Upcoming Dividend • May 18
Upcoming dividend of €0.65 per share Eligible shareholders must have bought the stock before 25 May 2026. Payment date: 27 May 2026. Trailing yield: 6.1%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.0%). New Risk • Apr 15
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: 15% Last year net profit margin: 66% 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. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (15% net profit margin). Market cap is less than US$100m (€39.5m market cap, or US$46.5m). Reported Earnings • Apr 15
Full year 2025 earnings released Full year 2025 results: Revenue: €17.1m (up 1.8% from FY 2024). Net income: €2.50m (down 78% from FY 2024). Profit margin: 15% (down from 66% in FY 2024). Declared Dividend • Apr 12
Dividend of €0.65 announced Shareholders will receive a dividend of €0.65. Ex-date: 25th May 2026 Payment date: 27th May 2026 Dividend yield will be 6.3%, which is higher than the industry average of 2.7%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 37% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Nov 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 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. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (€38.8m market cap, or US$45.1m). Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €10.80, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 23x in the Capital Markets industry in Germany. Total loss to shareholders of 7.7% over the past three years. Upcoming Dividend • May 26
Upcoming dividend of €2.00 per share Eligible shareholders must have bought the stock before 02 June 2025. Payment date: 04 June 2025. Trailing yield: 4.1%. Lower than top quartile of German dividend payers (4.3%). Higher than average of industry peers (2.4%). New Risk • May 22
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: 4.2% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (€48.0m market cap, or US$54.2m). Annonce • Apr 18
Effecten-Spiegel AG, Annual General Meeting, May 30, 2025 Effecten-Spiegel AG, Annual General Meeting, May 30, 2025, at 10:30 W. Europe Standard Time. Declared Dividend • Mar 03
Dividend increased to €2.00 Dividend of €2.00 is 1,150% higher than last year. Ex-date: 2nd June 2025 Payment date: 4th June 2025 Dividend yield will be 14%, which is higher than the industry average of 2.7%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Annonce • Mar 02
Effecten-Spiegel AG announces Annual dividend, payable on June 04, 2025 Effecten-Spiegel AG announced Annual dividend of EUR 0.5500 per share payable on June 04, 2025, ex-date on June 02, 2025 and record date on June 03, 2025. New Risk • Dec 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. 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 Earnings have declined by 33% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Market cap is less than US$100m (€47.8m market cap, or US$50.5m). Annonce • Aug 23
Ipsos GmbH has launched a voluntary public takeover offer to acquire Infas Holding AG (DB:IFS) from Investmentaktiengesellschaft für langfristige Investoren TGV, PEN GmbH, Hans-Herbert Döbert, Effecten-Spiegel AG (BST:EFS3) and others for €61.2 million. Ipsos GmbH has launched a voluntary public takeover offer to acquire Infas Holding AG (DB:IFS) from Investmentaktiengesellschaft für langfristige Investoren TGV, PEN GmbH, Hans-Herbert Döbert, Effecten-Spiegel AG (BST:EFS3) and others for €61.2 million on August 23, 2024. A cash consideration of the public takeover offer at €6.8 per share will be paid by Ipsos GmbH. In the tender agreements, the majority shareholders who hold a total of approximately 77.52% of the Company's shares irrevocably undertake to accept the takeover offer for all shares in the company that they hold. This acquisition will allow Ipsos to combine its global reach and wide expertise with infas’s German legacy, know-how and reputation. The infas location in Bonn will be added to the Ipsos network. The combined structure will represent more than 800 people and will offer its clients an even broader range of innovative research services under the name Ipsos infas in Germany. The final terms and conditions of the takeover offer will be included in the offer document which must be approved by the German Financial Supervisory Authority. The Takeover Offer and the timetable remain subject to clearance under applicable merger control regimes. The transaction is expected to close by the end of 2024. Upcoming Dividend • May 20
Upcoming dividend of €0.16 per share Eligible shareholders must have bought the stock before 27 May 2024. Payment date: 29 May 2024. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (2.7%). New Risk • Apr 27
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2022. 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 December 2022 fiscal period end). Revenue has declined by 61% over the past year. Minor Risk Market cap is less than US$100m (€35.6m market cap, or US$38.1m). Buy Or Sell Opportunity • Apr 27
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at €10.20. The fair value is estimated to be €8.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 61% over the last year. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Feb 14
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at €10.40. The fair value is estimated to be €8.59, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 61% over the last year. Meanwhile, the company became loss making. New Risk • Nov 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. 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 Earnings have declined by 22% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€35.0m market cap, or US$37.4m). Upcoming Dividend • May 22
Upcoming dividend of €0.16 per share at 1.4% yield Eligible shareholders must have bought the stock before 29 May 2023. Payment date: 31 May 2023. Trailing yield: 1.4%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (3.0%). Upcoming Dividend • May 16
Upcoming dividend of €1.05 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Trailing yield: 3.6%. Lower than top quartile of German dividend payers (4.3%). Higher than average of industry peers (2.9%). Upcoming Dividend • May 29
Upcoming dividend of €0.55 per share Eligible shareholders must have bought the stock before 03 June 2021. Payment date: 07 June 2021. Trailing yield: 3.9%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (2.3%). Is New 90 Day High Low • Jan 20
New 90-day high: €15.70 The company is up 8.0% from its price of €14.60 on 22 October 2020. The German market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 12% over the same period. Is New 90 Day High Low • Oct 26
New 90-day low: €14.40 The company is down 5.0% from its price of €15.10 on 28 July 2020. The German market is down 1.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Capital Markets industry, which is down 9.0% over the same period. 
