35.6% | +6.6% | +29.0 pp | — |
| 1 year | +45.2% | +9.1% | +36.2 pp | −0.8% |
| 3 years | −26.9% | +47.9% | −74.8 pp | +5.6% |
| 5 years | −81.9% | +43.3% | −125.2 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 | 266.2 m | 274.2 m | 259.4 m |
| Revenue YoY | unavailable | +3.0% | −5.4% |
| Net income | -28.7 m | -19.8 m | -3.8 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.00 | -0.68 | -0.12 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -10.8% | -7.2% | -1.5% |
| Free cash flow | -5.4 m | 16.1 m | 8.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 33.2 m EUR
- Financial debt
- 85.3 m EUR
- Net debt
- 52.1 m EUR
- Equity
- 27.3 m EUR
- Total assets
- 206.1 m EUR
- Debt / equity
- 3.13x
- Current ratio
- 0.93x
- ROE
- -22.2%
- ROA
- -1.7%
- FCF margin
- 3.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 266.2 m | 274.2 m | 259.4 m | esef· 17 Feb 2026verified |
| Cost of revenue | 187.7 m | 191.1 m | 178.1 m | esef· 17 Feb 2026verified |
| Gross profit | 78.5 m | 83.1 m | 81.3 m | esef· 17 Feb 2026verified |
| Operating income | -24.6 m | -15.3 m | -4.6 m | esef· 17 Feb 2026verified |
| Depreciation & amortisation | 21.8 m | 31.7 m | 22.9 m | esef· 17 Feb 2026verified |
| EBITDA | -2.7 m ≈ | 16.5 m ≈ | 18.4 m ≈ | esef· 17 Feb 2026derived |
| Interest expense | 5.6 m | 5.2 m | 8.3 m | esef· 17 Feb 2026verified |
| Pre-tax income | -29.5 m | -19.3 m | -3.6 m | esef· 17 Feb 2026verified |
| Income tax | -732.0 k | 555.0 k | 138.0 k | esef· 17 Feb 2026verified |
| Net income | -28.7 m | -19.8 m | -3.8 m | esef· 17 Feb 2026verified |
| Diluted EPS | -1.00 | -0.68 | -0.12 | esef· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 48.6 m | 38.4 m | 33.2 m | esef· 17 Feb 2026verified |
| Receivables | 51.0 m | 59.3 m | 48.9 m | esef· 17 Feb 2026verified |
| Inventories | 737.0 k | 450.0 k | 364.0 k | esef· 17 Feb 2026verified |
| Current assets | 100.9 m | 102.9 m | 85.6 m | esef· 17 Feb 2026verified |
| Property, plant & equipment, net | 8.5 m | 8.9 m | 7.9 m | esef· 17 Feb 2026verified |
| Goodwill | 29.4 m | 20.6 m | 20.6 m | esef· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | 71.5 m | 70.1 m | 67.7 m | esef· 17 Feb 2026verified |
| Total assets | 240.1 m | 229.8 m | 206.1 m | esef· 17 Feb 2026verified |
| Long-term debt | 14.6 m | 13.2 m | 85.3 m | esef· 17 Feb 2026verified |
| Current liabilities | 101.5 m | 110.2 m | 92.6 m | esef· 17 Feb 2026verified |
| Equity | 26.3 m | 6.8 m | 27.3 m | esef· 17 Feb 2026verified |
| Shares outstanding at year end | 28.7 m | 29.1 m | 31.6 m | esef· 17 Feb 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -3.6 m | 18.3 m | 9.7 m | esef· 17 Feb 2026verified |
| Capex | 1.9 m | 2.2 m | 872.0 k | esef· 17 Feb 2026verified |
| Free cash flow | -5.4 m ≈ | 16.1 m ≈ | 8.8 m ≈ | esef· 17 Feb 2026derived |
| Investing cash flow | -18.9 m | -20.8 m | -14.2 m | esef· 17 Feb 2026verified |
| Financing cash flow | -10.5 m | -7.5 m | -563.0 k | esef· 17 Feb 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
- score weight coverage: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 192.5 m EUR
Key indicators
Coverage and freshness
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: 2.56 – 9.84 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)4.93 – 9.84 (Mid 6.68)WACC 7.2% · starting FCFF 15.8 m EUR · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -7.9%
- Peers: EV/EBITDA2.56 – 4.52 (Mid 3.71)5 companies used · median multiple 9.2x · quartiles 7.2x – 10.6xARCAD.AS, BAMNB.AS, BNJ.AS, BRNL.AS, HAVAS.AS
- Peers: P/Eunavailable · the base of the ratio is not positive
- 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: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -12.5% | 8 (vs peers) | 19% |
| Net margin · Quality | -1.5% | 28 (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 | 2.8x | 20 (vs peers) | 19% |
| Interest coverage · Balance sheet | -0.5x | 0 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 0.9x | 10 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 13.3x | 20 (vs peers) | 19% |
| FCF yield · Valuation | 4.6% | 57 (on a fixed band) | 15% |
| 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 sheet12/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality15/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation37/100 · 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
CM.com N.V. (CMCOM.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 259.4 m EUR in 2025; YoY growth -5.4%; net margin -1.5%; ROE -22.2%; net debt/EBITDA 2.8x.
