olivLaw · European equity research
DEME Group DEME.BR
Belgium · Euronext Brussels · ISIN BE0974413453 · Vertical: Listed companies from Belgium
DEME Group is a global contractor that installs offshore wind farms and carries out dredging, port infrastructure and environmental remediation work. The group enters 2026 with a solid order book, and its growing Offshore Energy segment supports the energy transition in Europe and other regions.
At the close of 05 Nov 2026, DEME Group (DEME.BR) stock was 167.80 EUR (−0.94% on the day), with market capitalisation 4.2 bn EUR, P/E 12.2 on diluted EPS of 13.72 EUR over the last 12 months, dividend yield 2.26%, beta 0.86, 52-week range 123.80–204.00 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)
- 45.8
- neutral
- Bollinger (20, 2)
- 163.13 – 172.61
- in the lower half of the band · %B 0.49 · band width 5.6%
- SMA 50 / 200
- 173.88 / 179.96
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.17 / -1.74
- 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 | −1.1% | +0.4% | −1.4 pp | — |
| 3 months | +1.6% | −3.3% | +4.8 pp | — |
| 6 months | −16.7% | +4.0% | −20.7 pp | — |
| Year to date | +20.0% | +8.1% | +11.9 pp | — |
| 1 year | +31.9% | +10.7% | +21.2 pp | +6.3% |
| 3 years | +86.7% | +50.1% | +36.6 pp | −6.5% |
| 5 years | unavailable | +43.6% | unavailable | — |
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 67 percentile of its own 3-quarter history (min 10.2, median 12.1, max 17.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3.3 bn | 4.1 bn | 4.2 bn |
| Revenue YoY | unavailable | +24.8% | +1.3% |
| Net income | 162.8 m | 288.2 m | 346.3 m |
| Net income YoY | unavailable | +77.1% | +20.2% |
| Diluted EPS | 6.43 | 11.40 | 13.72 |
| Diluted EPS YoY | unavailable | +77.3% | +20.4% |
| net % | 5.0% | 7.0% | 8.3% |
| Free cash flow | 57.6 m | 792.3 m | 213.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 846.0 m EUR
- Financial debt
- 1.2 bn EUR
- Net debt
- 391.3 m EUR
- Equity
- 2.4 bn EUR
- Total assets
- 6.2 bn EUR
- Debt / equity
- 0.51x
- Current ratio
- 0.93x
- ROE
- 15.1%
- ROA
- 5.9%
- FCF margin
- 5.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.3 bn | 4.1 bn | 4.2 bn | esef· 07 Apr 2026verified |
| Operating income | 241.3 m | 353.6 m | 432.8 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 342.1 m | 395.8 m | 490.5 m | esef· 07 Apr 2026verified |
| EBITDA | 583.3 m ≈ | 749.4 m ≈ | 923.4 m ≈ | esef· 07 Apr 2026derived |
| Pre-tax income | 218.0 m | 344.9 m | 411.4 m | esef· 07 Apr 2026verified |
| Income tax | 49.6 m | 89.5 m | 99.5 m | esef· 07 Apr 2026verified |
| Net income | 162.8 m | 288.2 m | 346.3 m | esef· 07 Apr 2026verified |
| Diluted EPS | 6.43 | 11.40 | 13.72 | esef· 07 Apr 2026verified |
| Dividend per share | — | 2.10 | 3.80 | esef· 07 Apr 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 | 389.1 m | 853.4 m | 846.0 m | esef· 07 Apr 2026verified |
| Receivables | 488.1 m | 704.8 m | 733.8 m | esef· 07 Apr 2026verified |
| Inventories | 32.0 m | 20.4 m | 19.3 m | esef· 07 Apr 2026verified |
| Current assets | 1.7 bn | 2.4 bn | 2.5 bn | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 2.6 bn | 2.5 bn | 3.0 bn | esef· 07 Apr 2026verified |
| Goodwill | 13.0 m | 13.0 m | 13.5 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 22.8 m | 15.0 m | 15.6 m | esef· 07 Apr 2026verified |
| Total assets | 4.8 bn | 5.5 bn | 6.2 bn | esef· 07 Apr 2026verified |
| Short-term debt | 248.7 m | 231.7 m | 277.4 m | esef· 07 Apr 2026verified |
| Long-term debt | 652.5 m | 530.6 m | 960.0 m | esef· 07 Apr 2026verified |
| Current liabilities | 2.0 bn | 2.6 bn | 2.7 bn | esef· 07 Apr 2026verified |
| Total liabilities | 2.8 bn | 3.3 bn | 3.8 bn | esef· 07 Apr 2026verified |
| Equity | 2.0 bn | 2.2 bn | 2.4 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 25.3 m | 25.3 m | 25.2 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 453.7 m | 1.1 bn | 658.7 m | esef· 07 Apr 2026verified |
| Capex | 396.1 m | 285.1 m | 445.0 m | esef· 07 Apr 2026verified |
| Free cash flow | 57.6 m ≈ | 792.3 m ≈ | 213.7 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -359.7 m | -293.6 m | -992.0 m | esef· 07 Apr 2026verified |
