olivLaw · European equity research
Acomo N.V. ACOMO.AS
Netherlands · Euronext Amsterdam · ISIN NL0000313286 · Vertical: Listed companies from Netherlands
Acomo N.V. is a Dutch holding that sources, processes and distributes plant-based and natural food ingredients, with operations in major tea-producing countries and in Europe. The group reported profitability gains in fiscal 2024 while expanding production capacity and navigating agricultural price and currency volatility.
At the close of 04 Nov 2026, Acomo N.V. (ACOMO.AS) stock was 23.25 EUR (+1.53% on the day), with market capitalisation 687.4 m EUR, P/E 15.2 on diluted EPS of 1.53 EUR over the last 12 months, dividend yield 1.72%, beta 0.33, 52-week range 22.10–27.60 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)
- 55.3
- strong (55–70)
- Bollinger (20, 2)
- 22.84 – 23.30
- in the upper half of the band · %B 0.88 · band width 2.0%
- SMA 50 / 200
- 23.30 / 24.41
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.06
- 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 | +1.5% | +0.4% | +1.2 pp | — |
| 3 months | +0.6% | −3.3% | +3.9 pp | — |
| 6 months | −10.6% | +4.0% | −14.5 pp | — |
| Year to date | −4.5% | +8.1% | −12.6 pp | — |
| 1 year | −2.5% | +10.7% | −13.2 pp | +2.6% |
| 3 years | +19.7% | +50.1% | −30.4 pp | −0.1% |
| 5 years | −4.7% | +43.6% | −48.3 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 3-quarter history (min 10.3, median 11.3, max 13.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 1.4 bn | 1.3 bn | 1.4 bn |
| Revenue YoY | unavailable | −11.0% | +7.6% |
| Net income | 54.7 m | 39.7 m | 45.2 m |
| Net income YoY | unavailable | −27.3% | +13.9% |
| Diluted EPS | 1.85 | 1.34 | 1.53 |
| Diluted EPS YoY | unavailable | −27.6% | +14.2% |
| net % | 3.8% | 3.1% | 3.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 5.6 m EUR
- Financial debt
- 228.3 m EUR
- Net debt
- 222.7 m EUR
- Equity
- 439.7 m EUR
- Total assets
- 867.9 m EUR
- Debt / equity
- 0.52x
- Current ratio
- unavailable
- ROE
- 10.7%
- ROA
- 5.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.4 bn | 1.3 bn | 1.4 bn | esef· 11 Mar 2025verified |
| Cost of revenue | 1.2 bn | 1.1 bn | 1.2 bn | esef· 11 Mar 2025verified |
| Gross profit | 184.6 m | 176.9 m | 197.3 m | esef· 11 Mar 2025verified |
| Operating income | 84.9 m | 70.3 m | 79.7 m | esef· 11 Mar 2025verified |
| Pre-tax income | 73.7 m | 53.5 m | 60.6 m | esef· 11 Mar 2025verified |
| Income tax | 18.8 m | 13.9 m | 15.4 m | esef· 11 Mar 2025verified |
| Net income | 54.7 m | 39.7 m | 45.2 m | esef· 11 Mar 2025verified |
| Diluted EPS | 1.85 | 1.34 | 1.53 | esef· 11 Mar 2025verified |
| Dividend per share | 1.05 | 1.20 | 0.40 | esef· 11 Mar 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 4.9 m | 2.5 m | 5.6 m | esef· 11 Mar 2025verified |
| Inventories | 384.4 m | 310.9 m | 367.1 m | esef· 11 Mar 2025verified |
| Current assets | 577.9 m | 478.4 m | — | esef· 18 Mar 2024verified |
| Property, plant & equipment, net | 52.4 m | 46.6 m | 45.1 m | esef· 11 Mar 2025verified |
| Total assets | 860.8 m | 747.6 m | 867.9 m | esef· 11 Mar 2025verified |
| Short-term debt | 163.2 m | 75.4 m | 118.1 m | esef· 11 Mar 2025verified |
| Long-term debt | 120.1 m | 119.5 m | 110.2 m | esef· 11 Mar 2025verified |
| Current liabilities | 298.0 m | 193.8 m | 287.7 m | esef· 11 Mar 2025verified |
| Total liabilities | 447.0 m | 340.5 m | 428.2 m | esef· 11 Mar 2025verified |
| Equity | 413.7 m | 407.1 m | 439.7 m | esef· 11 Mar 2025verified |
| Shares outstanding at year end | 29.6 m | 29.6 m | 29.6 m | esef· 11 Mar 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
- indicators available: 4 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 687.4 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · 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: 5.44 – 34.93 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/E15.40 – 34.93 (Mid 20.99)15 companies used · median multiple 13.7x · quartiles 10.1x – 22.8xAALB.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)5.44 – 7.42 (Mid 6.28)
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: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.4% | 69 (vs peers) | 31% |
| Net margin · Quality | 3.3% | 58 (vs peers) | 19% |
| 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 | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 15.2x | 57 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.2% | 74 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality65/100 · 2/3 factors with a value
- Returns· partial74/100 · 1/2 factors with a value
- Valuation· partial57/100 · 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
ACOMO N.V. (ACOMO.AS). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 1.4 bn EUR in 2024; YoY growth 7.6%; net margin 3.3%; ROE 10.7%.
