olivLaw · European equity research
JENSEN-GROUP NV JEN.BR
Belgium · Euronext Brussels · ISIN BE0003858751 · Vertical: Listed companies from Belgium
JENSEN-GROUP NV, a Belgian company, designs and distributes industrial washing machines for laundries, with a focus on reducing its carbon footprint. Its 2024 annual report shows total group emissions at 4,066,892 tonnes CO2e, most of which come from customers using the machines, which makes equipment energy efficiency central to the group strategy.
At the close of 05 Nov 2026, JENSEN-GROUP NV (JEN.BR) stock was 74.00 EUR (+1.65% on the day), with market capitalisation 706.9 m EUR, P/E 17.2 on diluted EPS of 4.31 EUR over the last 12 months, dividend yield 1.35%, beta 0.49, 52-week range 57.00–87.20 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)
- 51.1
- neutral
- Bollinger (20, 2)
- 72.13 – 74.95
- in the upper half of the band · %B 0.66 · band width 3.8%
- SMA 50 / 200
- 74.48 / 73.58
- mixed trend
- MACD (12, 26, 9)
- -0.42 / -0.50
- 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 | −1.6% | +0.4% | −2.0 pp | — |
| 3 months | −14.7% | −3.3% | −11.5 pp | — |
| 6 months | +5.4% | +4.0% | +1.5 pp | — |
| Year to date | +25.9% | +8.1% | +17.8 pp | — |
| 1 year | +21.3% | +10.7% | +10.6 pp | +6.3% |
| 3 years | +133.4% | +50.1% | +83.3 pp | −6.5% |
| 5 years | +193.7% | +43.6% | +150.0 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 100 percentile of its own 2-quarter history (min 9.8, median 9.9, max 10.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 400.1 m | 453.2 m |
| Revenue YoY | unavailable | +13.3% |
| Net income | 31.0 m | 41.2 m |
| Net income YoY | unavailable | +32.7% |
| Diluted EPS | 3.39 | 4.31 |
| Diluted EPS YoY | unavailable | +27.1% |
| net % | 7.8% | 9.1% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 42.5 m EUR
- Financial debt
- 69.4 m EUR
- Net debt
- 27.0 m EUR
- Equity
- 282.6 m EUR
- Total assets
- 516.4 m EUR
- Debt / equity
- 0.25x
- Current ratio
- 1.73x
- ROE
- 15.1%
- ROA
- 8.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 400.1 m | 453.2 m | esef· 24 Sept 2025verified |
| Operating income | 40.7 m | 50.7 m | esef· 24 Sept 2025verified |
| Depreciation & amortisation | 6.0 m | 8.9 m | esef· 24 Sept 2025verified |
| EBITDA | 46.7 m ≈ | 59.6 m ≈ | esef· 24 Sept 2025derived |
| Interest expense | 4.7 m | 6.5 m | esef· 24 Sept 2025verified |
| Pre-tax income | 41.9 m | 52.5 m | esef· 24 Sept 2025verified |
| Income tax | 10.5 m | 13.0 m | esef· 24 Sept 2025verified |
| Net income | 31.0 m | 41.2 m | esef· 24 Sept 2025verified |
| Diluted EPS | 3.39 | 4.31 | esef· 24 Sept 2025verified |
| Dividend per share | 0.75 | 1.00 | esef· 24 Sept 2025verified |
≈ 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 | 51.1 m | 42.5 m | esef· 24 Sept 2025verified |
| Receivables | 106.1 m | 133.9 m | esef· 24 Sept 2025verified |
| Inventories | 63.2 m | 72.2 m | esef· 24 Sept 2025verified |
| Current assets | 284.9 m | 331.0 m | esef· 24 Sept 2025verified |
| Property, plant & equipment, net | 41.2 m | 53.3 m | esef· 24 Sept 2025verified |
| Goodwill | 22.8 m | 47.8 m | esef· 24 Sept 2025verified |
| Intangibles (excl. goodwill) | 5.8 m | 4.6 m | esef· 24 Sept 2025verified |
| Total assets | 450.5 m | 516.4 m | esef· 24 Sept 2025verified |
| Short-term debt | 15.8 m | 47.1 m | esef· 24 Sept 2025verified |
| Long-term debt | 30.5 m | 22.3 m | esef· 24 Sept 2025verified |
| Current liabilities | 141.7 m | 191.5 m | esef· 24 Sept 2025verified |
| Equity | 262.1 m | 282.6 m | esef· 24 Sept 2025verified |
| Shares outstanding at year end | 9.2 m | 9.6 m | esef· 24 Sept 2025derived |
Cash flow · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 21.6 m | 30.6 m | esef· 24 Sept 2025verified |
| Investing cash flow | -12.8 m | -41.4 m | esef· 24 Sept 2025verified |
| Financing cash flow | 2.8 m | 2.0 m | esef· 24 Sept 2025verified |
| Dividends paid | 4.0 m | 7.4 m | esef· 24 Sept 2025verified |
| Share repurchases | 2.1 m | 4.8 m | esef· 24 Sept 2025verified |
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: 57 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 706.9 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality69
- Returns24
- Valuation43
- Balance sheet72
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: 12.66 – 101.82 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 · input data missing
