olivLaw · European equity research
DGB Group N.V. EARTH.AS
Netherlands · Euronext Amsterdam · ISIN NL0009169515 · Vertical: Listed companies from Netherlands
DGB Group N.V. develops ecosystem restoration, biodiversity and nature-based carbon credit projects, and is moving from a credit developer toward an integrated provider of nature-based solutions. The company targets generating a very large volume of carbon units by 2030.
At the close of 05 Nov 2026, DGB Group N.V. (EARTH.AS) stock was 0.92 EUR (+1.10% on the day), with market capitalisation 10.4 m EUR, beta 0.65, 52-week range 0.55–1.60 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)
- 48.1
- neutral
- Bollinger (20, 2)
- 0.86 – 0.96
- in the upper half of the band · %B 0.59 · band width 10.7%
- SMA 50 / 200
- 0.96 / 1.15
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | +2.2% | +0.4% | +1.8 pp | — |
| 3 months | −19.5% | −3.3% | −16.2 pp | — |
| 6 months | −32.9% | +4.0% | −36.9 pp | — |
| Year to date | +22.0% | +8.1% | +13.9 pp | — |
| 1 year | +55.2% | +10.7% | +44.5 pp | −0.2% |
| 3 years | +88.5% | +50.1% | +38.5 pp | −0.2% |
| 5 years | −18.4% | +43.6% | −62.0 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.
Fiscal years
| Fiscal year | 2021 | 2022 | ⚠ 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 0 | 1.1 m | 43.0 k | 88.0 k |
| Revenue YoY | unavailable | unavailable | — | +104.7% |
| Net income | -1.1 m | -903.0 k | -3.1 m | -4.3 m |
| Net income YoY | unavailable | unavailable | — | unavailable |
| Diluted EPS | -0.12 | -0.11 | -0.28 | -0.38 |
| Diluted EPS YoY | unavailable | unavailable | — | unavailable |
| net % | unavailable | -79.5% | -7,120.9% | -4,847.7% |
| Free cash flow | -987.0 k | -1.4 m | -2.1 m | -3.6 m |
The series breaks before 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 460.0 k EUR
- Financial debt
- 10.7 m EUR
- Net debt
- 10.3 m EUR
- Equity
- -6.5 m EUR
- Total assets
- 7.9 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.32x
- ROE
- unavailable
- ROA
- -46.1%
- FCF margin
- -4,053.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 0 | 1.1 m | 43.0 k | 88.0 k | esef· 03 Jun 2025verified |
| Cost of revenue | 0 | 756.0 k | -86.0 k | 158.0 k | esef· 03 Jun 2025verified |
| Gross profit | 0 | 380.0 k | 129.0 k | -70.0 k | esef· 03 Jun 2025verified |
| Operating income | -1.2 m | -1.0 m | -2.5 m | -3.6 m | esef· 03 Jun 2025verified |
| Interest expense | 39.0 k | 98.0 k | 556.0 k | 915.0 k | esef· 03 Jun 2025verified |
| Pre-tax income | -1.1 m | -906.0 k | -3.1 m | -4.3 m | esef· 03 Jun 2025verified |
| Income tax | 0 | 0 | -80.0 k | 0 | esef· 03 Jun 2025verified |
| Net income | -1.1 m | -903.0 k | -3.1 m | -4.3 m | esef· 03 Jun 2025verified |
| Diluted EPS | -0.12 | -0.11 | -0.28 | -0.38 | esef· 03 Jun 2025verified |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 85.0 k | 155.0 k | 94.0 k | 460.0 k | esef· 03 Jun 2025verified |
| Receivables | 6.1 m | 6.0 m | 5.8 m | 498.0 k | esef· 03 Jun 2025verified |
| Inventories | 164.0 k | 164.0 k | 0 | 59.0 k | esef· 03 Jun 2025verified |
| Current assets | 6.4 m | 5.2 m | 5.9 m | 1.0 m | esef· 03 Jun 2025verified |
| Property, plant & equipment, net | 167.0 k | 239.0 k | 114.0 k | 144.0 k | esef· 03 Jun 2025verified |
| Total assets | 7.1 m | 27.7 m | 10.6 m | 7.9 m | esef· 03 Jun 2025verified |
| Short-term debt | 288.0 k | 629.0 k | 139.0 k | 1.2 m | esef· 03 Jun 2025verified |
| Long-term debt | — | — | 5.7 m | 9.5 m | esef· 03 Jun 2025verified |
| Current liabilities | 845.0 k | 826.0 k | 745.0 k | 3.2 m | esef· 03 Jun 2025verified |
| Total liabilities | 1.1 m | 3.0 m | 8.0 m | 14.4 m | esef· 03 Jun 2025verified |
| Equity | 6.0 m | 4.8 m | 2.6 m | -6.5 m | esef· 03 Jun 2025verified |
