olivLaw · European equity research
Recticel RECT.BR
Belgium · Euronext Brussels · ISIN BE0003656676 · Vertical: Listed companies from Belgium
At the close of 05 Nov 2026, Recticel (RECT.BR) stock was 12.28 EUR (+1.99% on the day), with market capitalisation 695.8 m EUR, P/E 38.4 on diluted EPS of 0.32 EUR over the last 12 months, dividend yield 2.52%, beta 0.83, 52-week range 8.38–13.72 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.8
- neutral
- Bollinger (20, 2)
- 10.74 – 13.32
- in the upper half of the band · %B 0.60 · band width 21.4%
- SMA 50 / 200
- 12.51 / 11.22
- mixed trend
- MACD (12, 26, 9)
- -0.12 / -0.21
- 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 | −3.5% | −0.6% | −2.8 pp | — |
| 3 months | −1.6% | −4.2% | +2.6 pp | — |
| 6 months | +18.3% | +4.3% | +14.0 pp | — |
| Year to date | +25.3% | +7.5% | +17.8 pp | — |
| 1 year | +45.8% | +9.9% | +35.9 pp | +6.3% |
| 3 years | +32.3% | +49.8% | −17.5 pp | −6.5% |
| 5 years | −24.0% | +42.8% | −66.8 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 32.8, median 104.7, max 176.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 529.4 m | 610.2 m |
| Revenue YoY | unavailable | +15.3% |
| Net income | 3.3 m | 18.1 m |
| Net income YoY | unavailable | +447.8% |
| Diluted EPS | 0.06 | 0.32 |
| Diluted EPS YoY | unavailable | +433.3% |
| net % | 0.6% | 3.0% |
| Free cash flow | 28.4 m | -3.0 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 132.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 445.1 m EUR
- Total assets
- 701.7 m EUR
- Debt / equity
- unavailable
- Current ratio
- 2.12x
- ROE
- 4.1%
- ROA
- 2.7%
- FCF margin
- -0.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 529.4 m | 610.2 m | esef· 07 May 2025verified |
| Cost of revenue | 439.3 m | 505.6 m | esef· 07 May 2025verified |
| Gross profit | 90.1 m | 104.5 m | esef· 07 May 2025verified |
| Research & development | 4.6 m | 4.9 m | esef· 07 May 2025verified |
| Operating income | 12.6 m | 11.5 m | esef· 07 May 2025verified |
| Pre-tax income | -1.0 m | 14.9 m | esef· 07 May 2025verified |
| Income tax | 8.0 m | -1.5 m | esef· 07 May 2025verified |
| Net income | 3.3 m | 18.1 m | esef· 07 May 2025verified |
| Diluted EPS | 0.06 | 0.32 | esef· 07 May 2025verified |
| Weighted average diluted shares | 56.5 m | 56.5 m | esef· 07 May 2025verified |
| Dividend per share | 0.32 | 0.31 | esef· 07 May 2025verified |
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 191.4 m | 132.7 m | esef· 07 May 2025verified |
| Inventories | 43.7 m | 55.1 m | esef· 07 May 2025verified |
| Current assets | 339.9 m | 306.8 m | esef· 07 May 2025verified |
| Property, plant & equipment, net | 120.7 m | 160.8 m | esef· 07 May 2025verified |
| Goodwill | 62.4 m | 76.5 m | esef· 07 May 2025verified |
| Intangibles (excl. goodwill) | 70.1 m | 76.5 m | esef· 07 May 2025verified |
| Total assets | 660.0 m | 701.7 m | esef· 07 May 2025verified |
| Current liabilities | 131.3 m | 144.5 m | esef· 07 May 2025verified |
| Equity | 438.0 m | 445.1 m | esef· 07 May 2025verified |
| Shares outstanding at year end | 55.2 m | 56.7 m | esef· 07 May 2025derived |
Cash flow · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 46.9 m | 22.1 m | esef· 07 May 2025verified |
| Capex | 18.5 m | 25.1 m | esef· 07 May 2025verified |
| Free cash flow | 28.4 m ≈ | -3.0 m ≈ | esef· 07 May 2025derived |
| Investing cash flow | 418.7 m | -55.1 m | esef· 07 May 2025verified |
| Financing cash flow | -339.3 m | -26.5 m | esef· 07 May 2025verified |
| Dividends paid | 17.4 m | 17.3 m | esef· 07 May 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 weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 695.8 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
42% · 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: 3.40 – 7.56 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/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E3.40 – 7.56 (Mid 4.92)24 companies used · median multiple 15.4x · quartiles 10.6x – 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)4.22 – 5.75 (Mid 4.86)
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: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.0% | 49 (vs peers) | 15% |
| FCF conversion · Quality | -16.8% | 0 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 38.4x | 22 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.4% | 0 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 2.5% | 36 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality24/100 · 2/3 factors with a value
- Returns· partial36/100 · 1/2 factors with a value
- Valuation12/100 · 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
RECTICEL (RECT.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 610.2 m EUR in 2024; YoY growth 15.3%; net margin 3.0%; ROE 4.1%.
The estimated value range is 3.81–6.65 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 4.89 EUR, the price of 12.28 EUR leaves a potential of -60.2% (value / price − 1) and a margin of safety of -150.9% (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: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.1x
What contradicts it
- FCF conversion: -16.8%
- P/E (TTM): 38.4x
- FCF yield: -0.4%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, 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% |
| RECT.BRRecticel | 695.8 m | 38.4 | 4.1% | 3.0% | +15.3% | +35% / +22% |
| 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% |
| 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 RECT.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 | 8.02 Total return -32% · Per year -32% | 14.12 Total return 18% · Per year 18% | 21.18 Total return 76% · Per year 76% |
| 3 years | 9.52 Total return -15% · Per year -5% | 18.68 Total return 62% · Per year 17% | 30.50 Total return 161% · Per year 38% |
| 5 years | 11.29 Total return 5% · Per year 1% | 24.70 Total return 121% · Per year 17% | 43.93 Total return 284% · Per year 31% |
- Exit P/E± 4.67
- Net margin± 3.27
- Annual revenue growth± 2.44
- Annual dilution± 0.27
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202407 May 2025
- Annual report 202407 May 2025
- Annual report 202307 May 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.