olivLaw · European equity research
Moury Construct SA MOUR.BR
Belgium · Euronext Brussels · ISIN BE0003602134 · Vertical: Listed companies from Belgium
Moury Construct is a Belgian construction and renovation group active mainly in the Liège region, which reported a turnover of 186.340 thousand EUR in 2024. The company faces a slowdown in revenue growth compared with the prior year, while its sustainability commitments are being reconfigured in light of the Omnibus directive.
At the close of 04 Nov 2026, Moury Construct SA (MOUR.BR) stock was 680.00 EUR (+3.34% on the day), with market capitalisation 269.2 m EUR, P/E 11.0 on diluted EPS of 61.70 EUR over the last 12 months, dividend yield 1.62%, beta 0.16, 52-week range 550.00–800.00 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)
- 46.6
- neutral
- Bollinger (20, 2)
- 637.49 – 720.11
- in the upper half of the band · %B 0.51 · band width 12.2%
- SMA 50 / 200
- 712.76 / 717.11
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -13.17 / -14.74
- 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 | −8.8% | −1.5% | −7.3 pp | — |
| 3 months | −8.1% | −5.3% | −2.8 pp | — |
| 6 months | −12.1% | +4.7% | −16.8 pp | — |
| Year to date | +20.6% | +6.0% | +14.6 pp | — |
| 1 year | +13.3% | +8.2% | +5.1 pp | +5.7% |
| 3 years | +75.3% | +47.2% | +28.1 pp | −6.2% |
| 5 years | +88.9% | +41.8% | +47.1 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 6.8, median 7.2, max 8.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 155.4 k | 194.0 m | 186.3 m |
| Revenue YoY | unavailable | +124,795.9% | −4.0% |
| Net income | 17.3 k | 24.4 m | 24.4 m |
| Net income YoY | unavailable | +141,054.7% | +0.2% |
| Diluted EPS | 43.90 | 61.50 | 61.70 |
| Diluted EPS YoY | unavailable | +40.1% | +0.3% |
| net % | 11.1% | 12.6% | 13.1% |
| Free cash flow | 8.0 k | 42.9 m | 19.0 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 99.5 m EUR
- Financial debt
- 2.1 m EUR
- Net debt
- -97.4 m EUR
- Equity
- 124.7 m EUR
- Total assets
- 207.1 m EUR
- Debt / equity
- 0.02x
- Current ratio
- 2.58x
- ROE
- 21.3%
- ROA
- 12.3%
- FCF margin
- 10.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 155.4 k | 194.0 m | 186.3 m | esef· 24 Sept 2025verified |
| Operating income | 24.0 k | 30.2 m | 29.1 m | esef· 24 Sept 2025verified |
| Depreciation & amortisation | 1.9 k | 2.4 m | 2.4 m | esef· 24 Sept 2025verified |
| EBITDA | 25.9 k ≈ | 32.6 m ≈ | 31.6 m ≈ | esef· 24 Sept 2025derived |
| Interest expense | 1.1 k | 494.0 k | 407.0 k | esef· 24 Sept 2025verified |
| Pre-tax income | 23.5 k | 32.6 m | 32.8 m | esef· 24 Sept 2025verified |
| Income tax | 6.2 k | 8.2 m | 8.4 m | esef· 24 Sept 2025verified |
| Net income | 17.3 k | 24.4 m | 24.4 m | esef· 24 Sept 2025verified |
| Diluted EPS | 43.90 | 61.50 | 61.70 | esef· 24 Sept 2025verified |
| Weighted average diluted shares | 393.8 k | 396.2 k | 395.9 k | esef· 24 Sept 2025verified |
| Dividend per share | 8.42 | 9.60 | 11.01 | esef· 24 Sept 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 55.8 m | 90.2 m | 99.5 m | esef· 24 Sept 2025verified |
| Receivables | 21.5 k | 28.8 m | 18.4 m | esef· 24 Sept 2025verified |
| Inventories | 26.3 k | 22.7 m | 29.8 m | esef· 24 Sept 2025verified |
| Current assets | 124.4 k | 155.1 m | 168.4 m | esef· 24 Sept 2025verified |
| Property, plant & equipment, net | 15.5 k | 17.8 m | 18.2 m | esef· 24 Sept 2025verified |
| Goodwill | 11.3 k | 13.4 m | 13.4 m | esef· 24 Sept 2025verified |
| Intangibles (excl. goodwill) | 2 | 878.0 k | 405.0 k | esef· 24 Sept 2025verified |
| Total assets | 152.8 k | 190.1 m | 207.1 m | esef· 24 Sept 2025verified |
| Accounts payable | 46.2 k | 54.0 m | 54.8 m | esef· 24 Sept 2025verified |
| Short-term debt | 0 | 714.0 k | 722.0 k | esef· 24 Sept 2025verified |
| Long-term debt | 0 | 2.0 m | 1.3 m | esef· 24 Sept 2025verified |
| Current liabilities | 54.8 k | 66.6 m | 65.3 m | esef· 24 Sept 2025verified |
| Equity | 83.4 m | 104.8 m | 124.7 m | esef· 24 Sept 2025verified |
| Shares outstanding at year end | 393 | 396.4 k | 395.8 k | esef· 24 Sept 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 9.3 k | 44.1 m | 21.5 m | esef· 24 Sept 2025verified |
