olivLaw · European equity research
Campine nv CAMB.BR
Belgium · Euronext Brussels · ISIN BE0003825420 · Vertical: Listed companies from Belgium
Campine nv recycles antimony and lead and makes flame-retardant masterbatches and recycled polymers, with plants in Belgium and France. In 2024 it reported higher results, with revenue of € 365.2 million, helped by strong antimony prices at a time when supply of the metal remained under pressure.
At the close of 04 Nov 2026, Campine nv (CAMB.BR) stock was 187.00 EUR (+10.00% on the day), with market capitalisation 280.6 m EUR, P/E 12.6 on diluted EPS of 14.84 EUR over the last 12 months, dividend yield 1.64%, beta 0.54, 52-week range 169.00–257.00 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)
- 57.2
- strong (55–70)
- Bollinger (20, 2)
- 168.41 – 183.24
- above the upper band · %B 1.25 · band width 8.4%
- SMA 50 / 200
- 183.39 / 204.95
- mixed trend
- MACD (12, 26, 9)
- -1.61 / -2.70
- 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 | +6.3% | +0.4% | +5.9 pp | — |
| 3 months | −10.1% | −3.3% | −6.8 pp | — |
| 6 months | −18.0% | +4.0% | −21.9 pp | — |
| Year to date | −11.0% | +8.1% | −19.1 pp | — |
| 1 year | −16.5% | +10.7% | −27.2 pp | +8.8% |
| 3 years | +171.0% | +50.1% | +120.9 pp | −6.2% |
| 5 years | +367.5% | +43.6% | +323.9 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 7.9, median 8.0, max 8.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 322.0 m | 365.2 m |
| Revenue YoY | unavailable | +13.4% |
| Net income | 13.7 m | 22.3 m |
| Net income YoY | unavailable | +63.1% |
| Diluted EPS | 9.10 | 14.84 |
| Diluted EPS YoY | unavailable | +63.1% |
| net % | 4.2% | 6.1% |
| Free cash flow | 13.9 m | 17.4 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 3.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 86.7 m EUR
- Total assets
- 156.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- 2.03x
- ROE
- 28.6%
- ROA
- 15.8%
- FCF margin
- 4.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 322.0 m | 365.2 m | esef· 29 Apr 2025verified |
| Operating income | 18.6 m | 30.6 m | esef· 29 Apr 2025verified |
| Depreciation & amortisation | 7.2 m | 8.6 m | esef· 29 Apr 2025verified |
| EBITDA | 25.8 m ≈ | 39.2 m ≈ | esef· 29 Apr 2025derived |
| Interest expense | 1.3 m | 1.8 m | esef· 29 Apr 2025verified |
| Pre-tax income | 18.3 m | 29.8 m | esef· 29 Apr 2025verified |
| Income tax | 4.6 m | 7.5 m | esef· 29 Apr 2025verified |
| Net income | 13.7 m | 22.3 m | esef· 29 Apr 2025verified |
| Diluted EPS | 9.10 | 14.84 | esef· 29 Apr 2025verified |
| Dividend per share | 2.56 | 3.06 | esef· 29 Apr 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 3.7 m | 3.1 m | esef· 29 Apr 2025verified |
| Inventories | 52.8 m | 61.6 m | esef· 29 Apr 2025verified |
| Current assets | 91.1 m | 104.1 m | esef· 29 Apr 2025verified |
| Property, plant & equipment, net | 33.0 m | 37.4 m | esef· 29 Apr 2025verified |
| Intangibles (excl. goodwill) | 939.0 k | 867.0 k | esef· 29 Apr 2025verified |
| Total assets | 125.7 m | 156.8 m | esef· 29 Apr 2025verified |
| Current liabilities | 43.8 m | 51.2 m | esef· 29 Apr 2025verified |
| Total liabilities | 56.6 m | 70.1 m | esef· 29 Apr 2025verified |
| Equity | 69.1 m | 86.7 m | esef· 29 Apr 2025verified |
| Shares outstanding at year end | 1.5 m | 1.5 m | esef· 29 Apr 2025derived |
Cash flow · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 20.5 m | 29.6 m | esef· 29 Apr 2025verified |
| Capex | 6.7 m | 12.2 m | esef· 29 Apr 2025verified |
| Free cash flow | 13.9 m ≈ | 17.4 m ≈ | esef· 29 Apr 2025derived |
| Investing cash flow | -7.4 m | -25.8 m | esef· 29 Apr 2025verified |
| Financing cash flow | -12.4 m | -4.4 m | esef· 29 Apr 2025verified |
| Dividends paid | 3.8 m | 4.6 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 weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 280.6 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
52% · 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: 157.11 – 350.16 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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/E157.11 – 350.16 (Mid 226.73)24 companies used · median multiple 15.3x · quartiles 10.6x – 23.6xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.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)outside the aggregate41.61 – 56.74 (Mid 48.01)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.1% | 59 (vs peers) | 12% |
| FCF conversion · Quality | 78.0% | 69 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 17.3x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 12.6x | 67 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.2% | 77 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 1.6% | 23 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 26.4% | 100 (on a fixed band) | 8% |
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
- Quality64/100 · 2/3 factors with a value
- Returns54/100 · 2/2 factors with a value
- Valuation71/100 · 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
CAMPINE (CAMB.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 365.2 m EUR in 2024; YoY growth 13.4%; net margin 6.1%; ROE 28.6%.
