olivLaw · European equity research
Keyware Technologies NV MONNI.BR
Belgium · Euronext Brussels · ISIN BE0974503352 · Vertical: Listed companies from Belgium
Keyware Technologies is a Belgian provider of payment services, terminals and transaction data security, with a role in the Bancontact ecosystem and the meal voucher market. The company processes a large volume of its own and partner-routed transactions, making it relevant in an increasingly digital payments market.
At the close of 05 Nov 2026, Keyware Technologies NV (MONNI.BR) stock was 7.60 EUR (−5.00% on the day), with market capitalisation 171.0 m EUR, P/E 162.0 on diluted EPS of 0.05 EUR over the last 12 months, beta 0.11, 52-week range 7.38–9.95 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)
- 41.0
- weak (30–45)
- Bollinger (20, 2)
- 7.21 – 9.14
- in the lower half of the band · %B 0.20 · band width 23.6%
- SMA 50 / 200
- 8.48 / 8.31
- mixed trend
- MACD (12, 26, 9)
- -0.20 / -0.17
- MACD below 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 | −14.6% | +0.4% | −15.0 pp | — |
| 3 months | unavailable | −3.3% | unavailable | — |
| 6 months | −20.8% | +4.0% | −24.8 pp | — |
| Year to date | −6.7% | +8.1% | −14.8 pp | — |
| 1 year | −5.6% | +10.7% | −16.3 pp | +8.1% |
| 3 years | −17.4% | +50.1% | −67.5 pp | −4.6% |
| 5 years | −33.9% | +43.6% | −77.5 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 33 percentile of its own 3-quarter history (min 142.9, median 170.6, max 767.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 24.0 m | 25.1 m | 23.6 m |
| Revenue YoY | unavailable | +4.7% | −5.9% |
| Net income | 1.6 m | 291.0 k | 1.1 m |
| Net income YoY | unavailable | −82.3% | +262.5% |
| Diluted EPS | 0.07 | 0.01 | 0.05 |
| Diluted EPS YoY | unavailable | −82.3% | +263.6% |
| net % | 6.8% | 1.2% | 4.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 4.4 m EUR
- Financial debt
- 577.0 k EUR
- Net debt
- -3.9 m EUR
- Equity
- 30.9 m EUR
- Total assets
- 38.3 m EUR
- Debt / equity
- 0.02x
- Current ratio
- 4.20x
- ROE
- 3.5%
- ROA
- 2.7%
- 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 | 24.0 m | 25.1 m | 23.6 m | esef· 24 Sept 2025verified |
| Cost of revenue | 7.6 m | 8.4 m | 9.0 m | esef· 24 Sept 2025verified |
| Gross profit | 16.4 m ≈ | 16.7 m ≈ | 14.6 m ≈ | esef· 24 Sept 2025derived |
| Operating income | 1.2 m | 512.0 k | 2.4 m | esef· 24 Sept 2025verified |
| Depreciation & amortisation | 1.3 m | 1.2 m | 1.2 m | esef· 24 Sept 2025verified |
| EBITDA | 2.5 m ≈ | 1.7 m ≈ | 3.6 m ≈ | esef· 24 Sept 2025derived |
| Interest expense | 116.0 k | 134.0 k | 205.0 k | esef· 24 Sept 2025verified |
| Pre-tax income | 1.7 m | 1.1 m | 2.8 m | esef· 24 Sept 2025verified |
| Net income | 1.6 m | 291.0 k | 1.1 m | esef· 24 Sept 2025verified |
| Diluted EPS | 0.07 | 0.01 | 0.05 | esef· 24 Sept 2025verified |
| Weighted average diluted shares | 22.5 m | 22.5 m | 22.5 m | esef· 24 Sept 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.2 m | 2.8 m | 4.4 m | esef· 24 Sept 2025verified |
| Inventories | 1.2 m | 1.5 m | 1.3 m | esef· 24 Sept 2025verified |
| Current assets | 14.2 m | 14.7 m | 16.6 m | esef· 24 Sept 2025verified |
| Property, plant & equipment, net | 1.1 m | 627.0 k | 310.0 k | esef· 24 Sept 2025verified |
| Goodwill | 8.6 m | 8.6 m | 8.6 m | esef· 24 Sept 2025verified |
| Intangibles (excl. goodwill) | 4.1 m | 4.0 m | 3.5 m | esef· 24 Sept 2025verified |
| Total assets | 39.7 m | 39.2 m | 38.3 m | esef· 24 Sept 2025verified |
| Short-term debt | 558.0 k | 297.0 k | 270.0 k | esef· 24 Sept 2025verified |
| Long-term debt | 874.0 k | 577.0 k | 307.0 k | esef· 24 Sept 2025verified |
| Current liabilities | 5.7 m | 5.3 m | 3.9 m | esef· 24 Sept 2025verified |
| Equity | 29.5 m | 29.8 m | 30.9 m | esef· 24 Sept 2025verified |
| Shares outstanding at year end | 22.5 m | 22.6 m | 22.5 m | esef· 24 Sept 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
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 171.0 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
58% · 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: 0.50 – 1.09 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/EBITDA0.63 – 0.99 (Mid 0.89)6 companies used · median multiple 4.5x · quartiles 2.9x – 5.1xCFEB.BR, DEME.BR, FOU.BR, JEN.BR, MIKO.BR, MOUR.BR
