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Amsterdam Commodities N.V. (NL:ACOMO)
:ACOMO
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Amsterdam Commodities N.V.
(ACOMO)
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Rating:71Outperform
Price Target:
€24.50
▼(-2.78% Downside)
Action:ReiteratedDate:10/23/25
Amsterdam Commodities N.V. scores well due to its solid financial performance and attractive valuation, particularly its high dividend yield. Technical indicators suggest strong momentum, although overbought conditions could lead to short-term volatility. The absence of recent earnings call data and corporate events does not impact the score.
Positive Factors
Revenue Growth
The consistent revenue growth indicates strong market demand and effective business strategies, enhancing long-term financial stability and market position.
Profitability Margins
Improved profitability margins suggest efficient cost management and pricing strategies, which are crucial for sustaining long-term profitability and competitive advantage.
Balanced Capital Structure
A balanced capital structure with moderate leverage enhances financial stability and flexibility, supporting the company's ability to invest in growth opportunities.
Negative Factors
Decline in Operating Cash Flow
A significant decline in operating cash flow may indicate operational inefficiencies or increased costs, potentially impacting the company's ability to fund operations and growth.
Gross Profit Margin Decline
A decline in gross profit margin could signal rising costs or pricing pressures, which may affect long-term profitability if not addressed.
Cash Flow Coverage
Moderate cash flow coverage of net income suggests potential constraints in liquidity, which could limit the company's ability to reinvest in business operations or manage debt effectively.
Amsterdam Commodities N.V. (ACOMO) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€791.52M
Dividend Yield5.44%
Average Volume (3M)25.00K
Price to Earnings (P/E)4.0
Beta (1Y)0.39
Revenue Growth14.75%
EPS Growth95.43%
CountryNL
Employees781
SectorGeneral
Sector StrengthN/A
IndustryFood Distribution
Share Statistics
EPS (TTM)N/A
Shares Outstanding29,589,370
10 Day Avg. Volume30,371
30 Day Avg. Volume25,004
Financial Highlights & Ratios
PEG Ratio0.80
Price to Book (P/B)1.17
Price to Sales (P/S)0.38
P/FCF Ratio22.24
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.15
Revenue Forecast (FY)€1.55B
Amsterdam Commodities N.V. Business Overview & Revenue Model
Company DescriptionAcomo 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 five segments: Spices and Nuts, Edible Seeds, Organic Ingredients, Tea, and Food Ingredients. The Spices and Nuts segment provides tropical products, including pepper, nutmeg, desiccated coconut, shelled and unshelled nuts, dried fruits, dehydrated vegetables, herbs, chocolate, rice crackers, and snack products. The Edible Seeds segment offers in-shell and kernel sunflower, poppy, sesame, and other edible seeds. The Organic Ingredients segment provides a range of organic food products and ingredients in various categories, such as cocoa, coffee, fruit and vegetables, edible seeds, nuts and dried fruits, oils, and premium juice. The Tea segment sources and supplies tea products. The Food Ingredients segment produces and supplies culinary and functional ingredients, wet and dry blends, and spice mixes for food companies. The company was formerly known as Amsterdam Commodities N.V. and changed its name to Acomo N.V. in June 2022. Acomo N.V. was founded in 1819 and is based in Rotterdam, the Netherlands.
How the Company Makes MoneyACOMO 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, and other businesses at a markup. Key revenue streams include direct sales of spices, nuts, and dried fruits, as well as value-added services such as product processing and packaging. ACOMO also benefits from long-term contracts and partnerships with suppliers and customers, which provide stable revenue and reduce market volatility. Additionally, the company leverages its extensive logistics and supply chain capabilities to optimize costs and improve margins.
Amsterdam Commodities N.V. Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| 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.Q4-2025 Updates
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.
Strong Profitability and Net Income Improvement
Net profit improved by 64% year‑on‑year to EUR 74 million, driven by higher operating income and lower financing costs; operating income rose ~43.5%.
Adjusted EBITDA and Margin Progress
Adjusted EBITDA grew by 8.7% to EUR 118.2 million and the EBITDA margin expanded slightly from 8.0% to 8.1%, showing progress toward the midterm 9% target.
Record Adjusted Earnings Per Share
Adjusted EPS increased by 8.8% to EUR 2.18, representing a record performance for the company.
Record Segment Performance — Spices & Nuts and Food Solutions
Spices & Nuts delivered an all‑time high performance with every company in the segment posting record results; Food Solutions posted a record EBITDA year supported by strong volume growth and commissioning of a new wet blend facility (capacity to potentially triple output).
Organic Ingredients Recovery
Organic Ingredients showed a healthy recovery after prior cocoa hedging impacts, with strong performance across categories (cocoa, coffee, fruit & vegetable, nuts & seeds) and improved margins, contributing materially to group results.
Dividend and Capital Allocation
Proposed full‑year dividend of EUR 1.40 per share, a 12% increase versus 2024, consistent with the company's payout policy and signaling confidence in cash generation.
Strategic M&A and Geographic Expansion
Acquisition of Manuzzi (Nov 2025) expanded the Spices & Nuts footprint into Southern Europe; earlier bolt‑on Delinuts Nordics acquisition also integrated, supporting scale and top‑line growth initiatives.
