Declared Dividend • Jul 31
First half dividend of €0.45 announced Shareholders will receive a dividend of €0.45. Ex-date: 3rd August 2026 Payment date: 11th August 2026 Dividend yield will be 5.9%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (71% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 28
First half 2026 earnings released: EPS: €0.94 (vs €1.42 in 1H 2025) First half 2026 results: EPS: €0.94 (down from €1.42 in 1H 2025). Revenue: €710.7m (down 6.3% from 1H 2025). Net income: €27.8m (down 34% from 1H 2025). Profit margin: 3.9% (down from 5.6% in 1H 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Chairman Bernard Stuivinga was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Ankündigung • Mar 06
Acomo N.V. to Report First Half, 2026 Results on Jul 28, 2026 Acomo N.V. announced that they will report first half, 2026 results on Jul 28, 2026 Ankündigung • Oct 07
Acomo N.V. (ENXTAM:ACOMO) reached an agreement to acquire Manuzzi Srl from Finance For Food One, fund managed by Hyle Capital Partners SGR SpA and other minority shareholders. Acomo N.V. (ENXTAM:ACOMO) reached an agreement to acquire Manuzzi Srl from Finance For Food One, fund managed by Hyle Capital Partners SGR SpA and other minority shareholders on October 6, 2025. As part of the acquisition, Manuzzi will continue doing business under its own using the well-known Manuzzi brand and will jointly operate with Acomo Group company Delinuts Netherlands to closely cooperate and explore new markets and business opportunities together. Manuzzi will join Acomo’s Spices & Nuts segment.
The acquisition is subject to customary closing conditions and is expected to close in Q4 of 2025.
NautaDutilh N.V. acted as legal advisor for Acomo N.V. KPMG International Cooperative acted as tax due diligence provider for Acomo N.V. Deloitte Financial Advisory Services B.V. acted as financial due diligence provider for Acomo N.V. Vitale&Co. S.P.A. acted as financial advisor for Hyle Capital Partners SGR SpA and other minority shareholders. ADVANT Nctm acted as legal advisor for Hyle Capital Partners SGR SpA and other minority shareholders. Spada Partners Associazione Professionale acted as accountant for Hyle Capital Partners SGR SpA and other minority shareholders. Ankündigung • Mar 08
Acomo N.V. to Report First Half, 2025 Results on Jul 22, 2025 Acomo N.V. announced that they will report first half, 2025 results on Jul 22, 2025 Ankündigung • Oct 25
Acomo N.V., Annual General Meeting, Apr 25, 2025 Acomo N.V., Annual General Meeting, Apr 25, 2025. Board Change • Oct 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Independent Non-Executive Director Victoria Vandeputte was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Aug 13
CFO & Executive Director recently bought €100k worth of stock On the 5th of August, Allard Goldschmeding bought around 6k shares on-market at roughly €16.62 per share. This transaction amounted to 52% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Allard has been a buyer over the last 12 months, purchasing a net total of €302k worth in shares. Declared Dividend • Jul 25
First half dividend of €0.40 announced Shareholders will receive a dividend of €0.40. Ex-date: 29th July 2024 Payment date: 6th August 2024 Dividend yield will be 6.6%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is not adequately covered by earnings (96% earnings payout ratio). However, it is covered by cash flows (51% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 6.3% to bring the payout ratio under control. EPS is expected to grow by 38% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Jul 24
First half 2024 earnings released: EPS: €0.61 (vs €0.75 in 1H 2023) First half 2024 results: EPS: €0.61 (down from €0.75 in 1H 2023). Revenue: €668.2m (flat on 1H 2023). Net income: €17.9m (down 19% from 1H 2023). Profit margin: 2.7% (down from 3.3% in 1H 2023). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 9% per year. Upcoming Dividend • Apr 23
Upcoming dividend of €0.75 per share Eligible shareholders must have bought the stock before 30 April 2024. Payment date: 08 May 2024. Payout ratio is on the higher end at 86%, however this is supported by cash flows. Trailing yield: 6.5%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (4.2%). Recent Insider Transactions • Apr 04
CFO & Executive Director recently bought €202k worth of stock On the 27th of March, Allard Goldschmeding bought around 12k shares on-market at roughly €17.56 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Allard's only on-market trade for the last 12 months. Ankündigung • Feb 22
Acomo N.V., Annual General Meeting, Apr 26, 2024 Acomo N.V., Annual General Meeting, Apr 26, 2024, at 10:30 Central European Standard Time. Reported Earnings • Feb 21
Full year 2023 earnings released: EPS: €1.34 (vs €1.85 in FY 2022) Full year 2023 results: EPS: €1.34 (down from €1.85 in FY 2022). Revenue: €1.27b (down 11% from FY 2022). Net income: €39.7m (down 27% from FY 2022). Profit margin: 3.1% (down from 3.8% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. New Risk • Feb 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks High level of debt (64% net debt to equity). Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Jul 27
First half 2023 earnings released: EPS: €0.75 (vs €1.05 in 1H 2022) First half 2023 results: EPS: €0.75 (down from €1.05 in 1H 2022). Revenue: €668.0m (down 6.2% from 1H 2022). Net income: €22.2m (down 29% from 1H 2022). Profit margin: 3.3% (down from 4.4% in 1H 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 18
