Declared Dividend • Jun 29
Dividend of €0.07 announced Shareholders will receive a dividend of €0.07. Ex-date: 2nd July 2026 Payment date: 6th July 2026 Dividend yield will be 2.2%, which is lower than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but not covered by cash flows (101% cash payout ratio). The dividend has increased by an average of 8.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 20% over the next 3 years. However, it would need to fall by 41% to increase the payout ratio to a potentially unsustainable range. Major Estimate Revision • Jun 02
Consensus EPS estimates increase by 342% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from €0.275 to €1.22. Revenue forecast unchanged at €727.0m. Net income forecast to grow 14% next year vs 135% growth forecast for Pharmaceuticals industry in Spain. Consensus price target of €5.39 unchanged from last update. Share price fell 3.8% to €4.53 over the past week. Declared Dividend • May 11
Dividend of €0.07 announced Shareholders will receive a dividend of €0.07. Ex-date: 23rd June 2026 Payment date: 25th June 2026 Dividend yield will be 2.2%, which is lower than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but not covered by cash flows (101% cash payout ratio). The dividend has increased by an average of 8.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 54% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • May 07
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (101% cash payout ratio). Profit margins are more than 30% lower than last year (12% net profit margin). Announcement • May 07
Faes Farma, S.A., Annual General Meeting, Jun 24, 2026 Faes Farma, S.A., Annual General Meeting, Jun 24, 2026. Location: palacio euskalduna, avenida abandoibarra 4, bilbao., Spain Reported Earnings • May 05
First quarter 2026 earnings released First quarter 2026 results: EPS: €0.099. Revenue: €200.1m (up 31% from 1Q 2025). Net income: €30.8m (up 8.5% from 1Q 2025). Profit margin: 15% (down from 19% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Pharmaceuticals industry in Spain. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Apr 10
Faes Farma, S.A. to Report Q1, 2026 Results on Apr 30, 2026 Faes Farma, S.A. announced that they will report Q1, 2026 results on Apr 30, 2026 New Risk • Mar 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 13% Last year net profit margin: 22% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (13% net profit margin). Price Target Changed • Feb 23
Price target increased by 8.7% to €5.30 Up from €4.88, the current price target is an average from 4 analysts. New target price is 6.4% above last closing price of €4.98. Stock is up 34% over the past year. The company is forecast to post earnings per share of €0.23 for next year compared to €0.36 last year. Announcement • Feb 03
Faes Farma, S.A. to Report Fiscal Year 2025 Results on Feb 26, 2026 Faes Farma, S.A. announced that they will report fiscal year 2025 results on Feb 26, 2026 Upcoming Dividend • Jan 02
Upcoming dividend of €0.033 per share Eligible shareholders must have bought the stock before 08 January 2026. Payment date: 12 January 2026. Trailing yield: 3.0%. Lower than top quartile of Spanish dividend payers (5.3%). Higher than average of industry peers (2.6%). Declared Dividend • Nov 24
Dividend of €0.033 announced Shareholders will receive a dividend of €0.033. Ex-date: 8th January 2026 Payment date: 12th January 2026 Dividend yield will be 3.1%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (67% cash payout ratio). The dividend has increased by an average of 7.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 25% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 06
Third quarter 2025 earnings released Third quarter 2025 results: EPS: €0.068. Revenue: €146.6m (up 23% from 3Q 2024). Net income: €21.2m (down 1.2% from 3Q 2024). Profit margin: 14% (down from 18% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Pharmaceuticals industry in Spain. Announcement • Nov 06
Faes Farma, S.A. to Report Nine Months, 2025 Results on Nov 04, 2025 Faes Farma, S.A. announced that they will report nine months, 2025 results on Nov 04, 2025 Major Estimate Revision • Oct 16
Consensus EPS estimates fall by 22%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from €538.5m to €557.0m. EPS estimate fell from €0.27 to €0.21 per share. Net income forecast to shrink 24% next year vs 24% growth forecast for Pharmaceuticals industry in Spain . Consensus price target up from €4.88 to €5.18. Share price rose 2.7% to €4.50 over the past week. Reported Earnings • Jul 25
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €154.4m (up 15% from 2Q 2024). Net income: €24.0m (down 14% from 2Q 2024). Profit margin: 16% (down from 21% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Pharmaceuticals industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Jul 22