| Shares outstanding at year end | 9.2 m | 8.2 m | 10.9 m | 11.2 m | esef· 03 Jun 2025derived |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -987.0 k | -1.1 m | -2.0 m | -3.5 m | esef· 03 Jun 2025verified |
| Capex | 0 | 211.0 k | 174.0 k | 103.0 k | esef· 03 Jun 2025verified |
| Free cash flow | -987.0 k ≈ | -1.4 m ≈ | -2.1 m ≈ | -3.6 m ≈ | esef· 03 Jun 2025derived |
| Investing cash flow | -179.0 k | -2.4 m | -1.9 m | -2.0 m | esef· 03 Jun 2025verified |
| Financing cash flow | 999.0 k | 3.6 m | 3.8 m | 5.8 m | esef· 03 Jun 2025verified |
| Share repurchases | 0 | -328.0 k | — | — | esef· 16 May 2023verified |
≈ 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
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 10.4 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -4,847.7% | 0 (vs peers) | 25% |
| 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 | -3.9x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -34.5% | 0 (on a fixed band) | 33% |
| 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 sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
DGB Group N.V. (EARTH.AS). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 88.0 k EUR in 2024; YoY growth 104.7%; net margin -4,847.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
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
- Net margin: -4,847.7%
- Interest coverage: -3.9x
- Current ratio: 0.3x
- FCF yield: -34.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), 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. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 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. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| 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 | 9.6 | 10.2% | 6.5% | +1.7% | +26% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for EARTH.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 | 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
DGB Group N.V. develops ecosystem restoration, biodiversity and nature-based carbon credit projects, and is moving from a credit developer toward an integrated provider of nature-based solutions. The company targets generating a very large volume of carbon units by 2030 1.
SWOT
Strengths
- The company runs an integrated chain from land acquisition to credit issuance, with several projects validated under recognised standards.
- A diversified funding toolkit, including green bonds and advance payments, reduces reliance on a single revenue type.
- Its own emissions tracking platform and satellite-based verification tests could lower verification costs.
Weaknesses
- Revenue typically arrives only after certification and sale, creating a liquidity gap against upfront investment.
- The company has not yet reached profitability, and its stated aim is sustained profitability around 2027.
- Until recently governance was concentrated around the chief executive, with a board being expanded.
Opportunities
- Expansion into Latin America and Central Asia could open new markets and revenue sources.
- Plastic and biodiversity credits could create new product categories if pilot projects meet their goals.
- Advance sales and long-term offtake contracts could stabilise revenue and reduce market risk.
Threats
- Changes in certification standards or host country law could delay projects or reduce credit eligibility.
- Carbon credit prices may fluctuate with political sentiment and supply-demand dynamics.
- Natural events such as droughts or fires could affect forest areas and credit issuance.
Risks
- Gap between investment and revenuehigh
If certification and credit sales are delayed, the company could need extra funding to cover project costs.
- Project delaysmedium
Weather, logistics and changing local rules may postpone project timelines and credit issuance.