Upcoming dividend of €0.80 per share at 7.0% yield Eligible shareholders must have bought the stock before 25 April 2023. Payment date: 03 May 2023. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 7.0%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (4.6%). Reported Earnings • Feb 22
Full year 2022 earnings released: EPS: €1.85 (vs €1.82 in FY 2021) Full year 2022 results: EPS: €1.85 (up from €1.82 in FY 2021). Revenue: €1.42b (up 13% from FY 2021). Net income: €54.7m (up 1.3% from FY 2021). Profit margin: 3.8% (down from 4.3% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 27
First half 2022 earnings released: EPS: €1.05 (vs €0.97 in 1H 2021) First half 2022 results: EPS: €1.05 (up from €0.97 in 1H 2021). Revenue: €711.9m (up 15% from 1H 2021). Net income: €31.1m (up 8.9% from 1H 2021). Profit margin: 4.4% (down from 4.6% in 1H 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Ankündigung • May 18
Amsterdam Commodities N.V. to Report First Half, 2022 Results on Jul 26, 2022 Amsterdam Commodities N.V. announced that they will report first half, 2022 results on Jul 26, 2022 Upcoming Dividend • Apr 27
Upcoming dividend of €0.60 per share Eligible shareholders must have bought the stock before 03 May 2022. Payment date: 06 May 2022. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.0%). Lower than average of industry peers (4.7%). Buying Opportunity • Mar 09
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 9.5%. The fair value is estimated to be €28.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% per annum over the last 3 years. Earnings per share has grown by 8.6% per annum over the last 3 years. Reported Earnings • Feb 24
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €1.82 (up from €1.09 in FY 2020). Revenue: €1.25b (up 77% from FY 2020). Net income: €54.0m (up 100% from FY 2020). Profit margin: 4.3% (up from 3.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 11%. Over the next year, revenue is expected to shrink by 9.0% compared to a 8.4% growth forecast for the retail industry in Germany. Reported Earnings • Jul 27
First half 2021 earnings released: EPS €0.97 (vs €0.66 in 1H 2020) The company reported a solid first half result with improved earnings and revenues, although profit margins were flat. First half 2021 results: Revenue: €620.2m (up 74% from 1H 2020). Net income: €28.6m (up 75% from 1H 2020). Profit margin: 4.6% (in line with 1H 2020). Reported Earnings • Jul 24
First half 2021 earnings released: EPS €0.97 (vs €0.66 in 1H 2020) The company reported a solid first half result with improved earnings and revenues, although profit margins were flat. First half 2021 results: Revenue: €620.2m (up 74% from 1H 2020). Net income: €28.6m (up 75% from 1H 2020). Profit margin: 4.6% (in line with 1H 2020). Reported Earnings • Mar 14
Full year 2020 earnings released: EPS €1.09 (vs €1.30 in FY 2019) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: €707.4m (flat on FY 2019). Net income: €27.0m (down 16% from FY 2019). Profit margin: 3.8% (down from 4.6% in FY 2019). Analyst Estimate Surprise Post Earnings • Mar 14
Revenue beats expectations Revenue exceeded analyst estimates by 3.3%. Over the next year, revenue is forecast to grow 60%, compared to a 1.5% growth forecast for the Consumer Retailing industry in Germany. Analyst Estimate Surprise Post Earnings • Feb 21
Revenue beats expectations Revenue exceeded analyst estimates by 3.3%. Over the next year, revenue is forecast to grow 60%, compared to a 1.6% growth forecast for the Consumer Retailing industry in Germany. Reported Earnings • Feb 20
Third quarter 2020 earnings released The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €175.3m (down 1.3% from 3Q 2019). Net income: €5.37m (down 34% from 3Q 2019). Profit margin: 3.1% (down from 4.6% in 3Q 2019). Is New 90 Day High Low • Jan 09
New 90-day high: €21.85 The company is up 16% from its price of €18.82 on 09 October 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is up 6.0% over the same period. Is New 90 Day High Low • Nov 12
New 90-day high: €19.60 The company is up 1.0% from its price of €19.38 on 14 August 2020. The German market is also up 1.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Consumer Retailing industry, which is down 2.0% over the same period. Ankündigung • Nov 12
Amsterdam Commodities N.V. (ENXTAM:ACOMO) (“Acomo”) signed an agreement to acquire The Organic Corporation B.V. and Tradin Organics USA LLC from SunOpta Inc. (TSX:SOY) and COÖPERATIE SUNOPTA U.A for €330 million. Amsterdam Commodities N.V. (ENXTAM:ACOMO) (“Acomo”) signed an agreement to acquire The Organic Corporation B.V. and Tradin Organics USA LLC (targets) from SunOpta Inc. (TSX:SOY) and COÖPERATIE SUNOPTA U.A for €330 million on November 9, 2020. The consideration will be paid on a cash free and debt free basis. In order to finance the acquisition, Acomo has secured a term loan facility of €150 million. In addition, an equity bridge facility is available of up to €90 million with a maturity in December 2021. These facilities are fully committed by ING and Rabobank. ING and Rabobank have agreed on an equity volume underwriting commitment in relation to the committed bridge financing amount, subject to customary conditions. The total facility secured by Acomo for the combined business (including the term loan and a refinancing of Acomo's current facilities) is €425 million.
