Morningstar Report1

Quantitative Equity Research Report | Release: 18 Sep 2023, 02:20 UTC | Reporting Currency: EUR | Trading Currency: EUR
| Exchange: EURONEXT - EURONEXT AMSTERDAM Page 1 of 6
Acomo NV ACOMO QQQQ Q 15 Sep 2023, 22:34 UTC
Economic Moat Q Uncertainty Q Price/Fair Value Q ESG Risk Rating Assessment 1 Trailing Dividend Yield % Market Cap Investment Style Sector Industry
None High 0.9 ;;;;; 6.00 592.3549 Mil Small Core Consumer Food Distribution
Defensive
6 Sep 2023 05:00, UTC
40
Fair ValueQ oant
30
23.14
Last Close
20 20.00
10
Overvalued
Fairly Valued
5 Undervalued
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD Performance
1.05 1.12 0.96 0.99 1.07 0.82 1.06 1.04 1.09 0.83 0.86 Price/Fair Value
24.24 20.91 27.83 -5.60 20.84 -23.09 24.71 6.02 19.14 -20.03 11.46 Total Return %
0.22 12.33 15.50 -16.34 2.23 -13.90 -7.79 -8.90 -17.97 2.54 5.24 +/- Index
As of 15 Sep 2023 | Index: Morningstar Netherlands GR EUR. Fair Value data as of 15 Sep 2023, 22:34 UTC.
1
The ESG Risk Rating Assessment is a representation of Sustainalytics' ESG Risk Rating. Lee Davidson, Chief Analytics Officer for Morningstar, Inc, oversees the methodology that sup-
ports Quantitative Fair Value Estimates and Quantitative Star Ratings. Mr. Davidson is guided by the Morningstar, Inc. Code of Ethics in carrying out his responsibilities. For information
regarding Conflicts of Interests, visit http://global.morningstar.com/equitydisclosures.
Key Metrics as of 15 Sep 2023 Business Description volatility has ranged between 13.66% and 18.00%.
Acomo NV is a holding company of an international
Metrics Percentile in Sector
group of companies. It is involved in the business Economic Moat as of 15 Sep 2023
Earnings Yield (%) 7.9 82.0 of sourcing, processing, trading, packaging, and Quantitatively, we do not believe Acomo has an
Sales Yield (%) 236.3 77.0 distribution of conventional and organic food in- economic moat. Its moat score of 0.43 corresponds
Book Value Yield (%) 68.9 61.0 gredients and solutions for the food and beverage to the 41st percentile in the consumer defensive
Return on Assets (%)* 5.2 65.0
industry. It operates in five segments: Spices and sector. Furthermore, this rating last differed from
Nuts, Edible seeds, Tea, Food ingredients, and Or- its previous rating of Narrow on 08/14/2023, when
Revenue(Bil)* 1.5 65.0 ganic Ingredients. the company's moat score fell from its maximum of
Market Value (Mil) 623.6 58.0 0.77 (score of 1 indicates greatest economic moat).
Valuation as of 16 Sep 2023 The company also maintains a quantitative finan-
Enterprise Value (Mil) 919.9 60.0
Morningstar maintains a 4-star quantitative star cial health rating of Moderate. Its score sits at the
EVMV Ratio 1.5 72.0
rating for Acomo, derived from the firm's valuation 64th percentile overall and the 60th percentile in
Volatility TTM (%) 14.3 18.0 and uncertainty scores. the sector.
The company's shares last closed at 19.74, below Examining the company's financials and market
Drawdown TTM (%) 12.8 23.0
our quantitative fair value estimate of 22.83. These statistics, we find these ratings are principally driv-
Volume (K) 26.5 32.0
shares have traded between a 27.16% and 4.78% en by its book value yield and enterprise value-to-