| Capex | 1.3 k | 1.3 m | 2.5 m | esef· 24 Sept 2025verified |
| Free cash flow | 8.0 k ≈ | 42.9 m ≈ | 19.0 m ≈ | esef· 24 Sept 2025derived |
| Investing cash flow | -1.6 k | -4.5 m | -6.8 m | esef· 24 Sept 2025verified |
| Financing cash flow | -3.5 k | -5.3 m | -5.4 m | esef· 24 Sept 2025verified |
| Dividends paid | 3.3 k | 3.8 m | 4.4 m | esef· 24 Sept 2025verified |
| Share repurchases | — | 652.0 k | 104.0 k | esef· 24 Sept 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: 81 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 269.2 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality88
- Returns54
- Valuation71
- Balance sheet100
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: 473.79 – 1,455.85 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)799.44 – 1,101.39 (Mid 915.64)WACC 8.5% · starting FCFF 19.3 m EUR · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -20.8%
- Peers: EV/EBITDA473.79 – 1,071.07 (Mid 606.45)6 companies used · median multiple 4.5x · quartiles 2.9x – 10.4xCFEB.BR, DEME.BR, EKOP.BR, FOU.BR, JEN.BR, MIKO.BR
- Peers: P/E658.46 – 1,455.85 (Mid 942.66)24 companies used · median multiple 15.3x · quartiles 10.7x – 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, JEN.BR, KIN.BR, MELE.BR
- Dividend discount (DDM)outside the aggregate149.67 – 204.09 (Mid 172.70)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
Attractive profile · Score 81/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 97.1% | 100 (vs peers) | 13% |
| Net margin · Quality | 13.1% | 87 (vs peers) | 8% |
| FCF conversion · Quality | 77.9% | 68 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -3.1x | 100 (vs peers) | 13% |
| Interest coverage · Balance sheet | 71.5x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 11.0x | 78 (vs peers) | 13% |
| EV/EBITDA · Valuation | 5.4x | 50 (vs peers) | 13% |
| FCF yield · Valuation | 7.1% | 88 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 1.7% | 24 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 22.9% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality88/100 · 3/3 factors with a value
- Returns54/100 · 2/2 factors with a value
- Valuation71/100 · 3/3 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
MOURY CONSTRUCT (MOUR.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 186.3 m EUR in 2024; YoY growth -4.0%; net margin 13.1%; ROE 21.3%; net debt/EBITDA -3.1x.
The estimated value range is 658.46–1,101.39 EUR per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 915.64 EUR, the price of 680.00 EUR leaves a potential of 34.7% (value / price − 1) and a margin of safety of 25.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 81/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 97.1%
- Net margin: 13.1%
- Net debt / EBITDA: -3.1x
- Interest coverage: 71.5x
- Current ratio: 2.6x
- P/E (TTM): 11.0x
- FCF yield: 7.1%
- Payout ratio (FCF): 22.9%
What contradicts it
- Shareholder yield (distributions): 1.7%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y.
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 MOUR.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 | 367.76 Total return -45% · Per year -45% | 653.06 Total return -2% · Per year -2% | 987.65 Total return 47% · Per year 47% |
| 3 years | 298.79 Total return -53% · Per year -22% | 602.34 Total return -7% · Per year -2% | 1,008.26 Total return 54% · Per year 15% |
| 5 years | 242.76 Total return -60% · Per year -17% | 555.56 Total return -11% · Per year -2% | 1,029.31 Total return 61% · Per year 10% |
- Exit P/E± 150.58
- Net margin± 105.41
- Annual revenue growth± 94.16
- Annual dilution± 8.86
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
Moury Construct is a Belgian construction and renovation group active mainly in the Liège region, which reported a turnover of 186.340 thousand EUR 1 in 2024. The company faces a slowdown in revenue growth compared with the prior year, while its sustainability commitments are being reconfigured in light of the Omnibus directive.
