olivLaw · European equity research
ER Capital N.V. ERC.AS
Netherlands · Euronext Amsterdam · ISIN NL0010389508 · Vertical: Listed companies from Netherlands
ER Capital N.V. is a Dutch real estate company listed on Euronext Amsterdam that develops, leases and manages property in the Netherlands and structures real estate investment propositions for professional and private investors. It became listed through a reverse listing in 2025 and aims to return to profitability in 2026, which makes the coming period an important test of its business model.
At the close of 05 Nov 2026, ER Capital N.V. (ERC.AS) stock was 2.20 EUR (−4.35% on the day), with market capitalisation 23.2 m EUR, dividend yield 2.64%, beta -0.23, 52-week range 0.80–4.10 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)
- 52.8
- neutral
- Bollinger (20, 2)
- 1.97 – 2.25
- in the upper half of the band · %B 0.81 · band width 13.3%
- SMA 50 / 200
- 2.18 / 2.19
- mixed trend
- MACD (12, 26, 9)
- 0.00 / -0.02
- 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 | +5.8% | +0.4% | +5.4 pp | — |
| 3 months | −15.4% | −3.3% | −12.1 pp | — |
| 6 months | −22.0% | +4.0% | −25.9 pp | — |
| Year to date | +144.4% | +8.1% | +136.3 pp | — |
| 1 year | +163.5% | +10.7% | +152.8 pp | −0.2% |
| 3 years | +65.4% | +50.1% | +15.3 pp | −0.2% |
| 5 years | −90.1% | +43.6% | −133.7 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 0 | 0 | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | -1.7 m | 55.6 m | -1.9 m | -6.7 m |
| Net income YoY | unavailable | unavailable | −103.4% | unavailable |
| Diluted EPS | unavailable | unavailable | 0.00 | -0.64 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.7 m EUR
- Financial debt
- 79.4 m EUR
- Net debt
- 77.7 m EUR
- Equity
- 3.0 m EUR
- Total assets
- 96.6 m EUR
- Debt / equity
- 26.87x
- Current ratio
- 0.29x
- ROE
- -106.5%
- ROA
- -8.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | — | — | esef· 09 Jan 2024verified |
| Cost of revenue | 0 | 0 | — | — | esef· 09 Jan 2024verified |
| Gross profit | 0 | 0 | — | — | esef· 09 Jan 2024verified |
| Research & development | 0 | 0 | — | — | esef· 09 Jan 2024verified |
| Operating income | -466.0 k | -5.3 m | 952.0 k | -3.5 m | esef· 12 May 2026verified |
| Interest expense | 14.0 k | 2.0 k | 2.2 m | 3.7 m | esef· 12 May 2026verified |
| Pre-tax income | -269.0 k | -5.3 m | -1.3 m | -6.7 m | esef· 12 May 2026verified |
| Income tax | -798.0 k | 0 | 616.0 k | 277.0 k | esef· 12 May 2026verified |
| Net income | -1.7 m | 55.6 m | -1.9 m | -6.7 m | esef· 12 May 2026verified |
| Diluted EPS | — | — | 0.00 | -0.64 | esef· 12 May 2026verified |
| Weighted average diluted shares | 1.9 m | 2.0 m | — | — | esef· 09 Jan 2024verified |
| Dividend per share | 0.50 | 30.99 | 0.00 | 0.06 | esef· 12 May 2026derived |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 9.6 m | 520.0 k | 1.8 m | 1.7 m | esef· 12 May 2026verified |
| Receivables | — | — | 625.0 k | 1.0 m | esef· 12 May 2026verified |
| Current assets | 12.3 m | 4.6 m | 2.5 m | 2.7 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 604.0 k | 0 | 106.0 k | 86.0 k | esef· 12 May 2026verified |
| Goodwill | 2.3 m | 0 | — | — | esef· 09 Jan 2024verified |
| Intangibles (excl. goodwill) | 2.6 m | 0 | — | — | esef· 09 Jan 2024verified |
| Total assets | 20.0 m | 4.6 m | 66.3 m | 96.6 m | esef· 12 May 2026verified |
| Accounts payable | — | — | 243.0 k | 856.0 k | esef· 12 May 2026verified |
| Short-term debt | — | — | 1.8 m | 6.8 m | esef· 12 May 2026verified |
| Long-term debt | — | — | 45.2 m | 72.7 m | esef· 12 May 2026verified |
| Current liabilities | 7.9 m | 561.0 k | 3.5 m | 9.6 m | esef· 12 May 2026verified |
| Total liabilities | — | — | 56.6 m | 93.7 m | esef· 12 May 2026verified |
| Equity | 10.9 m | 4.1 m | 9.7 m | 3.0 m | esef· 12 May 2026verified |
| Shares outstanding at year end | — | — | — | 10.5 m | esef· 12 May 2026derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -269.0 k | -6.2 m | -1.8 m | -3.2 m | esef· 12 May 2026verified |
| Investing cash flow | -1.2 m | 59.6 m | -22.6 m | -16.8 m | esef· 12 May 2026verified |
| Financing cash flow | 882.0 k | -62.4 m | 25.1 m | 19.9 m | esef· 12 May 2026verified |
| Dividends paid | 335.0 k | 62.6 m | 589.0 k | 610.0 k | esef· 12 May 2026verified |
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: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 23.2 m EUR
Key indicators
