olivLaw · European equity research
Deceuninck NV DECB.BR
Belgium · Euronext Brussels · ISIN BE0003789063 · Vertical: Listed companies from Belgium
Deceuninck is a Belgian industrial group that makes PVC window and door profiles and related construction products, with extrusion and compound plants across several regions. Its business depends largely on residential and renovation markets, and in 2024 the group changed its executive leadership and focused on raw material prices and operational resilience.
At the close of 05 Nov 2026, Deceuninck NV (DECB.BR) stock was 2.46 EUR (−0.61% on the day), with market capitalisation 341.3 m EUR, P/E 24.6 on diluted EPS of 0.10 EUR over the last 12 months, beta 0.51, 52-week range 1.99–2.53 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)
- 56.3
- strong (55–70)
- Bollinger (20, 2)
- 2.35 – 2.49
- in the upper half of the band · %B 0.77 · band width 5.8%
- SMA 50 / 200
- 2.44 / 2.26
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.00 / -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 | −1.0% | −0.6% | −0.4 pp | — |
| 3 months | +12.6% | −4.2% | +16.8 pp | — |
| 6 months | +19.8% | +4.3% | +15.4 pp | — |
| Year to date | +8.4% | +7.5% | +0.9 pp | — |
| 1 year | +20.9% | +9.9% | +11.0 pp | +6.3% |
| 3 years | +6.7% | +49.8% | −43.1 pp | −6.5% |
| 5 years | −33.6% | +42.8% | −76.5 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 50 percentile of its own 2-quarter history (min 24.3, median 31.1, max 37.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 866.1 m | 827.0 m |
| Revenue YoY | unavailable | −4.5% |
| Net income | 9.5 m | 13.9 m |
| Net income YoY | unavailable | +46.6% |
| Diluted EPS | 0.06 | 0.10 |
| Diluted EPS YoY | unavailable | +66.7% |
| net % | 1.1% | 1.7% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 34.1 m EUR
- Financial debt
- 101.3 m EUR
- Net debt
- 67.2 m EUR
- Equity
- 355.6 m EUR
- Total assets
- 722.2 m EUR
- Debt / equity
- 0.28x
- Current ratio
- 1.47x
- ROE
- 4.1%
- ROA
- 2.0%
- 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 | 866.1 m | 827.0 m | esef· 24 Sept 2025verified |
| Cost of revenue | 585.0 m | 561.7 m | esef· 24 Sept 2025verified |
| Gross profit | 281.1 m | 265.3 m | esef· 24 Sept 2025verified |
| Research & development | 7.2 m | 7.0 m | esef· 24 Sept 2025verified |
| Operating income | 51.9 m | 62.9 m | esef· 24 Sept 2025verified |
| Pre-tax income | 18.6 m | 34.2 m | esef· 24 Sept 2025verified |
| Income tax | 4.0 m | 16.9 m | esef· 24 Sept 2025verified |
| Net income | 9.5 m | 13.9 m | esef· 24 Sept 2025verified |
| Diluted EPS | 0.06 | 0.10 | esef· 24 Sept 2025verified |
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 46.5 m | 34.1 m | esef· 24 Sept 2025verified |
| Inventories | 138.2 m | 116.7 m | esef· 24 Sept 2025verified |
| Current assets | 323.5 m | 343.7 m | esef· 24 Sept 2025verified |
| Property, plant & equipment, net | 311.6 m | 329.8 m | esef· 24 Sept 2025verified |
| Goodwill | 10.5 m | 10.5 m | esef· 24 Sept 2025verified |
| Intangibles (excl. goodwill) | 3.6 m | 5.2 m | esef· 24 Sept 2025verified |
| Total assets | 680.9 m | 722.2 m | esef· 24 Sept 2025verified |
| Long-term debt | 105.1 m | 101.3 m | esef· 24 Sept 2025verified |
| Current liabilities | 232.5 m | 233.6 m | esef· 24 Sept 2025verified |
| Equity | 315.0 m | 355.6 m | esef· 24 Sept 2025verified |
| Shares outstanding at year end | 135.5 m | 139.0 m | esef· 24 Sept 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
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 341.3 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
38% · 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: 0.99 – 2.27 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/E0.99 – 2.27 (Mid 1.43)23 companies used · median multiple 14.3x · quartiles 9.9x – 22.7xACKB.BR, AGS.BR, AZE.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.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: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.0% | 48 (vs peers) | 28% |
| Net margin · Quality | 1.7% | 31 (vs peers) | 17% |
| 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 | 1.5x | 56 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 24.6x | 30 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.1% | 16 (on a fixed band) | 17% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial56/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality42/100 · 2/3 factors with a value
- Returns· partial16/100 · 1/2 factors with a value
- Valuation· partial30/100 · 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
DECEUNINCK (DECB.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 827.0 m EUR in 2024; YoY growth -4.5%; net margin 1.7%; ROE 4.3%.
