olivLaw · European equity research
Ctac N.V. CTAC.AS
Netherlands · Euronext Amsterdam · ISIN NL0000345577 · Vertical: Listed companies from Netherlands
Ctac N.V. is a Dutch IT company that helps clients manage change by combining strategic advice with practical implementation. In 2025 it launched a new backbone and set a goal to raise its EBIT margin at least to market levels. The 2025 revenue budget was set at 131.0 million EUR.
At the close of 04 Nov 2026, Ctac N.V. (CTAC.AS) stock was 2.71 EUR (+0.00% on the day), with market capitalisation 39.0 m EUR, P/E 10.8 on diluted EPS of 0.25 EUR over the last 12 months, dividend yield 4.06%, beta 0.31, 52-week range 2.52–3.36 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)
- 51.8
- neutral
- Bollinger (20, 2)
- 2.49 – 2.82
- in the upper half of the band · %B 0.67 · band width 12.3%
- SMA 50 / 200
- 2.71 / 2.90
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.03
- 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 | +3.0% | +0.4% | +2.7 pp | — |
| 3 months | −6.9% | −3.3% | −3.6 pp | — |
| 6 months | −9.7% | +4.0% | −13.6 pp | — |
| Year to date | −11.4% | +8.1% | −19.5 pp | — |
| 1 year | −19.3% | +10.7% | −30.0 pp | +0.8% |
| 3 years | −20.3% | +50.1% | −70.4 pp | +5.3% |
| 5 years | −36.8% | +43.6% | −80.4 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 33 percentile of its own 3-quarter history (min 10.6, median 12.2, max 47.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 127.2 m | 124.3 m | 125.7 m |
| Revenue YoY | unavailable | −2.3% | +1.1% |
| Net income | 951.0 k | 3.9 m | 3.6 m |
| Net income YoY | unavailable | +311.1% | −8.0% |
| Diluted EPS | 0.07 | 0.28 | 0.25 |
| Diluted EPS YoY | unavailable | +300.0% | −10.7% |
| net % | 0.7% | 3.1% | 2.9% |
| Free cash flow | 9.4 m | 8.5 m | -211.0 k |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 32.9 m EUR
- Total assets
- 69.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.10x
- ROE
- 11.3%
- ROA
- 5.1%
- FCF margin
- -0.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 127.2 m | 124.3 m | 125.7 m | esef· 04 Mar 2026verified |
| Operating income | 4.1 m | 5.6 m | 5.0 m | esef· 04 Mar 2026verified |
| Interest expense | 473.0 k | 390.0 k | 358.0 k | esef· 04 Mar 2026verified |
| Pre-tax income | 3.6 m | 5.2 m | 4.6 m | esef· 04 Mar 2026verified |
| Income tax | 2.5 m | 1.3 m | 1.0 m | esef· 04 Mar 2026verified |
| Net income | 951.0 k | 3.9 m | 3.6 m | esef· 04 Mar 2026verified |
| Diluted EPS | 0.07 | 0.28 | 0.25 | esef· 04 Mar 2026verified |
| Weighted average diluted shares | 14.1 m | 14.1 m | 14.1 m | esef· 04 Mar 2026verified |
| Dividend per share | — | 0.11 | 0.11 | esef· 04 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 8.3 m | 9.6 m | 4.6 m | esef· 04 Mar 2026verified |
| Inventories | 175.0 k | 86.0 k | 86.0 k | esef· 04 Mar 2026verified |
| Current assets | 33.1 m | 33.7 m | 33.6 m | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 1.9 m | 2.9 m | 2.6 m | esef· 04 Mar 2026verified |
| Total assets | 71.3 m | 72.0 m | 69.8 m | esef· 04 Mar 2026verified |
| Short-term debt | 1.4 m | 0 | — | esef· 11 Mar 2025verified |
| Current liabilities | 34.3 m | 33.4 m | 30.5 m | esef· 04 Mar 2026verified |
| Equity | 28.5 m | 30.9 m | 32.9 m | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 13.6 m | 14.0 m | 14.4 m | esef· 04 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 10.7 m | 10.3 m | 629.0 k | esef· 04 Mar 2026verified |
| Capex | 1.3 m | 1.8 m | 840.0 k | esef· 04 Mar 2026verified |
| Free cash flow | 9.4 m ≈ | 8.5 m ≈ | -211.0 k ≈ | esef· 04 Mar 2026derived |
| Investing cash flow | -1.8 m | -3.3 m | -1.3 m | esef· 04 Mar 2026verified |
| Financing cash flow | -8.0 m | -5.7 m | -4.3 m | esef· 04 Mar 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: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 39.0 m EUR
Key indicators
Coverage and freshness
Score by group
42% · 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: 1.50 – 6.42 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 · 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/E2.42 – 6.42 (Mid 3.63)16 companies used · median multiple 14.5x · quartiles 9.7x – 25.7xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, ECMPA.AS, FFARM.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)1.50 – 2.04 (Mid 1.73)
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: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.9% | 56 (vs peers) | 15% |
| FCF conversion · Quality | -5.9% | 0 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 13.9x | 100 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.1x | 25 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 10.8x | 76 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.5% | 0 (on a fixed band) | 20% |
| 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 sheet70/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality28/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation42/100 · 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
Ctac N.V. (CTAC.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 125.7 m EUR in 2025; YoY growth 1.1%; net margin 2.9%; ROE 11.3%.