The estimated value range is 10.42–21.18 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 13.63 EUR, the price of 23.25 EUR leaves a potential of -41.4% (value / price − 1) and a margin of safety of -70.6% (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: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 5.2%
What contradicts it
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, 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. | 519.6 bn | 50.9 | 44.2% | 31.3% | +15.6% | +48% / +115% |
| ASM.ASASM International N.V. | 33.5 bn | 46.5 | 18.7% | 22.8% | +8.2% | +44% / +45% |
| DSFIR.ASDSM-Firmenich AG | 32.0 bn | 114.3 | 1.2% | 2.2% | +20.4% | +52% / +24% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 30.9 bn | 13.7 | 15.3% | 2.5% | +3.4% | −4% / +29% |
| ADYEN.ASAdyen N.V. | 26.9 bn | 25.4 | 22.3% | 40.1% | +18.9% | −36% / −20% |
| HAL.ASHAL Trust | 15.6 bn | 9.8 | 10.5% | 12.8% | +1.2% | +23% / +49% |
| EXO.ASExor N.V. | 15.3 bn | — | -10.6% | — | −100.0% | +3% / −17% |
| BESI.ASBE Semiconductor Industries N.V. | 12.1 bn | 91.6 | 28.7% | 22.3% | −2.7% | +17% / +18% |
| AKZA.ASAkzo Nobel N.V. | 10.8 bn | 17.1 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.6 bn | 25.8 | 7.2% | 5.7% | −5.3% | +51% / +15% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.3 | 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. | 3.4 bn | 42.5 | 9.1% | 1.3% | +2.9% | +49% / +408% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.7 | 10.2% | 6.5% | +1.7% | +27% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +56% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 973.4 m | — | -1.5% | -1.1% | −18.8% | −1% / −49% |
| ACOMO.ASAcomo N.V. | 687.4 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 667.9 m | — | -28.2% | -21.7% | +66.1% | +61% / +25% |
| FFARM.ASForFarmers N.V. | 515.9 m | 10.3 | 14.5% | 1.6% | +14.8% | +31% / +140% |
| BRNL.ASBrunel International N.V. | 386.2 m | 126.5 | 1.0% | 0.3% | −10.8% | −5% / −29% |
| ALFEN.ASAlfen N.V. | 229.8 m | — | -0.1% | -0.0% | −10.7% | +0% / −77% |
| ENVI.ASEnvipco Holding N.V. | 227.9 m | — | -12.7% | -11.9% | −20.8% | −24% / +49% |
| CMCOM.ASCM.com N.V. | 188.7 m | — | -22.2% | -1.5% | −5.4% | +21% / −31% |
1- and 3-year price returns: for ACOMO.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 | 14.18 Total return -38% · Per year -38% | 25.03 Total return 9% · Per year 9% | 37.65 Total return 64% · Per year 64% |
| 3 years | 14.64 Total return -33% · Per year -12% | 29.00 Total return 31% · Per year 9% | 47.77 Total return 113% · Per year 29% |
| 5 years | 15.12 Total return -28% · Per year -6% | 33.60 Total return 55% · Per year 9% | 60.61 Total return 175% · Per year 22% |
- Exit P/E± 7.25
- Net margin± 5.07
- Annual revenue growth± 4.04
- Annual dilution± 0.43
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
Acomo N.V. is a Dutch holding that sources, processes and distributes plant-based and natural food ingredients, with operations in major tea-producing countries and in Europe. The group reported profitability gains in fiscal 2024 while expanding production capacity and navigating agricultural price and currency volatility 1.
SWOT
Strengths
- The group has a global sourcing network and its own warehouses, supporting access to teas from multiple origins.
- Solid liquidity and a policy of maintaining a strong balance sheet provide financial flexibility.
- The Food Solutions segment has delivered consecutive years of higher results, backed by innovation and an R&D team.
Weaknesses
- Exposure to agricultural commodity prices and weather can quickly affect margins.
- Operating in many countries with unstable political environments raises regulatory and tax risk.
- Reliance on a few large segments can magnify the impact of weaker demand in one of them.
Opportunities
- Rising demand for plant-based ingredients and specialty teas could support growth in Europe and North America.
- The new Oostende capacity could allow faster response to future customer demand.
- Selective acquisitions and business development could extend the group's diversification.
Threats
- Geopolitical events and armed conflicts could disrupt supply and energy prices.
- New food-safety rules and sanctions regimes could quickly change the operating environment.
- Vertical integration by customers and new entrants could pressure market share and prices.
Risks
- Price and supply volatilityhigh
Fluctuations in the availability and price of plant-based ingredients can change the value of positions and affect execution of signed contracts.
- Currency riskmedium
Dollar purchases and euro sales can produce adverse effects when exchange rates move, although the group uses forward contracts to limit this.
