New Risk • Jun 26
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 Portuguese stocks, typically moving 4.7% 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: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 96% Paying a dividend despite having no free cash flows. High level of non-cash earnings (58% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (4.7% average weekly change). Profit margins are more than 30% lower than last year (3.3% net profit margin). Declared Dividend • Jun 15
Dividend reduced to €0.093 Dividend of €0.093 is 22% lower than last year. Ex-date: 23rd June 2026 Payment date: 25th June 2026 Dividend yield will be 4.1%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is not adequately covered by earnings (96% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. The company's earnings per share (EPS) would need to grow by 6.7% to bring the payout ratio under control, which is less than the 8.5% EPS growth achieved over the last 5 years. Ankündigung • Jun 14
Martifer SGPS, S.A. announces Annual dividend, payable on June 25, 2026 Martifer SGPS, S.A. announced Annual dividend of EUR 0.0930 per share payable on June 25, 2026, ex-date on June 23, 2026 and record date on June 24, 2026. New Risk • May 02
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). High level of non-cash earnings (58% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.2% net profit margin). New Risk • Mar 29
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: Major Risk High level of non-cash earnings (61% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Paying a dividend despite having no free cash flows. Ankündigung • Aug 06
Visabeira Industria, SGPS, S.A. proposed to acquire Martifer SGPS, S.A. (ENXTLS:MAR) for approximately €200 million. Visabeira Industria, SGPS, S.A. proposed to acquire Martifer SGPS, S.A. (ENXTLS:MAR) for approximately €200 million on August 6, 2025. A cash consideration valued at €2.057 per share will be paid by Visabeira Industria, SGPS, S.A. The amount will be paid in cash, less any (gross) amount that may be allocated to each Share as dividends, as an advance on profits for the year, or as a distribution of reserves. The statement clarifies that the consideration corresponds to €1.60, "plus an amount equal to the dividend distributed by Martifer for the 2025 fiscal year. New Risk • Aug 05
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 Portuguese stocks, typically moving 3.8% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to €2.74, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 15x in the Construction industry in Europe. Total returns to shareholders of 132% over the past three years. Ankündigung • Jun 14
Martifer SGPS, S.A. announces Annual dividend, payable on June 25, 2025 Martifer SGPS, S.A. announced Annual dividend of EUR 0.1200 per share payable on June 25, 2025, ex-date on June 23, 2025 and record date on June 24, 2025. Buy Or Sell Opportunity • May 06
Now 21% undervalued Over the last 90 days, the stock has risen 5.4% to €1.85. The fair value is estimated to be €2.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has grown by 24%. Reported Earnings • May 04
Full year 2024 earnings released: EPS: €0.23 (vs €0.20 in FY 2023) Full year 2024 results: EPS: €0.23 (up from €0.20 in FY 2023). Revenue: €264.5m (up 25% from FY 2023). Net income: €23.0m (up 17% from FY 2023). Profit margin: 8.7% (down from 9.3% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Ankündigung • May 01
Martifer SGPS, S.A., Annual General Meeting, May 28, 2025 Martifer SGPS, S.A., Annual General Meeting, May 28, 2025. Location: zona industrial de oliveira de frades, apartado 17, oliveira de frades Portugal New Risk • Mar 09
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. This is currently the only risk that has been identified for the company. New Risk • Aug 21
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended June 2023. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported June 2023 fiscal period end). Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risk Large one-off items impacting financial results. New Risk • Dec 31
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €1.53, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 12x in the Construction industry in Europe. Total returns to shareholders of 292% over the past three years. Reported Earnings • Aug 23
First half 2023 earnings released: EPS: €0.093 (vs €0.10 in 1H 2022) First half 2023 results: EPS: €0.093 (down from €0.10 in 1H 2022). Revenue: €105.4m (up 13% from 1H 2022). Net income: €9.10m (down 7.1% from 1H 2022). Profit margin: 8.6% (down from 11% in 1H 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jun 18
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 Portuguese stocks, typically moving 5.4% 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: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risk Share price has been volatile over the past 3 months (5.4% average weekly change). Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €1.33, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 12x in the Construction industry in Europe. Total returns to shareholders of 245% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 17% share price gain to €1.19, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 218% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Non-Executive Director Carla de Araujo Goncalves Borges Norte was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 24% share price gain to €1.08, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 161% over the past three years. Reported Earnings • Aug 27
First half 2022 earnings released: EPS: €0.10 (vs €0.059 in 1H 2021) First half 2022 results: EPS: €0.10 (up from €0.059 in 1H 2021). Revenue: €103.7m (down 12% from 1H 2021). Net income: €9.79m (up 69% from 1H 2021). Profit margin: 9.4% (up from 4.9% in 1H 2021). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. Reported Earnings • May 02
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: €0.12 (up from €0.064 in FY 2020). Revenue: €228.7m (flat on FY 2020). Net income: €11.3m (up 79% from FY 2020). Profit margin: 4.9% (up from 2.8% in FY 2020). Revenue missed analyst estimates by 4.8%. Earnings per share (EPS) exceeded analyst estimates. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
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. 8 experienced directors. 3 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Vítor Manuel Escária was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 22% share price gain to €1.02, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 17x in the Construction industry in Europe. Total returns to shareholders of 120% over the past three years. Reported Earnings • Apr 17
Full year 2020 earnings released The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: €249.3m (up 5.2% from FY 2019). Net income: €6.30m (down 73% from FY 2019). Profit margin: 2.5% (down from 9.9% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Dec 15
New 90-day high: €0.42 The company is up 2.0% from its price of €0.41 on 15 September 2020. The Portuguese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 8.0% over the same period. Is New 90 Day High Low • Oct 09
New 90-day low: €0.38 The company is down 1.0% from its price of €0.38 on 10 July 2020. The Portuguese market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 2.0% over the same period.