Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €40.60, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Commercial Services industry in Germany. Total returns to shareholders of 115% over the past three years. Reported Earnings • May 29
First quarter 2026 earnings released: CA$0.98 loss per share (vs CA$1.34 profit in 1Q 2025) First quarter 2026 results: CA$0.98 loss per share (down from CA$1.34 profit in 1Q 2025). Revenue: CA$4.80m (down 36% from 1Q 2025). Net loss: CA$1.28m (down 174% from profit in 1Q 2025). Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Commercial Services industry in Germany. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 26
Full year 2025 earnings released: EPS: CA$6.23 (vs CA$3.78 in FY 2024) Full year 2025 results: EPS: CA$6.23 (up from CA$3.78 in FY 2024). Revenue: CA$35.5m (up 107% from FY 2024). Net income: CA$8.06m (up 68% from FY 2024). Profit margin: 23% (down from 28% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Commercial Services industry in Germany. 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 34% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €46.20, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 9x in the Commercial Services industry in Germany. Total returns to shareholders of 126% over the past three years. Annuncio • Apr 16
BQE Water Inc. to Report Q4, 2025 Results on Apr 23, 2026 BQE Water Inc. announced that they will report Q4, 2025 results at 4:00 PM, US Eastern Standard Time on Apr 23, 2026 Annuncio • Mar 30
BQE Water Inc., Annual General Meeting, May 29, 2026 BQE Water Inc., Annual General Meeting, May 29, 2026. Location: british columbia, vancouver Canada Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €40.60, the stock trades at a forward P/E ratio of 9x. Average trailing P/E is 13x in the Commercial Services industry in Germany. Total returns to shareholders of 116% over the past three years. Reported Earnings • Nov 28
Third quarter 2025 earnings released: EPS: CA$2.15 (vs CA$2.91 in 3Q 2024) Third quarter 2025 results: EPS: CA$2.15 (down from CA$2.91 in 3Q 2024). Revenue: CA$9.32m (up 37% from 3Q 2024). Net income: CA$2.78m (down 25% from 3Q 2024). Profit margin: 30% (down from 55% in 3Q 2024). 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 4.6% growth forecast for the Commercial Services industry in Germany. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Annuncio • Nov 21
BQE Water Inc. Provides an Update on the Eagle Gold Mine Project BQE Water Inc. provided an update on the Eagle Gold Mine project. Following the heap leach failure at the mine in 2024, BQE Water designed, implemented, and operated an emergency water treatment plant, and has discharged over 1 million cubic meters of clean water safely into the environment, under contract with PricewaterhouseCoopers Inc. in its capacity as court appointed Receiver of Victoria Gold Corp. (the "Receiver"). With the remaining inventory of contaminated water on site greatly reduced by BQE Water this year, and with adequate storage now available, active operations and discharge into the environment are expected to cease in November 2025 and a winterization plan developed by BQE Water is expected to be complete prior to demobilization from site by December 15, 2025. In further development, BQE Water submitted a proposal in response to the tender for the design and implementation of a long-term water treatment solution at Eagle Mine and was later selected by the Receiver to carry out the first phase of engineering with a contract entered on November 4, 2025. It is anticipated that the first phase will complete by the middle of first quarter of 2026. Due to the complexity of water composition and to support all possible project scenarios, the long-term treatment plant will combine multiple new processes. One of these is a process for the removal of cobalt-cyanide complexes to trace levels using ion exchange. The process was developed and pilot tested by BQE Water at Eagle Mine during the 2025 operation season. The long-term treatment design also includes the use of BQE Water's direct electro-reduction of selenium to be deployed if/when required. A key aspect of the new design is a smooth, expedient, and cost-effective transition from BQE Water's emergency treatment process to the new permanent system starting with the anticipated re-start of water treatment prior to 2026 spring freshet, and a gradual expansion of treatment adding new treatment stages for cobalt-cyanide, nitrogen species, and selenium if required. Annuncio • Nov 13
