Reported Earnings • May 05
Full year 2025 earnings released: €0.30 loss per share (vs €0.38 loss in FY 2024) Full year 2025 results: €0.30 loss per share (improved from €0.38 loss in FY 2024). Revenue: €185.2m (down 2.2% from FY 2024). Net loss: €7.39m (loss narrowed 21% from FY 2024). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Announcement • Apr 25
Tosca and Cabka Launch New Circular Pallet Tosca’s new circular pallet developed in partnership with Cabka provides modern supply chains with a PPWR-compliant, automation-ready and circular alternative to one-way packaging. This innovative pallet delivers efficiency, safety and sustainability from production to retail. Launched this week, the Euro-sized Tosca Circular Pallet (CP 1208) is the next-generation pallet designed specifically for modern, automated and regulation-compliant supply chains. Engineered to integrate seamlessly into existing operations, the Tosca CP 1208 pallet delivers the consistency and reliability that automated, large-scale environments demand. The Tosca CP 1208 provides a stable, standardized platform that allows companies to modernise their supply chains efficiently, without disruption or major infrastructure investment. By transforming recycled plastic into high-performance transport assets, supply chains that are both more efficient and more sustainable are enabled. With the EU’s Packaging and Packaging Waste Regulation (PPWR) reshaping logistics and packaging strategies, supply chains now require reusable, recyclable and traceable solutions by design. The Tosca CP 1208 is engineered to support supply chains in achieving PPWR and EPR compliance, offering a future-proof alternative to wooden pallets, which require ISPM-15 heat treatment or fumigation and are less compatible with circular reuse models. Major Estimate Revision • Apr 22
Consensus EPS estimates upgraded to €0.054 loss The consensus outlook for fiscal year 2026 has been updated. 2026 losses forecast to reduce from -€0.062 to -€0.054 per share. Revenue forecast steady at €190.6m. Packaging industry in the Netherlands expected to see average net income growth of 30% next year. Consensus price target up from €3.20 to €3.28. Share price rose 4.2% to €1.98 over the past week. New Risk • Apr 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Dutch stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (€46.0m market cap, or US$54.2m). Reported Earnings • Mar 06
Full year 2025 earnings released Full year 2025 results: Revenue: €185.2m (down 2.2% from FY 2024). Net loss: €7.40m (loss narrowed 21% from FY 2024). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Packaging industry in Europe. New Risk • Dec 31
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Dutch stocks, typically moving 6.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (6.0% average weekly change). Minor Risk Market cap is less than US$100m (€43.9m market cap, or US$51.5m). New Risk • Nov 25
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: €12m Forecast net loss in 2 years: €190k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€190k net loss in 2 years). Share price has been volatile over the past 3 months (6.0% average weekly change). Market cap is less than US$100m (€44.5m market cap, or US$51.4m). Breakeven Date Change • Nov 21
Forecast breakeven date pushed back to 2027 The 2 analysts covering Cabka previously expected the company to break even in 2026. New consensus forecast suggests losses will reduce by 69% per year to 2026. The company is expected to make a profit of €2.90m in 2027. Average annual earnings growth of 104% is required to achieve expected profit on schedule. Major Estimate Revision • Oct 23
Consensus EPS estimates fall by 41% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €186.0m to €182.0m. Losses expected to increase from €0.17 per share to €0.24. Packaging industry in the Netherlands expected to see average net income growth of 5.6% next year. Consensus price target of €3.33 unchanged from last update. Share price rose 8.3% to €1.95 over the past week. Major Estimate Revision • Oct 15
Consensus EPS estimates fall by 44% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -€0.12 to -€0.173 per share. Revenue forecast unchanged at €186.0m. Packaging industry in the Netherlands expected to see average net income growth of 5.6% next year. Consensus price target of €3.33 unchanged from last update. Share price was steady at €1.80 over the past week. Recent Insider Transactions • Sep 10
Independent Supervisory Board Chairman recently bought €1.0m worth of stock On the 5th of September, Nicolaas Hoek bought around 6k shares on-market at roughly €168 per share. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Nicolaas has been a buyer over the last 12 months, purchasing a net total of €1.0m worth in shares. Major Estimate Revision • Aug 19
