olivLaw · European equity research
Holland Colours N.V. HOLCO.AS
Netherlands · Euronext Amsterdam · ISIN NL0000440311 · Vertical: Listed companies from Netherlands
Holland Colours N.V. develops colorants and functional additives for plastics, coatings and sealants, with an emphasis on custom solutions and sustainability. In the fiscal year 2025/2026 its key markets were stagnant, and the company worked on the transition toward a circular economy amid geopolitical and trade tensions that weigh on its margins.
At the close of 05 Nov 2026, Holland Colours N.V. (HOLCO.AS) stock was 72.00 EUR (+2.86% on the day), with market capitalisation 61.9 m EUR, P/E 17.8 on diluted EPS of 4.05 EUR over the last 12 months, dividend yield 9.51%, beta 0.34, 52-week range 70.00–102.00 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)
- 39.7
- weak (30–45)
- Bollinger (20, 2)
- 69.85 – 81.30
- in the lower half of the band · %B 0.19 · band width 15.1%
- SMA 50 / 200
- 77.11 / 85.59
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.81 / -1.28
- 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 | −10.0% | +0.4% | −10.4 pp | — |
| 3 months | −7.7% | −3.3% | −4.4 pp | — |
| 6 months | −20.4% | +4.0% | −24.4 pp | — |
| Year to date | −17.7% | +8.1% | −25.8 pp | — |
| 1 year | −20.0% | +10.7% | −30.7 pp | −0.2% |
| 3 years | −17.2% | +50.1% | −67.3 pp | +2.2% |
| 5 years | −59.8% | +43.6% | −103.4 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 67 percentile of its own 3-quarter history (min 12.8, median 15.6, max 22.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 103.3 m | 112.3 m | 109.0 m |
| Revenue YoY | unavailable | +8.8% | −3.0% |
| Net income | 5.2 m | 5.9 m | 3.5 m |
| Net income YoY | unavailable | +13.7% | −40.8% |
| Diluted EPS | 6.02 | 6.85 | 4.05 |
| Diluted EPS YoY | unavailable | +13.8% | −40.9% |
| net % | 5.0% | 5.2% | 3.2% |
| Free cash flow | 6.3 m | 5.1 m | -3.2 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 10.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 60.5 m EUR
- Total assets
- 75.3 m EUR
- Debt / equity
- unavailable
- Current ratio
- 3.54x
- ROE
- 5.6%
- ROA
- 4.4%
- FCF margin
- -2.9%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 103.3 m | 112.3 m | 109.0 m | esef· 02 Jun 2026verified |
| Operating income | 7.0 m | 7.9 m | 4.6 m | esef· 02 Jun 2026verified |
| Interest expense | 135.0 k | 91.0 k | 67.0 k | esef· 02 Jun 2026verified |
| Pre-tax income | 7.0 m | 8.1 m | 4.6 m | esef· 02 Jun 2026verified |
| Income tax | 1.8 m | 2.2 m | 1.1 m | esef· 02 Jun 2026verified |
| Net income | 5.2 m | 5.9 m | 3.5 m | esef· 02 Jun 2026verified |
| Diluted EPS | 6.02 | 6.85 | 4.05 | esef· 02 Jun 2026verified |
| Dividend per share | 3.41 | 3.01 | 6.85 | esef· 02 Jun 2026derived |
Balance sheet · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 18.5 m | 20.6 m | 10.2 m | esef· 02 Jun 2026verified |
| Receivables | 16.9 m | 18.3 m | 19.3 m | esef· 02 Jun 2026verified |
| Inventories | 15.2 m | 17.7 m | 17.5 m | esef· 02 Jun 2026verified |
| Current assets | 51.8 m | 57.3 m | 48.0 m | esef· 02 Jun 2026verified |
| Property, plant & equipment, net | 24.3 m | 23.5 m | 24.8 m | esef· 02 Jun 2026verified |
| Intangibles (excl. goodwill) | 1.0 k | 16.0 k | 8.0 k | esef· 02 Jun 2026verified |
| Total assets | 78.4 m | 82.8 m | 75.3 m | esef· 02 Jun 2026verified |
| Accounts payable | 14.9 m | 16.1 m | 12.8 m | esef· 02 Jun 2026verified |
| Current liabilities | 15.7 m | 17.3 m | 13.6 m | esef· 02 Jun 2026verified |
| Equity | 61.5 m | 64.5 m | 60.5 m | esef· 02 Jun 2026verified |
| Shares outstanding at year end | 860.8 k | 859.9 k | 860.2 k | esef· 02 Jun 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 10.7 m | 7.3 m | 1.5 m | esef· 02 Jun 2026verified |
| Capex | 4.5 m | 2.2 m | 4.7 m | esef· 02 Jun 2026verified |
| Free cash flow | 6.3 m ≈ | 5.1 m ≈ | -3.2 m ≈ | esef· 02 Jun 2026derived |
| Investing cash flow | -4.5 m | -2.1 m | -4.8 m | esef· 02 Jun 2026verified |
| Financing cash flow | -3.6 m | -3.1 m | -6.5 m | esef· 02 Jun 2026verified |
| Dividends paid | 2.9 m | 2.6 m | 5.9 m | esef· 02 Jun 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: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 61.9 m EUR
Key indicators
Coverage and freshness
Score by group
48% · 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: 42.75 – 127.04 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/E42.75 – 103.95 (Mid 58.76)16 companies used · median multiple 14.5x · quartiles 10.6x – 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, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS
- Dividend discount (DDM)93.17 – 127.04 (Mid 107.50)
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: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.2% | 58 (vs peers) | 13% |
| FCF conversion · Quality | -90.8% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 68.1x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 3.5x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 17.8x | 52 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -5.1% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 9.5% | 100 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality29/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation29/100 · 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
Holland Colours N.V. (HOLCO.AS). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 109.0 m EUR in 2026; YoY growth -3.0%; net margin 3.2%; ROE 5.6%.