| Financing cash flow | -225.3 m | -317.7 m | 339.0 m | esef· 07 Apr 2026verified |
| Share repurchases | 0 | 7.2 m | 5.3 m | esef· 07 Apr 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: 55 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.2 bn EUR
Key indicators
Coverage and freshness
Score by group
- Balance sheet51
- Returns2
- Quality60
- Valuation65
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: 51.68 – 369.65 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/EBITDA89.00 – 369.65 (Mid 152.41)6 companies used · median multiple 4.6x · quartiles 2.9x – 10.5xCFEB.BR, EKOP.BR, FOU.BR, JEN.BR, MIKO.BR, MOUR.BR
- Peers: P/E141.21 – 324.13 (Mid 211.05)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, CFEB.BR, COLR.BR, DECB.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)51.68 – 70.47 (Mid 59.63)
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
Neutral profile · Score 55/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.4% | 63 (vs peers) | 14% |
| Net margin · Quality | 8.3% | 69 (vs peers) | 9% |
| FCF conversion · Quality | 61.7% | 45 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.4x | 67 (vs peers) | 14% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.9x | 11 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 12.2x | 70 (vs peers) | 14% |
| EV/EBITDA · Valuation | 5.0x | 63 (vs peers) | 14% |
| FCF yield · Valuation | 5.0% | 63 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 0.1% | 2 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet51/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality60/100 · 3/3 factors with a value
- Returns· partial2/100 · 1/2 factors with a value
- Valuation65/100 · 3/3 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
DEME GROUP (DEME.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 4.2 bn EUR in 2025; YoY growth 1.3%; net margin 8.3%; ROE 15.5%; net debt/EBITDA 0.4x.
The estimated value range is 89.00–324.13 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 152.41 EUR, the price of 167.80 EUR leaves a potential of -9.2% (value / price − 1) and a margin of safety of -10.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 55/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 12.2x
What contradicts it
- Current ratio: 0.9x
- Shareholder yield (distributions): 0.1%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, 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 DEME.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 | 96.00 Total return -41% · Per year -41% | 169.99 Total return 4% · Per year 4% | 256.42 Total return 56% · Per year 56% |
| 3 years | 87.29 Total return -43% · Per year -17% | 174.46 Total return 11% · Per year 4% | 289.79 Total return 82% · Per year 22% |
| 5 years | 79.36 Total return -45% · Per year -11% | 179.05 Total return 18% · Per year 3% | 327.49 Total return 111% · Per year 16% |
- Exit P/E± 43.62
- Net margin± 30.53
- Annual revenue growth± 25.85
- Annual dilution± 2.57
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
DEME Group is a global contractor that installs offshore wind farms and carries out dredging, port infrastructure and environmental remediation work. The group enters 2026 with a solid order book, and its growing Offshore Energy segment supports the energy transition in Europe and other regions.
SWOT
Strengths
- A modern, specialized fleet able to execute complex offshore and dredging projects.
- A solid balance sheet and a positive net cash position that support mid-term investment.
- Experience of more than a century in dredging and a presence in many countries.
Weaknesses
- Dependence on a few large projects can amplify revenue volatility from one year to the next.
- The EBITDA margin of the dredging and infrastructure segment is lower than that of offshore.
- Orders from regions outside Europe have declined, concentrating the geographic portfolio.
Opportunities
- Growth in offshore wind projects and the need for new installation vessels can open long-term contract opportunities.
- Port modernization and coastal protection works offer steady demand for dredging.
