olivLaw · European equity research
Ackermans & van Haaren ACKB.BR
Belgium · Euronext Brussels · ISIN BE0003764785 · Vertical: Listed companies from Belgium
Ackermans & van Haaren is a Belgian holding company with stakes in energy, industry, financial services and real estate, under a stable control structure. The board met eight times in 2023, and the portfolio includes offshore wind parks and industrial parks in Vietnam. For shareholders the question is how these stakes develop in a changing energy context.
At the close of 05 Nov 2026, Ackermans & van Haaren (ACKB.BR) stock was 268.80 EUR (−0.37% on the day), with market capitalisation 8.8 bn EUR, P/E 22.2 on diluted EPS of 12.12 EUR over the last 12 months, beta 0.84, 52-week range 210.40–298.00 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)
- 56.5
- strong (55–70)
- Bollinger (20, 2)
- 254.75 – 270.87
- in the upper half of the band · %B 0.87 · band width 6.1%
- SMA 50 / 200
- 266.74 / 271.03
- mixed trend
- MACD (12, 26, 9)
- 0.85 / -0.40
- 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 | +2.6% | +0.4% | +2.2 pp | — |
| 3 months | +0.3% | −3.3% | +3.6 pp | — |
| 6 months | −7.9% | +4.0% | −11.8 pp | — |
| Year to date | +15.9% | +8.1% | +7.8 pp | — |
| 1 year | +24.6% | +10.7% | +13.9 pp | +6.3% |
| 3 years | +88.8% | +50.1% | +38.7 pp | −6.5% |
| 5 years | +73.4% | +43.6% | +29.8 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 100 percentile of its own 2-quarter history (min 7.5, median 10.3, max 13.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 |
|---|---|---|
| Revenue | 4.4 bn | 5.2 bn |
| Revenue YoY | unavailable | +18.6% |
| Net income | 708.7 m | 399.2 m |
| Net income YoY | unavailable | −43.7% |
| Diluted EPS | 21.37 | 12.12 |
| Diluted EPS YoY | unavailable | −43.3% |
| net % | 16.1% | 7.6% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 989.8 m EUR
- Financial debt
- 2.0 bn EUR
- Net debt
- 1.0 bn EUR
- Equity
- 6.4 bn EUR
- Total assets
- 19.0 bn EUR
- Debt / equity
- 0.32x
- Current ratio
- 0.68x
- ROE
- 6.4%
- ROA
- 2.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Revenue | 4.4 bn | 5.2 bn | esef· 02 Apr 2024verified |
| Operating income | 655.9 m | 428.1 m | esef· 02 Apr 2024verified |
| Pre-tax income | 889.6 m | 609.6 m | esef· 02 Apr 2024verified |
| Income tax | 82.1 m | 102.5 m | esef· 02 Apr 2024verified |
| Net income | 708.7 m | 399.2 m | esef· 02 Apr 2024verified |
| Diluted EPS | 21.37 | 12.12 | esef· 02 Apr 2024verified |
Balance sheet · EUR
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Cash | 1.2 bn | 989.8 m | esef· 02 Apr 2024verified |
| Receivables | 847.1 m | 938.0 m | esef· 02 Apr 2024verified |
| Inventories | 389.7 m | 415.8 m | esef· 02 Apr 2024verified |
| Current assets | 5.6 bn | 6.7 bn | esef· 02 Apr 2024verified |
| Property, plant & equipment, net | 2.7 bn | 2.9 bn | esef· 02 Apr 2024verified |
| Goodwill | 320.0 m | 320.1 m | esef· 02 Apr 2024verified |
| Intangibles (excl. goodwill) | 117.6 m | 118.8 m | esef· 02 Apr 2024verified |
| Total assets | 17.7 bn | 19.0 bn | esef· 02 Apr 2024verified |
| Short-term debt | 402.7 m | 550.7 m | esef· 02 Apr 2024verified |
| Long-term debt | 1.6 bn | 1.5 bn | esef· 02 Apr 2024verified |
| Current liabilities | 8.8 bn | 9.8 bn | esef· 02 Apr 2024verified |
| Equity | 6.0 bn | 6.4 bn | esef· 02 Apr 2024verified |
| Shares outstanding at year end | 33.1 m | 32.9 m | esef· 02 Apr 2024derived |
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
- indicators available: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 8.8 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
31% · 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: 124.74 – 286.33 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/E124.74 – 286.33 (Mid 175.38)24 companies used · median multiple 14.5x · quartiles 10.3x – 23.6xAGS.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, MOUR.BR
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.0% | 30 (vs peers) | 33% |
| Net margin · Quality | 7.6% | 67 (vs peers) | 20% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 22.2x | 44 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| 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 sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality44/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial44/100 · 1/3 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
ACKERMANS & VAN HAAREN (ACKB.BR). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 5.2 bn EUR in 2023; YoY growth 18.6%; net margin 7.6%; ROE 8.4%.
The estimated value range is 124.74–286.33 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 175.38 EUR, the price of 268.80 EUR leaves a potential of -34.8% (value / price − 1) and a margin of safety of -53.3% (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: 31.2% 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: 5.0%
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, 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% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| 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% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for ACKB.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 | 175.80 Total return -35% · Per year -35% | 309.38 Total return 15% · Per year 15% | 464.06 Total return 73% · Per year 73% |
| 3 years | 208.52 Total return -22% · Per year -8% | 409.15 Total return 52% · Per year 15% | 668.25 Total return 149% · Per year 35% |
| 5 years | 247.34 Total return -8% · Per year -2% | 541.10 Total return 101% · Per year 15% | 962.28 Total return 258% · Per year 29% |
- Exit P/E± 102.29
- Net margin± 71.60
- Annual revenue growth± 53.40
- Annual dilution± 6.02
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
Ackermans & van Haaren is a Belgian holding company with stakes in energy, industry, financial services and real estate, under a stable control structure. The board met eight times in 2023, and the portfolio includes offshore wind parks and industrial parks in Vietnam. For shareholders the question is how these stakes develop in a changing energy context 1.