The estimated value range is 0.99–2.27 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.43 EUR, the price of 2.46 EUR leaves a potential of -41.7% (value / price − 1) and a margin of safety of -71.4% (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: 5 of at least 6; score weight coverage: 37.5% 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
- P/E (TTM): 24.6x
- Shareholder yield (distributions): 1.1%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): 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 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 DECB.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 | 1.32 Total return -46% · Per year -46% | 2.34 Total return -5% · Per year -5% | 3.55 Total return 44% · Per year 44% |
| 3 years | 1.06 Total return -57% · Per year -24% | 2.14 Total return -13% · Per year -5% | 3.58 Total return 46% · Per year 13% |
| 5 years | 0.85 Total return -65% · Per year -19% | 1.95 Total return -21% · Per year -5% | 3.62 Total return 47% · Per year 8% |
- Exit P/E± 0.53
- Net margin± 0.37
- Annual revenue growth± 0.34
- Annual dilution± 0.03
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
Deceuninck is a Belgian industrial group that makes PVC window and door profiles and related construction products, with extrusion and compound plants across several regions. Its business depends largely on residential and renovation markets, and in 2024 the group changed its executive leadership and focused on raw material prices and operational resilience.
SWOT
Strengths
- The group has an integrated product range, from compound to extrusion, which can give it control over quality and production continuity 1.
- Presence in several regions and its own distribution network are assets that support access to diverse customers 1.
- The board has specialised committees, and management is made up of professionals with international experience, according to the report 1.
Weaknesses
- Dependence on compound produced in a few plants means that an interruption at one of them could affect the entire production process 1.
- Passing raw material cost increases on to customers takes time, which can compress margins in the short term 1.
- Frequent changes in executive leadership in 2024 may create uncertainty in executing strategy 1.
Opportunities
Risks
- Economic and demand riskhigh
An economic slowdown or credit restrictions could reduce residential demand and property investment 1.
- Raw material priceshigh
Fluctuations in the prices of PVC resins and additives can affect margins, especially when passing increases on to customers is delayed 1.
- Critical infrastructure interruptionmedium
Shutdown of a compound plant could interrupt extrusion production, with a significant impact on results 1.
- Currency riskmedium
International activity exposes the group to currency fluctuations; positions are monitored but cannot be fully eliminated 1.
- IT security and compliance risklow
IT security breaches and non-compliance with regulations, including competition and trade rules, could have financial and reputational consequences 1.
Investment thesis
What would need to be true (bull case)
- A recovering property cycle could raise volumes, and renovation demand could provide a steadier base in weaker periods 1.
- Vertical integration, from compound to profiles, could allow better long-term cost and quality management 1.
- If the new leadership manages to pass cost increases on to customers more quickly, margins could gradually recover 1.
What would break the thesis
- A prolonged recession could reduce demand for new construction and renovation, affecting revenue without the group being able to control market developments 1.
- Volatility in raw material prices and delays in passing them on to customers could compress margins in difficult periods 1.
- If competition leads to overcapacity, price pressure could persist, limiting the ability to grow profitability 1.
What to watch
- Evolution of margins after passing on raw material price increases2025
- Results of the North American business under new regional leadership2025
- Conclusions of the board evaluation, reported in 20252025
- Evolution of residential demand and credit conditions in the countries of operationnext 10-K
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 group mainly produces framing profiles for the residential sector, including renovation, and related products, according to the annual report for the year ended 31 December 2024 1. Operations are organised around compound plants, which supply mixtures to the extrusion plants, and sales organisations in Europe, Turkey, North America and South America 1. Management was reorganised in 2024, with a new CEO appointed in June and a managing director for North America appointed in November 1.
Segments
Window and door profiles
The main segment consists of PVC framing profiles, produced by extrusion and sold for new construction and renovation 1. Demand in this segment depends on the property market and credit conditions 1.
Market context
The annual report indicates that the markets in which the group is active are subject to strong competition, based on technology, product range, geographic presence, distribution network and prices 1. The renovation market is described as less sensitive to economic fluctuations than new construction 1.
Demand depends on general economic conditions, access to credit and investment decisions of end users, and the group states that it cannot predict how markets will develop in the short term 1. Credit access and economic policies in the countries of operation are key factors 1.
Trends
- Property and credit cyclemixed
If residential demand and lending improve, profile volumes could rise, while a slowdown could reduce orders 1.
- Renovation as a support to demandtailwind
Renovation is described as less sensitive to the economic cycle than new construction, which could support demand in weaker periods 1.
- Raw material price volatilityheadwind
Prices of PVC resins and additives can rise, and according to the group's experience it takes about three to six months to pass these increases on to customers 1. This lag can compress margins.
- Competitive and capacity pressureheadwind
Competition can lead to overcapacity and price pressure, and consolidation or the entry of new competitors could intensify this pressure 1.
Competitive position
The annual report does not name individual competitors, but describes competition based on technology, product range, technical services, geographic presence, distribution network and prices 1. Competition may also come from market consolidation or the entry of new players with similar products 1.
Competitive positions depend on the group's ability to launch new products that are more functional or cheaper, and to maintain an extensive distribution network 1. The report does not provide a comparative market share.
- Regional PVC profile makers
The annual report mentions general competition but does not name companies; no US-listed competitors are identified.
- European extrusion producers
Local competition in extrusion is described in general terms, without names, in the annual report 1.
- North American window suppliers
Activity in North America is mentioned as part of the regional organisation, without identifying competitors 1.
- New entrants in the profile market
The report warns that new competitors with similar products could enter the market, without identifying them 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202424 Sept 2025
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Deceuninck NV · 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.