- Peers: EV/EBITDA12.66 – 28.45 (Mid 22.07)5 companies used · median multiple 4.0x · quartiles 2.5x – 5.0xCFEB.BR, DEME.BR, FOU.BR, MIKO.BR, MOUR.BR
- Peers: P/E44.36 – 101.82 (Mid 62.37)24 companies used · median multiple 14.5x · quartiles 10.3x – 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, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)outside the aggregate13.60 – 18.55 (Mid 15.69)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
Neutral profile · Score 57/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.5% | 67 (vs peers) | 16% |
| Net margin · Quality | 9.1% | 72 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.5x | 56 (vs peers) | 16% |
| Interest coverage · Balance sheet | 7.8x | 97 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.7x | 77 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 17.2x | 48 (vs peers) | 16% |
| EV/EBITDA · Valuation | 12.3x | 38 (vs peers) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.7% | 24 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet72/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality69/100 · 2/3 factors with a value
- Returns· partial24/100 · 1/2 factors with a value
- Valuation43/100 · 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
JENSEN GROUP (JEN.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 453.2 m EUR in 2024; YoY growth 13.3%; net margin 9.1%; ROE 15.1%; net debt/EBITDA 0.5x.
The estimated value range is 28.51–65.14 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 42.22 EUR, the price of 74.00 EUR leaves a potential of -42.9% (value / price − 1) and a margin of safety of -75.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 57/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 9.1%
- Interest coverage: 7.8x
- Current ratio: 1.7x
What contradicts it
- Shareholder yield (distributions): 1.7%
- 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, FCF yield, 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 JEN.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 | 47.59 Total return -35% · Per year -35% | 83.81 Total return 15% · Per year 15% | 125.80 Total return 72% · Per year 72% |
| 3 years | 54.68 Total return -22% · Per year -8% | 107.51 Total return 51% · Per year 15% | 175.92 Total return 144% · Per year 35% |
| 5 years | 62.81 Total return -8% · Per year -2% | 137.90 Total return 96% · Per year 14% | 246.02 Total return 246% · Per year 28% |
- Exit P/E± 26.88
- Net margin± 18.81
- Annual revenue growth± 14.25
- Annual dilution± 1.58
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
JENSEN-GROUP NV, a Belgian company, designs and distributes industrial washing machines for laundries, with a focus on reducing its carbon footprint. Its 2024 annual report shows total group emissions at 4,066,892 tonnes CO2e, most of which come from customers using the machines, which makes equipment energy efficiency central to the group strategy.
SWOT
Strengths
- The group has a consistent order book at the start of the year and a structure of several entities with local management close to customers.
- The focus on energy efficiency of machines gives a clear positioning toward customers concerned about their costs and emissions.
- Detailed emissions reporting across three scopes points to a consolidated data system and a well-documented double materiality process.
Weaknesses
- Most emissions come from customer use of the products, which the group cannot directly control.
- The group has no in-house internal audit function and does not link management remuneration to sustainability performance.
- Energy consumption data by machine type is not comparable with earlier periods, which limits tracking of progress.
Opportunities
- If laundries set energy-reduction targets, efficient equipment could become a commercial advantage.
- Extending laser welding and energy recovery systems could reduce emissions and operating costs.
- Collaboration in sector working groups may lead to common standards for measuring customers energy use.
Threats
- A recession in key markets could delay customers investments in new equipment.
- Financing restrictions at higher interest rates could limit customers access to capital purchases.
- Trade tariffs, geopolitical tensions and currency swings may affect costs and results.
