Ctac: a business integrator
Ctac is a business integrator, which helps Dutch and Belgian companies to create the IT systems that are needed to support their business needs. It mainly serves the retail, wholesale, manufacturing and real estate verticals, and focuses on five key domains:
  • Business transformation: help the customer to develop new business models and transform the customer experience.
  • IT modernization: develop the right enterprise architecture for the customer and help them to move (part of) their data to the cloud, so that it is accessible from a wide variety of (mobile) devices for employees and customers
  • Connected intelligence: optimize data collection (also using new Internet of Things technology) and analyze it to extract business value from it. Ctac is increasingly using artificial intelligence to offer predictive analytics that allow the customer to anticipate future needs.
  • Transformation and change management: assist customers that need to adapt their organization to an important transformation such as a merger or a new market approach. This is a new domain for Ctac, where the project and program managers that joined the company through the acquisition of Purple Square at the end of 2019 play an important role.
  • Security and trust: cyber-security has become of paramount importance for customers because their processes are increasingly connected with external networks and the internet. Ctac helps them to protect their systems from intrusion, data theft and other forms of hacking that can jeopardize their operations or the safety of sensitive data.
Ctac intends to grow its revenues in these domains through organic growth, possibly complemented by acquisitions in the case of business transformation and security & trust. In serving its customers, Ctac makes use of a wide range of solutions from external vendors including SAP (for which it is a platinum partner), Microsoft (gold partner), Dell Boomi, InRiver, Mendix, and Winshuttle.

Competitive description

Ctac is one of the larger companies in the very fragmented IT markets it services. Its competition mainly consists of other local players such as Simac, Conclusion, Experis and SOA People (in Belgium). For its business consultancy services it also competes with the large accounting firms such as Deloitte and Accenture.


Luuk van Beek

Luuk van Beek

Senior Equity Analyst
+31 20 573 54 71E-mail

Historical price range

DateShare priceTarget Valuation Range (Low)Target Valuation Range (High)
10-Jun-22€ 3.80€ 4.90€ 7.50
10-Mar-22€ 4.10€ 5.00€ 6.80
28-May-21€ 4.01€ 5.00€ 6.80
18-Jun-21€ 4.67€ 5.00€ 6.80
30-Jul-21€ 4.60€ 5.00€ 6.80
28-Oct-21€ 4.44€ 5.30€ 7.20
Last update: 10.06.2022

Key figures and estimates

mln euros20212022e2023e2024e
Net Profit4.
Adjusted Net Profit4.
Adjusted EPS0.330.360.440.48
Dividend p.s.
Net Debt incl. lease3.44.40.7-4.5
Last update: 10.06.2022

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