olivLaw · European equity research
SA Floridienne NV FLOB.BR
Belgium · Euronext Brussels · ISIN BE0974502347 · Vertical: Listed companies from Belgium
Floridienne is a Belgian niche group active in three areas: life sciences through BioFirst and BIOTROP, festive food, and recycling of electric batteries through SNAM. In fiscal 2025 consolidated revenue grew, but profit fell due to currency movements and hyperinflation accounting in Turkey, which makes tracking its diversification relevant.
At the close of 06 Nov 2026, SA Floridienne NV (FLOB.BR) stock was 55.50 EUR (−5.13% on the day), with market capitalisation 54.3 m EUR, P/E 6.8 on diluted EPS of 8.11 EUR over the last 12 months, dividend yield 5.41%, beta 0.23, 52-week range 52.00–66.00 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)
- 42.7
- weak (30–45)
- Bollinger (20, 2)
- 55.33 – 59.82
- in the lower half of the band · %B 0.04 · band width 7.8%
- SMA 50 / 200
- 57.21 / 59.18
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.21 / -0.06
- MACD below 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 | −7.5% | −0.6% | −6.9 pp | — |
| 3 months | −6.7% | −4.2% | −2.6 pp | — |
| 6 months | +3.7% | +4.3% | −0.6 pp | — |
| Year to date | −15.9% | +7.5% | −23.4 pp | — |
| 1 year | −10.5% | +9.9% | −20.4 pp | +6.8% |
| 3 years | −20.7% | +49.8% | −70.6 pp | −6.1% |
| 5 years | −19.0% | +42.8% | −61.8 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 4.2, median 8.1, max 18.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 549.3 m | 697.4 m | 725.9 m |
| Revenue YoY | unavailable | +26.9% | +4.1% |
| Net income | 3.5 m | 15.7 m | 7.9 m |
| Net income YoY | unavailable | +343.7% | −49.6% |
| Diluted EPS | 3.62 | 16.07 | 8.11 |
| Diluted EPS YoY | unavailable | +343.9% | −49.5% |
| net % | 0.6% | 2.3% | 1.1% |
| Free cash flow | 20.4 m | 34.5 m | 22.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 92.9 m EUR
- Financial debt
- 359.3 m EUR
- Net debt
- 266.4 m EUR
- Equity
- 618.8 m EUR
- Total assets
- 1.2 bn EUR
- Debt / equity
- 0.58x
- Current ratio
- 1.79x
- ROE
- 1.3%
- ROA
- 0.6%
- FCF margin
- 3.0%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 549.3 m | 697.4 m | 725.9 m | esef· 12 May 2026verified |
| Operating income | 28.1 m | 72.0 m | 60.4 m | esef· 12 May 2026verified |
| Pre-tax income | 14.1 m | 45.9 m | 22.4 m | esef· 12 May 2026verified |
| Income tax | 5.5 m | 15.0 m | 7.3 m | esef· 12 May 2026verified |
| Net income | 3.5 m | 15.7 m | 7.9 m | esef· 12 May 2026verified |
| Diluted EPS | 3.62 | 16.07 | 8.11 | esef· 12 May 2026verified |
| Dividend per share | — | 2.50 | 3.00 | esef· 12 May 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 87.0 m | 117.3 m | 92.9 m | esef· 12 May 2026verified |
| Inventories | 91.5 m | 91.1 m | 99.1 m | esef· 12 May 2026verified |
| Current assets | 399.1 m | 390.1 m | 379.2 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 129.4 m | 162.8 m | 195.2 m | esef· 12 May 2026verified |
| Goodwill | 475.4 m | 415.2 m | 418.3 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 187.8 m | 175.0 m | 170.6 m | esef· 12 May 2026verified |
| Total assets | 1.2 bn | 1.2 bn | 1.2 bn | esef· 12 May 2026verified |
| Short-term debt | 58.7 m | 59.1 m | 79.8 m | esef· 12 May 2026verified |
| Long-term debt | 231.4 m | 267.7 m | 279.6 m | esef· 12 May 2026verified |
| Current liabilities | 207.2 m | 191.7 m | 212.2 m | esef· 12 May 2026verified |
| Total liabilities | 566.7 m | 588.8 m | 625.9 m | esef· 12 May 2026verified |
| Equity | 678.9 m | 633.0 m | 618.8 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 980.1 k | 979.6 k | 978.4 k | esef· 12 May 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 46.7 m | 91.3 m | 80.7 m | esef· 12 May 2026verified |
