olivLaw · European equity research
Miko NV MIKO.BR
Belgium · Euronext Brussels · ISIN BE0003731453 · Vertical: Listed companies from Belgium
Miko NV is a Belgian coffee group with subsidiaries in several countries and a concentrated shareholder base centred on the OKIM foundation and the Imko holding. The profile shows a company with a stable management and family-linked governance, whose trajectory depends on raw material costs and competition in the coffee market.
At the close of 06 Nov 2026, Miko NV (MIKO.BR) stock was 74.00 EUR (+0.00% on the day), with market capitalisation 91.9 m EUR, dividend yield 2.53%, beta 0.36, 52-week range 53.00–74.50 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)
- 67.1
- strong (55–70)
- Bollinger (20, 2)
- 68.62 – 75.18
- in the upper half of the band · %B 0.82 · band width 9.1%
- SMA 50 / 200
- 69.46 / 63.62
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.33 / 1.21
- 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 | +5.0% | −0.6% | +5.6 pp | — |
| 3 months | +13.0% | −4.2% | +17.1 pp | — |
| 6 months | +23.3% | +4.3% | +19.0 pp | — |
| Year to date | +33.6% | +7.5% | +26.1 pp | — |
| 1 year | +39.6% | +9.9% | +29.7 pp | +6.0% |
| 3 years | +32.1% | +49.8% | −17.7 pp | −7.4% |
| 5 years | −33.9% | +42.8% | −76.8 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.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 267.3 m | 254.3 m | 277.1 m |
| Revenue YoY | unavailable | −4.9% | +9.0% |
| Net income | -585.0 k | 2.2 m | -11.5 m |
| Net income YoY | unavailable | unavailable | −620.9% |
| Diluted EPS | -0.47 | 1.80 | -9.46 |
| Diluted EPS YoY | unavailable | unavailable | −625.6% |
| net % | -0.2% | 0.9% | -4.1% |
| Free cash flow | -4.1 m | 1.5 m | 14.4 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 16.7 m EUR
- Financial debt
- 67.3 m EUR
- Net debt
- 50.6 m EUR
- Equity
- 127.4 m EUR
- Total assets
- 312.6 m EUR
- Debt / equity
- 0.53x
- Current ratio
- 1.01x
- ROE
- -8.4%
- ROA
- -3.7%
- FCF margin
- 5.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 267.3 m | 254.3 m | 277.1 m | esef· 29 Apr 2025verified |
| Operating income | 3.2 m | 10.7 m | 10.0 m | esef· 29 Apr 2025verified |
| Depreciation & amortisation | 21.8 m | 22.6 m | 25.7 m | esef· 29 Apr 2025verified |
| EBITDA | 25.0 m ≈ | 33.3 m ≈ | 35.7 m ≈ | esef· 29 Apr 2025derived |
| Interest expense | 1.9 m | 2.8 m | 3.9 m | esef· 29 Apr 2025verified |
| Pre-tax income | 1.3 m | 8.3 m | 6.4 m | esef· 29 Apr 2025verified |
| Income tax | 1.6 m | 1.4 m | 2.3 m | esef· 29 Apr 2025verified |
| Net income | -585.0 k | 2.2 m | -11.5 m | esef· 29 Apr 2025verified |
| Diluted EPS | -0.47 | 1.80 | -9.46 | esef· 29 Apr 2025verified |
| Dividend per share | 0.00 | 1.87 | 1.87 | esef· 29 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 27.9 m | 17.7 m | 16.7 m | esef· 29 Apr 2025verified |
| Receivables | 43.4 m | 48.7 m | 41.0 m | esef· 29 Apr 2025verified |
| Inventories | 40.4 m | 42.5 m | 36.5 m | esef· 29 Apr 2025verified |
| Current assets | 111.8 m | 108.8 m | 94.2 m | esef· 29 Apr 2025verified |
| Property, plant & equipment, net | 56.2 m | 69.9 m | 82.4 m | esef· 29 Apr 2025verified |
| Goodwill | 79.9 m | 90.5 m | 92.7 m | esef· 29 Apr 2025verified |
| Intangibles (excl. goodwill) | 9.3 m | 7.9 m | 6.7 m | esef· 29 Apr 2025verified |
| Total assets | 287.2 m | 312.1 m | 312.6 m | esef· 29 Apr 2025verified |
| Accounts payable | 42.3 m | 46.2 m | 53.6 m | esef· 29 Apr 2025verified |
| Long-term debt | 47.1 m | 60.9 m | 67.3 m | esef· 29 Apr 2025verified |
| Current liabilities | 67.1 m | 77.8 m | 93.5 m | esef· 29 Apr 2025verified |
| Equity | 145.1 m | 144.9 m | 127.4 m | esef· 29 Apr 2025verified |
| Shares outstanding at year end | 1.2 m | 1.2 m | 1.2 m | esef· 29 Apr 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 15.3 m | 27.8 m | 46.7 m | esef· 29 Apr 2025verified |
| Capex | 19.4 m | 26.3 m | 32.2 m | esef· 29 Apr 2025verified |
| Free cash flow | -4.1 m ≈ | 1.5 m ≈ | 14.4 m ≈ | esef· 29 Apr 2025derived |
| Investing cash flow | -20.2 m | -37.4 m | -39.7 m | esef· 29 Apr 2025verified |
| Financing cash flow | -12.8 m | -552.0 k | -8.0 m | esef· 29 Apr 2025verified |