Consensus EPS estimates fall by 44% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €190.1m to €187.5m. Losses expected to increase from €0.083 per share to €0.12. Packaging industry in the Netherlands expected to see average net income growth of 14% next year. Consensus price target down from €4.13 to €3.33. Share price was steady at €1.95 over the past week. Reported Earnings • Aug 13
First half 2025 earnings released First half 2025 results: Revenue: €86.5m (down 8.4% from 1H 2024). Net loss: €4.70m (loss widened 147% from 1H 2024). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Packaging industry in Europe. Breakeven Date Change • Aug 12
Forecast breakeven date pushed back to 2027 The 3 analysts covering Cabka previously expected the company to break even in 2026. New consensus forecast suggests losses will reduce by 65% per year to 2026. The company is expected to make a profit of €1.20m in 2027. Average annual earnings growth of 73% is required to achieve expected profit on schedule. New Risk • Jun 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Dutch stocks, typically moving 5.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (€50.4m market cap, or US$58.0m). Announcement • Jun 02
Cabka N.V. Announces Resignation of Frank Roerink as Chief Financial Officer by the End of November 2025 Cabka N.V. announced that its Chief Financial Officer (CFO), Mr. Frank Roerink, has decided to step down from his position by the end of November 2025. Mr. Frank Roerink has informed the Company of his decision to leave Cabka for personal reasons. He will remain in his role throughout the six-month notice period to support a smooth and orderly transition. Cabka has initiated the process to identify a suitable successor. An announcement will be made in the near future. Breakeven Date Change • Apr 17
Forecast breakeven date pushed back to 2026 The 3 analysts covering Cabka previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of €3.40m in 2026. Average annual earnings growth of 62% is required to achieve expected profit on schedule. Price Target Changed • Apr 15
Price target decreased by 12% to €4.13 Down from €4.68, the current price target is an average from 3 analysts. New target price is 107% above last closing price of €2.00. Stock is down 62% over the past year. The company is forecast to post earnings per share of €0.03 next year compared to a net loss per share of €0.40 last year. Reported Earnings • Mar 18
First half 2024 earnings released: €0.077 loss per share (vs €0.03 profit in 1H 2023) First half 2024 results: €0.077 loss per share (down from €0.03 profit in 1H 2023). Revenue: €94.4m (down 13% from 1H 2023). Net loss: €1.90m (down 338% from profit in 1H 2023). Revenue is forecast to grow 6.4% p.a. on average during the next 4 years, compared to a 3.7% growth forecast for the Packaging industry in Europe. New Risk • Mar 18
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€12m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€12m free cash flow). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (€51.9m market cap, or US$56.7m). Announcement • Feb 22
Cabka N.V., Annual General Meeting, May 29, 2025 Cabka N.V., Annual General Meeting, May 29, 2025. Announcement • Feb 21
Cabka N.V. to Report First Half, 2025 Results on Aug 12, 2025 Cabka N.V. announced that they will report first half, 2025 results on Aug 12, 2025 Announcement • Nov 13
Cabka N.V. Announces Resignation of Manuel Beja as Member of the Supervisory Board Cabka N.V. announced that Manuel Beja resigned from his position as member of the Supervisory Board, effective 11 November 2024. Manuel Beja has been a member of Cabka’s Supervisory Board since 2022 and contributed to shaping the company’s strategic direction. During his tenure, including a period as chairman, he helped to guide the company through crucial phases and brought valuable insights. His experience and expertise helped to advance significant initiatives for the company. The Supervisory Board and Management Board of Cabka thank Manuel for his commitment and achievements. Announcement • Oct 22
Cabka N.V. to Report Fiscal Year 2024 Results on Apr 15, 2025 Cabka N.V. announced that they will report fiscal year 2024 results at 9:00 AM, Central European Standard Time on Apr 15, 2025 Price Target Changed • Oct 02
Price target decreased by 15% to €4.88 Down from €5.75, the current price target is an average from 3 analysts. New target price is 81% above last closing price of €2.70. Stock is down 64% over the past year. The company is forecast to post a net loss per share of €0.027 next year compared to a net loss per share of €0.062 last year. New Risk • Aug 16
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -€12m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Less than 1 year of cash runway based on current free cash flow (-€12m). Share price has been volatile over the past 3 months (5.5% average weekly change). Market cap is less than US$100m (€80.1m market cap, or US$88.0m). Reported Earnings • Aug 15
First half 2024 earnings released First half 2024 results: Revenue: €94.0m (down 9.8% from 1H 2023). Net loss: €1.90m (down 338% from profit in 1H 2023). Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Packaging industry in Europe. Upcoming Dividend • Aug 02
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 08 August 2024. Payment date: 16 August 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.1%. Lower than top quartile of Dutch dividend payers (5.4%). Higher than average of industry peers (3.3%). Price Target Changed • Jul 30
Price target decreased by 13% to €6.82 Down from €7.85, the current price target is an average from 3 analysts. New target price is 87% above last closing price of €3.64. Stock is down 49% over the past year. The company is forecast to post earnings per share of €0.14 next year compared to a net loss per share of €0.062 last year. Price Target Changed • Jul 22
Price target decreased by 18% to €6.82 Down from €8.32, the current price target is an average from 3 analysts. New target price is 93% above last closing price of €3.54. Stock is down 53% over the past year. The company is forecast to post earnings per share of €0.14 next year compared to a net loss per share of €0.062 last year. New Risk • Jul 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €91.4m (US$99.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (€91.4m market cap, or US$99.0m). Buy Or Sell Opportunity • Jul 01
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 31% to €3.80. The fair value is estimated to be €5.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Jun 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 23% to €3.96. The fair value is estimated to be €4.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Announcement • May 31
Cabka N.V. Approves Dividend Distribution for 2023, Payable on 16 August 2024 Cabka N.V. announced that at its Annual General Meeting (AGM) of shareholders, held on May 30, 2024, approved dividend distribution of EUR 0.15 per ordinary share, for the year 2023. Dividend Payment Date is 16 August 2024. Dividend Record Date is 9 August 2024. Ex-Dividend Date is 8 August, 2024. Reported Earnings • Apr 21
Full year 2023 earnings released: €0.062 loss per share (vs €1.26 loss in FY 2022) Full year 2023 results: €0.062 loss per share (improved from €1.26 loss in FY 2022). Revenue: €201.1m (down 6.0% from FY 2022). Net loss: €1.54m (loss narrowed 95% from FY 2022). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Packaging industry in Europe. New Risk • Apr 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Dutch stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.0% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Price Target Changed • Apr 19
Price target decreased by 7.1% to €7.87 Down from €8.47, the current price target is an average from 3 analysts. New target price is 47% above last closing price of €5.35. Stock is down 16% over the past year. The company is forecast to post earnings per share of €0.15 next year compared to a net loss per share of €0.028 last year. Recent Insider Transactions • Apr 05
Board Member recently bought €57k worth of stock On the 2nd of April, Stephan Nanninga bought around 11k shares on-market at roughly €5.34 per share. This transaction amounted to 2.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €77k more in shares than they have sold in the last 12 months. Declared Dividend • Mar 25
Dividend increased to €0.15 Dividend of €0.15 is 200% higher than last year. Ex-date: 17th August 2024 Payment date: 25th August 2024 Dividend yield will be 2.9%, which is about the same as the industry average. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. New Risk • Mar 22
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (6.7% average weekly change). Announcement • Mar 20
Cabka N.V. Announces CEO Tim Litjens to Step Down by End September Cabka N.V. announced its CEO Tim Litjens decided to step down as Chief Executive Officer towards the end of the third quarter 2024. Tim Litjens has announced his decision to step down as Chief Executive Officer (CEO) of Cabka N.V. and to leave Cabka by the end of the third quarter 2024. The company will initiate a search for a successor. Cabka’s strategic goals remain unchanged, and it is on target to deliver on its commitments. The executive committee, together with Tim, will continue to execute the company’s strategy and ensure an orderly transition. During Tims’ 8-year tenure, Cabka has successfully transformed to a listed international company. He led the establishment of the Innovation Centre in Spain, where Cabka integrates its unique expertise in material engineering, process development and product design. Tim recognized the increasing customer demand for sustainable transportation packaging, successfully translating these into new generations of circular RTP products leveraging Cabka’s unique manufacturing capabilities. Reported Earnings • Mar 20