Coverage and freshness
Score by group
27% · 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: 0.79 – 1.08 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/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)0.79 – 1.08 (Mid 0.91)
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: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -4.3% | 19 (vs peers) | 38% |
| 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 | -1.0x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.6% | 38 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial19/100 · 1/3 factors with a value
- Returns· partial38/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
ER Capital N.V. (ERC.AS). Latest full fiscal year: 2023; data up to 2025-12-31.
Figures computed from the financial statements: revenue 0 EUR in 2023.
The estimated value range is 0.79–1.08 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.91 EUR, the price of 2.20 EUR leaves a potential of -58.6% (value / price − 1) and a margin of safety of -141.7% (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: 4 of at least 6; score weight coverage: 27.1% 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: -4.3%
- Interest coverage: -1.0x
- Current ratio: 0.3x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, 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 ERC.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
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
ER Capital N.V. is a Dutch real estate company listed on Euronext Amsterdam that develops, leases and manages property in the Netherlands and structures real estate investment propositions for professional and private investors. It became listed through a reverse listing in 2025 and aims to return to profitability in 2026, which makes the coming period an important test of its business model.
SWOT
Strengths
- Dutch property portfolio with a share of properties carrying minimal operating costs and a clear development strategy.
- Combination of recurring income with structuring and management fee income offers diversification.
- Stock exchange listing and an independent supervisory board structure can support access to capital.
Weaknesses
- The recent period has been marked by transformation, leadership changes and a remuneration policy not yet approved.
- The company has set a goal of returning to profitability, which points to recent results that were unfavourable or fragile.
- Dependence on external financing and debt refinancing creates vulnerability to credit conditions.
Opportunities
- Developing investment vehicles for professional and private investors could bring additional fee income.
- Active portfolio management could improve the returns on existing assets.
- If financing becomes more accessible, acquisitions and development projects could accelerate.
Threats
- Rising interest rates or tighter lending could slow transactions and developments.
- Volatile property valuations could affect portfolio value and acquisition opportunities.
- The absence of favourable market developments could prevent the 2026 objectives from being reached.
Risks
- Achieving the profitability targethigh
The return to profit in 2026 depends on executing planned activities and the absence of adverse developments, according to the company. If projects are delayed, results could remain below expectations.
- Access to financing and refinancinghigh
The company depends on external financing and on refinancing existing debt. A tightening of credit could limit investment and liquidity.
- Volatility of transaction incomemedium
The business model combines recurring income with transaction-driven income, which can vary significantly from one period to the next.
- Portfolio valuation riskmedium
Changes in property valuation levels can affect asset values and acquisition opportunities.
- Governance in transitionlow
The remuneration policy has not yet been approved by the General Meeting, and executive management changed in 2025, which may create organisational uncertainty.
Investment thesis
What would need to be true (bull case)
- If financing becomes more accessible, the company could accelerate acquisitions and developments, and income from structuring and management could grow in line with its stated strategy.
- A portfolio with controlled operating costs and a mix of recurring and fee-based income could support the stability of results.
