Recent Insider Transactions • Feb 03
Senior VP & CCO recently sold kr.1.0m worth of stock On the 30th of January, Peter Christensen sold around 9k shares on-market at roughly kr.115 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. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Jan 30
First quarter 2026 earnings released: kr.1.00 loss per share (vs kr.0.90 loss in 1Q 2025) First quarter 2026 results: kr.1.00 loss per share (further deteriorated from kr.0.90 loss in 1Q 2025). Revenue: kr.115.9m (up 11% from 1Q 2025). Net loss: kr.8.27m (loss widened 15% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jan 29
Now 20% undervalued Over the last 90 days, the stock has risen 5.6% to kr.114. The fair value is estimated to be kr.143, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jan 08
Now 20% undervalued Over the last 90 days, the stock has risen 9.5% to kr.115. The fair value is estimated to be kr.144, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Meanwhile, the company has become profitable. Annonce • Jan 07
RTX A/S, Annual General Meeting, Jan 29, 2026 RTX A/S, Annual General Meeting, Jan 29, 2026, at 15:00 Romance Standard Time. Reported Earnings • Nov 28
Full year 2025 earnings released: EPS: kr.1.30 (vs kr.3.80 loss in FY 2024) Full year 2025 results: EPS: kr.1.30 (up from kr.3.80 loss in FY 2024). Revenue: kr.571.0m (up 10% from FY 2024). Net income: kr.10.5m (up kr.41.1m from FY 2024). Profit margin: 1.8% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 28
Third quarter 2025 earnings released: EPS: kr.0.70 (vs kr.0.078 in 3Q 2024) Third quarter 2025 results: EPS: kr.0.70 (up from kr.0.078 in 3Q 2024). Revenue: kr.154.7m (up 5.1% from 3Q 2024). Net income: kr.5.22m (up kr.4.59m from 3Q 2024). Profit margin: 3.4% (up from 0.4% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. New Risk • Jul 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr.647.9m (US$99.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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 Risk Market cap is less than US$100m (kr.647.9m market cap, or US$99.2m). Annonce • Jun 25
RTX A/S Increases Earnings Guidance for the Guidance for the Fiscal Year 2024/25 RTX A/S increases earnings guidance for the guidance for the fiscal year 2024/25. For the period, the company's revenue in the range of DKK 530 million to DKK 560 million up from the previously guided DKK 490 million to DKK 520 million and EBIT in the range of DKK -15 million to DKK 5 million compared to the earlier outlook of DKK -35 million to DKK -15 million. Reported Earnings • May 14
Second quarter 2025 earnings released: EPS: kr.1.00 (vs kr.0.75 loss in 2Q 2024) Second quarter 2025 results: EPS: kr.1.00 (up from kr.0.75 loss in 2Q 2024). Revenue: kr.165.5m (up 25% from 2Q 2024). Net income: kr.7.91m (up kr.14.0m from 2Q 2024). Profit margin: 4.8% (up from net loss in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Annonce • Mar 13
Polaris PPU Master Fund ICAV fund managed by Polaris Management A/S acquired unknown minority stake in RTX A/S (CPSE:RTX). Polaris PPU Master Fund ICAV fund managed by Polaris Management A/S acquired unknown minority stake in RTX A/S (CPSE:RTX) on March 5, 2025. Post completion of the acquisition, Polaris PPU Master Fund ICAV has increased its holdings of shares in RTX A/S to 592,435 shares corresponding to 7% of the total share capital and voting rights in RTX A/S.