| Capex | 26.3 m | 56.9 m | 58.7 m | esef· 12 May 2026verified |
| Free cash flow | 20.4 m ≈ | 34.5 m ≈ | 22.0 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -387.8 m | -97.1 m | -79.8 m | esef· 12 May 2026verified |
| Financing cash flow | 374.1 m | 40.9 m | -18.2 m | esef· 12 May 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: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 54.3 m EUR
Key indicators
Coverage and freshness
Score by group
46% · 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: 40.80 – 191.41 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/E90.37 – 191.41 (Mid 123.05)24 companies used · median multiple 15.2x · quartiles 11.1x – 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, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)40.80 – 55.64 (Mid 47.08)
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: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.7% | 26 (vs peers) | 23% |
| Net margin · Quality | 1.1% | 26 (vs peers) | 14% |
| FCF conversion · Quality | 277.2% | 100 (on a fixed band) | 14% |
| 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 | 1.8x | 82 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 6.8x | 85 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 40.5% | 100 (on a fixed band) | 18% |
| 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 sheet· partial82/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality46/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation92/100 · 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
SA FLORIDIENNE NV (FLOB.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 725.9 m EUR in 2025; YoY growth 4.1%; net margin 1.1%; ROE 2.1%.
The estimated value range is 65.58–123.52 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 85.06 EUR, the price of 55.50 EUR leaves a potential of 53.3% (value / price − 1) and a margin of safety of 34.8% (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: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 277.2%
- Current ratio: 1.8x
- P/E (TTM): 6.8x
- FCF yield: 40.5%
- The price is below the estimated value range
What contradicts it
- ROIC: 4.7%
- Net margin: 1.1%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Shareholder yield (distributions), 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 | 12.0 bn | 23.4 | 9.6% | 13.6% | −2.0% | +29% / +35% |
| 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 | 82.3 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.5 bn | 22.7 | — | 5.3% | −1.5% | +19% / +14% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.1 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.5 | 9.4% | 2.9% | +3.1% | +10% / −7% |
| DEME.BRDeme Group | 4.1 bn | 12.0 | 15.5% | 8.3% | +1.3% | +18% / +69% |
| AZE.BRAzelis Group | 2.9 bn | 15.9 | 6.6% | 4.3% | +1.5% | +27% / −43% |
| MELE.BRMelexis | 2.2 bn | 12.6 | 30.7% | 18.4% | −3.3% | +1% / −37% |
| BEKB.BRNV Bekaert SA | 2.0 bn | 30.2 | 3.1% | 1.8% | −6.4% | +8% / −6% |
| FAGR.BRFagron | 1.8 bn | 22.0 | 16.7% | 9.2% | +14.3% | +14% / +39% |
| KIN.BRKinepolis Group | 1.3 bn | 33.1 | 19.3% | 7.0% | −4.5% | +58% / +9% |
| JEN.BRJensen Group | 710.7 m | 17.3 | 15.1% | 9.1% | +13.3% | +28% / +112% |
| BAR.BRBarco | 556.0 m | 9.0 | 7.9% | 6.7% | −9.9% | −49% / −59% |
| IBAB.BRIon Beam Applications | 479.6 m | 38.9 | 10.7% | 2.1% | +24.5% | +45% / +50% |
| DECB.BRDeceuninck | 337.1 m | 24.3 | 4.3% | 1.7% | −4.5% | +7% / +7% |
| CAMB.BRCampine | 270.8 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +160% |
| CFEB.BRAannemingsmaatschappij Cfe | 269.3 m | 11.2 | 9.9% | 2.0% | −5.3% | +24% / +49% |
| MOUR.BRMoury Construct | 265.2 m | 10.9 | 21.3% | 13.1% | −4.0% | +13% / +79% |