The estimated value range is 67.96–115.50 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 83.13 EUR, the price of 72.00 EUR leaves a potential of 15.5% (value / price − 1) and a margin of safety of 13.4% (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 (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 68.1x
- Current ratio: 3.5x
- Shareholder yield (distributions): 9.5%
What contradicts it
- FCF conversion: -90.8%
- FCF yield: -5.1%
- 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, 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% |
| 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% |
| AJAX.ASAFC Ajax N.V. | 140.9 m | — | -18.0% | -21.0% | +17.2% | −15% / −29% |
1- and 3-year price returns: for HOLCO.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 | 39.36 Total return -41% · Per year -41% | 69.86 Total return 2% · Per year 2% | 105.60 Total return 53% · Per year 53% |
| 3 years | 32.68 Total return -43% · Per year -17% | 65.77 Total return 7% · Per year 2% | 109.92 Total return 73% · Per year 20% |
| 5 years | 27.13 Total return -45% · Per year -11% | 61.92 Total return 12% · Per year 2% | 114.42 Total return 93% · Per year 14% |
- Exit P/E± 16.44
- Net margin± 11.51
- Annual revenue growth± 10.18
- Annual dilution± 0.97
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
Holland Colours N.V. develops colorants and functional additives for plastics, coatings and sealants, with an emphasis on custom solutions and sustainability. In the fiscal year 2025/2026 its key markets were stagnant, and the company worked on the transition toward a circular economy amid geopolitical and trade tensions that weigh on its margins 1.
SWOT
Strengths
- The company has a solid financial structure, being debt-free with positive operational cash flows 1.
- Products are protected through registered intellectual property and by recipes that are difficult to produce outside the company's production environment 1.
- The employee co-ownership model and partnership-based culture support loyalty and customer-focused service 1.
Weaknesses
- The company describes itself as a relatively small player, which could spread resources thinly worldwide and reduce effectiveness in local markets 1.
- The company was unable to adjust selling prices sufficiently to offset raw material cost increases, which pressured margins 1.
- Fixed costs tend to grow faster than revenue due to inflation and compliance requirements of being a listed company 1.
Opportunities
- The shift toward recycling and circular materials could create demand for new functional additives for PET and rPET 1.
- Customers seeking sustainable, bio-based or low-carbon solutions could prefer the company's products, which it already develops 1.
- A new UHT dairy customer in Asia-Pacific and US demand for vitamin drinks show opportunities in selected packaging niches 1.
Threats
- Geopolitical tensions, sanctions and conflict in the Middle East disrupted shipping and delayed customer shipments 1.
- The slowdown in China and weak demand in Europe and North America could limit revenue growth 1.
- Cyber risks have grown, and management assessed the net cybersecurity risk level as having moved from medium to high 1.
Risks
- Raw material supplyhigh
Difficulty obtaining raw materials on time could disrupt production, especially amid supplier insolvencies and new trade measures; management raised the net level of this risk from medium to high 1.
- Cybersecurityhigh
Cyber threats are becoming more sophisticated, and management found residual exposure has grown, although an external security operations center and event monitoring system were added 1.
- Operational safetymedium
Manufacturing processes and laboratories carry safety risks that depend largely on awareness and behavior, keeping the risk elevated 1.
- Disproportionate fixed costsmedium
If fixed costs grow faster than revenue, margins could be pressed and the capacity to invest in strategic initiatives could shrink 1.
- Currency risklow
The company operates in several currencies and exchange rate movements can affect results; it does not actively hedge these positions, considering the risk acceptable 1.
Investment thesis
What would need to be true (bull case)
- The company has a debt-free balance sheet and an employee co-ownership model that could support long-term continuity 1.
- The sustainability and recycling strategy could open demand for functional additives, a segment where the company already has developed products 1.