Polaris PPU Master Fund ICAV fund managed by Polaris Management A/S completed the acquisition of unknown minority stake in RTX A/S (CPSE:RTX) on March 5, 2025. Board Change • Feb 03
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Mogens Hestbæk was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Feb 01
First quarter 2025 earnings released: kr.0.90 loss per share (vs kr.4.22 loss in 1Q 2024) First quarter 2025 results: kr.0.90 loss per share (improved from kr.4.22 loss in 1Q 2024). Revenue: kr.104.0m (up 22% from 1Q 2024). Net loss: kr.7.20m (loss narrowed 79% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 39 percentage points per year, which is a significant difference in performance. Annonce • Jan 31
RTX A/S Announces Board and Committee Appointments RTX A/S announced that at the AGM held on January 31, 2025, approved the Gitte Schjøtz and Carsten Drachmann were newly elected to the Board of Directors for a one-year term. At a meeting of the Board immediately after the AGM, the Board constituted itself with Henrik Schimmell as Chair and Katja Millard as Deputy Chair. Further, Mogens Vedel Hestbæk was selected as Chair of the Audit Committee with Henrik Schimmell and Katja Millard as members of the Committee. Henrik Schimmell, Katja Millard and Jesper Mailind were selected as members of the Nomination & Remuneration Committee. Annonce • Jan 16
RTX A/S Announces Demise of Lars Christian Tofft, Member of the Board RTX A/S announced that member of the board, Lars Christian Tofft, has passed away. Lars Christian Tofft has been a member of RTX's board since 2017, and he has actively contributed to the company's strategy and development. His straightforward and constructive approach has always been value-creating and appreciated by the board. Reported Earnings • Nov 29
Full year 2024 earnings released: kr.3.80 loss per share (vs kr.5.70 profit in FY 2023) Full year 2024 results: kr.3.80 loss per share (down from kr.5.70 profit in FY 2023). Revenue: kr.518.3m (down 35% from FY 2023). Net loss: kr.30.7m (down 166% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Annonce • Nov 12
RTX A/S Announces CEO Changes RTX A/S, has appointed Henrik Mørck Mogensen as new CEO, starting no later than March 1, 2025. Henrik Mørck Mogensen replaces Peter Røpke, who will be leaving RTX by the end of November 2024 after eight years with RTX. Henrik Mørck Mogensen comes from a position as Group Senior Vice President and responsible for the Healthcare business at IT-company Systematic. He brings solid commercial and strategic leadership experience and a strong technical background in both hardware and software products and platforms. Henrik Mørck Mogensen started his career at Systematic, where he spent more than 10 years in different leadership roles. Later, he held different senior management roles at energy and water metering group Kamstrup. Henrik Mørck Mogensen has also served as CEO of software start-up Frameo. He holds a MSc in Software Engineering from Aalborg University, an EBA from VIA University College and an MBA from IMD Business School. RTX's Executive Management Team, with the support of the Board of Directors, will assume the responsibilities of the CEO until Henrik Mørck Mogensen joins RTX. Reported Earnings • Aug 29
Third quarter 2024 earnings released: EPS: kr.0.10 (vs kr.0.38 in 3Q 2023) Third quarter 2024 results: EPS: kr.0.10 (down from kr.0.38 in 3Q 2023). Revenue: kr.147.2m (down 14% from 3Q 2023). Net income: kr.630.0k (down 80% from 3Q 2023). Profit margin: 0.4% (down from 1.8% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Annonce • May 31
RTX A/S Announces Resignation of Peter Røpke as CEO Peter Røpke has informed RTX A/S that he has decided to resign from the Company to take up the CEO position in a privatly owned company in a different industry. He will continue at RTX until 30 November 2024. RTX is initiating the process to find Peter Røpke’s successor. Annonce • May 09
RTX A/S Provides Revenue Guidance for Financial Year 2023/2024 RTX A/S provided revenue guidance for financial year 2023/2024. For the period, the company expects revenue in the range of DKK 580-630 million. Reported Earnings • May 08
Second quarter 2024 earnings released: kr.0.80 loss per share (vs kr.0.35 loss in 2Q 2023) Second quarter 2024 results: kr.0.80 loss per share (further deteriorated from kr.0.35 loss in 2Q 2023). Revenue: kr.132.2m (down 28% from 2Q 2023). Net loss: kr.6.09m (loss widened 110% from 2Q 2023). Revenue is forecast to grow 19% 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 15% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. New Risk • Mar 12
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 Danish stocks, typically moving 6.6% 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. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Feb 09
Now 22% undervalued Over the last 90 days, the stock has risen 31% to kr.105. The fair value is estimated to be kr.133, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Jan 26