SWOT
Strengths
- A stable governance structure, with a board overseeing risks, and a long-standing entrepreneurial culture.
- A diversified project portfolio, ranging from public buildings to student housing and heritage restorations.
- High profitability and a consolidated balance sheet that give flexibility through economic cycles.
Weaknesses
- Dependence on the regional Belgian market limits geographic diversification.
- No permanent internal audit function, and committees that meet fewer times than the governance code recommends.
- Large current assets could put pressure on liquidity if payments are delayed.
Opportunities
- Growing renewable energy activity through photovoltaic panels on newly built or renovated buildings.
- Rising demand for energy renovations and sustainable buildings.
- A voluntary VSME alignment could facilitate access to green financing.
Threats
- Changes to ESG reporting directives could generate additional compliance costs.
- Lower public orders or delayed projects could weigh on turnover.
- Rising material and labour costs could compress margins.
Risks
- Geographic concentrationmedium
Activity concentrated in the Liège region makes the group sensitive to local economic conditions.
- Liquidity and working capitalmedium
A large volume of current assets could raise the risk of a gap between expenses and collections.
- ESG compliancelow
Changes to the reporting framework could require revising internal data collection processes.
- Governancemedium
Derogations from the Belgian code, such as the low number of independent directors, could be viewed critically by investors.
- Project cyclehigh
Large projects can be affected by delays or cost overruns.
Investment thesis
What would need to be true (bull case)
- If profitability stays high, the group could finance new projects and dividends from its own resources.
- Expansion in renewable energy could add a steadier stream of revenue.
- A solid balance sheet could allow the company to seize opportunities in the renovation market.
What would break the thesis
- If turnover keeps declining, profitability could be compressed.
- Geographic concentration could expose the group to a local drop in demand.
- ESG compliance costs could rise as regulation changes.
What to watch
- Trend in turnover and operating margins2025
- Decision on voluntary alignment with the VSME standard2025
- Appointment of a third independent director at the general meeting27 May 2025
- Development of liquidity and working capitalnext 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
Moury Construct SA, based in Belgium, carries out construction and renovation work on buildings, including student housing projects, public buildings and heritage restorations, according to its 2024 annual report 1. The group includes several specialised subsidiaries, among them BEMAT, D-FI and MOURYLUX, and had 343 employees at 31 December 2024 1. The company states that it applies the principles of the Belgian Corporate Governance Code 2020, with a few derogations justified by its size 1.
Beyond its core construction activity, the group produces renewable energy from about 1.550 m2 of photovoltaic panels mounted on facades and roofs, with operating data reported as of January 2025 1. Its sustainability work is structured around a double materiality analysis validated by the board on 9 December 2024 1.
The group's profitability profile remains solid, with a profit after tax of 24.422 thousand EUR in 2024, almost stable compared with the previous year, while turnover edged down 1. The family-based character of the group shapes its governance and executive remuneration policy 1.
Segments
Market context
The group operates mainly in the Belgian construction market, particularly in the Liège region, where it carries out heritage renovation and public construction work 1. Demand in this segment depends on public and private orders and on bank financing conditions 1.
The regional market remains competitive, and the company relies on long-standing relationships with clients and banking partners to sustain its project pipeline 1.
Trends
- ESG transition and the Omnibus directivemixed
The company is considering a voluntary alignment with the VSME standard as an alternative to the CSRD framework, which could simplify reporting if the Omnibus directive is adopted 1.
- Energy efficiency on job sitestailwind
Adopting more efficient technologies and recycled materials could reduce the costs and carbon footprint of projects 1.
- Pressure on marginsheadwind
The slight decline in turnover in 2024 points to more cautious demand or more intense competition, which could weigh on future results 1.
- Working capital needsheadwind
The rise in current assets may reflect longer projects, which could strain liquidity if client payments are delayed 1.
Competitive position
Moury Construct competes with other construction and renovation groups in Belgium and in the Liège region, both on public and private projects 1. The sources provided do not name competitors, so the analysis stays limited to the general market context.
The competitive advantages cited in the report relate to family experience, internal skills and partner relationships, which support participation in complex projects 1.
- Other regional Belgian builders
Private or locally listed companies working on similar types of works in the Liège region, not listed in the US according to the available sources.
- Heritage renovation firms
Specialist firms restoring listed buildings that compete with the group on comparable projects.
- Builders with energy activities
Companies combining construction with renewable energy solutions, competing in the group's photovoltaic segment.
- Student housing developers
Operators building student accommodation, a segment where the company has delivered large-scale projects.
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 / Moury Construct SA · 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.