Risks
- Dependence on customer behaviourhigh
Most emissions are linked to machine use, and the group states that performance depends on external factors it does not control.
- Weaker demand in a recessionmedium
The report warns that weaker demand in key markets could delay orders.
- Input and transport costsmedium
Variable availability of raw materials, energy and transport can raise production costs.
- Tariffs and geopoliticsmedium
Trade tariffs and military threats could disrupt supply chains and sales.
- Limited internal controlslow
The lack of an in-house internal audit and a limited formal relationship between non-executive directors and management could weaken oversight.
Investment thesis
What would need to be true (bull case)
- A consistent order book and the focus on energy efficiency could support growth if customers adopt more efficient equipment.
- If the climate transition of laundries accelerates, the group position in energy-saving technologies could become an advantage.
- The decentralised structure with local management could help adapt to different markets.
What would break the thesis
- A recession in key markets could reduce demand and delay projects in the pipeline.
- Most emissions depend on customers, which makes it hard to demonstrate a concrete reduction in impact.
- Tariffs, geopolitical tensions and raw material costs could compress margins.
What to watch
- Validation of climate targets through the SBTi process2025
- Evolution of the order book and the project pipeline2025
- Impact of trade tariffs on costs and sales2025
- New energy consumption data by machine type, comparable with earlier yearsnext annual report
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 group distributes exclusively heavy-duty industrial washing machines for professional laundries, and its entire turnover comes from this activity, according to the sustainability report. The business model rests on optimising the energy and water consumption of its equipment, which directly affects customers costs and emissions. The group operates through several smaller entities with local management, plus joint ventures such as Tolon, Inax and Primafolder.
The structure is decentralised: each entity works under its own legislation and in the local language, while management is coordinated at holding level through quarterly operational and financial meetings. Internal audit is outsourced, with the audit committee setting priorities based on a risk analysis instead of an in-house function.
The proposed dividend policy for 2024 foresees EUR 1.00 per share, which would amount to roughly EUR 9.5 million, against a parent-company net profit of EUR 8.7 million in the statutory accounts 1.
Segments
Industrial washing machines
The core range consists of heavy-duty industrial washing machines for professional laundries. Their climate impact is dominated by energy use during operation, which is why reducing customers consumption is central to the CleanTech strategy.
Energy efficiency and recovery technologies
This includes integrated water and energy recovery in the machines, part of the CleanTech approach. The group says this area is essential for its customers, but it cannot yet quantify its own independent contribution to energy performance.
Market context
The group serves the industrial laundry market, where equipment is long-lived and customers energy use weighs heavily on costs. The report notes demand could slow in a recession in key markets, and customers access to financing depends on interest rates.
The group cites an order book and a robust project pipeline at the start of 2025, while the global political and economic environment remains uncertain. Participation in European and national sector associations serves to develop shared energy-reduction targets with customers.
Trends
- Climate transition of customerstailwind
Laundries are reducing their carbon footprint, and machine energy efficiency is becoming a purchasing criterion. If demand for more efficient equipment grows, the group products could benefit from this pressure.
- Trade tariffs and geopoliticsheadwind
The report flags the impact of trade tariffs, geopolitical threats and currency swings on costs and sales. These could compress margins or delay orders.
- Raw material and energy costsheadwind
Variable availability of raw materials, energy and transport affects production costs. If these costs rise, the group could have to pass them on to customers or absorb them.
- Emissions and sustainability regulationmixed
Climate and pollution reporting requirements and local emission limits are becoming stricter. They imply compliance costs but could favour producers with clean technologies.
Competitive position
The annual report does not name competitors, so competitive positions must be read with caution. The group differentiates itself through energy-efficiency technologies and a distribution structure made of several local entities.
Competition runs on price, the energy efficiency of equipment and after-sales service for laundries. Competitive pressure could rise if customers become more sensitive to the energy cost of machines.
- European industrial washing machine makers
Not named in the source; referred to only in the context of European sector associations where the group works with laundries.
- Asian laundry equipment suppliers
The source names no Asian competitors; the reference to China concerns only emission standards applied to group factories.
- Industrial laundry operators as an alternative
Customers who outsource washing or renew their machine fleets may be an alternative to direct equipment purchases.
- Energy and water recovery technology providers
Water and energy recovery solutions can also be offered by specialised suppliers that compete with the group CleanTech component.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202424 Sept 2025
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / JENSEN-GROUP 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.