New Risk • May 25
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 German stocks, typically moving 8.7% 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: 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 (8.7% average weekly change). Market cap is less than US$100m (€85.7m market cap, or US$99.5m). Annonce • Jan 26
Ceotronics Ag Provides Earnings Guidance for the Year 2026 CeoTronics AG provides earnings guidance for the year 2026. For the year, the company can maintain sales and earnings targets for the current 2025/2026 fiscal year. Annonce • Sep 25
CeoTronics AG, Annual General Meeting, Nov 07, 2025 CeoTronics AG, Annual General Meeting, Nov 07, 2025, at 10:00 W. Europe Standard Time. New Risk • Nov 14
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 German stocks, typically moving 7.1% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (50% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.1% average weekly change). Profit margins are more than 30% lower than last year (4.2% net profit margin). Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (€44.7m market cap, or US$47.0m). Upcoming Dividend • Nov 04
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 11 November 2024. Payment date: 13 November 2024. Payout ratio is on the higher end at 83% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (4.8%). In line with average of industry peers (2.9%). Annonce • Sep 30
CeoTronics AG, Annual General Meeting, Nov 08, 2024 CeoTronics AG, Annual General Meeting, Nov 08, 2024, at 10:00 W. Europe Standard Time. Declared Dividend • Sep 11
Dividend of €0.15 announced Shareholders will receive a dividend of €0.15. Ex-date: 11th November 2024 Payment date: 13th November 2024 Dividend yield will be 2.8%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 17% per year over the past 7 years. However, payments have been volatile during that time. New Risk • Aug 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended November 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 Risks Interest payments are not well covered by earnings (2.1x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Latest financial reports are more than 6 months old (reported November 2023 fiscal period end). Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (€39.3m market cap, or US$43.2m). Price Target Changed • Apr 19
Price target increased by 46% to €7.65 Up from €5.24, the current price target is provided by 1 analyst. New target price is 34% above last closing price of €5.70. Stock is up 40% over the past year. The company is forecast to post earnings per share of €0.17 for next year compared to €0.38 last year. Buy Or Sell Opportunity • Apr 15
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 45% to €6.05. The fair value is estimated to be €4.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. New Risk • Feb 09
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 German stocks, typically moving 7.4% 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 Risks Interest payments are not well covered by earnings (2.1x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Shareholders have been diluted in the past year (10.0% increase in shares outstanding). Market cap is less than US$100m (€36.3m market cap, or US$39.1m). New Risk • Feb 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Shareholders have been diluted in the past year (10.0% increase in shares outstanding). Market cap is less than US$100m (€31.3m market cap, or US$34.0m). Reported Earnings • Jan 30
First half 2024 earnings released: €0.10 loss per share (vs €0.29 profit in 1H 2023) First half 2024 results: €0.10 loss per share (down from €0.29 profit in 1H 2023). Revenue: €10.8m (down 30% from 1H 2023). Net loss: €741.0k (down 139% from profit in 1H 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Communications industry in Europe. 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 5% per year, which means it is well ahead of earnings. New Risk • Jan 30
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.6x 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 (1.6x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (€28.8m market cap, or US$31.2m). Major Estimate Revision • Dec 10
Consensus EPS estimates fall by 80% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €30.3m to €28.5m. EPS estimate also fell from €0.40 per share to €0.08 per share. Net income forecast to shrink 77% next year vs 21% decline forecast for Communications industry in Germany. Consensus price target down from €6.45 to €5.24. Share price rose 11% to €4.33 over the past week. Price Target Changed • Dec 09
Price target decreased by 19% to €5.24 Down from €6.49, the current price target is provided by 1 analyst. New target price is 21% above last closing price of €4.33. Stock is down 8.8% over the past year. The company is forecast to post earnings per share of €0.08 for next year compared to €0.38 last year. Buying Opportunity • Nov 24
Now 22% undervalued Over the last 90 days, the stock is up 21%. The fair value is estimated to be €5.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 5.9%. For the next 3 years, revenue is forecast to grow by 7.5% per annum. Earnings is also forecast to grow by 7.3% per annum over the same time period. New Risk • Oct 31
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 German stocks, typically moving 6.2% 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: 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 (6.2% average weekly change). Market cap is less than US$100m (€26.7m market cap, or US$28.4m). Upcoming Dividend • Oct 30
Upcoming dividend of €0.15 per share at 3.8% yield Eligible shareholders must have bought the stock before 06 November 2023. Payment date: 08 November 2023. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (4.5%). Major Estimate Revision • Sep 11
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €34.9m to €30.3m. EPS estimate fell from €0.41 to €0.40 per share. Net income forecast to grow 3.6% next year vs 4.0% growth forecast for Communications industry in Germany. Consensus price target broadly unchanged at €6.45. Share price fell 2.6% to €3.71 over the past week. Reported Earnings • Sep 05
