New Risk • May 12
New major risk - Revenue and earnings growth Earnings have declined by 0.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 0.3% per year over the past 5 years. Market cap is less than US$10m (€7.66m market cap, or US$8.99m). New Risk • Apr 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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 Market cap is less than US$10m (€6.97m market cap, or US$8.22m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). New Risk • Feb 17
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 Greek stocks, typically moving 6.0% 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 Share price has been highly volatile over the past 3 months (6.0% average weekly change). Market cap is less than US$10m (€7.95m market cap, or US$9.41m). New Risk • Jan 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.44m (US$9.86m) This is considered a major 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 Market cap is less than US$10m (€8.44m market cap, or US$9.86m). Minor Risk Share price has been volatile over the past 3 months (5.8% average weekly change). Annonce • Apr 25
Mathios Refractories S.A., Annual General Meeting, Jun 19, 2025 Mathios Refractories S.A., Annual General Meeting, Jun 19, 2025. New Risk • Apr 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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: Major Risks Share price has been highly volatile over the past 3 months (7.8% average weekly change). Earnings have declined by 7.6% per year over the past 5 years. Market cap is less than US$10m (€6.19m market cap, or US$7.03m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). New Risk • Feb 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 Greek stocks, typically moving 4.3% 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 Earnings have declined by 7.6% per year over the past 5 years. Market cap is less than US$10m (€5.95m market cap, or US$6.17m). Minor Risk Share price has been volatile over the past 3 months (4.3% average weekly change). New Risk • Jun 04
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.09m (US$9.90m) This is considered a major 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 Market cap is less than US$10m (€9.09m market cap, or US$9.90m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Annonce • Apr 28
Mathios Refractories S.A. to Report Fiscal Year 2023 Results on Apr 29, 2024 Mathios Refractories S.A. announced that they will report fiscal year 2023 results on Apr 29, 2024 New Risk • Apr 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (5.4% average weekly change). Market cap is less than US$100m (€11.2m market cap, or US$11.9m). New Risk • Oct 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.13m (US$9.61m) This is considered a major 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 Risks Less than 1 year of cash runway based on free cash flow trend (-€738k free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (€9.13m market cap, or US$9.61m). Reported Earnings • Oct 02
First half 2023 earnings released: €0.079 loss per share (vs €0.012 profit in 1H 2022) First half 2023 results: €0.079 loss per share (down from €0.012 profit in 1H 2022). Revenue: €6.73m (down 11% from 1H 2022). Net loss: €775.5k (down €896.4k from profit in 1H 2022). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Jul 01
Mathios Refractories S.A., Annual General Meeting, Jul 06, 2023 Mathios Refractories S.A., Annual General Meeting, Jul 06, 2023, at 11:00 E. Europe Standard Time. Location: 5 EPIDAVROU STR Athens Greece Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €1.25, the stock trades at a trailing P/E ratio of 26.6x. Average trailing P/E is 9x in the Basic Materials industry in Europe. Total returns to shareholders of 198% over the past three years. New Risk • Jun 16
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 Greek stocks, typically moving 7.5% 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 Debt is not well covered by operating cash flow (1.3% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (7.5% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2022 fiscal period end). Market cap is less than US$100m (€11.1m market cap, or US$12.1m). Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to €1.04, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 9x in the Basic Materials industry in Europe. Total returns to shareholders of 148% over the past three years. Board Change • Nov 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. No experienced directors. 9 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Non Executive Director Georgios Moschopoulos was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 05
First half 2022 earnings released: EPS: €0.012 (vs €0.055 loss in 1H 2021) First half 2022 results: EPS: €0.012 (up from €0.055 loss in 1H 2021). Revenue: €7.57m (up 18% from 1H 2021). Net income: €120.9k (up €658.7k from 1H 2021). Profit margin: 1.6% (up from net loss in 1H 2021). Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 26% per year. Annonce • Jun 02
Mathios Refractories S.A., Annual General Meeting, Jun 30, 2022 Mathios Refractories S.A., Annual General Meeting, Jun 30, 2022, at 11:00 E. Europe Standard Time. Reported Earnings • May 06
Full year 2021 earnings released: €0.02 loss per share (vs €0.18 loss in FY 2020) Full year 2021 results: €0.02 loss per share (up from €0.18 loss in FY 2020). Revenue: €13.8m (up 14% from FY 2020). Net loss: €197.6k (loss narrowed 89% from FY 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 29% per year, which means it is well ahead of earnings. Board Change • Apr 27
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. 8 experienced directors. 1 highly experienced director. 4 independent directors (5 non-independent directors). Independent Non Executive Director Georgios Moschopoulos was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 03
First half 2021 earnings released: €0.055 loss per share (vs €0.12 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: €6.43m (up 15% from 1H 2020). Net loss: €537.8k (loss narrowed 54% from 1H 2020). 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 29% per year, which means it is well ahead of earnings. Reported Earnings • May 06
Full year 2020 earnings released: €0.18 loss per share (vs €0.025 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: €12.1m (down 29% from FY 2019). Net loss: €1.81m (loss widened €1.57m from FY 2019). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Dec 30
New 90-day high: €0.39 The company is up 18% from its price of €0.33 on 01 October 2020. The Greek market is up 23% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Basic Materials industry, which is up 15% over the same period. Is New 90 Day High Low • Oct 20
New 90-day low: €0.31 The company is down 20% from its price of €0.39 on 22 July 2020. The Greek market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is down 2.0% over the same period.