*30 Jun 2023 0% 25 50 75 100 discount to their fair value estimate over the past market value ratio. The book value yield is 68.90%,
year. In Morningstar's equity coverage universe for sitting at the 61st percentile in the consumer de-
Economic Moat History as of 15 Sep 2023 this methodology, the company's valuation rating fensive sector. The company's enterprise value-to-
lands at the 77th percentile; in the consumer de- market value ratio is 1.48, corresponding to the
No Moat Narrow Moat Wide Moat 76th percentile in the equity coverage universe and
0.00-0.70 0.71-0.99 0.99-1.00 fensive sector, the firm's score lies at the 69th per-
centile (meaning the shares are more undervalued the 72nd percentile in the sector.
1.0 than 69% of stocks in the sector).
Furthermore, Acomo maintains a quantitative valu- Fundamentals as of 16 Sep 2023
ation uncertainty rating of High. Acomo reports earnings per share of 1.55. Its re-
The company has held this star rating since the turn on invested capital is 6.23%. The company
0.5 previous rating of 3, which was last assigned on maintains a dividend yield of 6.12%, paying out
09/07/2023. The uncertainty rating for Acomo has 80.65% of earnings. These values are calculated
remained High since the previous rating of Very over a trailing 12-month period.
High, which was last assigned on 08/28/2023. As of last market close, Acomo has a price-to-earn-
0.0
The key factors behind these ratings are the com- ings ratio of 12.9, falling at the 27th percentile in
2018 2019 2020 2021 2022 2023 pany's earnings yield and volatility. The earnings its sector (where a lower percentile means a lower
yield is 7.85%, and its maximum annualized trailing ratio) and ranging between 9.55 and 14.32 over the
12-month volatility is 18.00%. The earnings yield past year. The company's price-to-free cash flow
falls at the 82nd percentile in the consumer de- ratio is 4.69, falling at the 10th percentile in its sec-
fensive sector while the volatility is at the 18th per- tor and ranging between 4.57 and 10.25 over the
centile. Over the past year, the company's earnings past year.
yield has been between 7.80% and 10.47%; its
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions ®
presented herein do not constitute investment advice; are provided solely for informational purposes and therefore is not an offer to buy or sell a security; are not warranted to be correct, complete or accurate; and are
subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or
ß
opinions or their use. The information herein may not be reproduced, in any manner without the prior written consent of Morningstar. Please see important disclosures at the end of this report.
Quantitative Equity Research Report | Release: 18 Sep 2023, 02:20 UTC | Reporting Currency: EUR | Trading Currency: EUR | Exchange: EURONEXT - EURONEXT AMSTERDAM Page 2 of 6
Acomo NV ACOMO QQQQ Q 15 Sep 2023, 22:34 UTC
Economic Moat Q Uncertainty Q Price/Fair Value Q ESG Risk Rating Assessment 1 Trailing Dividend Yield % Market Cap Investment Style Sector Industry
None High 0.9 ;;;;; 6.00 592.3549 Mil Small Core Consumer Food Distribution
Defensive
6 Sep 2023 05:00, UTC
Earnings as of 15 Sep 2023 Dividends as of 17 Sep 2023 Valuation as of 17 Sep 2023