- Its status as a listed company and an independent supervisory structure could facilitate access to capital and investor confidence.
What would break the thesis
- If transactions are delayed, transaction-linked income could remain low and the profitability target could be postponed.
- Dependence on external financing and refinancing could expose the company to more restrictive credit conditions.
- The recent transformation, leadership changes and the lack of an approved remuneration policy could create uncertainty for shareholders.
What to watch
- Results and delivery of the target to return to profitability2026
- Approval of the new remuneration policy by the General Meetingnext General Meeting
- Development of structuring and asset management fee income2026
- Debt refinancing conditions and access to financingnext 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
ER Capital N.V. was formed in 2025, when Titan N.V. acquired the business of ER Capital N.V. through a triangular legal division and the entity was renamed ER Capital N.V. The stated strategy covers acquisition, (re)development, leasing and management of Dutch real estate, as well as initiating and structuring real estate investment propositions for professional and private investors. The business model combines recurring and transaction-driven income, which may make short-term results more variable 1. The company has set a target to return to profitability in 2026, subject to executing planned activities and the absence of significant adverse developments in markets or financing 1.
The executive management structure changed after the listing transaction: from 13 October 2025 the executive management consists of one member, performed through his personal holding company under a management agreement with the company 1. The Supervisory Board has three members, all considered independent under the Dutch Corporate Governance Code 1. For 2026 the company expects to continue selective acquisitions, (re)development projects and active portfolio management, but results also depend on access to external financing and refinancing of existing debt 1.
Executive remuneration includes a variable component linked to the consolidated balance sheet total, with no predefined performance targets, and a new remuneration policy is to be submitted to the General Meeting for adoption 1. These elements show that the governance model is still being built after the 2025 transformation, which is worth monitoring alongside operating results.
Segments
Acquisition, (re)development and management of property
The company owns and manages Dutch real estate, including new developments and existing assets. Operating costs are projected at approximately 20% of rental income for 2026, supported by a portion of properties with minimal associated operating costs 1.
Investment structuring and fee income
A second pillar is initiating and structuring real estate investment vehicles for professional and private investors. Structuring and management fee income is expected to grow and partly offset the effect on recurring revenues, if the planned activities materialise 1.
Financing and liquidity management
The company names maintaining a balanced financial position, with attention to liquidity, refinancing of debt and securing additional funding where needed, as a priority. Access to capital markets and relationships with financing partners are described as important to its activities 1.
Market context
The company operates in the Dutch real estate market, where interest rate developments, financing availability and valuation levels can directly affect performance and investment opportunities 1. Results may therefore be sensitive to the financial cycle, particularly for developments and transactions that depend on credit.
The Dutch property sector at the same time offers opportunities in active management and in structuring investment products, but profitability depends on transaction execution and market conditions in the coming period 1.
Trends
- Interest rate and financing conditionsmixed
The cost and availability of financing affect both acquisitions and debt refinancing. If credit conditions improve, transaction activity could recover more easily, in line with the liquidity management the company describes 1.
- Demand for structuring and asset managementtailwind
The company expects growth in structuring and management fee income as part of its development strategy, which could diversify its revenue sources 1.
- Property valuations and transactionsheadwind
Valuation levels may limit acquisition opportunities or affect portfolio value, which makes transaction-driven income more volatile 1.
- Governance after listingmixed
Becoming a listed company requires more complex governance and reporting structures, and the new remuneration policy has not yet been approved, which may create temporary uncertainty 1.
Competitive position
The analysed sources do not explicitly name direct competitors. The company operates as a developer, manager and structurer of real estate investment in the Netherlands, so competition could come from other listed property companies or private funds active in the same market.
The company's differentiation could come from combining recurring income with structuring income for professional and private investors, but the advantage depends on executing its 2026 plans 1.
- Dutch property developers and managers
Potential competitors in the Dutch market, not named in the analysed sources.
- Private real estate funds active in the Netherlands
Competition for investors seeking structured property investment products.
- Listed European real estate companies
Possible comparables, not named in the analysed sources.
- Real estate asset managers
Competition in portfolio management and management fee income.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202512 May 2026
- Annual report 202309 Jan 2024
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ER Capital 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.