| EVS.BREvs Broadcast Equipment | 243.5 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| ECONB.BREconocom Group | 205.3 m | 39.5 | 1.2% | 0.2% | +4.3% | −4% / −37% |
| BPOST.BRBpost | 176.2 m | 2.7 | 6.3% | 1.5% | −2.6% | −53% / −81% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 166.0 m | 157.4 | 3.5% | 4.5% | −5.9% | −8% / −20% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for FLOB.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 | 32.67 Total return -37% · Per year -37% | 57.77 Total return 10% · Per year 10% | 87.03 Total return 64% · Per year 64% |
| 3 years | 31.44 Total return -31% · Per year -12% | 62.59 Total return 30% · Per year 9% | 103.56 Total return 109% · Per year 28% |
| 5 years | 30.26 Total return -25% · Per year -6% | 67.80 Total return 53% · Per year 9% | 123.24 Total return 163% · Per year 21% |
- Exit P/E± 15.65
- Net margin± 10.95
- Annual revenue growth± 9.03
- Annual dilution± 0.92
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
Floridienne is a Belgian niche group active in three areas: life sciences through BioFirst and BIOTROP, festive food, and recycling of electric batteries through SNAM. In fiscal 2025 consolidated revenue grew, but profit fell due to currency movements and hyperinflation accounting in Turkey, which makes tracking its diversification relevant.
SWOT
Strengths
- A diversified portfolio across three niche sectors, with BioFirst's international presence and SNAM's position as a European leader in battery recycling.
- The Food division grew despite weak consumption, supported by cold sauce ranges and new production capacity.
- Subsidiary Kimflor showed resilience in a hyperinflationary environment, and BIOTROP reported a record year.
Weaknesses
- Consolidated EBITDA and net profit fell in 2025, hit by currency movements and hyperinflation accounting.
- Recycling division revenue declined due to the divestment of a subsidiary and lower metal prices.
- The stake in Larzul cannot yet be controlled because of litigation, and the receivable remains unrecovered.
Opportunities
- Growth in electric mobility could expand SNAM's processed volumes if new capacity runs at full scale.
- European biocontrol regulation could accelerate BIOTROP's development in North America and Europe.
- Investment in cold sauce capacity could support Food division growth and a gradual margin recovery.
Threats
- Lower consumer purchasing power could limit sales of gourmet specialities.
- Geopolitical exposure and hyperinflation in Turkey could continue to weigh on subsidiary Kimflor.
- Volatile raw material and metal prices could compress margins in Food and Recycling.
Risks
- Exposure to Turkeyhigh
A significant part of Recycling division revenue comes from geopolitically exposed areas, notably Turkey, which could affect results if the economic environment deteriorates.
- Larzul litigationmedium
Ongoing court proceedings on Larzul have not allowed rights to be exercised, and the value of the stake and receivable depends on their outcome.
- Chemcom versus Givaudan disputelow
Givaudan has appealed a ruling ordering a considerable payment to Chemcom, and the appeal is ongoing with no asset recognised.
- Raw material pricesmedium
Rising prices of eggs, butter and purified metals could squeeze margins in the Food and Recycling divisions.
- Currency and interest rate riskmedium
The group is exposed to exchange rate changes and floating interest rates on short-term credit lines, and does not use speculative hedging.
Investment thesis
What would need to be true (bull case)
- If electric mobility keeps growing and SNAM's capacity is used efficiently, the Recycling division could return to volume and EBITDA growth.
- Diversification across three niche sectors and Kimflor's resilience could support higher results over the medium term.
