NX Filtration N.V. (NXFIL.AS) fair value

ACCE thesis

NX Filtration makes membrane filtration systems, including nanofiltration and reverse osmosis modules and the skids that house them, for industrial water treatment, food and beverage processing and specialty chemicals. Its moat is the membrane chemistry and manufacturing know-how behind its NX Pure and NX Water products, which give it a 49.6% gross margin that sits well above typical equipment makers, though operating losses are still deep at -171.9% of revenue. Revenue grew 17.1%, and the case rests on whether that top-line momentum can pull the cost base toward breakeven before the balance sheet is tested. At a 185M EUR market cap the stock is small enough that a single large industrial contract or a clear path to positive operating cash flow could move it sharply, so the next company update on order intake and cost reduction is the key checkpoint. The thesis needs proof that scaling volume brings margins down through the loss line; a deeper look should start with cash runway, backlog conversion, and whether gross margin holds as orders grow.