olivLaw · European equity research
N.V. Koninklijke Porceleyne Fles PORF.AS
Netherlands · Euronext Amsterdam · ISIN NL0000378669 · Vertical: Listed companies from Netherlands
N.V. Koninklijke Porceleyne Fles is the holding company of the Royal Delft Group, producing and selling Delftware ceramics and Leerdam Crystal glass and managing a property portfolio. In 2025 sales at De Porceleyne Fles rose to 7.275 million EUR, while the group reported EBITDA of 2.216 million EUR amid geopolitical uncertainty and softer tourism demand.
At the close of 04 Nov 2026, N.V. Koninklijke Porceleyne Fles (PORF.AS) stock was 14.40 EUR (+0.00% on the day), with market capitalisation 16.5 m EUR, P/E 25.3 on diluted EPS of 0.57 EUR over the last 12 months, dividend yield 0.27%, beta -0.08, 52-week range 11.30–14.80 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)
- 59.7
- strong (55–70)
- Bollinger (20, 2)
- 13.59 – 14.83
- in the upper half of the band · %B 0.65 · band width 8.7%
- SMA 50 / 200
- 13.40 / 12.40
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.25 / 0.27
- 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 | −0.7% | −0.6% | −0.0 pp | — |
| 3 months | unavailable | −4.2% | unavailable | — |
| 6 months | +2.9% | +4.3% | −1.5 pp | — |
| Year to date | +20.0% | +7.5% | +12.5 pp | — |
| 1 year | +22.0% | +9.9% | +12.1 pp | −0.2% |
| 3 years | +11.6% | +49.8% | −38.2 pp | +2.2% |
| 5 years | +44.0% | +42.8% | +1.2 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 50 percentile of its own 2-quarter history (min 21.1, median 50.5, max 80.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 8.4 m | 8.7 m | 9.5 m |
| Revenue YoY | unavailable | +3.8% | +9.4% |
| Net income | 147.0 k | -22.0 k | 686.0 k |
| Net income YoY | unavailable | −115.0% | unavailable |
| Diluted EPS | 0.15 | -0.06 | 0.57 |
| Diluted EPS YoY | unavailable | −140.0% | unavailable |
| net % | 1.8% | -0.3% | 7.2% |
| Free cash flow | 2.3 m | 571.0 k | -2.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 895.0 k EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 18.3 m EUR
- Total assets
- 37.4 m EUR
- Debt / equity
- unavailable
- Current ratio
- 2.10x
- ROE
- 3.8%
- ROA
- 1.8%
- FCF margin
- -28.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 8.4 m | 8.7 m | 9.5 m | esef· 24 Mar 2026verified |
| Operating income | 537.0 k | 404.0 k | 1.4 m | esef· 24 Mar 2026verified |
| Interest expense | 394.0 k | 497.0 k | 490.0 k | esef· 24 Mar 2026verified |
| Pre-tax income | 212.0 k | -17.0 k | 936.0 k | esef· 24 Mar 2026verified |
| Income tax | 33.0 k | 5.0 k | 250.0 k | esef· 24 Mar 2026verified |
| Net income | 147.0 k | -22.0 k | 686.0 k | esef· 24 Mar 2026verified |
| Diluted EPS | 0.15 | -0.06 | 0.57 | esef· 24 Mar 2026verified |
| Dividend per share | 0.00 | 0.11 | 0.04 | esef· 24 Mar 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 103.0 k | 1.5 m | 895.0 k | esef· 24 Mar 2026verified |
| Receivables | 2.6 m | 1.1 m | 4.2 m | esef· 24 Mar 2026verified |
| Inventories | 1.8 m | 2.0 m | 2.2 m | esef· 24 Mar 2026verified |
| Current assets | 4.4 m | 5.7 m | 7.6 m | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 6.5 m | 7.1 m | 7.2 m | esef· 24 Mar 2026verified |
| Intangibles (excl. goodwill) | 170.0 k | 174.0 k | 135.0 k | esef· 24 Mar 2026verified |
| Total assets | 37.3 m | 37.2 m | 37.4 m | esef· 24 Mar 2026verified |
| Accounts payable | 3.1 m | 2.6 m | 2.8 m | esef· 24 Mar 2026verified |
| Current liabilities | 3.8 m | 7.0 m | 3.6 m | esef· 24 Mar 2026verified |
| Total liabilities | 19.6 m | 19.6 m | 19.1 m | esef· 24 Mar 2026verified |
| Equity | 17.7 m | 17.6 m | 18.3 m | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 980.0 k | 366.7 k | 1.1 m | esef· 24 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 2.6 m | 1.4 m | -2.1 m | esef· 24 Mar 2026verified |
| Capex | 318.0 k | 827.0 k | 644.0 k | esef· 24 Mar 2026verified |
| Free cash flow | 2.3 m ≈ | 571.0 k ≈ | -2.7 m ≈ | esef· 24 Mar 2026derived |
| Investing cash flow | -2.4 m | -449.0 k | 2.4 m | esef· 24 Mar 2026verified |
| Financing cash flow | -1.3 m | 435.0 k | -871.0 k | esef· 24 Mar 2026verified |
