olivLaw · European equity research
TEXAF TEXF.BR
Belgium · Euronext Brussels · ISIN BE0974263924 · Vertical: Listed companies from Belgium
TEXAF is a listed group entirely dedicated to the Democratic Republic of Congo, active in real estate, a sandstone quarry and digital infrastructure. The group aims to support local development through durable housing and building materials, in an economy whose growth is estimated at 4.8%.
At the close of 05 Nov 2026, TEXAF (TEXF.BR) stock was 35.80 EUR (+1.13% on the day), with market capitalisation 131.0 m EUR, P/E 17.6 on diluted EPS of 2.03 EUR over the last 12 months, dividend yield 3.44%, beta 0.11, 52-week range 34.00–44.80 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)
- 46.5
- neutral
- Bollinger (20, 2)
- 34.67 – 36.53
- in the upper half of the band · %B 0.61 · band width 5.2%
- SMA 50 / 200
- 37.33 / 39.47
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.46 / -0.64
- 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 | −3.8% | −0.6% | −3.1 pp | — |
| 3 months | −14.4% | −4.2% | −10.2 pp | — |
| 6 months | −19.0% | +4.3% | −23.3 pp | — |
| Year to date | −2.2% | +7.5% | −9.7 pp | — |
| 1 year | +4.7% | +9.9% | −5.2 pp | +6.3% |
| 3 years | +7.2% | +49.8% | −42.7 pp | −6.5% |
| 5 years | +11.9% | +42.8% | −31.0 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 50 percentile of its own 4-quarter history (min 10.4, median 20.5, max 25.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 22.7 m | 27.4 m | 29.3 m | 32.3 m |
| Revenue YoY | unavailable | +20.7% | +6.9% | +10.2% |
| Net income | 5.2 m | 8.4 m | 11.6 m | 7.4 m |
| Net income YoY | unavailable | +60.4% | +39.4% | −36.2% |
| Diluted EPS | 1.27 | 1.42 | 3.18 | 2.03 |
| Diluted EPS YoY | unavailable | +11.8% | +123.9% | −36.2% |
| net % | 22.9% | 30.4% | 39.7% | 23.0% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 10.3 m EUR
- Financial debt
- 22.3 m EUR
- Net debt
- 12.0 m EUR
- Equity
- 114.8 m EUR
- Total assets
- 174.7 m EUR
- Debt / equity
- 0.19x
- Current ratio
- 1.26x
- ROE
- 6.5%
- ROA
- 4.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 22.7 m | 27.4 m | 29.3 m | 32.3 m | esef· 15 Apr 2025verified |
| Operating income | 8.0 m | 8.6 m | 15.8 m | 10.2 m | esef· 15 Apr 2025verified |
| Depreciation & amortisation | 3.6 m | 4.2 m | 4.3 m | 5.8 m | esef· 15 Apr 2025verified |
| EBITDA | 11.6 m ≈ | 12.8 m ≈ | 20.1 m ≈ | 16.0 m ≈ | esef· 15 Apr 2025derived |
| Interest expense | 56.0 k | 18.0 k | 52.0 k | 1.6 m | esef· 15 Apr 2025verified |
| Pre-tax income | 7.9 m | 8.6 m | 15.5 m | 8.4 m | esef· 15 Apr 2025verified |
| Net income | 5.2 m | 8.4 m | 11.6 m | 7.4 m | esef· 15 Apr 2025verified |
| Diluted EPS | 1.27 | 1.42 | 3.18 | 2.03 | esef· 15 Apr 2025verified |
| Dividend per share | — | — | 1.15 | 1.23 | esef· 15 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 5.9 m | 5.5 m | 8.6 m | 10.3 m | esef· 15 Apr 2025verified |
| Receivables | 952.0 k | 678.0 k | 3.7 m | 1.5 m | esef· 15 Apr 2025verified |
| Inventories | 4.6 m | 4.6 m | 4.9 m | 6.0 m | esef· 15 Apr 2025verified |
| Current assets | 18.6 m | 18.4 m | 25.4 m | 21.1 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 8.6 m | 8.4 m | 10.9 m | 11.6 m | esef· 15 Apr 2025verified |
| Total assets | 135.2 m | 148.9 m | 166.7 m | 174.7 m | esef· 15 Apr 2025verified |
| Accounts payable | 5.4 m | 8.2 m | 9.3 m | 9.3 m | esef· 15 Apr 2025verified |
| Short-term debt | 966.0 k | 2.2 m | 3.9 m | 2.8 m | esef· 15 Apr 2025verified |
| Long-term debt | 1.8 m | 9.7 m | 15.4 m | 19.4 m | esef· 15 Apr 2025verified |
| Current liabilities | 10.5 m | 14.0 m | 18.7 m | 16.7 m | esef· 15 Apr 2025verified |
| Total liabilities | 32.2 m | 42.3 m | 54.3 m | 59.8 m | esef· 15 Apr 2025verified |
| Equity | 103.0 m | 106.7 m | 112.5 m | 114.8 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 4.1 m | 5.9 m | 3.7 m | 3.7 m | esef· 15 Apr 2025derived |
Cash flow · EUR
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: 61 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 131.0 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality60
- Growth100
- Balance sheet42
- Valuation49
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: 9.22 – 47.96 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/EBITDA9.22 – 42.61 (Mid 16.41)6 companies used · median multiple 4.5x · quartiles 2.9x – 10.5xCFEB.BR, DEME.BR, EKOP.BR, FOU.BR, JEN.BR, MIKO.BR
- Peers: P/E21.56 – 47.96 (Mid 31.23)24 companies used · median multiple 15.4x · quartiles 10.6x – 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, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR
- Dividend discount (DDM)16.73 – 22.81 (Mid 19.30)
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
Unattractive profile · Score 61/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.8% | 37 (vs peers) | 14% |
| Net margin · Quality | 23.0% | 97 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 12.4% | 100 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 16.9% | 100 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | 0.7x | 22 (vs peers) | 14% |
| Interest coverage · Balance sheet | 6.5x | 78 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.3x | 38 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 17.6x | 48 (vs peers) | 14% |
| EV/EBITDA · Valuation | 8.9x | 50 (vs peers) | 14% |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet42/100 · 3/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality60/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation49/100 · 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
TEXAF (TEXF.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 32.3 m EUR in 2024; YoY growth 10.2%; net margin 23.0%; ROE 6.5%; net debt/EBITDA 0.7x.