| Dividends paid | 0 | 3.3 m | 2.4 m | esef· 29 Apr 2025verified |
≈ 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: 44 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 91.9 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality22
- Returns62
- Balance sheet14
- Valuation86
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: 25.43 – 539.84 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)246.64 – 539.84 (Mid 341.84)WACC 6.3% · starting FCFF 16.9 m EUR · terminal value share of EV 82%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA49.19 – 264.53 (Mid 106.46)6 companies used · median multiple 5.1x · quartiles 3.1x – 10.6xCFEB.BR, DEME.BR, EKOP.BR, FOU.BR, JEN.BR, MOUR.BR
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)25.43 – 34.68 (Mid 29.34)
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 44/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.5% | 22 (vs peers) | 16% |
| Net margin · Quality | -4.1% | 21 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.4x | 11 (vs peers) | 16% |
| Interest coverage · Balance sheet | 2.6x | 17 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.0x | 17 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 4.0x | 75 (vs peers) | 16% |
| FCF yield · Valuation | 15.7% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 2.6% | 37 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 16.3% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet14/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality22/100 · 2/3 factors with a value
- Returns62/100 · 2/2 factors with a value
- Valuation86/100 · 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
MIKO (MIKO.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 277.1 m EUR in 2024; YoY growth 9.0%; net margin -4.1%; ROE -8.6%; net debt/EBITDA 1.4x.
The estimated value range is 49.19–264.53 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 106.46 EUR, the price of 74.00 EUR leaves a potential of 43.9% (value / price − 1) and a margin of safety of 30.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 44/100, 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. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EV/EBITDA: 4.0x
- FCF yield: 15.7%
- Payout ratio (FCF): 16.3%
What contradicts it
- ROIC: 3.5%
- Net margin: -4.1%
- Net debt / EBITDA: 1.4x
- Interest coverage: 2.6x
- Current ratio: 1.0x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM).
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 MIKO.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Miko NV is a Belgian coffee group with subsidiaries in several countries and a concentrated shareholder base centred on the OKIM foundation and the Imko holding. The profile shows a company with a stable management and family-linked governance, whose trajectory depends on raw material costs and competition in the coffee market.
SWOT
Strengths
- Stable shareholder structure, with reference shareholders providing strategic continuity.
- Presence in several countries through subsidiaries with local management and clear responsibilities.
- Formal risk management system with dedicated committees and periodic reviews.
Weaknesses
- Not a market leader, which limits the ability to pass costs on to customers.
- Reliance on a few reference shareholders may concentrate decisions and reduce minority influence.
- Long board mandates depart from governance code recommendations.
Opportunities
- Expansion into new markets, such as Australia and Central Europe, could add further growth.
- Acquisitions and investment projects discussed by the board could strengthen the group's position.
- Developing a new roastery could lower production costs over the medium term.
Threats
- Rising raw material prices that cannot be passed on could reduce margins.
- Home working could reduce consumption in office settings.
- Higher credit risk among customers and suppliers in a difficult economic environment.
Risks
- Raw material priceshigh
Increases in green coffee prices may be passed on only partly or not at all to customers, which could hit margins.
- Concentrated shareholdingmedium
Control concentrated in a few shareholders may limit the influence of minority investors over strategic decisions.
