Amsterdam Commodities N.V. (NL:ACOMO)
:ACOMO
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Amsterdam Commodities N.V.
(ACOMO)
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Rating:64Neutral
Price Target:
€27.00
▲(7.14% Upside)
Action:DowngradedDate:03/13/26
The score is primarily held back by negative 2025 operating/free cash flow and higher leverage despite strong earnings and margin improvement. Support comes from attractive valuation (low P/E and high dividend yield) and a constructive earnings call pointing to working-capital normalization and deleveraging in 2026, while technicals are broadly neutral with some near-term weakness.
Positive Factors
Margin and Profitability Improvement
Sustained margin expansion and a materially higher net profit reflect improved operating leverage and better product mix across divisions. Durable higher profitability strengthens ability to fund investment, dividends and working‑capital needs, supporting long‑term financial resilience.
Negative Factors
Negative Cash Conversion
A swing to negative operating and free cash flow materially impairs liquidity and financial optionality. Persistent weak cash conversion forces reliance on external financing or asset sales, limiting capacity to sustain dividends, fund capex or absorb future working‑capital shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin and Profitability Improvement
Sustained margin expansion and a materially higher net profit reflect improved operating leverage and better product mix across divisions. Durable higher profitability strengthens ability to fund investment, dividends and working‑capital needs, supporting long‑term financial resilience.
Read all positive factors
Amsterdam Commodities N.V. (ACOMO) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€806.31M
Dividend Yield5.44%
Average Volume (3M)25.00K
Price to Earnings (P/E)9.9
Beta (1Y)0.45
Revenue Growth14.75%
EPS Growth95.43%
CountryNL
Employees781
SectorGeneral
Sector StrengthN/A
IndustryFood Distribution
Share Statistics
EPS (TTM)1.04
Shares Outstanding29,589,370
10 Day Avg. Volume30,371
30 Day Avg. Volume25,004
Financial Highlights & Ratios
PEG Ratio0.16
Price to Book (P/B)1.66
Price to Sales (P/S)0.49
P/FCF Ratio-9.03
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€28.75Price Target Upside14.09% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.17
Revenue Forecast (FY)€1.56B
Amsterdam Commodities N.V. Business Overview & Revenue Model
Company Description
Acomo N.V., together with its subsidiaries, engages in sourcing, trading, processing, packaging, and distributing conventional and organic food products and ingredients for the food and beverage industry worldwide. The company operates through fiv...
How the Company Makes Money
ACOMO generates revenue primarily through the trading and distribution of food ingredients and commodities. The company earns money by purchasing raw materials in bulk at competitive prices and then selling them to food manufacturers, retailers, a...
Amsterdam Commodities N.V. Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Positive
The call highlights a clear positive operating year with record sales, strong net profit improvement (+64%), record EPS and segment successes (Spices & Nuts, Food Solutions and recovery in Organic Ingredients). These positives are tempered by concentrated, but manageable, headwinds: substantial working capital build (EUR 164m) driven by high inventory values (notably cocoa), operational challenges and temporary production shutdown in Edible Seeds, and persistent pressure in Tea. Management outlined corrective actions (operational fixes, organizational changes, centralization in Tea), expects cocoa prices and working capital to normalize (cocoa ~USD 6,000/tonne end‑2025 to ~USD 3,000/tonne early‑2026) and reaffirmed midterm targets. Overall, the favorable financial results and clear remediation plans outweigh the cited challenges.Positive Updates
Record Group Sales and Top-Line Growth
Group sales increased by 7.4% year‑on‑year to approximately EUR 1.5 billion (around +10% on a constant currency basis per management commentary), delivering a record sales year.
Negative Updates
Edible Seeds — Significant Operational and Market Challenges
Edible Seeds experienced a difficult year with margin decline due to tariff uncertainty in North America, restrictions on U.S. grown sunflower seeds affecting export flows, higher input costs, and operational issues culminating in a temporary production stop at the SunButter plant in Q4 (production resumed late Jan 2026). Exceptional restructuring and production‑related costs were recorded and excluded from adjusted EBITDA.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Group Sales and Top-Line Growth
Group sales increased by 7.4% year‑on‑year to approximately EUR 1.5 billion (around +10% on a constant currency basis per management commentary), delivering a record sales year.
Read all positive updates
Company Guidance
Management reiterated mid‑term guidance and expects 2026 to see more normalized commodity prices and lower working capital, forecasting leverage to decline during 2026 after €164m of working‑capital consumption in 2025; they expect the Edible Seeds business to largely return to normal in 2026 (SunButter production outage in Q4 resumed end‑Jan 2026) with H1 EBITDA potentially a little below H1 2025 and a catch‑up in H2. Key 2025 metrics cited: group sales +7% to €1.5bn, adjusted EBITDA up roughly 8.7–9% (company referenced €118.2m and also cited €180m in different contexts), EBITDA margin improved to 8.1% (from 8.0%) toward a 9% target, net profit +64% to €74m, adjusted EPS +8.8% to €2.18, operating cash flow excluding working capital up ~12% (≈€120m), a proposed dividend €1.40/share (+12% vs 2024, payout ~65% vs 70% policy), and cocoa prices falling from ~$6,000/t at end‑2025 to ~$3,000/t today — all of which underpin the company’s commitment to its sales, margin, leverage and dividend ambitions.Amsterdam Commodities N.V. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
38
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.46B | 1.36B | 1.27B | 1.42B | 1.25B |
| Gross Profit | 226.19M | 197.25M | 176.91M | 177.15M | 163.53M |
| EBITDA | 133.27M | 95.27M | 88.70M | 104.59M | 105.17M |
| Net Income | 73.04M | 45.23M | 39.73M | 54.68M | 53.96M |
Balance Sheet | |||||
| Total Assets | 989.93M | 867.85M | 747.61M | 860.75M | 866.76M |
| Cash, Cash Equivalents and Short-Term Investments | 5.38M | 5.63M | 2.52M | 4.89M | 3.25M |
| Total Debt | 381.96M | 255.07M | 212.96M | 302.22M | 351.41M |
| Total Liabilities | 552.96M | 428.19M | 340.51M | 447.04M | 501.10M |
| Stockholders Equity | 434.12M | 438.07M | 405.48M | 411.88M | 364.26M |
Cash Flow | |||||
| Free Cash Flow | -79.85M | 23.04M | 130.67M | 66.01M | -44.14M |
| Operating Cash Flow | -71.02M | 30.71M | 137.26M | 72.66M | -36.37M |
| Investing Cash Flow | -31.30M | -19.06M | -7.38M | -6.40M | -11.27M |
| Financing Cash Flow | 102.83M | -8.50M | -131.74M | -64.80M | 47.12M |
Amsterdam Commodities N.V. Technical Analysis
Positive
25.20
Price Trends
26.15
Positive
25.14
Positive
24.03
Positive
Market Momentum
0.19
Negative
65.41
Neutral
97.24
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:ACOMO, the sentiment is Positive. The current price of 25.2 is below the 20-day moving average (MA) of 26.12, below the 50-day MA of 26.15, and above the 200-day MA of 24.03, indicating a bullish trend. The MACD of 0.19 indicates Negative momentum. The RSI at 65.41 is Neutral, neither overbought nor oversold. The STOCH value of 97.24 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NL:ACOMO.
Amsterdam Commodities N.V. Peers Comparison
UnderperformOutperform
Sector (55)
NL:ACOMO
Amsterdam Commodities N.V.
27.25
8.53
45.60%
NL:SLIGR
Sligro Food Group NV
13.56
3.67
37.12%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.