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: €0.38 (in line with FY 2022). Revenue: €30.1m (up 3.3% from FY 2022). Net income: €2.53m (flat on FY 2022). Profit margin: 8.4% (down from 8.6% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.6%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Communications industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 9% per year. New Risk • Aug 04
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended November 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: Minor Risks High level of debt (48% net debt to equity). Latest financial reports are more than 6 months old (reported November 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 (€23.9m market cap, or US$26.4m). Buying Opportunity • Jun 07
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be €4.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.2% per annum. Earnings is also forecast to grow by 8.2% per annum over the same time period. Reported Earnings • Feb 05
First half 2023 earnings released: EPS: €0.29 (vs €0.28 in 1H 2022) First half 2023 results: EPS: €0.29 (up from €0.28 in 1H 2022). Revenue: €15.4m (up 1.5% from 1H 2022). Net income: €1.90m (up 3.5% from 1H 2022). Profit margin: 12% (in line with 1H 2022). Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Communications industry in Europe. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Oct 31
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 07 November 2022. Payment date: 09 November 2022. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of German dividend payers (5.2%). Higher than average of industry peers (2.7%). Reported Earnings • Sep 08
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: €0.38 (up from €0.32 in FY 2021). Revenue: €29.1m (up 9.7% from FY 2021). Net income: €2.51m (up 19% from FY 2021). Profit margin: 8.6% (up from 7.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Communications industry in Europe. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €4.75, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Communications industry in Europe. Total returns to shareholders of 155% over the past three years. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 19% share price gain to €5.40, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 18x in the Communications industry in Europe. Total returns to shareholders of 176% over the past three years. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 20% share price gain to €5.88, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 21x in the Communications industry in Europe. Total returns to shareholders of 237% over the past three years. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improved over the past week After last week's 48% share price gain to €5.40, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 19x in the Communications industry in Europe. Total returns to shareholders of 217% over the past three years. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €3.44, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 22x in the Communications industry in Europe. Total returns to shareholders of 92% over the past three years. Price Target Changed • Dec 09
Price target decreased to €6.20 Down from €6.76, the current price target is provided by 1 analyst. New target price is 62% above last closing price of €3.82. Stock is up 26% over the past year. The company is forecast to post earnings per share of €0.31 for next year compared to €0.32 last year. Upcoming Dividend • Nov 01
Inaugural dividend of €0.12 per share Eligible shareholders must have bought the stock before 08 November 2021. Payment date: 10 November 2021. The company last paid an ordinary dividend in September 2017. The average dividend yield among industry peers is 2.0%. Reported Earnings • Sep 08
Full year 2021 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: €26.6m (up 8.4% from FY 2020). Net income: €2.10m (up 28% from FY 2020). Profit margin: 7.9% (up from 6.7% in FY 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improved over the past week After last week's 19% share price gain to €3.98, the stock is trading at a trailing P/E ratio of 9.1x, up from the previous P/E ratio of 7.6x. This compares to an average P/E of 36x in the Communications industry in Europe. Total returns to shareholders over the past three years are 83%. Price Target Changed • Feb 03
Price target raised to €5.50 Up from €4.92, the current price target is provided by 1 analyst. The new target price is 46% above the current share price of €3.76. As of last close, the stock is up 45% over the past year. Is New 90 Day High Low • Jan 21
New 90-day high: €3.46 The company is up 33% from its price of €2.60 on 23 October 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 27% over the same period. Major Estimate Revision • Dec 09
Analysts increase EPS estimates to €0.27 The 2021 consensus revenue estimate increased from €25.2m to €26.0m. The earnings per share estimate also received an upgrade from €0.24 to €0.27 for the same period. Net income is expected to grow by 7.4% next year compared to 24% growth forecast for the Communications industry in Germany. The consensus price target of €5.00 was unchanged from the last update. Share price is down by 3.2% to €3.00 over the past week. Valuation Update With 7 Day Price Move • Nov 16
Market bids up stock over the past week After last week's 16% share price gain to €3.02, the stock is trading at a trailing P/E ratio of 12.1x, up from the previous P/E ratio of 10.4x. This compares to an average P/E of 24x in the Communications industry in Europe. Total returns to shareholders over the past three years are 16%. Is New 90 Day High Low • Nov 12
New 90-day high: €3.16 The company is up 17% from its price of €2.70 on 14 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 Communications industry, which is down 13% over the same period. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 22% share price gain to €3.06, the stock is trading at a trailing P/E ratio of 12.2x, up from the previous P/E ratio of 10x. This compares to an average P/E of 24x in the Communications industry in Europe. Total returns to shareholders over the past three years are 20%. Is New 90 Day High Low • Oct 13
New 90-day low: €2.64 The company is down 10.0% from its price of €2.94 on 15 July 2020. The German market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 2.0% over the same period.