First quarter 2024 earnings released First quarter 2024 results: Revenue: kr.85.5m (down 59% from 1Q 2023). Net loss: kr.34.6m (down 298% from profit in 1Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Communications industry in Europe. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Board Change • Jan 19
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Henrik Schimmell was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Annonce • Jan 15
Ellen Andersen Leaves the Board of RTX A/S RTX A/S announced that the ordinary board member, Ellen Andersen, who is not appointed for re-election at the forthcoming Annual General Meeting, has informed the company that she wishes to leave the board as of January 13, 2024. Annonce • Jan 05
RTX A/S, Annual General Meeting, Jan 25, 2024 RTX A/S, Annual General Meeting, Jan 25, 2024, at 15:00 Central European Standard Time. Location: Stroemmen 6 Norresundby Denmark Agenda: To the Board of Director's review of the Company's activities in the past financial year; to presentation of the audited Annual Report 2022/23 for adoption and resolution on discharge of the Board of Directors and the Executive Board; to Resolution as to the utilization of profit or coverage of loss according to the adopted annual report; to Election of members to the Board of Directors; to Appointment of auditors; and to discuss other matters. Reported Earnings • Dec 06
Full year 2023 earnings released: EPS: kr.5.70 (vs kr.4.15 in FY 2022) Full year 2023 results: EPS: kr.5.70 (up from kr.4.15 in FY 2022). Revenue: kr.796.3m (up 17% from FY 2022). Net income: kr.46.7m (up 38% from FY 2022). Profit margin: 5.9% (up from 5.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Communications industry in Europe. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Annonce • Aug 31
RTX A/S Maintains Earnings Guidance for the Financial Year 2022/23 RTX A/S maintained earnings guidance for the financial year 2022/23. For the period, the company expects revenue toe be in the range of DKK 700 million - 760 million and EBIT to be in the range of DKK 45 million - 65 million. Reported Earnings • Aug 31
Third quarter 2023 earnings released: EPS: kr.0.40 (vs kr.0.17 in 3Q 2022) Third quarter 2023 results: EPS: kr.0.40 (up from kr.0.17 in 3Q 2022). Revenue: kr.172.0m (up 1.6% from 3Q 2022). Net income: kr.3.09m (up 118% from 3Q 2022). Profit margin: 1.8% (up from 0.8% in 3Q 2022). Revenue is forecast to grow 5.3% 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 10% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Reported Earnings • May 03
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: kr.0.40 loss per share (further deteriorated from kr.0.29 loss in 2Q 2022). Revenue: kr.183.2m (up 32% from 2Q 2022). Net loss: kr.2.90m (loss widened 24% from 2Q 2022). Revenue exceeded analyst estimates by 5.9%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Communications industry in Europe. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 13% per year. Board Change • Mar 09
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. 3 highly experienced directors. Independent Director Ellen Andersen was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jan 30
First quarter 2023 earnings released: EPS: kr.2.10 (vs kr.0.40 loss in 1Q 2022) First quarter 2023 results: EPS: kr.2.10 (up from kr.0.40 loss in 1Q 2022). Revenue: kr.210.9m (up 64% from 1Q 2022). Net income: kr.17.5m (up kr.20.7m from 1Q 2022). Profit margin: 8.3% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 6.9% 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 fallen by 29% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Annonce • Jan 28
RTX A/S Reaffirms Earnings Guidance for the Year 2022/2023 RTX A/S reaffirmed earnings guidance for the year 2022/2023. The company maintains the outlook for the financial year 2022/2023, as communicated on 29 November 2022 in its annual report for 2021/2022, with revenue of DKK 700 million to DKK 760 million, and EBIT of DKK 45 million to DKK 65 million. Annonce • Jan 13
RTX A/S Announces Changes to the Board of Directors RTX A/S announce that an election has been held on 12 January 2023, among the employees of RTX A/S in accordance with the laws and regulations applicable to the employees’ election of Board members. The result of the election is as below mentioned: New election of Project Engineer Camilla Munk. Camilla Munk is a newly elected member of the Board and has been employed in RTX A/S since 2017. The elected employee representatives join the Board after the Annual General Meeting on Thursday 26 January 2023, and present employee representative Flemming Vendbjerg Andersen leaves the Board, as he was not nominated for election. Annonce • Jan 05