- Credit price volatilitymedium
Carbon credit prices could fall under political shifts or weaker demand, reducing expected revenue.
- Currency risklow
Most revenue is in euros or US dollars while many costs are in local currencies, which can affect margins.
- Counterparty riskmedium
A buyer that fails to meet its obligations could hit cash flows, although the company generally requires advance payments.
Investment thesis
What would need to be true (bull case)
- If validated projects such as Hongera and Greenzone keep issuing and selling credits at better prices, revenue could grow significantly.
- Diversification into plastic and biodiversity credits could reduce dependence on a single product type.
- If funding and long-term contract targets are met, the company could reach profitability earlier than now expected.
What would break the thesis
- If certifications or credit demand weaken, the gap between costs and revenue could stay wide for a long period.
- New projects depend on funding and stable regulation; if these shift, launches could be postponed.
- Revenue estimates for new projects are conditional on execution, and a setback in one project could weigh on investor confidence.
What to watch
- Issuance of new credits from the Hongera and Greenzone projects2025 and 2026
- Carbon offtake contracts signed against the 5 million euro target2025
- Registration of the Green Wheels plastic project in Sri Lanka and first plastic credits2025 and Q4 2026
- Appointment of independent non-executive directors and governance progress2025
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
DGB, originally named Dutch Green Business Group N.V., is a publicly-traded purpose company grouping entities focused on ecosystem restoration, biodiversity conservation and nature-based carbon units 1. It manages every stage of a project, from land sourcing to credit issuance, which keeps development central to its model 1. Management announced a rebranding to Green Earth Group to reflect broader offerings in ecosystem services, sustainable commodities and digital tools 1.
Revenue from carbon credit sales is recognised when control passes to the customer or when credits are retired on the customer's behalf 1. Subscription and carbon footprint service revenue is recognised over the period in which goods or content are made available 1. Carbon credit inventory is measured at the lower of cost or net realisable value 1.
The funding model relies on pre-sales of carbon units, green bond issuances, forward contracts and customer advance payments, because revenue typically arrives only after certification and sale of verified credits 1. The company is also broadening its project mix with plastic and biodiversity credits 1.
Market context
The nature-based carbon credit market is developing, and prices are influenced by political sentiment and supply-demand dynamics, according to the annual report 1. DGB seeks to stabilise revenues through long-term offtake contracts and a diversified portfolio of project types and regions 1.
The regulatory framework for carbon credits is evolving across jurisdictions, and changes in international standards or host country law can affect project eligibility and timelines 1. The company is also developing projects in Latin America and Central Asia 1.
Trends
- Demand for high-quality carbon offsetstailwind
Companies with climate neutrality targets may buy verified credits, which could support demand for DGB projects if standards and verification remain credible 1.
- Evolving carbon credit regulationheadwind
Changes in international certification standards or host country legislation may alter project timelines and affect eligibility 1.
- Diversification into plastic and biodiversitymixed
Expansion into new credit categories could open additional revenue sources, but also brings execution risk in less developed markets 1.
- Climate risks to reforestation zonesheadwind
Droughts and forest fires can damage planted areas and delay credit issuance, although the company aims to mitigate this with buffer planting areas and local partnerships 1.
Competitive position
The analysed sources do not name specific competitors. The company operates among private carbon project developers and platforms selling verified credits, where rivalry is for the same buyers of nature-based credits 1.
DGB's position depends on obtaining recognised certifications such as Gold Standard and Verra and on keeping buyer confidence in credit quality 1.
- Private carbon project developers
Not named in the analysed sources; they compete for the same nature-based credit buyers.
- Carbon credit trading platforms
Not named in the analysed sources; they can influence prices and buyer access.
- Early-stage carbon investors
Carbon-focused funds may finance similar projects; the company itself cites its own fund as a financing tool.
- Carbon measurement solution providers
They compete with the company's CO2.expert platform in emissions tracking.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202403 Jun 2025
- Annual report 202216 May 2023
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / DGB Group 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.