Buy Or Sell Opportunity • Aug 04
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 48% to RON1.86. The fair value is estimated to be RON1.50, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 20%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 218% in the next 2 years. Buy Or Sell Opportunity • Jul 20
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 36% to RON1.81. The fair value is estimated to be RON1.50, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 20%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 218% in the next 2 years. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: RON0.003 (vs RON0.016 in 1Q 2025) First quarter 2026 results: EPS: RON0.003 (down from RON0.016 in 1Q 2025). Revenue: RON839.1m (up 14% from 1Q 2025). Net income: RON3.29m (down 83% from 1Q 2025). Profit margin: 0.4% (down from 2.6% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Major Estimate Revision • Apr 21
Consensus EPS estimates fall by 28% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from RON0.09 to RON0.065 per share. Revenue forecast steady at RON3.84b. Net income forecast to grow 58% next year vs 15% growth forecast for Consumer Retailing industry in Romania. Consensus price target down from RON1.68 to RON1.61. Share price fell 4.2% to RON1.49 over the past week. Reported Earnings • Apr 01
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: RON0.042 (down from RON0.075 in FY 2024). Revenue: RON3.47b (up 18% from FY 2024). Net income: RON49.9m (down 45% from FY 2024). Profit margin: 1.4% (down from 3.1% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 5.0%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Annonce • Mar 27
Aquila Part Prod Com S.A. announces Annual dividend, payable on October 22, 2026 Aquila Part Prod Com S.A. announced Annual dividend of RON 0.0145 per share payable on October 22, 2026, ex-date on October 12, 2026 and record date on October 13, 2026. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: RON0.042 (vs RON0.075 in FY 2024) Full year 2025 results: EPS: RON0.042 (down from RON0.075 in FY 2024). Revenue: RON3.48b (up 18% from FY 2024). Net income: RON49.9m (down 45% from FY 2024). Profit margin: 1.4% (down from 3.1% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Major Estimate Revision • Feb 12
Consensus EPS estimates fall by 33% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from RON0.06 to RON0.04 per share. Revenue forecast steady at RON3.43b. Net income forecast to grow 44% next year vs 22% growth forecast for Consumer Retailing industry in Romania. Consensus price target up from RON1.59 to RON1.68. Share price rose 2.0% to RON1.83 over the past week. Price Target Changed • Feb 11
Price target increased by 15% to RON1.68 Up from RON1.46, the current price target is an average from 2 analysts. New target price is 6.3% below last closing price of RON1.79. Stock is up 45% over the past year. The company is forecast to post earnings per share of RON0.04 for next year compared to RON0.075 last year. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to RON1.86, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 13x in the Consumer Retailing industry in Europe. Total returns to shareholders of 242% over the past three years. Major Estimate Revision • Nov 20
Consensus EPS estimates fall by 29% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from RON0.085 to RON0.06. Revenue forecast unchanged from RON3.42b at last update. Net income forecast to grow 62% next year vs 26% growth forecast for Consumer Retailing industry in Romania. Consensus price target of RON1.59 unchanged from last update. Share price was steady at RON1.43 over the past week. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: RON0.004 (vs RON0.018 in 3Q 2024) Third quarter 2025 results: EPS: RON0.004 (down from RON0.018 in 3Q 2024). Revenue: RON908.9m (up 17% from 3Q 2024). Net income: RON4.37m (down 79% from 3Q 2024). Profit margin: 0.5% (down from 2.7% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: RON0.009 (vs RON0.013 in 2Q 2024) Second quarter 2025 results: EPS: RON0.009 (down from RON0.013 in 2Q 2024). Revenue: RON824.8m (up 18% from 2Q 2024). Net income: RON10.2m (down 35% from 2Q 2024). Profit margin: 1.2% (down from 2.2% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Price Target Changed • Jul 22
Price target increased by 9.1% to RON1.59 Up from RON1.46, the current price target is an average from 3 analysts. New target price is 11% above last closing price of RON1.43. Stock is up 13% over the past year. The company is forecast to post earnings per share of RON0.10 for next year compared to RON0.075 last year. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: RON0.016 (vs RON0.016 in 1Q 2024) First quarter 2025 results: EPS: RON0.016 (in line with 1Q 2024). Revenue: RON741.3m (up 19% from 1Q 2024). Net income: RON19.0m (down 3.1% from 1Q 2024). Profit margin: 2.6% (down from 3.1% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 13
