New Risk • May 26
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 14% 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 (14% operating cash flow to total debt). Minor Risk Significant insider selling over the past 3 months (€990k sold). Board Change • May 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. 7 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Laura Guazzoni was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Recent Insider Transactions • May 12
Non-Executive Director recently sold €990k worth of stock On the 7th of May, Corrado Vittorelli sold around 60k shares on-market at roughly €16.50 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €859k more than they bought in the last 12 months. Upcoming Dividend • Apr 29
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 06 May 2024. Payment date: 08 May 2024. Payout ratio is a comfortable 50% and the cash payout ratio is 77%. Trailing yield: 3.1%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.4%). Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: €0.98 (vs €1.08 in FY 2022) Full year 2023 results: EPS: €0.98 (down from €1.08 in FY 2022). Revenue: €748.8m (down 2.5% from FY 2022). Net income: €12.7m (down 11% from FY 2022). Profit margin: 1.7% (down from 1.9% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Professional Services industry in Europe. 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 24% per year, which means it is well ahead of earnings. Annonce • Dec 21
Openjobmetis S.p.A. (BIT:OJM) signed a preliminary contract to acquire JOB Just On Business s.p.a. on December 19, 2023. Openjobmetis S.p.A. (BIT:OJM) signed a preliminary contract to acquire JOB Just On Business s.p.a. for €29.7 million on December 19, 2023. The transaction is financed by making use of the bank credit lines already available. In 2022, Just On Business SpA recorded revenues of approximately €97.1 million and EBITDA of approximately €2.5 million. The transaction is subject only to receipt of the authorisation from the National Competition Authority. The transaction is expected to take place by January 2024. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €12.65, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 16x in the Professional Services industry in Europe. Total returns to shareholders of 99% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €18.79 per share. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €10.60, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Professional Services industry in Europe. Total returns to shareholders of 80% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €18.46 per share. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: €0.28 (vs €0.23 in 3Q 2022) Third quarter 2023 results: EPS: €0.28 (up from €0.23 in 3Q 2022). Revenue: €180.6m (down 2.2% from 3Q 2022). Net income: €3.83m (up 22% from 3Q 2022). Profit margin: 2.1% (up from 1.7% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: €0.29 (vs €0.40 in 2Q 2022) Second quarter 2023 results: EPS: €0.29 (down from €0.40 in 2Q 2022). Revenue: €197.1m (down 4.0% from 2Q 2022). Net income: €3.90m (down 26% from 2Q 2022). Profit margin: 2.0% (down from 2.6% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • May 16
First quarter 2023 earnings released: EPS: €0.18 (vs €0.23 in 1Q 2022) First quarter 2023 results: EPS: €0.18 (down from €0.23 in 1Q 2022). Revenue: €183.0m (flat on 1Q 2022). Net income: €2.39m (down 23% from 1Q 2022). Profit margin: 1.3% (down from 1.7% in 1Q 2022). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Upcoming Dividend • May 01
Upcoming dividend of €0.50 per share at 5.0% yield Eligible shareholders must have bought the stock before 08 May 2023. Payment date: 10 May 2023. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 5.0%. Within top quartile of German dividend payers (4.5%). Higher than average of industry peers (2.7%). Reported Earnings • Apr 05
Full year 2022 earnings released: EPS: €1.07 (vs €0.80 in FY 2021) Full year 2022 results: EPS: €1.07 (up from €0.80 in FY 2021). Revenue: €768.4m (up 6.6% from FY 2021). Net income: €14.4m (up 36% from FY 2021). Profit margin: 1.9% (up from 1.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Professional Services 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 increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: €1.07 (vs €0.80 in FY 2021) Full year 2022 results: EPS: €1.07 (up from €0.80 in FY 2021). Revenue: €768.4m (up 6.6% from FY 2021). Net income: €14.4m (up 36% from FY 2021). Profit margin: 1.9% (up from 1.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Professional Services 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 increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Lucia Giancaspro was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: €0.23 (vs €0.28 in 3Q 2021) Third quarter 2022 results: EPS: €0.23 (down from €0.28 in 3Q 2021). Revenue: €184.7m (down 5.4% from 3Q 2021). Net income: €3.14m (down 17% from 3Q 2021). Profit margin: 1.7% (down from 1.9% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 09
Second quarter 2022 earnings released: EPS: €0.39 (vs €0.29 in 2Q 2021) Second quarter 2022 results: EPS: €0.39 (up from €0.29 in 2Q 2021). Revenue: €205.2m (up 15% from 2Q 2021). Net income: €5.25m (up 28% from 2Q 2021). Profit margin: 2.6% (up from 2.3% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to stay flat compared to a 8.2% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 15