| Dividends paid | 0 | 42.0 k | 44.0 k | esef· 24 Mar 2026verified |
≈ 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: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 16.5 m EUR
Key indicators
Coverage and freshness
Score by group
48% · 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: 6.02 – 14.63 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/E6.02 – 14.63 (Mid 8.27)16 companies used · median multiple 14.5x · quartiles 10.6x – 25.7xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS
- Dividend discount (DDM)outside the aggregate0.52 – 0.71 (Mid 0.60)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: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.2% | 75 (vs peers) | 13% |
| FCF conversion · Quality | -400.3% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.8x | 20 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 25.3x | 48 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -16.7% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.3% | 4 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet52/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality38/100 · 2/3 factors with a value
- Returns· partial4/100 · 1/2 factors with a value
- Valuation26/100 · 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
N.V. Koninklijke Porceleyne Fles (PORF.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 9.5 m EUR in 2025; YoY growth 9.4%; net margin 7.2%; ROE 4.0%.
The estimated value range is 6.02–14.63 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 8.27 EUR, the price of 14.40 EUR leaves a potential of -42.6% (value / price − 1) and a margin of safety of -74.1% (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: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 7.2%
- Current ratio: 2.1x
What contradicts it
- FCF conversion: -400.3%
- Interest coverage: 2.8x
- FCF yield: -16.7%
- Shareholder yield (distributions): 0.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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% |
| 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% |
| AJAX.ASAFC Ajax N.V. | 140.9 m | — | -18.0% | -21.0% | +17.2% | −15% / −29% |
1- and 3-year price returns: for PORF.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 | 9.40 Total return -34% · Per year -34% | 16.58 Total return 15% · Per year 15% | 24.93 Total return 73% · Per year 73% |
| 3 years | 10.04 Total return -30% · Per year -11% | 19.84 Total return 39% · Per year 12% | 32.62 Total return 128% · Per year 32% |
| 5 years | 10.73 Total return -24% · Per year -5% | 23.74 Total return 67% · Per year 11% | 42.68 Total return 199% · Per year 24% |
- Exit P/E± 4.96
- Net margin± 3.47
- Annual revenue growth± 2.72
- Annual dilution± 0.29
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
N.V. Koninklijke Porceleyne Fles is the holding company of the Royal Delft Group, producing and selling Delftware ceramics and Leerdam Crystal glass and managing a property portfolio. In 2025 sales at De Porceleyne Fles rose to 7.275 million EUR, while the group reported EBITDA of 2.216 million EUR amid geopolitical uncertainty and softer tourism demand.
SWOT
Strengths
- Over three centuries of tradition and an internationally recognised brand that supports pricing and differentiation.
- The property portfolio provides stable income and supports the group's financial structure.
- Skilled craftspeople and knowledge passed between generations, which is difficult for competitors to replicate.
Weaknesses
- Dependence on a niche product and on demand for Delft Blue limits rapid diversification.
- De Porceleyne Fles and Leerdam Crystal still report net losses, and artisanal production costs are high.
- Digital infrastructure and IT systems rely on external providers, which adds operational risk.
Opportunities
- Growth in online sales and B2B could reduce dependence on local tourism.
- Collaborations with design brands and galleries could open new customer segments.
- Integrating BOSKA could bring product and distribution synergies.
Threats
- Geopolitical tensions and uncertainty over US trade policy could reduce consumption and tourism.