SWOT
Strengths
- Diversified portfolio of stakes in energy, industry and financial services, with a stable control structure.
- Leading position in industrial parks in northern Vietnam, with recurring service revenue.
- Stakes in operating offshore wind parks, contributing to green power production.
Weaknesses
- Dependence on a few large stakes, such as Deep C and Green Offshore, makes results sensitive to their performance.
- The real estate segment through CFE is affected by weak conditions in the Belgian and Luxembourg markets.
- A concentrated shareholder structure may limit liquidity and the diversification of the investor base.
Opportunities
- Expansion of offshore capacity in Belgium towards 2030 could offer new projects for Green Offshore.
- Higher demand for industrial land in Vietnam could support the expansion of the Deep C platform.
- Investment in building renovation and energy infrastructure could open new opportunities for real estate subsidiaries.
Threats
- Difficult conditions in the Belgian real estate market could prolong pressure on revenue of the subsidiaries in this area.
- Changes in tax and ESG reporting rules could raise compliance costs.
- Geopolitical tensions could affect cross-border investment, especially in Southeast Asia.
Risks
- Concentration in a few stakeshigh
Group results depend on a few major stakes, so a decline at one of them could significantly affect consolidated results.
- Belgian real estate marketmedium
CFE's short-term outlook is cautious, and a weaker market could pressure margins in the real estate segment.
- Geopolitical risks in Asiamedium
Geopolitical tensions and uncertainty over global taxation could affect investments in Vietnam.
- Regulatory changeslow
New sustainability reporting requirements and legislative changes could raise administrative costs.
- Energy price variationmedium
Offshore wind results depend on wind conditions and electricity prices, which can vary considerably.
Investment thesis
What would need to be true (bull case)
- If demand for industrial parks in Vietnam holds, Deep C's activity could keep growing, supported by recurring services.
- Expansion of offshore wind in Belgium could give the group new projects and a stronger position in green energy.
- Contribution from financial services through bank stakes could bring stable revenue in a favourable economic environment.
What would break the thesis
- If the Belgian real estate market stays weak, the CFE segment could continue to limit group results.
- Dependence on a few major stakes could make results volatile from one year to the next.
- Geopolitical risks and new tax rules could reduce the appeal of the group's international investments.
What to watch
- Revenue trend of real estate subsidiary CFE, against its 2024 outlook2024
- Progress of offshore projects and Green Offshore capacity2024
- Pace of industrial land sales at Deep C2024
- Impact of ESG and CSRD rules on group costs2025
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
Ackermans & van Haaren is a holding company based in Belgium that holds majority and minority stakes in several operating companies. According to the 2023 annual report, the group acts as a long-term investor, with an executive committee overseeing subsidiaries and a board evaluating new investments 1. The structure is governed by a board with audit, remuneration and nomination committees.
The main shareholder is Scaldis Invest with 33% of the capital, and Belfimas controls Scaldis Invest; both are holdings investing exclusively in the company's shares 1. This ties strategic direction closely to a small group of reference shareholders.
The group reports investments in areas such as life sciences, notably within the life sciences strategy mentioned in the report, alongside existing stakes 1. Governance includes review of transactions with related parties and a code of conduct on financial transactions.
Segments
Deep C (industrial parks in Vietnam)
Deep C Holding develops and operates industrial parks in northern Vietnam, managing about 3,400 ha and nearly 21% of the region's industrial land. Revenue was 46,025 thousand euro in 2023, compared with 58,027 thousand euro in 2022 1. About one third of revenue comes from recurring services, and the company sold 127 ha in 2023 1.
Green Offshore (offshore wind energy)
Green Offshore holds stakes in the Rentel (309 MW) and SeaMade (487 MW) wind parks in the Belgian North Sea 1. Net profit of the group was 19,669 thousand euro in 2023, compared with 3,560 thousand euro in 2022, supported by higher production and electricity prices 1.
Market context
The real estate market in Belgium and Luxembourg remains difficult in the short term, both residential and office, according to the outlook of subsidiary CFE 1. In the long term, building renovation and energy transition infrastructure are seen as segments with potential.
Trends
- Energy transitiontailwind
Demand for renewable energy supports the offshore projects of Green Offshore and investments in energy infrastructure 1.
- Industrial relocationtailwind
Changes in supply chains favour demand for industrial parks in Vietnam, supporting Deep C's growth 1.
- Weak real estate market in Belgiumheadwind
The difficult residential and office market in Belgium and Luxembourg limits short-term prospects for real estate activity 1.
- Tax and ESG regulationmixed
Global minimum tax and new sustainability reporting requirements affect group planning and costs, with effects still unclear 1.
Competitive position
The company competes with other holding investors and with specialised operators in each segment: industrial parks, offshore wind and private banking. The annual report does not detail its competitive position in each market 1.
In offshore wind, Green Offshore competes with other developers and operators of North Sea parks, while in Vietnam Deep C competes with other industrial park developers in the region 1.
- Scaldis Invest
Reference shareholder with 33% of the capital, with control structure linked to Belfimas 1.
- Delen Private Bank
Private bank in which the group holds a stake and which contributes significantly to financial results 1.
- Bank Van Breda
Bank in the group's financial portfolio, with its own contribution to results 1.
- Other industrial park developers in Vietnam
Competitors in the northern Vietnam industrial land market, without quantitative detail in the source 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202302 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Ackermans & van Haaren · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.