- Credit riskmedium
A weaker economic environment could increase customer defaults and supplier difficulties.
- IT and cybersecurity riskmedium
Disruptions to information systems could affect operations and reporting across several subsidiaries.
- Dependence on key personnellow
The unexpected departure of people in key roles could affect operational continuity.
Investment thesis
What would need to be true (bull case)
- If raw material prices stabilise, group margins could recover toward earlier levels.
- Geographic expansion could bring new revenue sources and reduce dependence on existing markets.
- A stable management structure and reference shareholders may support long-term strategy.
What would break the thesis
- If coffee input costs rise again, the group may fail to pass them on to customers.
- Not being a market leader could limit pricing power.
- Home working and economic pressure could reduce volumes over a longer period.
What to watch
- Evolution of green coffee prices and the impact on margins2025
- Progress of the new roastery project and capacity investments2025
- Outcome of the May 2025 general meeting and renewal of board mandates2025
- Trend in customer and supplier credit risknext annual report
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
Miko NV is the holding company of a group active in coffee and related services, through subsidiaries in Belgium, the Netherlands, France, the United Kingdom, Germany, Denmark, Sweden, Norway, Australia, the Czech Republic and Slovakia 1. Daily operations are led by a chief executive supported by an executive committee that sets strategy and budgets, while each subsidiary has its own local management 1. The shareholder structure is concentrated, with STAK OKIM and Imko Holding NV as the main shareholders, so strategic direction largely rests with them 1.
The 2024 annual report describes an organisation where operational management is separate from the board of directors, with audit and remuneration committees overseeing internal control and risk management 1. The group applies an Enterprise Risk Management approach, with the executive committee reviewing the risk register quarterly 1.
Governance includes a board with non-executive and independent members, and its composition is periodically reviewed through internal evaluations; the board met nine times in 2024 1. Board mandates are usually six years, a departure from the corporate governance code that the company justifies in its annual report 1.
Segments
Coffee (main division)
The coffee division is the core of the group, with import, processing and distribution operations in several European countries 1. Management notes, however, that Miko is not a market leader in this segment and must follow the prices set by competitors 1.
Market context
The coffee market in which Miko operates is fragmented, and the company describes itself as dependent on the pricing decisions of market leaders 1. The group operates in several European markets and in Australia, so performance depends on economic conditions and consumer behaviour in each country 1.
Trends
- Raw material price volatilityheadwind
Green coffee prices could rise faster than they can be passed on to customers, which could compress margins if the market does not stabilise 1.
- Home workingmixed
The structural expansion of home working can reduce office volumes but may also open opportunities in at-home consumption, so the net impact is uncertain 1.
- Credit pressure in the economyheadwind
The economic environment has raised credit risk for customers and suppliers, and the group responds with frequent screening and credit limits 1.
- Geographic diversificationtailwind
Expansion into new markets, including Australia and Central Europe, could reduce dependence on a single region but requires investment and local management 1.
Competitive position
Miko is not a market leader in coffee and watches what the largest competitors do rather than setting its own prices 1. Price and margin competition is therefore a constant pressure on the business model 1.
The group's competitive position rests on local presence, its subsidiary structure and its ability to respond quickly to information about the markets it serves 1. Sources of competition are described in general terms in the report, without a detailed list of rivals 1.
- Coffee market leaders
The report refers to market leaders as the price reference but does not name them individually.
- Regional roasting and distribution rivals
Local rivals in each country where the group is present, described generically in the report.
- Coffee service distributors
Companies offering comparable services to hospitality customers, identified generically in the source.
- Hot beverage suppliers in retail
Players competing for the same consumer, with no explicit name given in the report.
News & filings
In the press
- Se redeschide după restaurare Castelul Miko din Olteni (Covasna) / Va fi prezentat filmul ”Vita mia”, cu scene filmate aiciG4Media · 03 Sept 2026 · RO
- Castelul Miko din Olteni, Covasna, restaurat cu fonduri europene, se redeschide în weekend. Acesta va găzdui un muzeu ecvestruEconomedia · 03 Sept 2026 · RO
- Castelul Miko din Olteni va deveni muzeu şi va fi inclus în Ruta curiilor din TransilvaniaG4Media · 06 Aug 2026 · RO
Annual reports (ESEF)
- Annual report 202429 Apr 2025
- Annual report 202301 May 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Miko 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.