Reported Earnings • Apr 08
Full year 2025 earnings released: EPS: €0.91 (vs €0.62 in FY 2024) Full year 2025 results: EPS: €0.91 (up from €0.62 in FY 2024). Revenue: €7.23b (up 9.1% from FY 2024). Net income: €235.4m (up 46% from FY 2024). Profit margin: 3.3% (up from 2.4% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Mar 12
Dividend of €0.19 announced Shareholders will receive a dividend of €0.19. Ex-date: 25th June 2026 Payment date: 29th June 2026 Dividend yield will be 1.4%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by both earnings (30% earnings payout ratio) and cash flows (76% cash payout ratio). The dividend has increased by an average of 73% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 62% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Mar 11
Viohalco S.A. announces Annual dividend, payable on June 29, 2026 Viohalco S.A. announced Annual dividend of EUR 0.1890 per share payable on June 29, 2026, ex-date on June 25, 2026 and record date on June 26, 2026. Reported Earnings • Mar 08
Full year 2025 earnings released: EPS: €0.91 (vs €0.62 in FY 2024) Full year 2025 results: EPS: €0.91 (up from €0.62 in FY 2024). Revenue: €7.23b (up 9.1% from FY 2024). Net income: €235.4m (up 46% from FY 2024). Profit margin: 3.3% (up from 2.4% in FY 2024). The increase in margin was driven by higher revenue. 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 44% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Belgian stocks, typically moving 7.1% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Share price has been highly volatile over the past 3 months (7.1% average weekly change). Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €14.88, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 20x in the Metals and Mining industry in Europe. Total returns to shareholders of 247% over the past three years. New Risk • Nov 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 Belgian 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 Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risk Share price has been volatile over the past 3 months (4.7% average weekly change). New Risk • Nov 24
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x 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. This is currently the only risk that has been identified for the company. Reported Earnings • Sep 12
Second quarter 2025 earnings released: EPS: €0.082 (vs €0.39 in 2Q 2024) Second quarter 2025 results: EPS: €0.082 (down from €0.39 in 2Q 2024). Revenue: €931.1m (down 62% from 2Q 2024). Net income: €30.6m (down 45% from 2Q 2024). Profit margin: 3.3% (up from 2.3% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 17
Upcoming dividend of €0.11 per share Eligible shareholders must have bought the stock before 24 June 2025. Payment date: 26 June 2025. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Belgian dividend payers (6.7%). Lower than average of industry peers (4.0%). New Risk • Apr 19
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Apr 17
Full year 2024 earnings released: EPS: €0.62 (vs €0.19 in FY 2023) Full year 2024 results: EPS: €0.62 (up from €0.19 in FY 2023). Revenue: €6.63b (up 5.2% from FY 2023). Net income: €161.1m (up 234% from FY 2023). Profit margin: 2.4% (up from 0.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €4.84, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 12x in the Metals and Mining industry in Europe. Total returns to shareholders of 17% over the past three years. Buy Or Sell Opportunity • Apr 04
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.6% to €5.38. The fair value is estimated to be €6.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Earnings per share has declined by 39%. Declared Dividend • Mar 12
Dividend of €0.11 announced Shareholders will receive a dividend of €0.11. Ex-date: 24th June 2025 Payment date: 26th June 2025 Dividend yield will be 1.9%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by both earnings (39% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 64% per year over the past 5 years. However, payments have been volatile during that time. Earnings per share has grown by 29% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Mar 04
Now 21% undervalued Over the last 90 days, the stock has risen 3.2% to €5.53. The fair value is estimated to be €7.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Earnings per share has declined by 39%. Buy Or Sell Opportunity • Feb 03
Now 24% undervalued Over the last 90 days, the stock has risen 7.4% to €5.64. The fair value is estimated to be €7.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Earnings per share has declined by 39%. Buy Or Sell Opportunity • Jan 06
Now 20% undervalued Over the last 90 days, the stock has risen 4.9% to €5.78. The fair value is estimated to be €7.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Earnings per share has declined by 39%. Reported Earnings • Nov 21
Third quarter 2024 earnings released: EPS: €0.003 (vs €0.005 loss in 3Q 2023) Third quarter 2024 results: EPS: €0.003 (up from €0.005 loss in 3Q 2023). Net income: €2.05m (up €5.19m from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Annonce • Sep 26
Viohalco S.A. to Report Fiscal Year 2024 Results on Mar 06, 2025 Viohalco S.A. announced that they will report fiscal year 2024 results on Mar 06, 2025 New Risk • Sep 17
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: 0.7% Last year net profit margin: 3.1% 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: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (0.7% net profit margin). New Risk • Aug 06
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 Belgian stocks, typically moving 5.0% 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 (1.5x net interest cover). 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 (5.0% average weekly change). Profit margins are more than 30% lower than last year (0.7% net profit margin). Upcoming Dividend • Jun 19
Upcoming dividend of €0.084 per share Eligible shareholders must have bought the stock before 25 June 2024. Payment date: 27 June 2024. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Belgian dividend payers (7.0%). Lower than average of industry peers (3.9%). Reported Earnings • May 23