Faes Farma, S.A. to Report First Half, 2025 Results on Jul 24, 2025 Faes Farma, S.A. announced that they will report first half, 2025 results on Jul 24, 2025 Buy Or Sell Opportunity • Jul 15
Now 21% undervalued Over the last 90 days, the stock has risen 18% to €4.53. The fair value is estimated to be €5.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Earnings per share has grown by 7.4%. Revenue is forecast to grow by 6.8% in 2 years. Earnings are forecast to decline by 5.3% in the next 2 years. Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 5 highly experienced directors. Executive Director Eduardo de la Cuadra was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Jun 11
Price target increased by 12% to €4.78 Up from €4.28, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of €4.56. Stock is up 21% over the past year. The company is forecast to post earnings per share of €0.26 for next year compared to €0.36 last year. Announcement • Jun 11
Faes Farma, S.A. (BME:FAE) has signed a purchase agreement to acquire Sifi S.P.A. from 21 Investimenti III Fund managed by 21 Invest Sgr S.p.A. and others for €350 million. Faes Farma, S.A. (BME:FAE) has signed a purchase agreement to acquire Sifi S.P.A. from 21 Investimenti III Fund managed by 21 Invest Sgr S.p.A. and others for €350 million on June 10, 2025. Faes Farma, S.A. will pay an earnout/contingent payment of €80.5 million cash. The transaction values Sifi S.P.A. at €270 million upfront Enterprise Value plus earn outs related to Akantior linked to certain sales levels in Europe that exceed forecasts. The maximum total amount of the earn-outs would be €50.5 million spread over six milestones/payments until 2041. In addition, there is a potential payment of €30 million conditional on the commercial launch of Akantior in the US plus one digit to low two-digit tiered payments on US net sales following until the expiration of the patent in the US, or US loss of exclusivity. Sifi S.P.A. acquisition expected to be EPS accretive from year one, even before commercial and cost synergies. Faes Farma, S.A. has secured committed debt financing from J.P. Morgan SE to fund the acquisition.
The transaction is expected to close in the third quarter of 2025, subject to approval by competition and foreign investment authorities in the various countries and Faes Farma, S.A.'s extraordinary shareholders' meeting, which will be convened in the coming days.
J.P. Morgan SE acted as financial advisor for Faes Farma, S.A. Cuatrecasas, Gonçalves Pereira, S.L.P. acted as legal advisor for Faes Farma, S.A. Chiomenti Studio Legale acted as legal advisor for Faes Farma, S.A. Ernst & Young Transaction Advisory Services España acted as due diligence provider for Faes Farma, S.A. Gide Loyrette Nouel A.A.R.P.I. acted as due diligence provider for Faes Farma, S.A. Wolf Theiss Rechtsanwalte GmbH & Co Kg acted as due diligence provider for Faes Farma, S.A. At Kearney Sa acted as due diligence provider for Faes Farma, S.A. Evercore Partners International LLP acted as financial advisor for 21 Invest Sgr S.p.A. Mediobanca Banca di Credito Finanziario S.p.A. acted as financial advisor for 21 Invest Sgr S.p.A. Hogan Lovells Studio Legale acted as legal advisor for 21 Invest Sgr S.p.A. Announcement • May 20
Faes Farma, S.A., Annual General Meeting, Jun 24, 2025 Faes Farma, S.A., Annual General Meeting, Jun 24, 2025. Location: palacio euskalduna, avenida abandoibarra, n 4, de bilbao., Spain New Risk • May 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 5.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.3% average weekly change). Large one-off items impacting financial results. Reported Earnings • May 07
First quarter 2025 earnings released First quarter 2025 results: EPS: €0.091. Revenue: €153.0m (up 10% from 1Q 2024). Net income: €28.4m (down 6.9% from 1Q 2024). Profit margin: 19% (down from 22% in 1Q 2024). Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Pharmaceuticals industry in Spain. Price Target Changed • May 06
Price target increased by 12% to €4.51 Up from €4.03, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of €4.31. Stock is up 23% over the past year. The company is forecast to post earnings per share of €0.26 for next year compared to €0.36 last year. Major Estimate Revision • Apr 24
Consensus EPS estimates fall by 15%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from €515.5m to €524.8m. EPS estimate fell from €0.305 to €0.26 per share. Net income forecast to shrink 25% next year vs 21% growth forecast for Pharmaceuticals industry in Spain . Consensus price target up from €4.03 to €4.28. Share price rose 5.4% to €4.09 over the past week. Price Target Changed • Apr 23
Price target increased by 13% to €4.28 Up from €3.78, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of €4.12. Stock is up 26% over the past year. The company is forecast to post earnings per share of €0.26 for next year compared to €0.36 last year. Announcement • Apr 09
Faes Farma, S.A. to Report Q1, 2025 Results on Apr 30, 2025 Faes Farma, S.A. announced that they will report Q1, 2025 results on Apr 30, 2025 Price Target Changed • Mar 26
Price target increased by 7.3% to €4.03 Up from €3.75, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of €3.90. Stock is up 24% over the past year. Announcement • Mar 26
Faes Farma, S.A. (BME:FAE) agreed to acquire Laboratorios Edol Productos Farmacêuticos, S.A. Faes Farma, S.A. (BME:FAE) agreed to acquire Laboratorios Edol Productos Farmacêuticos, S.A. on March 25, 2025. Laboratorios Edol Productos Farmacêuticos has reported sales of exceeding €30 million in 2024. The closing of the transaction is subject to the satisfactory completion of conditions precedent, including the submission of audited annual accounts for 2024 and the continuation of some of the existing commercial agreements with Laboratorios Edol. Announcement • Feb 13
Faes Farma, S.A. to Report Fiscal Year 2024 Results on Feb 28, 2025 Faes Farma, S.A. announced that they will report fiscal year 2024 results at 12:00 PM, Romance Standard Time on Feb 28, 2025 Board Change • Feb 07
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Eugenia Zugaza Salazar was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Jan 02
Upcoming dividend of €0.033 per share Eligible shareholders must have bought the stock before 09 January 2025. Payment date: 13 January 2025. Payout ratio is a comfortable 50% but the company is paying out more than the cash it is generating. Trailing yield: 4.5%. Lower than top quartile of Spanish dividend payers (5.6%). Higher than average of industry peers (2.7%). Declared Dividend • Dec 02
Dividend of €0.033 announced Shareholders will receive a dividend of €0.033. Ex-date: 9th January 2025 Payment date: 13th January 2025 Dividend yield will be 3.6%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (37% earnings payout ratio) but not covered by cash flows (109% cash payout ratio). The dividend has increased by an average of 7.6% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to decline by 4.5% over the next 3 years. However, it would need to fall by 59% to increase the payout ratio to a potentially unsustainable range. Buy Or Sell Opportunity • Nov 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.5% to €3.47. The fair value is estimated to be €4.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has grown by 3.1%. For the next 3 years, revenue is forecast to grow by 1.0% per annum. Earnings are forecast to decline by 2.8% per annum over the same time period. Reported Earnings • Nov 01
Third quarter 2024 earnings released Third quarter 2024 results: EPS: €0.069. Revenue: €119.3m (up 9.4% from 3Q 2023). Net income: €21.5m (up 1.5% from 3Q 2023). Profit margin: 18% (down from 19% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Pharmaceuticals industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has remained flat. Reported Earnings • Aug 01
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €134.6m (up 9.5% from 2Q 2023). Net income: €27.9m (up 9.9% from 2Q 2023). Profit margin: 21% (in line with 2Q 2023). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Pharmaceuticals industry in Europe. Buy Or Sell Opportunity • May 06
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to €3.49. The fair value is estimated to be €2.88, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 4.2%. For the next 3 years, revenue is forecast to grow by 1.6% per annum. Earnings are forecast to decline by 1.9% per annum over the same time period. Reported Earnings • Feb 29
Full year 2023 earnings released Full year 2023 results: Revenue: €473.1m (up 2.5% from FY 2022). Net income: €91.9m (up 2.6% from FY 2022). Profit margin: 19% (in line with FY 2022). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Pharmaceuticals industry in Spain. Announcement • Feb 09
Faes Farma, S.A. to Report Fiscal Year 2023 Results on Feb 27, 2024 Faes Farma, S.A. announced that they will report fiscal year 2023 results on Feb 27, 2024 Announcement • Feb 08
Faes Farma, S.A., Annual General Meeting, Jun 15, 2024 Faes Farma, S.A., Annual General Meeting, Jun 15, 2024. Buy Or Sell Opportunity • Jan 29
Now 21% undervalued Over the last 90 days, the stock has risen 2.0% to €3.03. The fair value is estimated to be €3.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 4.3%. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings are forecast to decline by 0.8% per annum over the same time period. New Risk • Jan 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (2.6% increase in shares outstanding). New Risk • Oct 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (2.6% increase in shares outstanding). New Risk • Jul 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (2.6% increase in shares outstanding). Reported Earnings • Jul 30