Upcoming dividend of RON0.05 per share Eligible shareholders must have bought the stock before 20 May 2025. Payment date: 06 June 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.4%. Lower than top quartile of Romanian dividend payers (7.0%). Higher than average of industry peers (2.7%). Declared Dividend • Mar 30
Dividend reduced to RON0.05 Dividend of RON0.05 is 30% lower than last year. Ex-date: 20th May 2025 Payment date: 6th June 2025 Dividend yield will be 3.6%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (102% earnings payout ratio) nor is it covered by cash flows (243% cash payout ratio). The dividend has increased by an average of 112% per year over the past 3 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 13% to bring the payout ratio under control. EPS is expected to grow by 59% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Annonce • Mar 28
Aquila Part Prod Com S.A. announces Annual dividend, payable on June 06, 2025 Aquila Part Prod Com S.A. announced Annual dividend of RON 0.0499 per share payable on June 06, 2025, ex-date on May 20, 2025 and record date on May 21, 2025. Annonce • Mar 06
Aquila Part Prod Com S.A. (BVB:AQ) completed the acquisition of Kitax Kereskedelmi Korlátolt Felelosségu Társaság from Ida Ozsvald and Stefan Ozsvald. Aquila Part Prod Com S.A. (BVB:AQ) agreed to acquire Kitax Kereskedelmi Korlátolt Felelosségu Társaság from Ida Ozsvald and Stefan Ozsvald for a maximum of €14 million on December 13, 2024. For the period ending December 31, 2023, Kitax Kereskedelmi Korlátolt Felelosségu Társaság reported total revenue of €10 million and EBITDA of €2.1 million. The transaction is subject to the approval of the Hungarian authorities for transaction clearance, including the Foreign Direct Investment (FDI) and the General Shareholders' Meeting of AQUILA. The maximum price for the purchase of the above-mentioned package is €14 million. The price shall be paid in a single instalment on the date of completion of the transaction. The price shall be paid from the Company's own sources and/or bank financing. The transaction will be implemented after fulfilment of the precedent conditions in the purchase contract, including after obtaining the approval of the Foreign Direct Investment Commission. As of January 21, 2025, The Kitax takeover, was finalized after it was endorsed by Aquila's shareholders and by the Committee for the Examination of Foreign Direct Investments in Hungary.
Aquila Part Prod Com S.A. (BVB:AQ) completed the acquisition of Kitax Kereskedelmi Korlátolt Felelosségu Társaság from Ida Ozsvald and Stefan Ozsvald. Reported Earnings • Mar 03
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: RON0.075 (down from RON0.081 in FY 2023). Revenue: RON2.95b (up 17% from FY 2023). Net income: RON90.1m (down 7.0% from FY 2023). Profit margin: 3.1% (down from 3.9% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Mar 02
Insufficient new 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. No highly experienced directors. Independent Non-Executive Director Daniela Mandru Petrovici 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. Annonce • Jan 29
Aquila Part Prod Com S.A., Annual General Meeting, Apr 29, 2025 Aquila Part Prod Com S.A., Annual General Meeting, Apr 29, 2025. Buy Or Sell Opportunity • Dec 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to RON1.19. The fair value is estimated to be RON1.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 10%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Buy Or Sell Opportunity • Nov 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to RON1.19. The fair value is estimated to be RON1.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 10%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Upcoming Dividend • May 13
Upcoming dividend of RON0.071 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 06 June 2024. Trailing yield: 3.4%. Lower than top quartile of Romanian dividend payers (6.8%). In line with average of industry peers (3.2%). Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: RON0.081 (vs RON0.071 in FY 2022) Full year 2023 results: EPS: RON0.081 (up from RON0.071 in FY 2022). Revenue: RON2.52b (up 14% from FY 2022). Net income: RON96.9m (up 14% from FY 2022). Profit margin: 3.8% (down from 3.9% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Logistics industry in Europe. Annonce • Feb 27
Aquila Part Prod Com S.A. (BVB:AQ) completed the acquisition of Romtec Austria Srl from Green Ideas Group Mtc Srl and Flm Group Green Mtc S.r.l. Aquila Part Prod Com S.A. (BVB:AQ) signed a purchase-sale pre-agreement to acquire Romtec Austria Srl from Green Ideas Group Mtc Srl and Flm Group Green Mtc S.r.l. for RON 15.8 million on November 7, 2023. Romtec is currently owned 80% by Green Ideas Group and 20% by Flm Group Green. At the end of 2022, Romtec has 47 employees, with a turnover of RON 25 million, and a net profit of RON 1.3 million. The transaction is subject to the completion of a specific audit by specialized firms and obtaining the necessary approvals from the Competition Council. Aquila Part Prod Com S.A. (BVB:AQ) completed the acquisition of Romtec Austria Srl from Green Ideas Group Mtc Srl and Flm Group Green Mtc S.r.l. on February 27, 2024. As a part of closing, the transaction Aquila also obtained the favorable approval from the Competition Council for the acquisition of Romtec Europa SRL. Annonce • Jan 12