The estimated value range is 3.75–7.18 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 5.19 EUR, the price of 6.10 EUR leaves a potential of -14.9% (value / price − 1) and a margin of safety of -17.5% (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
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -12.5%
- Net margin: -1.5%
- Net debt / EBITDA: 2.8x
- Interest coverage: -0.5x
- Current ratio: 0.9x
- EV/EBITDA: 13.3x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).
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. | 538.0 bn | 52.7 | 44.2% | 31.3% | +15.6% | +53% / +122% |
| ASM.ASASM International N.V. | 35.3 bn | 49.0 | 18.7% | 22.8% | +8.2% | +52% / +53% |
| DSFIR.ASDSM-Firmenich AG | 31.5 bn | 112.4 | 1.2% | 2.2% | +20.4% | +49% / +22% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 29.0 bn | 12.9 | 15.3% | 2.5% | +3.4% | −10% / +21% |
| ADYEN.ASAdyen N.V. | 26.1 bn | 24.6 | 22.3% | 40.1% | +18.9% | −38% / −23% |
| HAL.ASHAL Trust | 15.3 bn | 9.6 | 10.5% | 12.8% | +1.2% | +21% / +46% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 12.4 bn | 94.0 | 28.7% | 22.3% | −2.7% | +20% / +22% |
| AKZA.ASAkzo Nobel N.V. | 10.5 bn | 16.6 | 13.8% | 6.3% | −5.2% | +9% / −13% |
| AALB.ASAalberts N.V. | 4.7 bn | 26.1 | 7.2% | 5.7% | −5.3% | +53% / +17% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +23% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.7 | 343.8% | 5.1% | +1.6% | −12% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.4 bn | 42.4 | 9.1% | 1.3% | +2.9% | +49% / +407% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 136.8 | 3.6% | 1.0% | +16.9% | +6% / +15% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.4 | 10.2% | 6.5% | +1.7% | +23% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +39% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.0 | 5.9% | 45.4% | +4.2% | −6% / +17% |
| FUR.ASFugro N.V. | 940.4 m | — | -1.5% | -1.1% | −18.8% | −5% / −51% |
| ACOMO.ASAcomo N.V. | 677.0 m | 15.0 | 10.7% | 3.3% | +7.6% | −4% / +35% |
| FAST.ASFastned B.V. | 647.4 m | — | -28.2% | -21.7% | +66.1% | +56% / +22% |
| FFARM.ASForFarmers N.V. | 502.6 m | 10.1 | 14.5% | 1.6% | +14.8% | +28% / +134% |
| BRNL.ASBrunel International N.V. | 380.6 m | 124.7 | 1.0% | 0.3% | −10.8% | −7% / −30% |
| ALFEN.ASAlfen N.V. | 227.0 m | — | -0.1% | -0.0% | −10.7% | −1% / −77% |
| ENVI.ASEnvipco Holding N.V. | 220.8 m | — | -12.7% | -11.9% | −20.8% | −26% / +45% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for CMCOM.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
CM.com offers one platform for customer interaction that brings together communication, marketing, customer service, payments and live experiences. In 2025 it launched HALO, an agentic AI platform, at a time when companies are looking to consolidate vendors. Revenue was 259.4 million EUR in fiscal 2025 and EBITDA 18.4 million EUR.
SWOT
Strengths
- One platform combining communication, payments, service and events, with direct connections to card networks and telecom operators.
- A compliance framework tested in regulated sectors, with ISO 27701 and ISO 42001 certifications obtained in 2025.
- Gross margin has improved in recent years, pointing to better operational discipline.
Weaknesses
- The net result remains negative, with a loss per share of 0.12 EUR in fiscal 2025.
- Reliance on meeting financial covenants and sensitivity to EBITDA metrics raise financial risk.
- Revenue declined in 2025 compared with 2024, putting pressure on organic growth.
Opportunities
- Demand for integrated platforms and AI agents could grow among clients seeking vendor consolidation.
- Expansion of richer channels such as WhatsApp and RCS could generate revenue from advanced messaging.
- Embedding payments in the customer journey could increase transaction revenue on the platform.
Threats
- Cyberattacks, increasingly supported by artificial intelligence, could affect customer data and brand trust.
- Competition for IT and AI talent remains intense and could raise personnel costs.
- New rules on AI, data and sustainability could increase compliance costs.
Risks
- Financial and covenant riskhigh
Sensitivity to EBITDA and leverage metrics could limit financial flexibility if results weaken.
- Information securityhigh
A successful cyberattack could lead to loss of customer data and disruption of systems.
- Competition and innovationmedium
If market and development strategies are not aligned, the company could fall behind competitors.
- Talentmedium
A shortage of IT and AI specialists could slow the rollout of new products.
- Currency and interest rate exposurelow
Exposure to the US dollar and interest on the revolving credit facility could affect results, partly offset by natural hedging.
Investment thesis
What would need to be true (bull case)
- If the shift toward integrated platforms continues, the single-vendor position could support revenue growth from existing clients.
- Improving gross margin and lower operating costs could lead to a more robust EBITDA in the coming years.
- The HALO platform could become a growth engine if clients adopt AI agents at scale.
What would break the thesis
- If revenue keeps declining, pressure on financial covenants could become a problem.
- The market is competitive, and faster rivals could capture clients looking for new solutions.
- Persistent net losses could limit investment in products and security.
What to watch
- Trend in revenue and EBITDA versus the prior yearQ1 2027
- Compliance with financial covenants and debt level2027
- Client adoption of the HALO platformnext 10-K
- Trend in gross margin and personnel costs2027
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
CM.com describes its business model as an integrated platform for customer interaction, in which organizations can replace fragmented point solutions with one coherent customer journey. Clients can start with a single capability, such as messaging or payments, and expand over time. The company says every interaction adds data that improves personalization, in a positive feedback loop 1.
Payment processing is in-house and directly connected to Visa and Mastercard, allowing payment flows embedded in the customer journey. The company also cites an enterprise-grade compliance framework developed with banks, governments, law firms and insurers 1.
In 2025 the company said it began a transformation toward an AI-first organization, and AI agents already handle internal tasks. The source does not break out revenue from the new platform or AI products, so their impact on the figures remains uncertain 1.
Segments
Communication and messaging
The platform enables communication via SMS, voice, WhatsApp, RCS and email, with direct connections to more than 1,000 mobile network operators for reliable delivery at global scale. The company says it has moved from one-way notifications to contextual conversations 1.
Payments and live events
Online and in-person payments are combined in one ecosystem, with terminals running the company's own software. An offline module keeps transactions running without a stable internet connection, useful at events. Ticketing and event apps complete the offer for museums, sports and venues 1.
Market context
The company operates in conversational commerce, where the shift from one-way messages to richer interactions is driven by newer channels such as WhatsApp and RCS. The source describes the market as constantly evolving and highly competitive, without quantified market sizes 1.
The trend toward vendor consolidation and AI-powered all-in-one solutions favors integrated platforms but also intensifies competition. For CM.com, how this market develops depends on its ability to innovate quickly and on the success of product launches 1.
Trends
- Vendor consolidationtailwind
Companies increasingly prefer one platform over several point vendors. If this continues, the integrated platform of CM.com could win new clients and contract expansions.
- Agentic artificial intelligencemixed
AI agents that automate tasks end to end create efficiency and personalization opportunities. If adoption grows, the HALO product could become a differentiator, but competitive pressure also shifts toward these capabilities.
- Growing regulationmixed
GDPR, PSD2 and PSD3, DORA, NIS2 and the AI Act increase compliance complexity. The company's compliance framework could become an advantage, but adaptation costs also rise.
- Macroeconomic uncertaintyheadwind
Geopolitical tensions and macroeconomic volatility may affect global trade and customer demand. If client budgets tighten, revenue from new projects could be slower.
Competitive position
The source describes competition as intense in conversational commerce and customer interaction platforms. The company acknowledges that misalignment between go-to-market and service development could let faster competitors outpace it.
The source does not name specific competitors. The advantage the company cites is direct integration with card networks and telecom operators, combined with a compliance framework proven in regulated sectors.
- TwilioTWLO
Cloud communications provider, cited here only as a general example of a communications platform competitor; the source analyzed does not name it.
- US messaging and CRM platforms
Generic category of marketing automation and customer service vendors, not named in the source.
- European payment processors
Competition in online and in-store payments, not identified by name in the source analyzed.
- Ticketing and live experience providers
Competition in the events segment, without names in the reference document.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202517 Feb 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / CM.com 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.