The estimated value range is 1.96–4.23 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 2.68 EUR, the price of 2.71 EUR leaves a potential of -1.2% (value / price − 1) and a margin of safety of -1.2% (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: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 13.9x
- P/E (TTM): 10.8x
What contradicts it
- FCF conversion: -5.9%
- Current ratio: 1.1x
- FCF yield: -0.5%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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. | 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 CTAC.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 | 1.55 Total return -40% · Per year -40% | 2.74 Total return 5% · Per year 5% | 4.13 Total return 57% · Per year 57% |
| 3 years | 1.40 Total return -39% · Per year -15% | 2.80 Total return 16% · Per year 5% | 4.65 Total return 88% · Per year 23% |
| 5 years | 1.27 Total return -39% · Per year -9% | 2.86 Total return 27% · Per year 5% | 5.24 Total return 121% · Per year 17% |
- Exit P/E± 0.70
- Net margin± 0.49
- Annual revenue growth± 0.42
- Annual dilution± 0.04
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
Ctac N.V. is a Dutch IT company that helps clients manage change by combining strategic advice with practical implementation. In 2025 it launched a new backbone and set a goal to raise its EBIT margin at least to market levels. The 2025 revenue budget was set at 131.0 million EUR 1.
SWOT
Strengths
- The combination of strategic consulting and practical implementation gives clients a complete relationship from idea to delivery. 1
- The new backbone launched in 2025 was implemented without major problems and enables faster processes. 1
- The company places emphasis on technology and on its people, which supports its service offering. 1
Weaknesses
Opportunities
Risks
- Shareholder concentrationhigh
After the mandatory offer, a majority shareholder holds more than two thirds of the shares, which could affect liquidity and the influence of minority holders. 1
- Margin pressuremedium
The goal of lifting the EBIT margin to market levels is not assured and depends on executing the strategy. 1
- Volatile demandmedium
The trade and geopolitical context could slow clients' investment decisions. 1
- Technology implementation riskmedium
Migration to new ERP systems and the backbone could cause delays or unforeseen costs. 1
- Changing regulationlow
Changes to sustainability reporting rules could create uncertainty about compliance. 1
Investment thesis
What would need to be true (bull case)
- If interest in artificial intelligence turns into concrete projects, the company could benefit from higher demand for its consulting. 1
- The new backbone could allow faster adaptation to client requirements and better operational efficiency. 1
- Management's goal of raising profitability could lead to better margins if execution is sound. 1
What to watch
- Development of the EBIT margin against the market-level goal2026
- Results of the last quarter compared with the previous yearQ1 2026
- Impact of the new shareholder structure on liquidity2026
- Uptake of AI projects and the new ERP systemsnext 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
Ctac combines strategic advice with practical implementation, helping organisations cope with change and challenges. The source describes the company as centred on clients' IT and business processes, with a focus on efficiency and speed. 1
In the second quarter of 2025 a fully renewed backbone went live successfully, allowing work processes to be improved and adapted faster to client needs. 1
Management pays growing attention to technology and artificial intelligence, which the company uses to help clients raise productivity and their product and service offering. 1
Segments
IT services and consulting
The core activity is consulting and IT implementation for clients' business processes, including digital transformation projects. 1
Artificial intelligence solutions
The company helps clients identify and implement artificial intelligence opportunities, from analysis through to implementation. 1
Market context
Financial performance was stable over three quarters of 2025, but the last quarter was weaker than the same period of 2024, showing how sensitive demand is to the macroeconomic context. 1
Trends
- Adoption of artificial intelligencetailwind
Clients are looking for ways to use AI for productivity and new products, which could create demand for Ctac's consulting services. 1
- Trade tensions and geopolitical uncertaintyheadwind
The trade war started by the US and geopolitical uncertainty have made the market more cautious, which could slow IT investment decisions. 1
- Digitalisation and infrastructure renewalmixed
The company invested in its own backbone and in new ERP and service management systems, which could support operational efficiency. 1
- Sustainability regulationmixed
CSRD rules were significantly weakened over the past year, but the board considers meeting legal requirements to remain important. 1
Competitive position
The source does not explicitly name Ctac's competitors. The company operates in the IT services and consulting market, where competition typically comes from consultancies and systems integrators, though their names do not appear in the texts.
The advantages the company cites lie in combining practical implementation with strategic consulting and in the new backbone, which could help it adapt quickly to client requirements. 1
- General IT consultancies
Not named in the source; compete on IT consulting and implementation services.
- ERP systems integrators
Not named in the source; compete on ERP implementation projects.
- Cloud service providers
Not named in the source; may compete on migration and managed service projects.
- Artificial intelligence specialists
Not named in the source; may compete on AI implementation projects.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202504 Mar 2026
- Annual report 202411 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Ctac 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.