The estimated value range is 16.73–42.61 EUR per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 19.30 EUR, the price of 35.80 EUR leaves a potential of -46.1% (value / price − 1) and a margin of safety of -85.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 61/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 23.0%
- Revenue CAGR 3Y: 12.4%
- EPS CAGR 3Y: 16.9%
- Interest coverage: 6.5x
What contradicts it
- Net debt / EBITDA: 0.7x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, FCF yield, 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 | 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% |
| 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% |
| TEXF.BRTexaf | 131.0 m | 17.6 | 6.5% | 23.0% | +10.2% | +2% / +8% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for TEXF.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 | 22.85 Total return -33% · Per year -33% | 40.25 Total return 16% · Per year 16% | 60.44 Total return 73% · Per year 73% |
| 3 years | 25.86 Total return -18% · Per year -7% | 50.90 Total return 55% · Per year 16% | 83.36 Total return 149% · Per year 36% |
| 5 years | 29.26 Total return -2% · Per year -0% | 64.35 Total return 105% · Per year 15% | 114.99 Total return 254% · Per year 29% |
- Exit P/E± 12.72
- Net margin± 8.91
- Annual revenue growth± 6.79
- Annual dilution± 0.75
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
TEXAF is a listed group entirely dedicated to the Democratic Republic of Congo, active in real estate, a sandstone quarry and digital infrastructure. The group aims to support local development through durable housing and building materials, in an economy whose growth is estimated at 4.8% 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Political and country riskhigh
Political stability in the DRC is a decisive factor, and reforms could be delayed 1.
- Climate riskmedium
Extreme weather events could affect the group's operations and assets 1.
- Geographic concentrationhigh
All activities are in the DRC, so a local shock could affect the whole group 1.
- Unused assetsmedium
Agricultural land currently generates no income, which could weigh on profitability 1.
- Partner dependencelow
The data centre project depends on the WIOCC agreement and capacity development, which could slow expansion 1.
Investment thesis
What would need to be true (bull case)
- The group could benefit from rising demand for housing and digital infrastructure in a growing economy 1.
- Its unique position as a listed company dedicated to the DRC may attract investors interested in this market 1.
- Its ESG commitment and European construction standards could differentiate the group from competitors 1.
What to watch
- Progress of the OPEN ACCESS data centre expansion2026
- Trend in CARRIGRÈS quarry deliveries2026
- Decision on use of unused agricultural assetsnext 10-K
- Implementation of the new telecom law and its effects on connectivity2027
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 TEXAF group is the only listed company wholly dedicated to the DRC and operates in three areas: real estate, the CARRIGRÈS sandstone quarry in Kinshasa and digital infrastructure through data centres. According to the 2024 annual report, the group relies on shared services for finance, legal, human resources and security 1. Its structure combines urban projects with agricultural and textile assets linked to cotton cultivation 1.
Segments
Quarry
CARRIGRÈS, founded in 1951, is the oldest quarry in Congo and produces red Inkisi sandstone for roads and construction, with a deposit estimated at 25 million tonnes 1. The quarry has an annual capacity of 600,000 tonnes 1.
Market context
The DRC property market is heterogeneous and little subject to standardised construction rules, but demand for affordable and durable housing is growing in crowded cities 1. The World Bank estimates that a higher broadband penetration could bring additional GDP growth, which would support demand for digital services 1.
Trends
- Extractive-led economic growthmixed
The DRC economy is mainly driven by mining, and medium-term prospects depend on political stability and reforms 1.
- Digitalisation and telecom liberalisationtailwind
The new telecommunications law could improve connectivity and reduce access gaps, supporting demand for data centres 1.
- Climate changeheadwind
Temperatures and extreme weather events could increase, which could affect the group's assets and operations 1.
- ESG standards and green constructiontailwind
The DRC's emissions commitments could drive adoption of green building norms, with benefits for owners and investors 1.
Competitive position
The CARRIGRÈS quarry operates in a competitive environment, largely dominated by the informal sector, where it differentiates itself through quality and digital weighing of deliveries 1. In real estate and digital, regional competition is not detailed in the analysed source 1.
- Informal quarry sector
Informal operators dominate the building materials market in Kinshasa, against which CARRIGRÈS compares itself 1.
- WIOCC
Pan-African digital infrastructure group and TEXAF partner in the DRC data centre 1.
- Cloud and telecom operators
Potential customers and indirect competitors of the data centre, depending on the co-location model 1.
- Other building materials suppliers
Local suppliers of sandstone, sand and gravel for roads and construction 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202316 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / TEXAF · 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.