- Geopolitical riskshigh
Conflicts and political tensions can disrupt trade and supply sources in the countries where the group operates.
- Regulation and food fraudmedium
New food-safety, sanctions and anti-corruption requirements can have a major impact, and existing controls cannot guarantee full protection.
- Competition and vertical integrationmedium
Pressure from customers integrating their supply chains and from new entrants could reduce market share and margins.
Investment thesis
What would need to be true (bull case)
- If demand for plant-based ingredients and specialty teas keeps growing, the group's segments could sustain profitability gains.
- New production capacity and solid liquidity could support expansion without major financial pressure.
- A holding structure that leaves operating companies autonomous could encourage entrepreneurship and local growth.
What would break the thesis
- Agricultural price volatility and climate change could reduce margins if yields shift sharply.
- If geopolitical tensions intensify, supply chains could be disrupted and costs could rise.
- Competitive pressure and customer vertical integration could limit volume and price growth.
What to watch
- Trend in tea-segment margins and customer inventory levels2025
- Start-up of the new Oostende factory and its effect on capacity2025
- Whether La Niña emerges and its effect on raw-material prices2025
- Implementation timetable for new sustainability and deforestation rules2025
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
Acomo N.V. is a holding company based in the Netherlands that oversees autonomous operating companies in food ingredients. The group aims to support each company through governance, strategy and leadership development while preserving their entrepreneurial autonomy 1. Its activities rest on its own warehouses, blending facilities and global networks of suppliers and customers 1.
Revenue in fiscal 2024 came mainly from two segments: Royal Van Rees Group, with sales of 133.1 million EUR, and Food Solutions, with sales of 23.7 million EUR 1. The group ended the year with 328.3 million EUR in available undrawn credit facilities and cash as of 31 December 2024 1.
In December 2024 the group appointed a new CFO and a new non-executive director, and the chair highlighted plans to present its value-creation strategy at a Capital Markets Day 1. The board is one-tier, with a majority of non-executive directors who supervise the business 1.
Segments
Royal Van Rees Group
The tea segment provides sourcing, trading, blending, packaging and logistics for tea and tisanes through a global supplier network. Sales reached 133.1 million EUR in fiscal 2024, with adjusted EBITDA of 6.3 million EUR 1. Growth was supported by better crop yields and a recovery in demand after customers reduced excess inventory 1.
Food Solutions
The Food Solutions segment produces flavours, functional additives, wet and dry blends and plant-based solutions for food manufacturers in Europe. Sales were 23.7 million EUR and adjusted EBITDA 6.0 million EUR in fiscal 2024, the fourth consecutive year of record results 1. Snick EuroIngredients opened a new wet-blends factory in Oostende that doubled its production capacity 1.
Market context
The tea market improved in fiscal 2024, returning toward more average levels as customers worked down excess inventory left by past supply-chain disruptions 1. Demand for plant-based, clean-label ingredients and alternative proteins grew, particularly in Europe 1. Agricultural prices remain volatile, influenced by weather and logistics costs 1.
Meteorologists estimated a 60% chance that La Niña would emerge in the Northern Hemisphere fall, which could ease upward pressure on some commodity prices, including cocoa and food oils 1. If La Niña fails to materialise, these prices could exceed current forecasts 1.
Trends
- Demand for plant-based and clean-label foodstailwind
Consumer interest in plant-based products, culinary solutions and alternative proteins supported growth in the Food Solutions segment 1. The trend could persist if consumer preferences remain stable.
- Traceability and sustainability regulationmixed
The Corporate Sustainability Reporting Directive and the EU Deforestation Regulation impose stricter transparency and compliance requirements that could raise administrative costs 1. They may also open opportunities for suppliers able to document their supply chains 1.
- Agricultural and climate volatilityheadwind
Extreme weather and climate patterns such as La Niña can shift yields and commodity prices, affecting margins and signed contracts 1. The impact depends on the size and duration of these events.
- Recovery in tea marketstailwind
Customers reducing excess stock and better inventory efficiency supported higher tea-segment margins in fiscal 2024 1. Continuation depends on demand and supply conditions.
Competitive position
Acomo faces competition from other tea and ingredient distributors and processors, as well as pressure from customers integrating vertically, which could reduce market share, volumes and prices 1. New entrants attracted to attractive markets could intensify this pressure 1.
The group seeks to limit competition through a diversified product range and customer base and through value-added services such as storage, blending and vendor-managed inventory, which could restrict the ability of new entrants to compete directly 1.
- Tea and ingredient distributors and processors
The source does not name specific competitors and refers to competition in general 1.
- Plant-based and herbal ingredient suppliers
Competition comes from suppliers with similar global sourcing bases, without names given in the source 1.
- Customers integrating vertically
Customers that integrate their supply chains could become indirect competitors, according to the source 1.
- New entrants in specialty segments
The source notes that attractive markets may draw new participants, without identifying companies 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202411 Mar 2025
- Annual report 202318 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Acomo N.V. · 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.