The estimated value range is 157.11–350.16 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 226.73 EUR, the price of 187.00 EUR leaves a potential of 21.2% (value / price − 1) and a margin of safety of 17.5% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 17.3x
- Current ratio: 2.0x
- FCF yield: 6.2%
- Payout ratio (FCF): 26.4%
What contradicts it
- Shareholder yield (distributions): 1.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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 | 11.7 bn | 22.8 | 9.6% | 13.6% | −2.0% | +25% / +31% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.1 | 20.9% | 12.7% | +10.0% | +81% / +75% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.5 bn | 82.1 | 0.8% | 2.1% | +1.0% | +6% / +8% |
| DIE.BRD'ieteren Group | 9.8 bn | 23.2 | — | 5.3% | −1.5% | +22% / +17% |
| ACKB.BRAckermans & Van Haaren | 8.9 bn | 22.3 | 8.4% | 7.6% | +18.6% | +22% / +78% |
| COLR.BRColruyt Group | 4.4 bn | 14.3 | 9.4% | 2.9% | +3.1% | +9% / −8% |
| DEME.BRDeme Group | 4.3 bn | 12.3 | 15.5% | 8.3% | +1.3% | +22% / +74% |
| AZE.BRAzelis Group | 2.9 bn | 16.2 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.2 bn | 13.0 | 30.7% | 18.4% | −3.3% | +4% / −35% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 21.8 | 16.7% | 9.2% | +14.3% | +12% / +38% |
| KIN.BRKinepolis Group | 1.3 bn | 33.3 | 19.3% | 7.0% | −4.5% | +59% / +9% |
| JEN.BRJensen Group | 695.4 m | 16.9 | 15.1% | 9.1% | +13.3% | +26% / +107% |
| BAR.BRBarco | 576.4 m | 9.3 | 7.9% | 6.7% | −9.9% | −47% / −58% |
| IBAB.BRIon Beam Applications | 484.9 m | 39.4 | 10.7% | 2.1% | +24.5% | +47% / +51% |
| DECB.BRDeceuninck | 343.4 m | 24.7 | 4.3% | 1.7% | −4.5% | +9% / +9% |
| CAMB.BRCampine | 280.6 m | 12.6 | 28.6% | 6.1% | +13.4% | −9% / +169% |
| MOUR.BRMoury Construct | 269.2 m | 11.0 | 21.3% | 13.1% | −4.0% | +14% / +82% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| EVS.BREvs Broadcast Equipment | 248.1 m | 6.1 | 20.8% | 21.7% | +14.3% | −48% / −35% |
| BPOST.BRBpost | 228.6 m | 3.5 | 6.3% | 1.5% | −2.6% | −40% / −75% |
| ECONB.BREconocom Group | 205.3 m | 39.5 | 1.2% | 0.2% | +4.3% | −4% / −37% |
| MONNI.BRKeyware Technologies | 180.0 m | 170.6 | 3.5% | 4.5% | −5.9% | 0% / −13% |
| IMMO.BRImmobel | 176.1 m | — | -7.4% | -25.2% | −32.8% | −22% / −34% |
| HYSG.BRHybrid Software Group PLC | 120.0 m | — | -2.5% | -5.5% | +7.2% | −5% / +12% |
1- and 3-year price returns: for CAMB.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 | 120.45 Total return -34% · Per year -34% | 212.11 Total return 15% · Per year 15% | 318.34 Total return 72% · Per year 72% |
| 3 years | 138.81 Total return -21% · Per year -8% | 272.89 Total return 52% · Per year 15% | 446.47 Total return 147% · Per year 35% |
| 5 years | 159.98 Total return -6% · Per year -1% | 351.08 Total return 100% · Per year 15% | 626.16 Total return 251% · Per year 29% |
- Exit P/E± 68.22
- Net margin± 47.75
- Annual revenue growth± 36.11
- Annual dilution± 4.01
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
Campine nv recycles antimony and lead and makes flame-retardant masterbatches and recycled polymers, with plants in Belgium and France. In 2024 it reported higher results, with revenue of € 365.2 million, helped by strong antimony prices at a time when supply of the metal remained under pressure.
SWOT
Strengths
- Campine has its own antimony recycling technology, which allows higher margins and lower metal purchases on the market 1.
- Diversified purchasing and lower dependence on Chinese suppliers gave it a steadier position when export restrictions emerged 1.
