New Risk • Apr 26
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 Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 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 (€42.7m market cap, or US$50.1m). New Risk • Dec 10
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 Portuguese stocks, typically moving 5.4% 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: Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (5.4% average weekly change). Market cap is less than US$100m (€43.4m market cap, or US$50.5m). Reported Earnings • Oct 12
First half 2025 earnings released: €0.40 loss per share (vs €0.55 loss in 1H 2024) First half 2025 results: €0.40 loss per share (improved from €0.55 loss in 1H 2024). Revenue: €105.5m (up 1.0% from 1H 2024). Net loss: €4.82m (loss narrowed 27% from 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Board Change • Sep 15
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 9 highly experienced directors. No independent directors (9 non-independent directors). Director Daisy Ho was the last 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: Lack of independent directors. Insufficient board refreshment. Board Change • Aug 12
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 9 highly experienced directors. No independent directors (9 non-independent directors). Director Daisy Ho was the last 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: Lack of independent directors. Insufficient board refreshment. Board Change • Jul 11
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 9 highly experienced directors. No independent directors (9 non-independent directors). Director Daisy Ho was the last 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: Lack of independent directors. Insufficient board refreshment. Reported Earnings • May 10
Full year 2024 earnings released: €1.01 loss per share (vs €0.47 profit in FY 2023) Full year 2024 results: €1.01 loss per share (down from €0.47 profit in FY 2023). Revenue: €223.7m (flat on FY 2023). Net loss: €12.1m (down 313% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Annonce • May 09
Estoril Sol, SGPS, S.A., Annual General Meeting, May 29, 2025 Estoril Sol, SGPS, S.A., Annual General Meeting, May 29, 2025. Location: avenida dr stanley ho edificio do casino estoril, cascais Portugal Board Change • Apr 30
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. No independent directors (10 non-independent directors). Director Daisy Ho was the last 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: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 07
First half 2024 earnings released: €0.55 loss per share (vs €0.58 profit in 1H 2023) First half 2024 results: €0.55 loss per share (down from €0.58 profit in 1H 2023). Revenue: €104.5m (down 5.6% from 1H 2023). Net loss: €6.59m (down 195% from profit in 1H 2023). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 2% per year. Buy Or Sell Opportunity • May 13
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to €6.30. The fair value is estimated to be €8.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 09
Full year 2023 earnings released: EPS: €0.47 (vs €2.75 in FY 2022) Full year 2023 results: EPS: €0.47 (down from €2.75 in FY 2022). Revenue: €225.2m (up 4.9% from FY 2022). Net income: €5.65m (down 83% from FY 2022). Profit margin: 2.5% (down from 15% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Apr 20
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: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Profit margins are more than 30% lower than last year (10.0% net profit margin). Market cap is less than US$100m (€88.3m market cap, or US$94.1m). Reported Earnings • Oct 08
First half 2023 earnings released: EPS: €0.58 (vs €1.46 in 1H 2022) First half 2023 results: EPS: €0.58 (down from €1.46 in 1H 2022). Revenue: €110.7m (up 10% from 1H 2022). Net income: €6.98m (down 60% from 1H 2022). Profit margin: 6.3% (down from 17% in 1H 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Oct 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (9.9% net profit margin). Market cap is less than US$100m (€90.7m market cap, or US$95.3m). Reported Earnings • May 03
Full year 2022 earnings released: EPS: €2.75 (vs €0.94 in FY 2021) Full year 2022 results: EPS: €2.75 (up from €0.94 in FY 2021). Revenue: €214.6m (up 58% from FY 2021). Net income: €32.8m (up 194% from FY 2021). Profit margin: 15% (up from 8.2% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Board Change • Nov 21
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Director Daisy Ho was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improved over the past week After last week's 15% share price gain to €6.35, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 18x in the Hospitality industry in Europe. Total loss to shareholders of 27% over the past three years. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improved over the past week After last week's 15% share price gain to €6.40, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 19x in the Hospitality industry in Europe. Total loss to shareholders of 27% over the past three years. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 9 highly experienced directors. No independent directors (11 non-independent directors). Deputy Chairman of the Audit Board Vitor Ribeiro was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 03
First half 2021 earnings released: €0.46 loss per share (vs €0.36 loss in 1H 2020) The company reported a poor first half result with increased losses, weaker revenues and weaker control over costs. First half 2021 results: Revenue: €47.8m (down 29% from 1H 2020). Net loss: €5.53m (loss widened 28% from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 03
New 90-day high: €6.80 The company is up 15% from its price of €5.90 on 28 October 2020. The Portuguese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 23% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: €6.60 The company is up 3.0% from its price of €6.40 on 08 October 2020. The Portuguese market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 22% over the same period. Is New 90 Day High Low • Nov 12
New 90-day low: €5.00 The company is down 35% from its price of €7.70 on 12 August 2020. The Portuguese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 12% over the same period. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total losses of €1.38m, with earnings decreasing by €13.4m from the prior year. Total revenue was €190.3m over the last 12 months, down 20% from the prior year.