RTX A/S, Annual General Meeting, Jan 26, 2023 RTX A/S, Annual General Meeting, Jan 26, 2023, at 15:00 Central European Standard Time. Location: Stroemmen 6 Norresundby Denmark Agenda: To consider the Board of Director's review of the Company's activities in the past financial year; to consider Presentation of the audited annual report 2021/22 for adoption and resolution on discharge of the Board of Directors and the Executive Board; to consider Resolution as to the utilization of profit or coverage of loss according to the adopted annual report; to consider Election of members to the Board of Directors; to consider Appointment of auditors; to consider Presentation of and advisory vote on the remuneration report; to consider the proposals from the Board of Directors and from shareholders; and to consider any other business. Reported Earnings • Sep 01
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: kr.0.20 (up from kr.0.17 in 3Q 2021). Revenue: kr.169.2m (up 33% from 3Q 2021). Net income: kr.1.42m (up 1.7% from 3Q 2021). Profit margin: 0.8% (down from 1.1% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) missed analyst estimates by 76%. Over the next year, revenue is forecast to grow 6.7%, compared to a 8.5% growth forecast for the Communications industry in Denmark. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • May 10
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: kr.0.30 loss per share (up from kr.1.37 loss in 2Q 2021). Revenue: kr.139.4m (up 45% from 2Q 2021). Net loss: kr.2.34m (loss narrowed 79% from 2Q 2021). Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) also surpassed analyst estimates by 60%. Over the next year, revenue is forecast to grow 6.6%, compared to a 7.0% growth forecast for the industry in Denmark. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Price Target Changed • May 06
Price target decreased to kr.245 Down from kr.265, the current price target is provided by 1 analyst. New target price is 56% above last closing price of kr.157. Stock is down 13% over the past year. The company is forecast to post earnings per share of kr.1.19 for next year compared to kr.0.44 last year. Reported Earnings • Jan 28
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: kr.0.40 loss per share (up from kr.2.57 loss in 1Q 2021). Revenue: kr.128.9m (up 86% from 1Q 2021). Net loss: kr.3.24m (loss narrowed 85% from 1Q 2021). Revenue exceeded analyst estimates by 27%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 6.6%, compared to a 5.0% growth forecast for the industry in Denmark. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Dec 08
Consensus revenue estimates fall to kr.544.0m The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from kr.621.0m to kr.544.0m. EPS estimate fell from kr.7.38 to kr.1.57 per share. Net income forecast to grow 262% next year vs 20% growth forecast for Communications industry in Denmark. Consensus price target of kr.265 unchanged from last update. Share price was steady at kr.161 over the past week. Reported Earnings • Dec 02
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: kr.0.40 (down from kr.7.54 in FY 2020). Revenue: kr.482.1m (down 18% from FY 2020). Net income: kr.3.65m (down 94% from FY 2020). Profit margin: 0.8% (down from 11% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 60%. Earnings per share (EPS) missed analyst estimates by 60%. Over the next year, revenue is forecast to grow 29%, compared to a 4.3% growth forecast for the industry in Denmark. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 24
Third quarter 2021 earnings released: EPS kr.0.20 (vs kr.3.15 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr.127.1m (down 24% from 3Q 2020). Net income: kr.1.39m (down 95% from 3Q 2020). Profit margin: 1.1% (down from 16% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Apr 30
Second quarter 2021 earnings released: kr.1.40 loss per share (vs kr.0.31 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: kr.96.1m (down 19% from 2Q 2020). Net loss: kr.11.3m (down kr.13.9m from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 19
New 90-day low: kr.185 The company is down 19% from its price of kr.228 on 20 November 2020. The Danish market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 5.0% over the same period. Reported Earnings • Jan 30
First quarter 2021 earnings released: kr.2.60 loss per share (vs kr.1.25 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: kr.69.4m (down 49% from 1Q 2020). Net loss: kr.21.4m (down 303% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 28
New 90-day low: kr.200 The company is down 3.0% from its price of kr.205 on 30 October 2020. The Danish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 17% over the same period. Reported Earnings • Nov 26
Full year 2020 earnings released: EPS kr.7.50 The company reported a soft full year result with weaker earnings and profit margins, although revenues were improved. Full year 2020 results: Revenue: kr.584.6m (up 1.3% from FY 2019). Net income: kr.63.1m (down 12% from FY 2019). Profit margin: 11% (down from 12% in FY 2019). The decrease in margin was driven by higher expenses. 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 10% per year. Is New 90 Day High Low • Oct 29
New 90-day low: kr.203 The company is down 13% from its price of kr.233 on 30 July 2020. The Danish market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is flat over the same period.