Under the terms of the agreement, SunOpta will sell processing facilities located in Amsterdam, the Netherlands; Silistra, Bulgaria; Addis Ababa, Ethiopia; and Yirgalem, Ethiopia. In event of termination of agreement by SunOpta, Acomo shall immediately forfeit to SunOpta a termination fee in the amount equal to 1% (one per cent) of the enterprise value set forth in the EV-toEquity Bridge. To induce SunOpta to enter into the transaction and to compensate SunOpta for loss of management time and other costs and expenses which it has incurred, a termination fee by way of liquidated damages of €3.3 million is payable by Acomo to SunOpta if Acomo breaches its obligation to effectuate the completion of the transaction.
The targets reported net sales of approximately $488 million (€413 million) for the 12 months ended September 26, 2020. The transaction valuation represents an approximate 10x multiple of Adjusted EBITDA for the standalone business. These facilities and their employees will continue to operate in ordinary course. Approximately 525 employees will be transferred from SunOpta to Acomo. The transaction is subject to customary closing conditions, including approval by Acomo's shareholders, the general meeting of shareholders of Acomo approving the authorisation of the Board of Directors to effect the transaction share issuance, completion of the works council consultation process, delivery of additional information and documentation that may be requested by any authority in connection with the merger Clearance, Amsterdam Commodities shall bear all filing fees and other costs relating to the satisfaction of the Merger Clearance and approval from the competition authorities in Germany, The Netherlands and the United State of America pursuant to applicable competition Laws shall have been made and all waiting periods with respect to such notifications shall have expired and each relevant authority clearance. Acomo intends to convene an Extraordinary General Meeting (EGM), which will be held on December 22, 2020. Acomo’s larger shareholders, together representing over 60% of total voting rights and acting independently have expressed their support for the acquisition. Of this group, a substantial portion has irrevocably committed to vote in favour of the resolutions tabled at the EGM. As of November 9, 2020, the Board of Directors of Acomo has unanimously determined that the Transaction is in the best interest of the sustainable success of the business of Acomo and its stakeholders and the Board of Directors unanimously recommends to shareholders of Acomo to vote in favour of the Resolutions. The transaction is expected to close either in December 2020 or January 2021.
Proceeds from the transaction will be used by SunOpta for capital investment primarily into the core Plant-Based Foods and Beverages segment and to pay down debt. The acquisition is expected to contribute more than €30 million to Acomo's combined 2020 EBITDA on a pro forma basis. On a pro forma basis of the combined earnings for 2020, Acomo’s earnings per share would be enhanced by 30-40%. Expected annual revenue for 2020> €450 milion. The transaction is highly tax efficient and is expected to be accretive to SunOpta’s long-term growth rate and margin profile. Rothschild & Co acted as financial advisor, PricewaterhouseCoopers Advisory N.V. acted as accounting advisor, and Van Doorne N.V. and Faegre Drinker Biddle & Reath LLP acted as legal advisors to SunOpta. Rabobank acted as financial advisor, Deloitte Financial Advisory B.V. and KPMG Meijburg & Co M&A Tax B.V. acted as accounting and tax advisors respectively and NautaDutilh N.V. and Latham & Watkins LLP acted as legal advisors to Acomo. Is New 90 Day High Low • Oct 21
New 90-day low: €18.20 The company is down 4.0% from its price of €18.94 on 23 July 2020. The German market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is up 2.0% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: €18.50 The company is down 5.0% from its price of €19.44 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is up 3.0% over the same period. Ankündigung • Aug 20
Amsterdam Commodities N.V. to Report Fiscal Year 2020 Final Results on Mar 11, 2021 Amsterdam Commodities N.V. announced that they will report fiscal year 2020 final results at 5:00 PM, W. Europe Standard Time on Mar 11, 2021 Ankündigung • Jun 20
Amsterdam Commodities N.V. to Report First Half, 2020 Results on Jul 23, 2020 Amsterdam Commodities N.V. announced that they will report first half, 2020 results on Jul 23, 2020 