- Consolidated revenue growth suggests the potential of the main divisions remains significant, especially if European regulation helps BIOTROP.
What would break the thesis
- If hyperinflation in Turkey and currency moves keep weighing on profit, net income could remain under pressure.
- Weaker consumer purchasing power and retail pressure could limit growth in the Food division.
- Unresolved litigation, including the Larzul and Givaudan cases, could delay the realisation of group assets and receivables.
What to watch
- Revenue and EBITDA trend of the Recycling division after SNAM's additional capacity comes online2026
- Effect of cold sauce capacity investments on Food division margins2026
- Outcome of the Givaudan appeal and progress of the Larzul litigationnext 10-K
- Impact of Turkish hyperinflation on consolidated net profit2026
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 operates through a holding structure with operational divisions and sourcing subsidiaries in producing countries, for example in Romania, Lithuania, Turkey and Morocco, used to collect raw materials such as snails and anchovies 1. The Life Sciences division, led by BioFirst, covers biocontrol, inoculants, biostimulants and pollination in agriculture, with a global footprint 1. Floridienne also holds stakes such as Larzul, where ongoing court proceedings have not yet allowed full exercise of rights 1.
Floridienne has an ongoing share buyback programme, and the board proposes a gross dividend of €0.30 per share for fiscal 2025 1. Research and development is concentrated mainly in the Life Sciences and Recycling divisions 1.
Segments
Life Sciences
The Life Sciences division, led by BioFirst with subsidiary BIOTROP, recorded a record year with double-digit growth in revenue and profitability, according to the management report 1. Prospects are described as favourable, notably given its international presence and European regulations that could accelerate approval of biocontrol products 1.
Market context
Floridienne operates in niche markets where food consumption is hit by weaker household purchasing power and raw material cost pressure, such as eggs and butter 1. In battery recycling, demand grows structurally with electric mobility, supporting the volumes SNAM processes 1. In agriculture, demand for sustainable solutions is rising, and European regulation could stimulate the biocontrol market 1.
The macroeconomic environment in Turkey, marked by hyperinflation, affected subsidiary Kimflor, which remained stable thanks to construction activity in its region 1. Metal prices and the Turkish lira exchange rate remain important external factors for group results 1.
Trends
- Electrification of mobilitytailwind
A growing number of spent batteries from electric vehicles increases the volume handled by SNAM, which could support Recycling division growth if new capacity runs efficiently 1.
- Weaker consumer purchasing powerheadwind
Consumers are trading down in product choice, and French sales of gourmet specialities have been affected, which could limit growth in the Food division 1.
- EU regulation of biocontroltailwind
European Commission initiatives to speed up approval of biocontrol solutions could open new markets for BIOTROP 1.
- Hyperinflation and currency movementsmixed
Hyperinflation accounting in Turkey and unfavourable currency moves weighed on profit, but Kimflor remained resilient, and the effect could be mixed if the environment stabilises 1.
Competitive position
In the Food division, competition is intensified by changes in mass retail, including Sunday store openings, which add pressure on prices 1. In recycling, SNAM presents itself as a European leader in collecting next-generation batteries, but the sector includes other players 1.
In agricultural biology, BioFirst and BIOTROP compete with suppliers of biocontrol solutions and inoculants, while the sources do not detail the full competitive landscape 1. Kimflor competes in PVC stabiliser markets in Central Europe and Asia 1.
- European battery recycling operators
Companies in European battery recycling that could compete with SNAM for electric mobility volumes are not named explicitly in the sources.
- Biocontrol and inoculant suppliers
Companies active in agricultural biocontrol that BioFirst and BIOTROP meet mainly in Europe and North America, but which are not named in the sources.
- Food retail chains
Large retailers that set supply terms for the Food division; not direct competitors, but they influence margin pressure.
- Turkish PVC stabiliser producers
Local or regional producers of PVC stabilisers that Kimflor faces in Central European and Asian markets, without detail in the sources.
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 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / SA Floridienne NV · 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.