Earnings % Percentile in Sector Stock Price Payout Ratio
Dividend Yield* 6.1 88.0

40 92.00% ACOMO is Under
Valued at a 14%
Payout Ratio* 80.7 78.0 Fair ValueQ oant
discount.
30 69.00 23.14
UncertaintyQ : oant
Economic Moat
Price to Earnings 12.9 27.0 High None
Financial Health
Price to Cash Flow 4.7 10.0 20 46.00 Last Close Moderate
20.00 1-Star Price
ROIC** 6.2 52.0
28.84
*31 Aug 2023 0% 25 50 75 100 10 23.00 5-Star Price
**30 Jun 2023
18.56
0 0.00
14 15 16 17 18 19 20 21 22 23
Contact Financials as of 17 Sep 2023 (Fiscal Year End 31 Dec 2023)

WTC, Beursplein 37, Rotterdam, ZH 3011 AA 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD Fiscal
+31 104051195 584 619 682 682 710 700 701 707 1,254 1,423 668 Revenue (Mil)
— 40 47 47 50 46 45 47 40 80 85 36 Operating Income (Mil)
https://www.acomo.nl 6.88 7.65 6.91 7.39 6.54 6.43 6.66 5.63 6.4 5.97 5.45 Operating Margin (%)
27 33 32 34 32 31 32 27 54 55 22 Net Income (Mil)
1.16 1.39 1.34 1.42 1.33 1.26 1.30 1.09 1.82 1.85 0.75 Diluted Earnings/Share
26 37 21 47 50 19 60 35 -36 73 54 Operating Cash Flow (Mil)
-7,140 -2,658 -4,829 -3,571 -5,736 -5,559 -7,801 -5,348 -7,768 -6,647 -6,647 Capital Spending (K)
19 35 16 43 44 14 52 30 -44 66 54 Free Cash Flow (Mil)
24 24 24 24 25 25 25 30 30 30 30 Avg Shares Outstand(Mil)
Valuation as of 17 Sep 2023

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Current Calendar
1.05 1.12 0.96 0.99 1.07 0.82 1.06 1.04 1.09 0.83 0.86 Price/Fair Value
0.66 0.78 0.87 0.73 0.85 0.62 0.72 0.72 0.82 0.42 0.43 Price/Sales
13.79 14.89 16.82 15.66 17.08 14.03 16.30 15.81 17.91 9.98 12.90 Price/Earnings
12.79 14.57 17.77 16.37 10.62 46.45 10.67 11.86 23.52 — 4.45 Price/Cash Flow
3.17 3.33 3.46 3.00 3.21 2.31 2.62 3.07 2.25 1.39 1.47 Price/Book
Operating Performance as of 17 Sep 2023 (Fiscal Year End 31 Dec 2023)

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q3 Fiscal (%)
10.09 10.76 9.4 9.79 9.28 8.85 8.96 5.09 6.87 6.33 — Return on Assets
21.67 23.39 20.14 19.58 17.65 16.43 16.18 11.01 16.54 14.09 — Return on Equity
14.34 15.28 12.99 13.19 12.83 12.4 12.43 6.64 9.0 8.66 — Rtn on Invested Capital
Dividends as of 17 Sep 2023

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Current Calendar (%)
0.72 1.00 1.10 1.00 1.15 0.70 1.00 1.10 — 1.05 1.20 Dividend Per Share
4.35 5.26 — 4.78 4.77 4.01 4.82 5.26 — 5.52 6.0 Trailing Dividend Yield
— — — — — — — — — — 0.0 Buyback Yield
ß
Appendix
Economic Moat History as of 15 Sep 2023 (No Moat: 0.00-0.70, Narrow Moat: 0.70-0.99, Wide Moat: 0.99-1.00)
Year January February March April May June July August September October November December
2023 0.43 0.54 0.54 0.66 0.60 0.77 0.60 0.42 0.43 — — —
2022 0.65 0.74 0.46 0.46 0.61 0.69 0.71 0.71 0.48 0.56 0.39 0.36
2021 0.54 0.61 0.70 0.67 0.52 0.64 0.50 0.45 0.46 0.52 0.52 0.59
2020 0.63 0.29 0.81 0.65 0.68 0.62 0.49 0.40 0.63 0.64 0.61 0.65
2019 0.56 0.67 0.39 0.61 0.36 0.50 0.44 0.52 0.22 0.50 0.69 0.63
2018 0.60 0.62 0.66 0.59 0.56 0.54 0.36 0.56 0.56 0.54 0.57 0.52
ß
Four-Star – the stock is somewhat undervalued.