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €122.9m (up 1.7% from 2Q 2022). Net income: €25.4m (down 3.4% from 2Q 2022). Profit margin: 21% (down from 22% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Pharmaceuticals industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • May 05
Faes Farma, S.A. (BME:FAE) completed the acquisition of NovoSci. Faes Farma, S.A. (BME:FAE) agreed to acquire NovoSci on January 12, 2023. Faes Farma received authorization for the acquisition. Mariano Ucar, Ariadna Casanueva and Soraya Romero of Cuatrecasas acted as legal advisors to Faes Farma in the transaction.Faes Farma, S.A. (BME:FAE) completed the acquisition of NovoSci on May 3, 2023. Reported Earnings • May 03
First quarter 2023 earnings released First quarter 2023 results: Revenue: €130.1m (up 4.0% from 1Q 2022). Net income: €27.6m (up 3.7% from 1Q 2022). Profit margin: 21% (in line with 1Q 2022). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Pharmaceuticals industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Buying Opportunity • Mar 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.5%. The fair value is estimated to be €4.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has grown by 7.0%. For the next 3 years, revenue is forecast to grow by 1.0% per annum. Earnings is also forecast to grow by 2.5% per annum over the same time period. Upcoming Dividend • Dec 29
Upcoming dividend of €0.03 per share Eligible shareholders must have bought the stock before 05 January 2023. Payment date: 09 January 2023. Payout ratio is on the higher end at 81%, however this is supported by cash flows. Trailing yield: 5.8%. Lower than top quartile of Spanish dividend payers (6.0%). Higher than average of industry peers (2.6%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 5 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Eugenia Zugaza Salazar was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 04
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: €106.0m (down 5.2% from 3Q 2021). Net income: €21.1m (down 11% from 3Q 2021). Profit margin: 20% (down from 21% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Pharmaceuticals industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 30
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €120.9m (up 16% from 2Q 2021). Net income: €26.3m (up 2.3% from 2Q 2021). Profit margin: 22% (down from 25% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 4.9% compared to a 4.3% growth forecast for the industry in Spain. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Eugenia Zugaza Salazar was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: €0.29 (up from €0.26 in FY 2020). Revenue: €428.6m (up 4.2% from FY 2020). Net income: €83.2m (up 15% from FY 2020). Profit margin: 19% (up from 18% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 1.9%. Over the next year, revenue is expected to shrink by 1.4% compared to a 7.3% growth forecast for the pharmaceuticals industry in Spain. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Dec 09
Upcoming dividend of €0.14 per share Eligible shareholders must have bought the stock before 16 December 2021. Payment date: 23 December 2021. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of Spanish dividend payers (5.3%). Higher than average of industry peers (2.6%). Reported Earnings • Jul 29
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: €104.1m (up 4.4% from 2Q 2020). Net income: €25.7m (up 3.9% from 2Q 2020). Profit margin: 25% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • May 04
First quarter 2021 earnings released The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: €104.9m (down 14% from 1Q 2020). Net income: €21.5m (up 3.1% from 1Q 2020). Profit margin: 21% (up from 17% in 1Q 2020). The increase in margin was driven by lower expenses. Is New 90 Day High Low • Jan 18
New 90-day high: €3.96 The company is up 22% from its price of €3.26 on 20 October 2020. The Spanish market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.14 per share. Is New 90 Day High Low • Dec 04
New 90-day high: €3.90 The company is up 19% from its price of €3.27 on 04 September 2020. The Spanish market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.50 per share. Is New 90 Day High Low • Nov 16
New 90-day high: €3.74 The company is up 9.0% from its price of €3.44 on 18 August 2020. The Spanish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Pharmaceuticals industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.50 per share. Is New 90 Day High Low • Oct 29
New 90-day low: €3.20 The company is down 12% from its price of €3.63 on 30 July 2020. The Spanish market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.50 per share.