Buy Or Sell Opportunity • Apr 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.2% to €4.75. The fair value is estimated to be €5.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has declined by 72%. Revenue is forecast to grow by 41% in 2 years. Earnings are forecast to grow by 97% in the next 2 years. Reported Earnings • Apr 16
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: €0.79 loss per share. Revenue: €51.1m (up 7.3% from FY 2024). Net loss: €13.8m (loss widened 13% from FY 2024). Revenue missed analyst estimates by 39%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Commercial Services industry in Europe. New Risk • Mar 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €87.5m (US$101.0m) 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 Share price has been highly volatile over the past 3 months (9.9% average weekly change). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€20m). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (€87.5m market cap, or US$101.0m). Major Estimate Revision • Mar 20
Consensus revenue estimates fall by 33% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from €101.9m to €68.5m. Forecast loss of -€0.15, down from profit of €0.027 per share profit previously. Commercial Services industry in Belgium expected to see average net income growth of 33% next year. Consensus price target down from €5.50 to €4.60. Share price fell 21% to €4.50 over the past week. Reported Earnings • Mar 05
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: €0.79 loss per share. Revenue: €53.7m (up 13% from FY 2024). Net loss: €13.8m (loss widened 13% from FY 2024). Revenue missed analyst estimates by 39%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Commercial Services industry in Europe. Duyuru • Feb 06
Ekopak NV (ENXTBR:EKOP) acquired New Waterbusiness Tilburg B.V. Ekopak NV (ENXTBR:EKOP) acquired New Waterbusiness Tilburg B.V. on February 5, 2026. With this acquisition, Ekopak assumes full management and operation of the plant and strengthens its position in sustainable and circular water management in the Netherlands. This acquisition will contribute positively to both the group’s WaaS revenue and EBITDA from the beginning of 2026 and fits in with the strategic focus on recurring revenue and scalable growth. This underlines the successful integration of the various activities within the Ekopak group and confirms the growing market acceptance of the WaaS model, also outside Belgium.
Ekopak NV (ENXTBR:EKOP) completed the acquisition of New Waterbusiness Tilburg B.V. on February 5, 2026. New Risk • Sep 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €81.9m (US$96.8m) 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 Risks Less than 1 year of cash runway based on free cash flow trend (-€27m free cash flow). Share price has been highly volatile over the past 3 months (8.7% average weekly change). Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (€81.9m market cap, or US$96.8m). Reported Earnings • Sep 03
First half 2025 earnings released: €0.41 loss per share (vs €0.13 loss in 1H 2024) First half 2025 results: €0.41 loss per share (further deteriorated from €0.13 loss in 1H 2024). Revenue: €21.7m (down 33% from 1H 2024). Net loss: €7.18m (loss widened 286% from 1H 2024). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Commercial Services industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. New Risk • Jul 09
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: -€31m 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 (-€31m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Shareholders have been diluted in the past year (18% increase in shares outstanding). Reported Earnings • Apr 15
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: €0.82 loss per share (further deteriorated from €0.21 loss in FY 2023). Revenue: €47.6m (up 32% from FY 2023). Net loss: €12.2m (loss widened 298% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.5%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Commercial Services industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Apr 04
Consensus EPS estimates fall from profit to €0.20 loss, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from €89.1m to €90.1m. Now expected to report loss of -€0.20 instead of €0.015 per share profit. Commercial Services industry in Belgium expected to see average net income growth of 26% next year. Consensus price target down from €20.00 to €13.75. Share price fell 46% to €4.46 over the past week. Price Target Changed • Apr 03
Price target decreased by 41% to €13.75 Down from €23.50, the current price target is an average from 2 analysts. New target price is 190% above last closing price of €4.74. Stock is down 74% over the past year. The company is forecast to post a net loss per share of €0.20 next year compared to a net loss per share of €0.48 last year. New Risk • Apr 02
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €75.6m (US$82.0m) 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 Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€31m). Market cap is less than US$100m (€75.6m market cap, or US$82.0m). New Risk • Mar 10
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 Belgian stocks, typically moving 5.5% 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 Less than 1 year of cash runway based on current free cash flow (-€31m). Share price has been volatile over the past 3 months (5.5% average weekly change). Reported Earnings • Mar 05
Full year 2024 earnings released: €0.48 loss per share (vs €0.21 loss in FY 2023) Full year 2024 results: €0.48 loss per share (further deteriorated from €0.21 loss in FY 2023). Revenue: €56.1m (up 56% from FY 2023). Net loss: €7.05m (loss widened 129% from FY 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Commercial Services industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Price Target Changed • Jan 10
Price target decreased by 15% to €23.50 Down from €27.50, the current price target is an average from 2 analysts. New target price is 56% above last closing price of €15.10. Stock is down 17% over the past year. The company is forecast to post a net loss per share of €0.11 next year compared to a net loss per share of €0.21 last year. Reported Earnings • Sep 25
First half 2024 earnings released: €0.13 loss per share (vs €0.014 loss in 1H 2023) First half 2024 results: €0.13 loss per share (further deteriorated from €0.014 loss in 1H 2023). Revenue: €32.6m (up 129% from 1H 2023). Net loss: €1.86m (loss widened €1.65m from 1H 2023). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Commercial Services industry in Europe. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. New Risk • Sep 24
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: -€29m 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 25
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: €0.21 loss per share (further deteriorated from €0.13 loss in FY 2022). Revenue: €37.6m (up 112% from FY 2022). Net loss: €3.08m (loss widened 55% from FY 2022). Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Commercial Services industry in Europe. Reported Earnings • Sep 28
First half 2023 earnings released: €0.014 loss per share (vs €0.069 loss in 1H 2022) First half 2023 results: €0.014 loss per share (improved from €0.069 loss in 1H 2022). Revenue: €14.3m (up 91% from 1H 2022). Net loss: €208.0k (loss narrowed 80% from 1H 2022). Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Commercial Services industry in Europe. New Risk • Sep 26
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: -€15m 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 Risk Less than 1 year of cash runway based on free cash flow trend (-€15m free cash flow). Minor Risk Share price has been volatile over the past 3 months (4.8% average weekly change). Major Estimate Revision • Sep 17
Consensus revenue estimates increase by 22% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from €23.2m to €28.2m. Forecast losses expected to reduce from -€0.20 to -€0.01 per share. Commercial Services industry in Belgium expected to see average net income growth of 18% next year. Consensus price target up from €22.25 to €24.75. Share price was steady at €19.10 over the past week. Duyuru • Sep 14
Ekopak NV (ENXTBR:EKOP) acquired Global Water & Energy. Ekopak NV (ENXTBR:EKOP) acquired Global Water & Energy on September 14, 2023. The transaction will be financed partly with equity and partly with long-term funding. This acquisition provides exceptional geographic, cross-sector and technological complementarity. With this acquisition Ekopak becomes a full-solution partner in the field of water reuse. Ekopak NV (ENXTBR:EKOP) completed the acquisition of Global Water & Energy on September 14, 2023. New Risk • Jul 07
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 Belgian stocks, typically moving 4.5% 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. Major Estimate Revision • Jul 01
Consensus EPS estimates fall by 54% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -€0.13 to -€0.20 per share. Revenue forecast of €26.0m unchanged since last update. Commercial Services industry in Belgium expected to see average net income growth of 20% next year. Consensus price target up from €20.00 to €25.00. Share price fell 6.8% to €17.25 over the past week. Price Target Changed • Jun 30
Price target increased by 21% to €25.00 Up from €20.60, the current price target is provided by 1 analyst. New target price is 45% above last closing price of €17.25. Stock is down 2.5% over the past year. The company is forecast to post a net loss per share of €0.20 next year compared to a net loss per share of €0.13 last year. Reported Earnings • Mar 28
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: €0.13 loss per share (further deteriorated from €0.051 loss in FY 2021). Revenue: €18.8m (up 68% from FY 2021). Net loss: €1.99m (loss widened 184% from FY 2021). Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Commercial Services industry in Europe. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Kristina Loguinova was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Nov 05
Consensus revenue estimates fall by 20% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from €20.0m to €16.0m. Forecast loss of -€0.11, down from profit of €0.06 per share profit previously. Commercial Services industry in Belgium expected to see average net income growth of 22% next year. Consensus price target down from €20.60 to €20.00. Share price was steady at €17.90 over the past week. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Kristina Loguinova was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.