Quantitative Equity Reports Overview Log (Quant FVE/Price) between (0.5*Quantitative Uncertainty, 1*Quantitative
Uncertainty)
Micro-Caps: Log (Quant FVE/Price) between (0.75*Quantitative Uncertainty,
1.5*Quantitative Uncertainty)
Five-Star – the stock is undervalued with a reasonable margin of safety.
The quantitative report on equities consists of data, statistics and quantitative Log (Quant FVE/Price) > 1*Quantitative Uncertainty
equity ratings on equity securities. Morningstar, Inc.’s quantitative equity Micro-Caps: Log (Quant FVE/Price) > 1.5*Quantitative Uncertainty
ratings are forward looking and are generated by a statistical model that is
based on Morningstar Inc.’s analyst-driven equity ratings and quantitative After the initial calculation for the star rating, there is a final filtering step
statistics. Given the nature of the quantitative report and the quantitative based on the momentum of the company. We rank the companies based on
ratings, there is no one analyst in which a given report is attributed to; their 12-1 month momentum, then restrict those below the 30th percentile to a
however, Mr. Lee Davidson, Head of Quantitative Research for Morningstar, maximum of 3 stars.
Inc., is responsible for overseeing the methodology that supports the
quantitative equity ratings used in this report. As an employee of Morningstar, iv. Quantitative Uncertainty: Intended to represent Morningstar’s level of
Inc., Mr. Davidson is guided by Morningstar, Inc.’s Code of Ethics and Personal uncertainty about the accuracy of the Quantitative Fair Value Estimate.
Securities Trading Policy in carrying out his responsibilities. Generally, the lower the Quantitative Uncertainty, the narrower the potential
range of outcomes for that particular company. The rating is expressed as Low,
Quantitative Equity Ratings Medium, High, Very High, and Extreme.
Morningstar’s quantitative equity ratings consist of: (i) Quantitative Fair Value Low – the interquartile range for possible fair values is less than 10%
Estimate, (ii) Quantitative Star Rating, (iii) Quantitative Uncertainty, (iv) Medium – the interquartile range for possible fair values is less than 15%
Quantitative Economic Moat, and (v) Quantitative Financial Health (collectively but greater than 10%
the “Quantitative Ratings). High – the interquartile range for possible fair values is less than 35% but
greater than 15%
The Quantitative Ratings are calculated daily and derived from the analyst- Very High – the interquartile range for possible fair values is less than 80%
driven ratings of a company’s peers as determined by statistical algorithms. but greater than 35%
Morningstar, Inc. (“Morningstar”, “we”, “our”) calculates Quantitative Ratings Extreme – the interquartile range for possible fair values is greater than
for companies whether or not it already provides analyst ratings and qualitative 80%
coverage. In some cases, the Quantitative Ratings may differ from the analyst
ratings because a company’s analyst-driven ratings can significantly differ from v. Quantitative Financial Health: Intended to reflect the probability that a firm
other companies in its peer group. will face financial distress in the near future. The calculation uses a predictive
model designed to anticipate when a company may default on its financial
i. Quantitative Fair Value Estimate: Intended to represent Morningstar’s obligations. The rating is expressed as Weak, Moderate, and Strong.
estimate of the per share dollar amount that a company’s equity is worth Weak – assigned when Quantitative Financial Health < 0.2
today. Morningstar calculates the Quantitative Fair Value Estimate using a Moderate – assigned when Quantitative Financial Health is between 0.2
statistical model derived from the Fair Value Estimate Morningstar’s equity and 0.7
analysts assign to companies. Please go to http://global.morningstar.com/ Strong – assigned when Quantitative Financial Health > 0.7
equitydisclosures for information about Fair Value Estimate Morningstar’s
equity analysts assign to companies. Other Definitions
i. Last Close – Price of the stock as of the close of the market of the last
ii. Quantitative Economic Moat: Intended to describe the strength of a firm’s trading day before date of the report.
competitive position. It is calculated using an algorithm designed to predict the ii. Quantitative Valuation– Using the below terms, intended to denote the
Economic Moat rating a Morningstar analyst would assign to the stock. The relationship between the security’s Last Price and Morningstar’s quantitative
rating is expressed as Narrow, Wide, or None. fair value estimate for that security.
Narrow – assigned when the probability of a stock receiving a “Wide Moat” Undervalued – Last Price is below Morningstar’s quantitative fair value
rating by an analyst is greater than 70% but less than 99%. estimate.
Wide – assigned when the probability of a stock receiving a “Wide Moat” Farily Valued – Last Price is in line with Morningstar’s quantitative fair value
rating by an analyst is greater than 99%. estimate.
None – assigned when the probability of an analyst receiving a “Wide Overvalued – Last Price is above Morningstar’s quantitative fair value
Moat” rating by an analyst is less than 70%. estimate.
iii. Quantitative Star Rating: Intended to be the summary rating based on the This Report has not been made available to the issuer of the security prior to
combination of our Quantitative Fair Value Estimate, current market price, publication.
Quantitative Uncertainty Rating, and momentum. The rating is expressed as
One-Star, Two-Star, Three-Star, Four-Star, and Five-Star. Risk Warning
One-Star – the stock is overvalued with a reasonable margin of safety. Please note that investments in securities are subject to market and other risks
Log (Quant FVE/Price) < -1*Quantitative Uncertainty and there is no assurance or guarantee that the intended investment objectives
Micro-Caps: Log (Quant FVE/Price) < -1.5*Quantitative Uncertainty will be achieved. Past performance of a security may or may not be sustained
Two-Star - the stock is somewhat overvalued. in future and is no indication of future performance. A security investment
Log (Quant FVE/Price) between (-1*Quantitative Uncertainty, -0.5*Quantitative return and an investor’s principal value will fluctuate so that, when redeemed,
Uncertainty) an investor’s shares may be worth more or less than their original cost. A
Micro-Caps: Log (Quant FVE/Price) between (-1.5*Quantitative Uncertainty, - security’s current investment performance may be lower or higher than the
0.75*Quantitative Uncertainty) investment performance noted within the report.
Three-Star – the stock is approximately fairly valued.
Log (Quant FVE/Price) between (-0.5*Quantitative Uncertainty, 0.5*Quantitative The quantitative equity ratings are not statements of fact. Morningstar does
Uncertainty) not guarantee the completeness or accuracy of the assumptions or models
Micro-Caps: Log (Quant FVE/Price) between (-0.75*Quantitative Uncertainty, used in determining the quantitative equity ratings. In addition, there is the risk
0.75*Quantitative Uncertainty)
ß
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Quantitative Equity Research Report | Release: 18 Sep 2023, 02:20 UTC | Reporting Currency: EUR | Trading Currency: EUR

| Exchange: EURONEXT - EURONEXT AMSTERDAM Page 1 of 6

Acomo NV ACOMO QQQQ Q 15 Sep 2023, 22:34 UTC

Acomo NV ACOMO QQQQ Q 15 Sep 2023, 22:34 UTC

Earnings as of 15 Sep 2023 Dividends as of 17 Sep 2023 Valuation as of 17 Sep 2023

Dividend Yield* 6.1 88.0

Contact Financials as of 17 Sep 2023 (Fiscal Year End 31 Dec 2023)

Valuation as of 17 Sep 2023

Operating Performance as of 17 Sep 2023 (Fiscal Year End 31 Dec 2023)

Dividends as of 17 Sep 2023

Four-Star – the stock is somewhat undervalued.

This report may be distributed in certain localities, countries and/or

Morningstar’s quantitative ratings are available for more than 28,000

For Recipients in Canada: This research is not prepared subject to Canadian

For Recipients in Hong Kong: The Report is distributed by Morningstar

For Recipients in India: This investment research is issued by Morningstar

*The Conflicts of Interest disclosure above also applies to relatives and

For recipients in Japan: The Report is distributed by Ibbotson Associates

For recipients in Singapore: This Report is distributed by Morningstar

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