Sustainability and ESG Progress
Obtained limited assurance on the sustainability statement for the second consecutive year, achieved substantial reductions in Scope 1 & 2 CO2 emissions, initiated SBTi work at Delinuts, installed adapted solar panels at a site, and Tradin Organic joined the Nature Positive initiative.
Cash Flow and Operating Performance (ex‑Working Capital)
Operating cash flow excluding working capital increased by ~12% year‑on‑year, reflecting improved underlying profitability.
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.
High Working Capital Consumption and Inventory Carry
Working capital consumption increased by EUR 164 million driven primarily by higher inventory values (notably cocoa and elevated Spices & Nuts prices), pressuring leverage and cash conversion in the period; management expects working capital to reduce during 2026 as commodity prices normalize.
Tea Segment Volume Pressure and Structural Headwinds
Tea faced continuous pressure on sales volumes due to customer destocking, elevated global supply and a more fragmented buyer landscape, prompting a planned move to a centralized commercial model in 2026 to improve responsiveness.
Profitability Phasing and H1/H2 Volatility
Performance was uneven across halves (stronger H1 in 2025), driven largely by commodity price swings (notably cocoa), making short‑term period comparisons less indicative and creating potential H1/H2 timing volatility for 2026 results.
Leverage Impact and Dividend Payout Ratio Below Stated Long‑Term Average
Higher working capital pushed leverage up in 2025; while management expects deleveraging in 2026, the proposed dividend results in a payout ratio around 65% (below the communicated 70% average target), reflecting cautious capital allocation amid elevated inventories and M&A opportunities.
Operational Disruption at SunButter and Associated Costs
The SunButter plant disruption caused missed sales in Q4 and under‑absorption of costs; the company recorded exceptional items for cleanup, equipment modifications and restructuring to address root causes.
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
Amsterdam Commodities N.V. exhibits solid financial health with consistent revenue growth and stable profitability margins. The balanced capital structure is a positive, but the decline in operating cash flow is a concern. Despite this, positive free cash flow supports financial flexibility.Income Statement
Amsterdam Commodities N.V. has demonstrated consistent revenue growth with a notable increase from €1.27 billion in 2023 to €1.36 billion in 2024, a growth rate of approximately 7.6%. The gross profit margin for 2024 stands at 14.5%, showing a stable profitability level, although slightly lower than the past few years. The net profit margin improved to 3.3%, reflecting a healthier bottom line. EBIT and EBITDA margins are robust at 5.85% and 6.9% respectively, indicating strong operating efficiency.75
Positive
Balance Sheet
The company's debt-to-equity ratio is 0.58, indicating a balanced approach to leveraging. The return on equity (ROE) for 2024 is 10.3%, a respectable figure showcasing the company's ability to generate profit from shareholders' equity. The equity ratio is steady at 50.5%, suggesting a solid capital structure with adequate asset protection from equity.70
Positive
Cash Flow
Amsterdam Commodities has seen a decline in operating cash flow from €137.3 million in 2023 to €30.7 million in 2024, indicating potential operational challenges. However, free cash flow remains positive at €23 million. The free cash flow to net income ratio is 0.51, showing moderate cash flow strength relative to net income. The cash flow from operations adequately covers net income, maintaining operational sustainability.65
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.45B | 1.36B | 1.27B | 1.42B | 1.25B | 707.36M |
| Gross Profit | 236.24M | 197.25M | 176.91M | 177.15M | 163.53M | 93.72M |
| EBITDA | 129.24M | 95.27M | 88.70M | 104.59M | 105.17M | 49.93M |
| Net Income | 69.41M | 45.23M | 39.73M | 54.68M | 53.96M | 27.04M |
Balance Sheet | ||||||
| Total Assets | 883.38M | 867.85M | 747.61M | 860.75M | 866.76M | 704.56M |
| Cash, Cash Equivalents and Short-Term Investments | 3.05M | 5.63M | 2.52M | 4.89M | 3.25M | 3.51M |
| Total Debt | 299.68M | 255.07M | 212.96M | 302.22M | 351.41M | 294.61M |
| Total Liabilities | 466.67M | 428.19M | 340.51M | 447.04M | 501.10M | 415.10M |
| Stockholders Equity | 414.51M | 438.07M | 405.48M | 411.88M | 364.26M | 288.26M |
Cash Flow | ||||||
| Free Cash Flow | -28.45M | 23.04M | 130.67M | 66.01M | -44.14M | 29.62M |
| Operating Cash Flow | 11.93M | 30.71M | 137.26M | 72.66M | -36.37M | 34.97M |
| Investing Cash Flow | -22.98M | -19.06M | -7.38M | -6.40M | -11.27M | -271.14M |
| Financing Cash Flow | 10.94M | -8.50M | -131.74M | -64.80M | 47.12M | 238.97M |
Amsterdam Commodities N.V. Technical Analysis
Positive
25.20
Price Trends
25.57
Positive
24.72
Positive
23.64
Positive
Market Momentum
0.41
Positive
59.67
Neutral
53.33
Neutral
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 26.59, below the 50-day MA of 25.57, and above the 200-day MA of 23.64, indicating a bullish trend. The MACD of 0.41 indicates Positive momentum. The RSI at 59.67 is Neutral, neither overbought nor oversold. The STOCH value of 53.33 is Neutral, 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
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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.