- If key markets recover, the company's positions in packaging and construction could generate growth, especially in niches where technical service matters 1.
What would break the thesis
- Key markets were stagnant, and economic uncertainty could prolong weak demand in Europe and North America 1.
- Margin pressure could persist if selling prices cannot offset rising raw material and fixed costs 1.
- The company's relatively small size could limit its ability to compete with global players consolidating their portfolios 1.
What to watch
- Evolution of demand in China for PET packaging for UHT dairy and of exports from the Asia region2027
- How selling prices offset raw material cost increases, especially in the USQ1 2027
- Progress in launching recycling additives, which slowed in the fiscal year 2025/2026next 10-K
- Trajectory of the cyber risk level and security measures implemented in the second half of the fiscal year2027
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
Holland Colours is a company based in Apeldoorn, the Netherlands, that designs and produces colorants and additive solutions for plastics and coatings, in partnership with its global customers 1. Its value creation model starts with responsible sourcing of pigments, polymers and solvents and continues with co-development of sustainable products and efficient production worldwide 1. The company defines its mission as co-designing innovative solutions for a sustainable industry, and its vision for 2035 foresees 70% of products being considered sustainable 1.
A distinctive feature of the business model is employee participation: all employees are co-owners of the company, through a structure held by Holland Pigments, the investment company that controls Holland Colours 1. The company presents itself as a provider of technical service and product stewardship, not only as a pigment producer, and this model is intended to support the independence and continuity of the company 1.
Holland Colours states its ambition to be the best custom solution and service provider, with company ambitions including continued revenue growth, an innovation index of 10% and a return on sales of 10% 1. The company reports that it is debt-free and has a standby credit line for ad hoc needs 1.
Segments
Packaging
The packaging segment supplies colorants and functional additives for water, carbonated soft drinks, fruit juices, dairy, beer, wine and pharmaceutical or personal care products, with trends including recyclability, thinner-wall bottles and bio-based solutions 1. In the fiscal year, demand in the US rose for vitamin drinks, while demand in China for PET packaging for UHT dairy fell further 1.
Building & Construction
The building and construction segment produces colorants and functional additives for pipes, profiles, siding, fencing, decking and railing, with a focus on good dispersion and customization 1. The company says it offers unlimited customization, global production consistency and reliable supply chains 1.
Coatings & Sealants
The coatings and sealants segment offers liquid and solid colorants for architectural and industrial coatings, adhesives and sealants 1. In the fiscal year 2025/2026, management reported that economic uncertainty affected customer demand in Europe and North America, especially in this segment 1.
Market context
Management describes the company's key markets as stagnant in the fiscal year 2025/2026 due to economic and political uncertainty, and results were also hit by a weaker US dollar 1. The continued slowdown in China had a strong impact on exports in the Asia region and on the home market Indonesia 1.
The company also points to structural trends: recycling and sustainability are increasing polymer reuse, which could reduce demand for color concentrates but creates opportunities for functional additives 1. Global players are divesting colorant businesses, acquiring compounders and entering new partnerships, which creates challenges for smaller companies serving niche markets 1.
Trends
- Sustainability and recyclingmixed
Rising recycling and demand for recycled content could reduce demand for traditional colorants, but it creates opportunities for functional additives and new solutions for PET and rPET that the company is developing 1.
- Low-cost virgin raw materialsheadwind
Favorable pricing of virgin raw materials for PET preforms slowed the planned introduction of several recycling additives, which could delay revenue from these products 1.
- Industry consolidationheadwind
Global players are divesting colorant businesses and acquiring compounders, and packaging is moving toward standardized technology; for a smaller company this could mean pressure on resources and local presence 1.
- Demand for vitamin drinks and dairy in Asiatailwind
New vitamin drinks lifted demand in the US, and a new UHT dairy customer was won in Asia-Pacific, pointing to pockets of opportunity in certain packaging niches 1.
Competitive position
The company regards itself as a relatively small player with global reach that competes through niches and service-oriented customer relationships rather than volume 1. Management acknowledges the risk of being seen as lacking scale, and its strategy focuses on specialized products and technologies, with different go-to-market models in North America, EMEIA and Asia 1.
The source does not name listed competitors, but mentions that large global players in the colorant industry are reshaping their portfolios through divestments, acquisitions and partnerships 1. Its differentiation rests on technical service, product stewardship and co-design with customers 1.
- Large global colorant players (not named in source)
The source describes global players divesting colorant businesses, acquiring compounders and entering partnerships, without naming them 1.
- Compounders acquired by global players
The source notes that industry players are acquiring compounders, which changes how colorants reach customers 1.
- Local additive suppliers in China
The source indicates a remaining supply contract in China was lost to a local supplier, without naming it 1.
- Non-EU raw material suppliers
After EU sanctions, the Russia-related business moved to non-EU suppliers in the second half of the fiscal year 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Jun 2026
- Annual report 202510 Jun 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Holland Colours N.V. · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.