Reported Earnings • Apr 29
First quarter 2022 earnings released: EPS: US$0.06 (vs US$0.057 in 1Q 2021) First quarter 2022 results: EPS: US$0.06 (up from US$0.057 in 1Q 2021). Revenue: US$441.9m (up 4.7% from 1Q 2021). Net income: US$57.8m (up 5.7% from 1Q 2021). Profit margin: 13% (in line with 1Q 2021). Over the next year, revenue is forecast to grow 1.9%, compared to a 33% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
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. 3 experienced directors. 5 highly experienced directors. President, CEO & Director Daniel Racine was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 23
Upcoming dividend of US$0.03 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 14 April 2022. Payout ratio is a comfortable 73% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (3.6%). Lower than average of industry peers (8.5%). Recent Insider Transactions • Feb 20
President recently bought €95k worth of stock On the 16th of February, Daniel Racine bought around 24k shares on-market at roughly €3.93 per share. This was the largest purchase by an insider in the last 3 months. This was Daniel's only on-market trade for the last 12 months. Reported Earnings • Feb 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$0.15 (down from US$0.21 in FY 2020). Revenue: US$1.82b (up 16% from FY 2020). Net income: US$147.5m (down 28% from FY 2020). Profit margin: 8.1% (down from 13% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to stay flat compared to a 13% growth forecast for the mining industry in Germany. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improved over the past week After last week's 16% share price gain to €4.28, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 90% over the past three years. Recent Insider Transactions • Jan 19
Executive Chairman recently sold €366k worth of stock On the 17th of January, Peter Marrone sold around 100k shares on-market at roughly €3.66 per share. This was the largest sale by an insider in the last 3 months. This was Peter's only on-market trade for the last 12 months. Upcoming Dividend • Dec 23
Upcoming dividend of US$0.03 per share Eligible shareholders must have bought the stock before 30 December 2021. Payment date: 14 January 2022. Payout ratio is a comfortable 74% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (7.8%). Recent Insider Transactions • Nov 07
Senior Vice President of Operations recently bought €70k worth of stock On the 5th of November, Yohann Bouchard bought around 20k shares on-market at roughly €3.48 per share. This was the largest purchase by an insider in the last 3 months. Yohann has been a buyer over the last 12 months, purchasing a net total of €7.9k worth in shares. Reported Earnings • Oct 30
Third quarter 2021 earnings released: EPS US$0.028 (vs US$0.058 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: US$452.2m (up 2.9% from 3Q 2020). Net income: US$27.0m (down 51% from 3Q 2020). Profit margin: 6.0% (down from 13% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of US$0.03 per share Eligible shareholders must have bought the stock before 28 September 2021. Payment date: 14 October 2021. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (7.2%). Reported Earnings • Jul 31
Second quarter 2021 earnings released: US$0.045 loss per share The company reported a mediocre second quarter result with weaker control over costs, although losses were stable and revenues improved. Second quarter 2021 results: Revenue: US$437.4m (up 44% from 2Q 2020). Net loss: US$43.9m (flat on 2Q 2020). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of US$0.026 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 14 July 2021. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (3.1%). Lower than average of industry peers (4.8%). Reported Earnings • May 02
First quarter 2021 earnings released: EPS US$0.057 (vs US$0.047 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: US$422.0m (up 18% from 1Q 2020). Net income: US$54.7m (up 22% from 1Q 2020). Profit margin: 13% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of US$0.026 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 14 April 2021. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (4.8%). Recent Insider Transactions • Feb 19
Senior Vice President of Operations recently bought €62k worth of stock On the 16th of February, Yohann Bouchard bought around 16k shares on-market at roughly €3.88 per share. This was the largest purchase by an insider in the last 3 months. Yohann has been a buyer over the last 12 months, purchasing a net total of €86k worth in shares. Is New 90 Day High Low • Feb 18
New 90-day low: €3.79 The company is down 16% from its price of €4.49 on 19 November 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 71% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.00 per share. Reported Earnings • Feb 13
Full year 2020 earnings released: EPS US$0.21 (vs US$0.24 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$1.56b (down 3.2% from FY 2019). Net income: US$203.6m (down 9.8% from FY 2019). Profit margin: 13% (down from 14% in FY 2019). Production and reserves: Gold Production: 779.81 troy koz (848.03 troy koz in FY 2019) Proved and probable reserves (ore): 1,121 Mt (1,100 Mt in FY 2019) Number of mines: 5 (5 in FY 2019) Silver Production: 10,365.7 troy koz (10,640.1 troy koz in FY 2019) Number of mines: 2 (2 in FY 2019) Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Feb 13
Revenue misses expectations Revenue missed analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 26%, compared to a 16% growth forecast for the Metals and Mining industry in Germany. Is New 90 Day High Low • Jan 26
New 90-day low: €4.17 The company is down 9.0% from its price of €4.57 on 28 October 2020. The German market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 61% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.87 per share. Is New 90 Day High Low • Nov 24
New 90-day low: €4.31 The company is down 11% from its price of €4.87 on 25 August 2020. The German market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining 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 €4.89 per share. Analyst Estimate Surprise Post Earnings • Oct 30
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 2.4% at US$439.4m. Revenue is forecast to grow 27% over the next year, compared to a 8.2% growth forecast for the Metals and Mining industry in Germany. Is New 90 Day High Low • Oct 29
New 90-day low: €4.57 The company is down 15% from its price of €5.35 on 30 July 2020. The German market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.40 per share. 