- High energy costs could push up product prices and squeeze margins.
- Cyberattacks pose a growing danger to the group's digital systems.
Risks
- Volatile demand for Delft Bluemedium
Changes in consumer preferences could affect sales of a niche product, and the company is trying to broaden its range.
- Geopolitical and energy riskshigh
International conflicts and energy prices could reduce visitor numbers and raise production costs.
- Rent regulationmedium
Rental legislation limits property returns; selling the apartments has reduced exposure to this risk.
- Cyber riskmedium
Attacks on IT and e-commerce systems could disrupt operations and cause losses.
- Dependence on the Delft factorylow
Production and the flagship store are concentrated in one location, so any disruption would have major effects.
Investment thesis
What would need to be true (bull case)
- Growth in online sales and tourism in 2025 shows the brand can attract new customers if the pace holds.
- Stable property income and a rising solvency ratio leave room for investment in development.
- The BOSKA acquisition could bring synergies and widen the group's product range.
What would break the thesis
- Results remain below profitability levels, and the ceramics and glass divisions still report net losses.
- If tourism or consumption falls because of international tensions, revenue could be hit hard.
- Property sales and rent regulation could reduce recurring income over the long term.
What to watch
- First results of BOSKA and its integration into the group2026
- Development of online sales after the new e-commerce platform launches2026
- Visitor numbers at the shops and the brasserie2026
- Sale of the remaining Haarlem apartment and use of the proceeds2026
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
Royal Delft Group develops decorative and household objects rooted in Dutch crafts, active since 1653 1. The group comprises De Porceleyne Fles (Royal Delft), Royal Leerdam Crystal and Royal Delft Vastgoed, plus the holding structure. Its mission centres on traditional craftsmanship, design and preserving Dutch cultural heritage 1.
The group combines artisanal production with a property portfolio that provides stable income and financial stability. The acquisition of BOSKA, completed in February 2026, further broadens the group 1.
Long-term strategy focuses on growth in business to business, e-commerce and tourism, as well as product diversification through collaborations with well-known brands 1.
Segments
De Porceleyne Fles (Royal Delft)
The largest segment, producer of authentic Delft Blue earthenware. Net revenue rose by 828,000 EUR in 2025, driven by online B2C sales and tourism 1.
Royal Leerdam Crystal
A small segment focused on the Oranjevaasjes glass and the Copier vase collection. Revenue increased in 2025 because no Oranjevaasje project was run in 2024 1.
Royal Delft Vastgoed
Property portfolio generating stable rental income. Net result rose in 2025 even though revenue fell after the sale of the Haarlem apartments 1.
Market context
The market for luxury ceramics and handcrafted objects is niche, and demand depends on tourism and high-income consumers. The group sells mainly in the Netherlands and abroad 1.
A solvency ratio of 48.9% at end-2025 points to a solid financial position, but demand remains sensitive to consumer confidence and international conflicts 1.
Trends
- Growth of online commercetailwind
Sales on the group's own webshop rose significantly in 2025, and the company plans to invest in a new e-commerce platform that also covers B2B.
- Recovery of tourismtailwind
Visitor numbers grew in 2025, supporting sales in the shops and the brasserie.
- Geopolitical uncertaintyheadwind
Conflicts in Ukraine and the Middle East and uncertainty over US policy could weigh on consumer spending, tourism and energy costs.
- Rent regulationmixed
The affordable rent law limits rents on new contracts, which led to the sale of the Haarlem apartments; the effect on income is mixed.
Competitive position
The market for Delft Blue and luxury glass is dominated by small producers and design brands. The group says it differentiates through authenticity and diversification rather than price 1.
In the tourism segment competition is based on distinctive offerings, and pressure is rising in e-commerce and gift retail 1.
- Dutch decorative ceramics makers
Local producers of traditionally decorated ceramics competing in the gift and souvenir segment.
- Luxury crystal producers
European glass and crystal manufacturers targeting the same premium customers.
- Design and gift retailers
Online and physical stores selling decorative objects that can compete for the same shelf space.
- Hospitality porcelain suppliers
Companies supplying tableware to restaurants and hotels, a market where the group also has bespoke projects.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202524 Mar 2026
- Annual report 202415 Apr 2025
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / N.V. Koninklijke Porceleyne Fles · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.