- Peers: P/E0.50 – 1.09 (Mid 0.69)25 companies used · median multiple 14.6x · quartiles 10.7x – 23.3xACKB.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, 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: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.2% | 41 (vs peers) | 18% |
| Net margin · Quality | 4.5% | 54 (vs peers) | 11% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -1.1x | 78 (vs peers) | 18% |
| Interest coverage · Balance sheet | 11.5x | 100 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 4.2x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 162.0x | 0 (vs peers) | 18% |
| EV/EBITDA · Valuation | 46.5x | 0 (vs peers) | 18% |
| 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 sheet89/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality46/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation0/100 · 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
Keyware Technologies (MONNI.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 23.6 m EUR in 2024; YoY growth -5.9%; net margin 4.5%; ROE 3.5%; net debt/EBITDA -1.1x.
The estimated value range is 0.56–1.04 EUR per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 0.79 EUR, the price of 7.60 EUR leaves a potential of -89.6% (value / price − 1) and a margin of safety of -864.5% (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: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -1.1x
- Interest coverage: 11.5x
- Current ratio: 4.2x
What contradicts it
- P/E (TTM): 162.0x
- EV/EBITDA: 46.5x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, 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 MONNI.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 | 4.06 Total return -47% · Per year -47% | 7.22 Total return -5% · Per year -5% | 10.92 Total return 44% · Per year 44% |
| 3 years | 3.23 Total return -58% · Per year -25% | 6.52 Total return -14% · Per year -5% | 10.92 Total return 44% · Per year 13% |
| 5 years | 2.56 Total return -66% · Per year -20% | 5.88 Total return -23% · Per year -5% | 10.92 Total return 44% · Per year 8% |
- Exit P/E± 1.63
- Net margin± 1.14
- Annual revenue growth± 1.03
- Annual dilution± 0.10
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
Keyware Technologies is a Belgian provider of payment services, terminals and transaction data security, with a role in the Bancontact ecosystem and the meal voucher market. The company processes a large volume of its own and partner-routed transactions, making it relevant in an increasingly digital payments market 1.
SWOT
Strengths
- The company holds relevant security certifications, including for PCI DSS and Bancontact, and offers a broad range of terminals and payment solutions 1.
- Partnerships with several acquirers allow it to offer formulas adapted to each client segment 1.
- The volume of transactions processed on its own platform and through partners indicates a consistent operational base 1.
Weaknesses
- Majority control held by a single shareholder may limit governance diversification and share liquidity 1.
- Dependence on the Belgian market and on meal vouchers makes the company vulnerable to local regulatory or behavioural changes 1.
- Reliance on third-party acquirers for credit card processing limits control over costs and processing terms 1.
Opportunities
- Extending S-Token tokenisation to new industries, including anonymised data analysis, could open additional revenue 1.
- Growth in contactless and mobile payments may generate demand for new terminals and cash-register integrations 1.
- Partnerships with new technology providers could bring innovative services to existing clients 1.
Risks
- Concentrated shareholdingmedium
A majority shareholder controls the company, which may influence decisions and reduce interest from minority investors 1.
- Dependence on the Belgian marketmedium
Activity is concentrated in Belgium, so a change in local regulation could directly affect revenue 1.
- Cyber security riskhigh
The company handles sensitive card data, and a breach could lead to reputational and legal losses 1.
- Dependence on third-party acquirersmedium
Credit card processing relies on external partners, with fees and conditions the company only partly controls 1.