Aquila Part Prod Com S.A. (BVB:AQ) signed preliminary transaction agreement to acquire Parmafood Trading SRL and Parmafood Group Distribution SRL for €16.5 million. Aquila Part Prod Com S.A. (BVB:AQ) signed preliminary transaction agreement to acquire Parmafood Trading SRL and Parmafood Group Distribution SRL for €16.5 million on January 10, 2024. The agreed payment method consists of paying 80% of the total amount upon closing the transaction and 10% after 1 year, respectively 2 years from the closing of the transaction. The price will be paid from the Company's own sources. The transaction was approved by the Board of Directors on 10.01.2024, after completing the due diligence process. The transaction will take place subject to obtaining the necessary approvals from the Competition Council, the Commission for the Examination of Foreign Direct Investments, and after the prior approval of the main terms and conditions by AQUILA’s Extraordinary General Shareholders Meeting. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: RON0.024 (vs RON0.027 in 3Q 2022) Third quarter 2023 results: EPS: RON0.024 (down from RON0.027 in 3Q 2022). Revenue: RON640.9m (up 10.0% from 3Q 2022). Net income: RON28.4m (down 11% from 3Q 2022). Profit margin: 4.4% (down from 5.5% in 3Q 2022). The decrease in margin was driven by higher expenses. Buying Opportunity • Nov 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.7%. The fair value is estimated to be RON1.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last year. Earnings per share has grown by 15%. Annonce • Nov 08
Aquila Part Prod Com S.A. (BVB:AQ) signed a purchase-sale pre-agreement to acquire Romtec Austria Srl from Green Ideas Group Mtc Srl and Flm Group Green Mtc S.r.l. for RON 15.8 million. Aquila Part Prod Com S.A. (BVB:AQ) signed a purchase-sale pre-agreement to acquire Romtec Austria Srl from Green Ideas Group Mtc Srl and Flm Group Green Mtc S.r.l. for RON 15.8 million on November 7, 2023. Romtec is currently owned 80% by Green Ideas Group and 20% by Flm Group Green. At the end of 2022, Romtec has 47 employees, with a turnover of RON 25 million, and a net profit of RON 1.3 million. The transaction is subject to the completion of a specific audit by specialized firms and obtaining the necessary approvals from the Competition Council. Buying Opportunity • Sep 06
Now 20% undervalued Over the last 90 days, the stock is up 22%. The fair value is estimated to be RON1.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last year. Earnings per share has grown by 15%. Reported Earnings • Aug 30
Second quarter 2023 earnings released: EPS: RON0.013 (vs RON0.017 in 2Q 2022) Second quarter 2023 results: EPS: RON0.013 (down from RON0.017 in 2Q 2022). Revenue: RON563.8m (up 15% from 2Q 2022). Net income: RON15.2m (down 26% from 2Q 2022). Profit margin: 2.7% (down from 4.2% in 2Q 2022). The decrease in margin was driven by higher expenses. Upcoming Dividend • May 09
Upcoming dividend of RON0.041 per share at 5.8% yield Eligible shareholders must have bought the stock before 16 May 2023. Payment date: 07 June 2023. Payout ratio is a comfortable 57% but the company is paying out more than the cash it is generating. Trailing yield: 5.8%. Lower than top quartile of Romanian dividend payers (8.2%). Higher than average of industry peers (2.9%). Board Change • Nov 16
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Ion-Lucian Mihalache is the most experienced director on 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 board continuity. Lack of experienced directors. Upcoming Dividend • Nov 09
Upcoming dividend of RON0.026 per share Eligible shareholders must have bought the stock before 16 November 2022. Payment date: 08 December 2022. Payout ratio is a comfortable 8.2% but the company is paying out more than the cash it is generating. Trailing yield: 1.3%. Lower than top quartile of Romanian dividend payers (8.3%). Lower than average of industry peers (3.7%). Reported Earnings • Sep 03
Second quarter 2022 earnings released: EPS: RON0.017 (vs RON0.013 in 2Q 2021) Second quarter 2022 results: EPS: RON0.017 (up from RON0.013 in 2Q 2021). Revenue: RON491.6m (up 8.4% from 2Q 2021). Net income: RON20.4m (up 59% from 2Q 2021). Profit margin: 4.2% (up from 2.8% in 2Q 2021). The increase in margin was driven by higher revenue. 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. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 17% share price decline to RON4.17, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 12x in the Logistics industry in Europe. Reported Earnings • Mar 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: RON0.82 (down from RON2.70 in FY 2020). Revenue: RON1.93b (up 13% from FY 2020). Net income: RON67.6m (up 24% from FY 2020). Profit margin: 3.5% (up from 3.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates.