Reported Earnings • May 18
Full year 2025 earnings released Full year 2025 results: Revenue: €1.20b (up 63% from FY 2024). Net income: €48.5m (up 119% from FY 2024). Profit margin: 4.0% (up from 3.0% in FY 2024). The increase in margin was driven by higher revenue. New Risk • Mar 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Jul 04
Upcoming dividend of €1.75 per share Eligible shareholders must have bought the stock before 11 July 2025. Payment date: 15 July 2025. Payout ratio is a comfortable 75% but the company is not cash flow positive. Trailing yield: 7.5%. Within top quartile of German dividend payers (4.3%). Higher than average of industry peers (2.4%). Declared Dividend • Jun 04
Dividend increased to €1.75 Dividend of €1.75 is 218% higher than last year. Ex-date: 11th July 2025 Payment date: 15th July 2025 Dividend yield will be 7.8%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (75% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 16% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 99% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 03
Lang & Schwarz Aktiengesellschaft announces Annual dividend, payable on July 15, 2025 Lang & Schwarz Aktiengesellschaft announced Annual dividend of EUR 1.7500 per share payable on July 15, 2025, ex-date on July 11, 2025 and record date on July 14, 2025. Announcement • Jun 02
Lang & Schwarz Aktiengesellschaft, Annual General Meeting, Jul 10, 2025 Lang & Schwarz Aktiengesellschaft, Annual General Meeting, Jul 10, 2025, at 10:00 W. Europe Standard Time. Reported Earnings • May 19
Full year 2024 earnings released Full year 2024 results: Revenue: €734.6m (up 52% from FY 2023). Net income: €22.1m (up 190% from FY 2023). Profit margin: 3.0% (up from 1.6% in FY 2023). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €19.70, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 22x in the Capital Markets industry in Germany. Total returns to shareholders of 23% over the past three years. New Risk • Mar 04
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Nov 11
Now 24% overvalued Over the last 90 days, the stock has fallen 7.1% to €17.60. The fair value is estimated to be €14.18, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 29%. Buy Or Sell Opportunity • Oct 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 1.8% to €17.40. The fair value is estimated to be €14.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 29%. Buy Or Sell Opportunity • Oct 04
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at €17.80. The fair value is estimated to be €14.55, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 29%. Buy Or Sell Opportunity • Sep 11
Now 20% overvalued Over the last 90 days, the stock has fallen 5.4% to €17.50. The fair value is estimated to be €14.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 29%. Reported Earnings • Aug 18
First half 2024 earnings released: EPS: €2.04 (vs €0.31 in 1H 2023) First half 2024 results: EPS: €2.04 (up from €0.31 in 1H 2023). Revenue: €442.7m (up 56% from 1H 2023). Net income: €19.2m (up €16.3m from 1H 2023). Profit margin: 4.3% (up from 1.0% in 1H 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year whereas the company’s share price has fallen by 24% per year. Buy Or Sell Opportunity • Aug 08
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to €17.35. The fair value is estimated to be €14.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 61%. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €16.90, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 22x in the Capital Markets industry in Germany. Total loss to shareholders of 45% over the past three years. Upcoming Dividend • Jun 28
Upcoming dividend of €0.55 per share Eligible shareholders must have bought the stock before 05 July 2024. Payment date: 09 July 2024. Payout ratio is a comfortable 68% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (4.7%). In line with average of industry peers (2.8%). Buy Or Sell Opportunity • May 27
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 71% to €17.15. The fair value is estimated to be €14.02, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Reported Earnings • May 20
Full year 2023 earnings released Full year 2023 results: Revenue: €484.2m (down 36% from FY 2022). Net income: €7.64m (down 13% from FY 2022). Profit margin: 1.6% (up from 1.2% in FY 2022). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €16.60, the stock trades at a trailing P/E ratio of 61.3x. Average trailing P/E is 22x in the Capital Markets industry in Germany. Total loss to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €12.20, the stock trades at a trailing P/E ratio of 45x. Average trailing P/E is 22x in the Capital Markets industry in Germany. Total loss to shareholders of 66% over the past three years. New Risk • Mar 05
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 21
First half 2023 earnings released: EPS: €0.31 (vs €0.97 in 1H 2022) First half 2023 results: EPS: €0.31 (down from €0.97 in 1H 2022). Revenue: €285.0m (down 42% from 1H 2022). Net income: €2.96m (down 68% from 1H 2022). Profit margin: 1.0% (down from 1.9% in 1H 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 16
Upcoming dividend of €0.64 per share at 6.1% yield Eligible shareholders must have bought the stock before 23 June 2023. Payment date: 27 June 2023. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 6.1%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.0%). Reported Earnings • May 14
Full year 2022 earnings released Full year 2022 results: Revenue: €753.8m (down 8.1% from FY 2021). Net income: €8.77m (down 58% from FY 2021). Profit margin: 1.2% (down from 2.6% in FY 2021). The decrease in margin was driven by lower revenue. Upcoming Dividend • Aug 25
Upcoming dividend of €1.50 per share Eligible shareholders must have bought the stock before 01 September 2022. Payment date: 05 September 2022. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 9.9%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.0%). Reported Earnings • Aug 21
First half 2022 earnings released: EPS: €0 (vs €5.09 in 1H 2021) First half 2022 results: EPS: €0 (down from €5.09 in 1H 2021). Revenue: €487.5m (up 6.3% from 1H 2021). Net income: €9.17m (down 81% from 1H 2021). Profit margin: 1.9% (down from 11% in 1H 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improved over the past week After last week's 15% share price gain to €13.70, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 11x in the Capital Markets industry in Germany. Total returns to shareholders of 215% over the past three years. Reported Earnings • May 30
Full year 2021 earnings released Full year 2021 results: Revenue: €821.8m (up 19% from FY 2020). Net income: €21.0m (up 99% from FY 2020). Profit margin: 2.6% (up from 1.5% in FY 2020). The increase in margin was driven by higher revenue. Upcoming Dividend • Nov 11
Upcoming dividend of €4.00 per share Eligible shareholders must have bought the stock before 18 November 2021. Payment date: 22 November 2021. Trailing yield: 4.6%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment deteriorated over the past week After last week's 37% share price decline to €80.10, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 18x in the Capital Markets industry in Germany. Total returns to shareholders of 283% over the past three years. Reported Earnings • Aug 26
First half 2021 earnings released: EPS €15.27 (vs €4.58 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €458.7m (up 55% from 1H 2020). Net income: €48.0m (up 234% from 1H 2020). Profit margin: 11% (up from 4.9% in 1H 2020). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 20
Upcoming dividend of €4.00 per share Eligible shareholders must have bought the stock before 27 August 2021. Payment date: 31 August 2021. Trailing yield: 3.1%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (2.5%). Reported Earnings • Jun 03
Full year 2020 earnings released: EPS €3.35 (vs €0.23 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €691.7m (up 183% from FY 2019). Net income: €10.5m (up €9.82m from FY 2019). Profit margin: 1.5% (up from 0.3% in FY 2019). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improved over the past week After last week's 35% share price gain to €126, the stock is trading at a trailing P/E ratio of 23.7x, up from the previous P/E ratio of 17.5x. This compares to an average P/E of 19x in the Capital Markets industry in Germany. Total returns to shareholders over the past three years are 445%. Is New 90 Day High Low • Jan 21
New 90-day high: €97.60 The company is up 152% from its price of €38.70 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 13% over the same period. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 24% share price gain to €96.20, the stock is trading at a trailing P/E ratio of 18.1x, up from the previous P/E ratio of 14.5x. This compares to an average P/E of 17x in the Capital Markets industry in Germany. Total returns to shareholders over the past three years are 310%. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 22% share price gain to €73.40, the stock is trading at a trailing P/E ratio of 13.8x, up from the previous P/E ratio of 11.3x. This compares to an average P/E of 17x in the Capital Markets industry in Germany. Total returns to shareholders over the past three years are 225%. Is New 90 Day High Low • Jan 04
New 90-day high: €70.60 The company is up 103% from its price of €34.70 on 06 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: €67.40 The company is up 85% from its price of €36.40 on 10 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Nov 24
Market bids up stock over the past week After last week's 17% share price gain to €59.20, the stock is trading at a trailing P/E ratio of 11.1x, up from the previous P/E ratio of 9.5x. This compares to an average P/E of 16x in the Capital Markets industry in Germany. Total returns to shareholders over the past three years are 183%. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 19% share price gain to €44.00, the stock is trading at a trailing P/E ratio of 8.3x, up from the previous P/E ratio of 6.9x. This compares to an average P/E of 15x in the Capital Markets industry in Germany. Total returns to shareholders over the past three years are 129%. Is New 90 Day High Low • Nov 06
New 90-day high: €39.70 The company is up 52% from its price of €26.10 on 07 August 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is down 4.0% over the same period. Is New 90 Day High Low • Oct 09
New 90-day high: €37.60 The company is up 39% from its price of €27.00 on 10 July 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is down 9.0% over the same period.