- Share liquiditylow
Trading volume on Euronext Brussels may be low, making it difficult to enter or exit a position quickly 1.
Investment thesis
What would need to be true (bull case)
- If transaction volumes and demand for tokenisation keep growing, the company could expand revenue from payment and security services 1.
- Its certifications and terminal provider position for Bancontact may offer an advantage in the Belgian payments market 1.
- The broad terminal range and cash-register integrations could attract merchants across several sectors 1.
What would break the thesis
- Strong competition in meal vouchers and the dominance of some international players could limit growth 1.
- Concentrated shareholding and low liquidity may discourage investors and influence the share price over the long term 1.
- If a security breach affected clients, remediation costs and loss of trust could be significant 1.
What to watch
- Evolution of transaction volumes processed on the own platform and through partnersnext annual report
- Evolution of meal voucher acceptance among sector merchants2027
- Changes in shareholder structure and board compositionnext annual report
- Results on data security and PCI DSS certificationsnext 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
Keyware operates in three areas: payment acceptance services (PayService), card data protection through its S-Token tokenisation technology, and the sale or rental of payment terminals. The company presents itself as a premium payment partner with access to several acquirers, allowing it to offer formulas adapted to each client segment 1. The annual report states that Keyware processes more than 25 million debit/credit transactions on its own platform and more than 60 million through partners 1.
The business is supported by PCI DSS and PA-DSS certifications and by its status as terminal provider and gateway for Bancontact, which allows it to offer the Bancontact scheme directly to clients. The company also acts as an independent intermediary between merchants and acquirers, maintaining relationships with Paynovate, Europabank, Oonex, CardProcess, EMS and CCV 1.
The shareholder structure is concentrated: Powergraph BV, controlled by the chairman of the board, holds a majority stake according to the latest transparency notification, and the company holds treasury shares. The shares are listed on Euronext Brussels 1.
Segments
PayService and payment acceptance
The service covers debit cards, credit cards, meal vouchers and private solutions for schools or closed communities. The offer is adapted to the volume, frequency and sector of the merchant, and the client chooses the right formula from the acquiring range available 1.
Payment terminals
Keyware rents and sells fixed, mobile and cash-register-integrated terminals, with contactless payment, Apple Pay and meal voucher acceptance. The range includes Loyaltek, Yomani, Yoximo and Pax models aimed at retail, catering, logistics and finance 1.
Data security (S-Token)
The S-Token technology replaces sensitive data with tokens that have no intrinsic value, reducing the scope of PCI DSS certification and audit costs. The solution can also be used to anonymise data for business intelligence projects 1.
Market context
The Belgian market for card payments and extralegal employee benefits such as meal vouchers forms the basis of the business. The report shows that around 33% of Belgian employees receive meal vouchers, and more than 53% of sector merchants already accept them 1. Competition in this segment includes Sodexo and Edenred, alongside local providers such as Monizze 1.
The continued growth in transaction numbers and security threats creates demand for tokenisation and PCI compliance, which could support revenue from security services if the trend persists 1.
Trends
- Growing transaction volumestailwind
The number of electronic transactions rises every year, increasing the need for processing and acceptance services, but also the risk of fraud 1.
- Pressure on data securitytailwind
More frequent cyber threats make payment data security a mandatory requirement, which favours the company's tokenisation solutions 1.
- Digitisation of payments and contactlessmixed
The shift to mobile payments, QR and Apple Pay requires new terminals and integrations, as well as continuous investment in compatibility 1.
- Concentrated shareholdingheadwind
Control concentrated in a single majority shareholder may limit the liquidity of the shares and influence long-term governance decisions 1.
Competitive position
Keyware competes with providers of acceptance services and employee benefits. In the meal voucher segment, Sodexo and Edenred are the main international players, while Monizze is a local player. On the payments side, the company relies on partnerships with acquirers rather than its own acquiring licence 1.
The company differentiates itself through its terminal range, security certifications and its ability to connect several acquirers, but scale and international visibility remain limited compared with larger competitors 1.
- Sodexo
International provider of meal cards and extralegal benefits, cited as an alternative in the Belgian meal voucher market 1.
- Edenred
International player in employee benefits and meal cards, present alongside Sodexo in the company's report 1.
- Monizze
Local Belgian provider of meal vouchers, mentioned in the report as a regional player 1.
- Paynovate
Acquiring services provider with which Keyware works to process cards, and also a competitor in the payments area 1.
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 202301 May 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Keyware Technologies 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.