First quarter 2022 earnings released: EPS: €0.23 (vs €0.13 in 1Q 2021) First quarter 2022 results: EPS: €0.23 (up from €0.13 in 1Q 2021). Revenue: €183.0m (up 29% from 1Q 2021). Net income: €3.11m (up 95% from 1Q 2021). Profit margin: 1.7% (up from 1.1% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 3.6%, compared to a 11% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 02
Upcoming dividend of €0.31 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 11 May 2022. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (4.1%). Higher than average of industry peers (2.3%). Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Member Lucia Giancaspro was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Member Lucia Giancaspro was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 18
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €0.81 (down from €1.81 in FY 2020). Revenue: €720.8m (up 39% from FY 2020). Net income: €10.6m (down 55% from FY 2020). Profit margin: 1.5% (down from 4.6% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 8.6%, compared to a 9.4% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €8.52, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 17x in the Professional Services industry in Europe. Total returns to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €15.27 per share. Annonce • Mar 06
Openjobmetis S.p.A. to Report Fiscal Year 2021 Results on Mar 16, 2022 Openjobmetis S.p.A. announced that they will report fiscal year 2021 results on Mar 16, 2022 Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS €0.28 (vs €0.11 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €195.3m (up 47% from 3Q 2020). Net income: €3.76m (up 175% from 3Q 2020). Profit margin: 1.9% (up from 1.0% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 08
Second quarter 2021 earnings released: EPS €0.30 (vs €0.091 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €177.8m (up 68% from 2Q 2020). Net income: €4.10m (up 244% from 2Q 2020). Profit margin: 2.3% (up from 1.1% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Annonce • May 27
Openjobmetis S.p.A. (BIT:OJM) completed the acquisition of Quanta Ressources Humaines SA. Openjobmetis S.p.A. (BIT:OJM) signed an agreement to acquire Quanta Ressources Humaines SA for €25 million on January 25, 2021. The agreed consideration is comprised of a portion in cash of €20 million and issue 0.7 million treasury shares. A 5-year non-compete agreement is expected to be signed with the seller, worth a total of €1.5 million. The agreements ensure that, by antedating the effects of the spin-off of the real estate branch, as at 30 September 2020, the Quanta Group presents net financial indebtedness lower than €16.8 million. The transaction provides, also as collateral for the aforementioned debt, for guarantees in relation to which specific indemnity obligations have been agreed, guaranteed by escrow agreements. The transaction is financed by bank credit lines already available. The transaction is subject to obtaining approval from the National Competition Authority and is expected to be closed by May 2021. Simmons & Simmons acted as legal advisor to Openjobmetis and Studio Legale e Tributario Biscozzi Nobili Piazza acted as legal advisor to FDQ S.r.l.
Openjobmetis S.p.A. (BIT:OJM) completed the acquisition of Quanta Ressources Humaines SA on May 26, 2021. The shares assigned in exchange to the seller has been reduced to 528,193 shares following the exclusion from the scope of acquisition of all the foreign companies belonging to the Quanta group and remaining in the hands of the seller. Quanta reported revenue of over €120 million in 2020. Openjobmetis S.p.A. received clearance from the Italian Antitrust Authority. Reported Earnings • May 16
First quarter 2021 earnings released: EPS €0.13 (vs €0.09 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €142.2m (up 9.5% from 1Q 2020). Net income: €1.59m (up 34% from 1Q 2020). Profit margin: 1.1% (up from 0.9% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 03
Upcoming dividend of €0.11 per share Eligible shareholders must have bought the stock before 10 May 2021. Payment date: 12 May 2021. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (3.1%). Lower than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 16% share price gain to €8.68, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 26x in the Professional Services industry in Europe. Total loss to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.15 per share. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS €1.81 (vs €0.79 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: €517.0m (down 8.6% from FY 2019). Net income: €23.6m (up 128% from FY 2019). Profit margin: 4.6% (up from 1.8% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 09
New 90-day high: €7.82 The company is up 20% from its price of €6.52 on 09 December 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €10.93 per share. Is New 90 Day High Low • Feb 11
New 90-day high: €7.72 The company is up 35% from its price of €5.70 on 12 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services 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 €9.63 per share. Annonce • Jan 26
Openjobmetis S.p.A. (BIT:OJM) signed an agreement to acquire Quanta Ressources Humaines SA for €25 million. Openjobmetis S.p.A. (BIT:OJM) signed an agreement to acquire Quanta Ressources Humaines SA for €25 million on January 25, 2021. The agreed consideration is comprised of a portion in cash of €20 million and issue 0.7 million treasury shares. A 5-year non-compete agreement is expected to be signed with the seller, worth a total of €1.5 million. The agreements ensure that, by antedating the effects of the spin-off of the real estate branch, as at 30 September 2020, the Quanta Group presents net financial indebtedness lower than €16.8 million. The transaction provides, also as collateral for the aforementioned debt, for guarantees in relation to which specific indemnity obligations have been agreed, guaranteed by escrow agreements. The transaction is financed by bank credit lines already available. The transaction is subject to obtaining approval from the National Competition Authority and is expected to be closed by May 2021. Simmons & Simmons acted as legal advisor to Openjobmetis and Studio Legale e Tributario Biscozzi Nobili Piazza acted as legal advisor to FDQ S.r.l. Annonce • Jan 24
Openjobmetis S.p.A., Annual General Meeting, Apr 30, 2021 Openjobmetis S.p.A., Annual General Meeting, Apr 30, 2021. Agenda: To consider the draft Financial Statements for 2020 and presentation of the Consolidated Financial Statements for 2020. Is New 90 Day High Low • Dec 24
New 90-day high: €7.00 The company is up 27% from its price of €5.50 on 25 September 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.54 per share. Is New 90 Day High Low • Dec 04
New 90-day high: €6.64 The company is up 16% from its price of €5.74 on 04 September 2020. The German market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.52 per share. Is New 90 Day High Low • Nov 19
New 90-day high: €6.26 The company is up 9.0% from its price of €5.76 on 20 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.42 per share. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue beats expectations Revenue exceeded analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 3.2%, compared to a 1.4% growth forecast for the Professional Services industry in Germany. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS €0.11 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €132.7m (down 4.2% from 3Q 2019). Net income: €1.37m (down 57% from 3Q 2019). Profit margin: 1.0% (down from 2.3% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Annonce • Nov 10
Openjobmetis S.p.A. (BIT:OJM) acquired 50.66% stake in Lyve S.R.L. for €1.1 million. Openjobmetis S.p.A. (BIT:OJM) acquired 50.66% stake in Lyve S.R.L. for €1.1 million on November 9, 2020. Openjobmetis S.p.A. will have to right to acquire 49.34% of the remaining capital within the next three months, beginning from the date of approval of the Lyve financial statements at December 31, 2023. For the year ending December 2019, Lyve S.R.L. had a revenue and EBITDA of €2.3 million and €0.4 million respectively. Openjobmetis was assisted by corporate lawyers Alberto Calvi di Coenzo and Rosanna Frischetto of Avvocatidiimpresa for the legal aspects of the operation and by Studio Luisetti & Sterchele e C. S.r.l. for the due diligence. Lyve S.r.l. was assisted by Massimo Campa and Andrea Santini of Campa Avvocati - Primelex for the legal aspects of the operation and Antonio Giaffreda of Studio Giaffreda for the due diligence.
Openjobmetis S.p.A. (BIT:OJM) completed the acquisition of 50.66% stake in Lyve S.R.L. on November 9, 2020. Valuation Update With 7 Day Price Move • Nov 07
Market bids up stock over the past week After last week's 17% share price gain to €5.36, the stock is trading at a trailing P/E ratio of 8.6x, up from the previous P/E ratio of 7.3x. This compares to an average P/E of 27x in the Professional Services industry in Europe. Total return to shareholders over the past three years is a loss of 55%. Valuation Update With 7 Day Price Move • Oct 30
Market pulls back on stock over the past week After last week's 15% share price decline to €4.67, the stock is trading at a trailing P/E ratio of 7.6x, down from the previous P/E ratio of 9x. This compares to an average P/E of 25x in the Professional Services industry in Europe. Total return to shareholders over the past three years is a loss of 63%. Valuation Update With 7 Day Price Move • Oct 29
Market pulls back on stock over the past week After last week's 16% share price decline to €4.69, the stock is trading at a trailing P/E ratio of 7.6x, down from the previous P/E ratio of 9x. This compares to an average P/E of 25x in the Professional Services industry in Europe. Total return to shareholders over the past three years is a loss of 63%. Is New 90 Day High Low • Oct 26
New 90-day low: €5.28 The company is down 8.0% from its price of €5.74 on 28 July 2020. The German market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Professional Services 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 €3.31 per share. Is New 90 Day High Low • Sep 25
New 90-day low: €5.36 The company is down 9.0% from its price of €5.86 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Professional Services industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.26 per share. 