Acomo: A Dutch Food Ingredients Trader At Fair Value Despite 55% YTD Rally
Acomo N.V. (AMS:ACOMO), a Dutch food ingredients trader, has surged 55% year-to-date, raising questions about whether its valuation remains attractive for long-term investors. With a trailing price-to-earnings (P/E) ratio of 9.92 and an enterprise value (EV)/EBITDA multiple of 7.62x, the stock appears to trade at a discount to both its historical averages and sector peers, despite its recent rally. This analysis examines Acomo's financial performance, industry dynamics, and peer comparisons to determine whether the company still offers compelling value.
Financial Performance: Stability and Margin Resilience
Acomo's 2024 annual report and 2025 Q2 results underscore its operational resilience. The company generated EUR 1.45 billion in trailing twelve months (TTM) revenue, with net income of EUR 69.41 million and earnings per share (EPS) of EUR 2.33 [1]. Adjusted EBITDA reached EUR 140 million in 2024 and EUR 109 million in the second half of 2025, reflecting a 18% year-on-year increase [2]. Its EBITDA margin of 8.57% and return on equity (ROE) of 16.85% highlight efficient capital allocation and profitability [1].
Notably, Acomo's balance sheet remains robust, with a debt-to-equity ratio of 0.72 and a current ratio of 1.90, indicating manageable leverage and liquidity [1]. The company also offers a 5.40% dividend yield, a compelling feature for income-focused investors [1].
Industry Trends: Growth Amid Volatility
The Dutch food ingredients sector experienced an 8.3% year-on-year growth in Q2 2025, driven by higher selling prices and strong export demand [3]. Exports surged 12.5% compared to domestic sales growth of 3.3%, underscoring the sector's global orientation. However, challenges persist: the Edible Seeds segment faced margin pressures due to U.S. tariff uncertainties, while the Cocoa business navigated market volatility [2].
EBITDA multiples for the sector typically range between 5x and 7x, with higher valuations reserved for companies with stable cash flows and low cyclicality [4]. Acomo's EV/EBITDA of 7.62x aligns with the upper end of this range, suggesting the market values its diversified product portfolio and global distribution network [1].
Peer Comparisons: A Discount to Key Competitors
Acomo's valuation metrics compare favorably to direct competitors. For instance, Sligro Food Group, a peer in food distribution, trades at an EV/EBITDA of 6.3x and a P/E of 13.1x [5]. Metcash, an Australian food wholesaler, has an EBITDA multiple of 8.74x and a P/E of 15.16x [6]. Ghitha Holding, a Middle Eastern food and beverage company, commands a 15.3x EBITDA multiple but trades at a P/E of 2.27x, reflecting lower growth expectations [5].
Acomo's trailing P/E of 9.92 is significantly lower than the 24.12x P/E of the broader Consumer Staples sector [7], suggesting it is undervalued relative to its peers. This discrepancy may stem from its focus on commodity-driven ingredients, which are less cyclical than branded consumer goods.
Valuation: Fair but With Room for Growth
Acomo's valuation appears fair when considering its financial metrics and industry positioning. Its EV/EBITDA of 7.62x is in line with the Dutch food ingredients sector's upper range, while its ROE of 16.85% and ROIC of 10.06% indicate strong returns on invested capital [1]. The forward P/E of 11.46x suggests the market anticipates modest earnings growth, which aligns with Acomo's historical performance of steady, slow growth with occasional M&A-driven boosts [5].
However, risks remain. The Edible Seeds segment's margin pressures and U.S. tariff uncertainties could weigh on future margins. Additionally, the company's exposure to raw materials makes it vulnerable to supply chain disruptions.
Conclusion: A Buy for Long-Term Investors
Despite its 55% YTD rally, Acomo remains fairly valued, offering a compelling combination of stable cash flows, a healthy balance sheet, and an attractive dividend yield. Its EV/EBITDA and P/E ratios are in line with sector averages, while its ROE and ROIC outperform many peers. For long-term investors seeking exposure to the food ingredients sector, Acomo presents a disciplined opportunity to capitalize on its global reach and operational resilience.
Comentarios
Aún no hay comentarios