Full year 2023 earnings released Full year 2023 results: Revenue: €206.2m (down 3.6% from FY 2022). Net loss: €700.0k (loss narrowed 98% from FY 2022). Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Packaging industry in Europe. New Risk • Feb 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Dutch stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Feb 19
Cabka N.V. Announces Appointment of Niek Hoek as Chairman of its Supervisory Board Cabka N.V. announced the appointment of Niek Hoek as chairman of its Supervisory Board as of February 19, 2024. The Supervisory Board of Cabka appointed Mr. Niek Hoek as chairman of the Supervisory Board. Niek Hoek is a former Executive Director of Dutch Star Companies and was appointed as member of the Supervisory Board on behalf of Dutch Star Companies shareholders in 2022. The appointment was supported by the full board, as part of a rotation following the midterm internal review. Mr. Manuel Beja will continue as vice chairperson of the Supervisory Board. Announcement • Oct 19
Cabka N.V. Provides Sales Guidance for the Fourth Quarter and Full Year 2023 Cabka N.V. provided sales guidance for the fourth quarter and full year 2023. For the fourth quarter, the company expects a strong recovery of sales based on the announced major co-development launches, such as CHEP, Continental and BMW, coming up to speed.The company expects High single digit revenue growth as part of the Mid-term guidance. For the full year 2023, the company expects revenues of €200 million - €210 million. Reported Earnings • Aug 25
First half 2023 earnings released: EPS: €0.033 (vs €0.078 loss in 1H 2022) First half 2023 results: EPS: €0.033 (up from €0.078 loss in 1H 2022). Revenue: €104.2m (up 1.9% from 1H 2022). Net income: €800.0k (up €2.70m from 1H 2022). Profit margin: 0.8% (up from net loss in 1H 2022). Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Packaging industry in Europe. Reported Earnings • Mar 16
Full year 2022 earnings released Full year 2022 results: Revenue: €222.6m (up 28% from FY 2021). Net loss: €34.0m (down €38.9m from profit in FY 2021). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Packaging industry in Europe. Announcement • Jan 27
Cabka N.V. Announces Chief Financial Officer Changes Cabka N.V. announced that in close consultation with Cabka CEO Tim Litjens and the Supervisory Board, Necip Küpcü, current Chief Financial Officer (CFO) of Cabka, has decided to step down as CFO and member of the Management Board of Cabka N.V. The Supervisory Board of Cabka appoints Frank Roerink (1969) as interim CFO, while Necip Küpcü will continue in a senior finance role within the company. Frank Roerink will start as interim CFO as of 1 February 2023. As a seasoned CFO, Frank Roerink strengthens Cabka’s financial organization, bringing elaborate experience of operating within the listed environment. Necip Küpcü will report to Frank Roerink, maintaining his position on the board of the Cabka Group GmbH. Frank Roerink is of Dutch nationality and joins Cabka from Dwarfs.io a young rapidly growing e-commerce platform, for which he served as CFO. From 2007 to 2019 he was CFO of Avantium, a role in which he led the growth strategy, funding, and 2017 initial public offering (IPO). After the IPO, Frank was responsible for the company’s post-listing consolidation and investor engagement. Before joining Avantium he worked 12 years for Unilever in Europe, UK, and USA. Frank holds a Master’s degree in Econometrics from the University of Amsterdam and a post graduate Registered Controller Degree from the University of Maastricht. Reported Earnings • Aug 20
First half 2022 earnings released First half 2022 results: €0.079 loss per share. Net loss: €1.90m (flat on 1H 2021). Over the next year, revenue is forecast to grow 7.0%, compared to a 14% growth forecast for the Packaging industry in the Netherlands. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €5.84, the stock trades at a trailing P/E ratio of 28.8x. Average forward P/E is 15x in the Packaging industry in Europe. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 17% share price gain to €8.60, the stock trades at a trailing P/E ratio of 43.1x. Average forward P/E is 17x in the Packaging industry in Europe. 