- The group reported a record year for results and proposed a dividend for fiscal 2024 1.
Weaknesses
Opportunities
- Antimony demand outside Europe remains very high, which could allow the group to increase its share in external markets 1.
- If European rules on recycled content apply, demand for recycled polymers could grow 1.
- Good margins in battery recycling and precious metals could continue if markets stay supportive 1.
Threats
- Chinese export restrictions could persist, and access to raw material remains difficult 1.
- Very high antimony prices could attract new producers and push prices down over time.
- The crisis in the European car industry could prolong weak demand for lead and recycled batteries.
Risks
- Dependence on antimony priceshigh
Revenue and margins in the Specialty Chemicals division depend on the antimony price, which rose sharply in 2024 and early 2025 1.
- Access to raw materialhigh
Antimony supply has fallen, and finding new sources for the higher demand remains difficult, according to the report 1.
- Production interruptionsmedium
The fire at a French plant reduced output and showed how exposed single installations can be 1.
- Car industry demandmedium
Weakness in the European car market can keep lead demand low and create a surplus of spent batteries at low prices 1.
- Environmental and trade regulationlow
Changes in regulation and trade restrictions could affect supply chains and sales in external markets.
Investment thesis
What would need to be true (bull case)
- The group reported a record year, with rising revenue and EBITDA, and its own antimony recycling technology offers a margin advantage 1.
- Reducing dependence on China allowed it to gain share in external markets when demand was very high 1.
- Management's outlook for 2025 points to a solid year, comparable with the prior record, if markets do not shift sharply 1.
What would break the thesis
- Results depend heavily on one metal, and a fall in the antimony price could cut revenue and margins substantially 1.
- Circular Metals volumes declined, and demand from the European car industry remains weak 1.
- If Chinese restrictions ease, the group's market advantage could shrink and competition could increase.
What to watch
- Evolution of the antimony price and any new Chinese export restrictions2025
- Restart of normal output at the French Escaudoeuvres plant2025
- Demand for lead and recycled batteries amid the European car industryQ1 2026
- Whether management's outlook for a solid year comparable with the 2024 record is metnext 10-K
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
Campine nv is a Belgian group that recycles and recovers metals and plastics, with operations in Belgium and France. The group has two divisions: Specialty Chemicals, covering antimony trioxide and flame-retardant masterbatches, and Circular Metals, which processes lead and spent batteries. For fiscal 2024 the annual report shows consolidated revenue of € 365.2 million and EBITDA of € 41.7 million 1.
Segments
Specialty Chemicals
The Specialty Chemicals division includes antimony trioxide (ATO), flame-retardant masterbatches (FRMB) and recycled polypropylene (rPP). In fiscal 2024 revenue rose to € 186.9 million and EBITDA reached € 14.6 million, more than three times the prior year 1. Growth was supported by antimony prices and a larger share of overseas markets.
Circular Metals
The Circular Metals division covers lead, metals recovery and battery recycling. Revenue fell 11% to € 211.2 million, but EBITDA rose to € 27.1 million, supported by high precious-metal prices and better alloy premiums 1. Sales volume declined because of a production stoppage at one of the French plants.
Market context
The antimony market was tight in fiscal 2024 after China introduced export restrictions on antimony products. The metal price rose 92% on average over the prior year and approached $ 50 000 per tonne at the start of 2025 1. In lead, demand from the European car industry stayed weak, which created a surplus of spent batteries and lower purchase prices for Campine 1.
Trends
- Chinese export restrictions on antimonytailwind
The Chinese restrictions reduced access to antimony and pushed prices up. Campine cut purchases from China to below 5% in the first half of 2024, which let it gain share in external markets where Chinese supply had been the norm 1.
- High antimony pricesmixed
The rise in metal prices lifted revenue but also raised raw material costs. If prices correct, margins in the Specialty Chemicals division could narrow after the record second half of 2024 1.
- Weak European car industry demandheadwind
Demand for recycled lead used in new batteries stayed weak because of the European car market. The effect is visible in the Circular Metals volumes, which declined in fiscal 2024 1.
- European circular economy rulestailwind
EU rules that require industry to use more recycled plastics could support demand for recycled polypropylene if they apply in time 1.
Competitive position
The annual report does not name direct competitors. In antimony, Chinese supply had been the norm, and Campine aims to gain share in external markets 1. In lead and battery recycling, competition comes from other European recyclers that operate under the same market conditions.
- Chinese antimony producers
Dominant antimony suppliers before the export restrictions; not identified with a US ticker in the source analysed.
- European lead and battery recyclers
Competitors in the same market area, not identified precisely in the source.
- Flame-retardant masterbatch suppliers
Producers competing with the Specialty Chemicals division in the flame-retardant additives market.
- Recycled polypropylene producers
Competitors for recycled polymers, especially in Europe, where demand was affected by the price of virgin polypropylene.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202429 Apr 2025
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Campine 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.