- The recent acquisition of a Norwegian contractor could strengthen turbine installation capacity.
Threats
- Regulatory obstacles and uncertainty over some US offshore wind projects can slow execution.
- Competition in dredging and offshore installation can pressure prices and margins.
- Geopolitical tensions and climate risks can disrupt work programs and costs.
Risks
- Project delayshigh
Offshore execution schedules are sensitive to weather and client-side delays, which can affect revenue and margins.
- Regulatory riskmedium
Changes in environmental laws and permits can postpone or alter projects, especially in the United States.
- Counterparty riskmedium
Clients and consortia in large projects may face financial or collaboration difficulties, affecting collections.
- Currency and commodity risklow
Exposure to other currencies and fuel prices can affect costs and financial results.
- Climate and environmental riskmedium
Extreme weather and environmental regulation can generate additional costs and operational interruptions.
Investment thesis
What would need to be true (bull case)
- The order book remains high and supports mid-term revenue visibility, while the specialized fleet gives an advantage in complex projects.
- If offshore wind projects in Europe and Asia continue, the Offshore Energy segment could sustain high margins.
- The solid balance sheet and the proposed dividend point to financial discipline and capacity to invest in new vessels.
What would break the thesis
- Lower orders from regions outside Europe and uncertainty in the US could limit growth in the short term.
- Margins in the dredging segment are lower, and competitive pressure could reduce profitability.
- Dependence on large projects and client schedules can generate volatility in results.
What to watch
- Evolution of turnover and orders by segment against the 2026 guidance2026
- Timing of operations for the vessels Norse Wind and Norse Energi2026
- Progress of the Coastal Virginia Offshore Wind project in the USFirst half 2026
- Actual CapEx compared with the estimate of around 450 million eurosNext annual report 2026
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
DEME Group operates in three segments: Offshore Energy, Dredging & Infra and Environmental. The company uses one of the most modern fleets in the industry, with more than 100 specialized vessels, to execute complex projects on time and within budget. Its activity covers both renewable energy and projects for the oil and gas and nuclear industries.
Segments
Offshore Energy
The Offshore Energy segment generated 2.1 billion euros of turnover in 2025, with an EBITDA margin of 30.7 percent. Its main activity is installing foundations, turbines and cables for offshore wind farms, and it also includes geoscience and environmental survey services.
Dredging & Infra
The Dredging & Infra segment covers capital and maintenance dredging, land reclamation, port construction and tunnel works. It generated 2.0 billion euros of turnover in 2025, with an EBITDA margin of 15.5 percent, and its order book remained close to 3 billion euros.
Environmental
The Environmental segment offers solutions for soil remediation, brownfield redevelopment and sediment treatment, supported by fixed and mobile treatment facilities in Belgium, the Netherlands and France. Its order book rose in 2025 to above 400 million euros.
Market context
The offshore wind and dredging markets depend on the energy and port project schedules of clients. A growing order book can offer mid-term visibility, but demand remains sensitive to regulation and geopolitical conditions, and regions outside Europe have declined as a share of the portfolio.
Trends
- Growth of offshore windtailwind
Offshore wind projects with larger turbines and foundations are increasingly common, which supports demand for specialized vessels. If project schedules remain stable, this could support revenue in the Offshore Energy segment.
- Regulation and uncertainty in the USheadwind
Regulatory obstacles and the intermittent pace of projects in the United States can slow execution and affect orders in that region.
- Investment in ports and infrastructuretailwind
Port modernization and coastal protection projects support demand for dredging and civil works in Europe, Africa and Asia.
- Costs and project delaysmixed
Difficulties in client-contractor collaboration and the complexity of works can cause delays and margin pressure, especially on large infrastructure projects.
Competitive position
Competition in dredging and marine construction is dominated by a few European and Asian operators, while offshore wind installation competes with specialized installation and vessel service companies. DEME's position depends on its specialized fleet and its ability to execute complex projects.
- Jan De Nul Group
Belgian dredging and marine construction operator, a direct competitor in dredging and offshore projects.
- Van Oord
Dutch contractor active in dredging, offshore wind and marine infrastructure.
- Boskalis
Dutch group active in dredging, marine infrastructure and offshore services.
- Seaway7
Company specialized in offshore installation and vessel services for the energy sector.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / DEME Group · 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.