BQE Water Inc. Commences Routine Operation of New Selen-IX Plant in Record Time at the Wharf Mine BQE Water Inc. reported that a new full scale Selen-IX plant located at the Coeur Wharf mine in South Dakota, USA had passed the performance test and began routine operation. This latest Selen-IX Plant set a record time for implementation of 20 months between the design engineering kick-off to the discharge of on-spec water into the environment. The plant is designed to treat between 150 to 400 gallons of influent water per minute, removing selenium to a discharge limit of less than 5 ppb (parts per billion). The performance test was very thorough and involved plant operation at the minimum, nominal, and maximum flowrates and selenium concentrations artificially spiked to double the current and historical levels. The plant has now entered routine operations under long-term support from BQE Water to ensure that the plant continues to perform and comply with regulatory requirements. Selen-IX™? was selected for this project over biological selenium reduction systems due to several factors including: ability to avoid reliance on dilution by meeting the in-stream limit directly at the end of pipe, performance unaffected by cold water temperatures, ability to operate in intermittent mode, ability to handle large and rapid fluctuations in feed flow, and minimization of residue management costs. The project showcases BQE Water's agility and the capability of the patented Selen-IX technology which enabled the mine site to start discharging clean water into environment in 20 months from the start of engineering. This would not have been possible without close collaboration and major support received from Coeur's team, and are grateful for all their efforts. New Risk • Sep 29
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 7.5% 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 Risk High level of non-cash earnings (40% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (€42.9m market cap, or US$50.3m). Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: CA$1.48 (vs CA$0.44 in 2Q 2024) Second quarter 2025 results: EPS: CA$1.48 (up from CA$0.44 in 2Q 2024). Revenue: CA$11.3m (up 230% from 2Q 2024). Net income: CA$1.91m (up 241% from 2Q 2024). Profit margin: 17% (in line with 2Q 2024). Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Commercial Services industry in Germany. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Annuncio • Aug 13
BQE Water Integrates Aquatic Toxicology Services into Its Core Competencies BQE Water Inc. announced that it is making a strategic investment into the integration of aquatic toxicology services into its existing business and suite of core competencies. This expansion is underpinned and made possible by a team of senior aquatic toxicologists including James Elphick, Dr Ebrahim (Ebi) Lari, and Josh Baker joining the BQE Water team. The investment includes the establishment of an aquatic toxicology laboratory as well as development of in-house resources to maintain BQE Water's leadership in the area of production of clean mine water. The goal of this investment is to improve the services offered by BQE Water to its clients, specifically: To reduce timelines and costs associated with implementing remedies to toxicity occurring in mine waters by having a strong in-house multidisciplinary team capable of evaluating causes of toxicity, performing all required testing, and designing remedies. To consider establishment of science-based site-specific water quality benchmarks holistically, including costs and risks of water treatment to optimize water quality from early project stages. To be in a unique position to provide guarantees to clients with respect to effluent toxicity as part of plant operations services. Approaching toxicity identification investigations and addressing gaps in the understanding of toxicant behaviour from a practical treatment perspective provides a unique service that will address ecological risks and reduce timelines for implementing the right remedies. While the plan is for the new BQE Water's toxicity testing laboratory to be fully accredited, the primary purpose of the laboratory is to support the Company's water treatment business and focus on investigative type of work rather than building a capacity for processing a high volume of samples for routine bioassays. Reported Earnings • May 31
First quarter 2025 earnings released: EPS: CA$1.34 (vs CA$0.39 loss in 1Q 2024) First quarter 2025 results: EPS: CA$1.34 (up from CA$0.39 loss in 1Q 2024). Revenue: CA$7.45m (up 197% from 1Q 2024). Net income: CA$1.73m (up CA$2.21m from 1Q 2024). Profit margin: 23% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Commercial Services industry in Germany. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Annuncio • May 30
BQE Water Inc. to Report Q1, 2025 Results on May 29, 2025 BQE Water Inc. announced that they will report Q1, 2025 results on May 29, 2025 New Risk • May 29
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 German stocks, typically moving 13% 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 (13% average weekly change). High level of non-cash earnings (30% accrual ratio). Minor Risk Market cap is less than US$100m (€46.1m market cap, or US$52.4m). Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €35.60, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Commercial Services industry in Germany. Total returns to shareholders of 50% over the past three years. Annuncio • Apr 29
BQE Water Inc., Annual General Meeting, Jun 26, 2025 BQE Water Inc., Annual General Meeting, Jun 26, 2025. Location: british columbia, vancouver Canada Reported Earnings • Apr 25
Full year 2024 earnings released: EPS: CA$3.78 (vs CA$2.12 in FY 2023) