olivLaw · European equity research
Compagnie du Bois Sauvage COMB.BR
Belgium · Euronext Brussels · ISIN BE0003592038 · Vertical: Listed companies from Belgium
Compagnie du Bois Sauvage is a Belgian holding company listed on Euronext Brussels, holding listed stakes, private equity and real estate, while its chocolate division (Neuhaus, Jeff de Bruges) generated revenue of 304.9 mn EUR in 2025. Amid a strategic refocus, the company announced the acquisition of the remaining 34% of Jeff de Bruges, which could strengthen the chocolate arm's role in the portfolio.
At the close of 05 Nov 2026, Compagnie du Bois Sauvage (COMB.BR) stock was 282.00 EUR (+1.81% on the day), with market capitalisation 453.6 m EUR, P/E 12.0 on diluted EPS of 23.51 EUR over the last 12 months, beta 0.42, 52-week range 234.00–334.00 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)
- 58.6
- strong (55–70)
- Bollinger (20, 2)
- 261.88 – 282.62
- in the upper half of the band · %B 0.97 · band width 7.6%
- SMA 50 / 200
- 285.82 / 303.97
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -3.14 / -5.27
- 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 | +1.4% | +0.4% | +1.1 pp | — |
| 3 months | −6.9% | −3.3% | −3.7 pp | — |
| 6 months | −12.7% | +4.0% | −16.7 pp | — |
| Year to date | −2.4% | +8.1% | −10.5 pp | — |
| 1 year | +12.8% | +10.7% | +2.1 pp | +7.2% |
| 3 years | −2.8% | +50.1% | −52.8 pp | −5.5% |
| 5 years | −18.3% | +43.6% | −61.9 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 0 percentile of its own 1-quarter history (min 12.3, median 12.3, max 12.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -27.8 m | -69.8 m | 37.8 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -16.77 | -42.71 | 23.51 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 73.5 m EUR
- Financial debt
- 13.2 m EUR
- Net debt
- -60.3 m EUR
- Equity
- 558.6 m EUR
- Total assets
- 779.3 m EUR
- Debt / equity
- 0.02x
- Current ratio
- 1.72x
- ROE
- 6.9%
- ROA
- 5.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Depreciation & amortisation | 26.4 m | 30.1 m | 32.8 m | esef· 24 Mar 2026verified |
| Interest expense | 7.8 m | 6.5 m | 6.8 m | esef· 24 Mar 2026verified |
| Pre-tax income | -12.2 m | -49.8 m | 59.1 m | esef· 24 Mar 2026verified |
| Income tax | 9.3 m | 13.3 m | 13.7 m | esef· 24 Mar 2026verified |
| Net income | -27.8 m | -69.8 m | 37.8 m | esef· 24 Mar 2026verified |
| Diluted EPS | -16.77 | -42.71 | 23.51 | esef· 24 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 46.3 m | 41.4 m | 73.5 m | esef· 24 Mar 2026verified |
| Receivables | 78.6 m | 101.4 m | 114.4 m | esef· 24 Mar 2026verified |
| Inventories | 27.8 m | 29.5 m | 28.4 m | esef· 24 Mar 2026verified |
| Current assets | 175.7 m | 196.9 m | 235.0 m | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 56.0 m | 68.1 m | 70.3 m | esef· 24 Mar 2026verified |
| Goodwill | 11.0 m | 11.0 m | 11.0 m | esef· 24 Mar 2026verified |
| Intangibles (excl. goodwill) | 24.3 m | 25.3 m | 28.9 m | esef· 24 Mar 2026verified |
| Total assets | 792.9 m | 724.0 m | 779.3 m | esef· 24 Mar 2026verified |
| Long-term debt | 23.0 m | 34.3 m | 13.2 m | esef· 24 Mar 2026verified |
| Current liabilities | 86.3 m | 91.5 m | 136.6 m | esef· 24 Mar 2026verified |
| Total liabilities | 162.7 m | 185.8 m | 220.6 m | esef· 24 Mar 2026verified |
| Equity | 630.2 m | 538.2 m | 558.6 m | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 1.7 m | 1.6 m | 1.6 m | esef· 24 Mar 2026derived |
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
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 453.6 m EUR
Key indicators
Coverage and freshness
Score by group
21% · 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: 251.48 – 548.16 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/E251.48 – 548.16 (Mid 343.64)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)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: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | 1.7x | 77 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 12.0x | 71 (vs peers) | 50% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.7% | 9 (on a fixed band) | 30% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial77/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial9/100 · 1/2 factors with a value
- Valuation· partial71/100 · 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
Compagnie du Bois Sauvage (COMB.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 7.3%.
The estimated value range is 251.48–548.16 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 343.64 EUR, the price of 282.00 EUR leaves a potential of 21.9% (value / price − 1) and a margin of safety of 17.9% (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 (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.7x
- P/E (TTM): 12.0x
What contradicts it
- Shareholder yield (distributions): 0.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 40 companies
Multiples and returns vs the median
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 COMB.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
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
Compagnie du Bois Sauvage is a Belgian holding company listed on Euronext Brussels, holding listed stakes, private equity and real estate, while its chocolate division (Neuhaus, Jeff de Bruges) generated revenue of 304.9 mn EUR in 2025 1. Amid a strategic refocus, the company announced the acquisition of the remaining 34% of Jeff de Bruges, which could strengthen the chocolate arm's role in the portfolio 1.
SWOT
Strengths
- Diversified portfolio of listed stakes, private equity and real estate with a substantial net asset value.
- Brands with international recognition and a long history in premium chocolate.
- Share liquidity supported on Euronext Brussels through a market making mandate.
Weaknesses
- High dependence on a single operating division for industrial revenue.
- Concentrated shareholder structure, with one family controlling most voting rights.
- Net asset value depends on internal estimates for private equity stakes.
Opportunities
- Full acquisition of Jeff de Bruges could simplify the structure and increase control over the division.
- Expanding airline partnerships and opening new shops could support growth.
- New markets such as Jordan could complement the existing international network.
Threats
- Volatile cocoa prices could erode chocolate margins.
- US import tariffs could hurt one of the most important growth markets.
- Geopolitical uncertainty, including the situation in Ecuador, could disrupt supply.
Risks
- Cocoa supplyhigh
Risks linked to cocoa beans could affect production if sources narrow, although safety stocks have been built.
- Situation in Ecuadormedium
The political assessment in Ecuador affects personnel and supply for the chocolate division, and actions may continue if the situation changes.
- Regulatory compliancemedium
New European directives could raise compliance costs if not anticipated properly.
- Cybersecuritymedium
An external attack could lead to loss or destruction of data, and the NIS2 compliance plan is still in progress.
- Net asset valuationlow
Net asset value depends on estimates, which could create differences from realisable value.
Investment thesis
What would need to be true (bull case)
- If the chocolate division restores its margins and the Jeff de Bruges integration proceeds efficiently, the consolidated value of the holding could increase.
- The diversified portfolio of listed stakes and private equity provides a base of value that could support the company in difficult periods.
- The strategic refocus on chocolate could simplify the structure and concentrate resources on assets with growth potential.
What would break the thesis
- If cocoa prices remain volatile, the margins of the chocolate division could continue to decline.
- US tariffs could limit growth in one of Neuhaus's main markets.
- The reassessed value of private equity stakes depends on estimates, which could lead to corrections.
What to watch
- Completion of the acquisition of the remaining 34% of Jeff de Bruges2026
- Trend in chocolate division margins and cocoa pricesNext annual report
- Impact of US tariffs on Neuhaus sales2026
- Evolution of the situation in Ecuador and supplyNext 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
The company is a holding company that manages its stakes and generates value through its consolidated portfolio, with a net asset value of 886.696 mn EUR at 31 December 2025 1. Its main operating business is the chocolate division, comprising Neuhaus, Jeff de Bruges, Corné Port-Royal and Artista Chocolates 1. The shareholder structure is concentrated, with one family controlling more than half of voting rights through Fingaren and Entreprises et Chemins de Fer en Chine 1.
Segments
Chocolate division
The chocolate division posted revenue of 304.9 mn EUR and EBITDA excluding IFRS 16 of 56.2 mn EUR in 2025, and Neuhaus remains a reference in high-quality Belgian chocolate with more than 800 points of sale worldwide 1. Neuhaus and Jeff de Bruges together account for more than 95% of the division's revenue 1.
Listed stakes and private equity
The portfolio includes listed stakes such as Umicore and Ageas, and private equity holdings including Berenberg Bank and Galactic-Futerro, each contributing to net asset value 1. The private equity stakes are significant relative to the total portfolio, but their valuation relies on internal estimates 1.
Real estate
Real estate activities include projects in Belgium, Luxembourg, Poland and Portugal, ranging from offices to residential projects, with a total value reported in the portfolio 1.
Market context
The premium Belgian chocolate market is influenced by volatile cocoa prices and import tariffs, particularly in the United States, one of Neuhaus's main growth regions 1. The company describes 2025 as a 'perfect storm' for its chocolate operations 1.
For holding shareholders, market value is judged against net asset value, and the company stresses that this calculation is subject to the uncertainties inherent in any valuation and is not a measure of the current or future value of the shares 1. Share liquidity is supported by a mandate to Banque Degroof Petercam 1.
Trends
- Cocoa pricesheadwind
Volatility in cocoa prices affects the margins of the chocolate division and could weigh on results if volatility persists 1.
- US import tariffsheadwind
The introduction of import tariffs in the United States, a growth market for Neuhaus, has complicated the operating environment 1.
- Strategic refocustailwind
Strengthening the chocolate division is presented as a priority for value creation, and full ownership of Jeff de Bruges could simplify the structure 1.
- European regulationmixed
The CSRD, EUDR and NIS2 directives raise compliance workload but could lead to better risk management 1.
Competitive position
Neuhaus and Jeff de Bruges compete with other premium chocolate makers in Belgium and abroad, and their position depends on innovation, brand awareness and sales channels 1. The source does not explicitly name listed competitors, so a comparison with US-listed companies cannot be drawn from the document 1.
Across the holding, stakes are diversified, so the competitive picture varies between assets, from financial markets to real estate 1.
- Other premium Belgian chocolate makers
The source does not name specific competitors; competition centres on brand awareness, innovation and sales channels.
- Umicore (listed stake)
Listed holding in the portfolio, not a direct competitor of the chocolate division.
- Ageas (listed stake)
Listed holding in the portfolio, relevant to net asset value.
- Berenberg Bank (private equity stake)
Portfolio holding valued within private equity.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Compagnie du Bois Sauvage · 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.