First quarter 2024 earnings released: EPS: €0.035 (vs €0.071 in 1Q 2023) First quarter 2024 results: EPS: €0.035 (down from €0.071 in 1Q 2023). Revenue: €816.6m (down 52% from 1Q 2023). Net income: €12.9m (down 29% from 1Q 2023). Profit margin: 1.6% (up from 1.1% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Annonce • Mar 20
Viohalco S.A. to Report First Half, 2024 Results on Sep 19, 2024 Viohalco S.A. announced that they will report first half, 2024 results on Sep 19, 2024 New Risk • Mar 11
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 Belgian stocks, typically moving 4.6% 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 (1.5x net interest cover). 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 (4.6% average weekly change). Profit margins are more than 30% lower than last year (0.8% net profit margin). Reported Earnings • Mar 10
Full year 2023 earnings released: EPS: €0.19 (vs €1.03 in FY 2022) Full year 2023 results: EPS: €0.19 (down from €1.03 in FY 2022). Revenue: €6.30b (down 9.8% from FY 2022). Net income: €48.2m (down 82% from FY 2022). Profit margin: 0.8% (down from 3.8% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 11% per year. Buy Or Sell Opportunity • Mar 07
Now 20% undervalued Over the last 90 days, the stock has risen 10.0% to €5.83. The fair value is estimated to be €7.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 34%. Reported Earnings • Nov 24
Third quarter 2023 earnings released: €0.005 loss per share (vs €0.074 loss in 3Q 2022) Third quarter 2023 results: €0.005 loss per share (improved from €0.074 loss in 3Q 2022). Net loss: €3.13m (loss narrowed 93% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 24
Second quarter 2023 earnings released: EPS: €0.13 (vs €0.99 in 2Q 2022) Second quarter 2023 results: EPS: €0.13 (down from €0.99 in 2Q 2022). Revenue: €2.43b (down 9.0% from 2Q 2022). Net income: €18.5m (down 87% from 2Q 2022). Profit margin: 0.8% (down from 5.3% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €6.73, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 195% over the past three years. Upcoming Dividend • Jun 12
Upcoming dividend of €0.084 per share at 2.0% yield Eligible shareholders must have bought the stock before 19 June 2023. Payment date: 21 June 2023. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Belgian dividend payers (6.7%). Lower than average of industry peers (8.7%). Reported Earnings • May 24
First quarter 2023 earnings released: EPS: €0.048 (vs €0.17 in 1Q 2022) First quarter 2023 results: EPS: €0.048 (down from €0.17 in 1Q 2022). Revenue: €930.5m (flat on 1Q 2022). Net income: €18.0m (down 72% from 1Q 2022). Profit margin: 1.9% (down from 7.1% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 08
Full year 2022 earnings released Full year 2022 results: Revenue: €6.99b (up 30% from FY 2021). Net income: €266.1m (up 37% from FY 2021). Profit margin: 3.8% (up from 3.6% in FY 2021). The increase in margin was driven by higher revenue. Reported Earnings • Nov 26
Third quarter 2022 earnings released: EPS: €0.12 (vs €0.085 in 3Q 2021) Third quarter 2022 results: EPS: €0.12 (up from €0.085 in 3Q 2021). Revenue: €917.7m (up 24% from 3Q 2021). Net income: €43.6m (up 37% from 3Q 2021). Profit margin: 4.8% (up from 4.3% in 3Q 2021). The increase in margin was driven by higher revenue. 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 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 17
Second quarter 2022 earnings released: EPS: €0.14 (vs €0.41 in 2Q 2021) Second quarter 2022 results: EPS: €0.14 (down from €0.41 in 2Q 2021). Revenue: €1.04b (down 44% from 2Q 2021). Net income: €53.8m (down 8.2% from 2Q 2021). Profit margin: 5.2% (up from 3.2% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 27
Upcoming dividend of €0.063 per share Eligible shareholders must have bought the stock before 03 June 2022. Payment date: 07 June 2022. Payout ratio is a comfortable 11% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of Belgian dividend payers (5.8%). Lower than average of industry peers (7.5%). Reported Earnings • May 25
First quarter 2022 earnings released: EPS: €0.17 (vs €0.093 in 1Q 2021) First quarter 2022 results: EPS: €0.17 (up from €0.093 in 1Q 2021). Revenue: €923.6m (up 43% from 1Q 2021). Net income: €65.3m (up 88% from 1Q 2021). Profit margin: 7.1% (up from 5.4% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 17
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €0.30 (up from €0.083 in FY 2020). Revenue: €2.88b (down 25% from FY 2020). Net income: €111.7m (up 419% from FY 2020). Profit margin: 3.9% (up from 0.6% in FY 2020). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 12%. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Dec 01
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: EPS: €0.085 (up from €0.076 in 3Q 2020). Revenue: €738.6m (down 25% from 3Q 2020). Net income: €31.8m (up 63% from 3Q 2020). Profit margin: 4.3% (up from 2.0% in 3Q 2020). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 12%. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 18% per year. Reported Earnings • Sep 17
Second quarter 2021 earnings released: EPS €0.13 (vs €0.13 loss in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: €696.6m (down 48% from 2Q 2020). Net income: €48.8m (up €67.2m from 2Q 2020). Profit margin: 7.0% (up from net loss in 2Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Upcoming Dividend • May 21
Upcoming dividend of €0.014 per share Eligible shareholders must have bought the stock before 28 May 2021. Payment date: 01 June 2021. Trailing yield: 0.4%. Lower than top quartile of Belgian dividend payers (4.4%). Lower than average of industry peers (4.4%). Reported Earnings • May 21
First quarter 2021 earnings released: EPS €0.13 (vs €0.003 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €647.3m (up 22% from 1Q 2020). Net income: €34.8m (up €33.8m from 1Q 2020). Profit margin: 5.4% (up from 0.2% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Apr 26
Full year 2020 earnings released: EPS €0.083 (vs €0.032 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €3.85b (down 8.3% from FY 2019). Net income: €21.5m (up 162% from FY 2019). Profit margin: 0.6% (up from 0.2% in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS €0.083 (vs €0.032 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €3.85b (down 8.3% from FY 2019). Net income: €21.5m (up 162% from FY 2019). Profit margin: 0.6% (up from 0.2% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 74% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings.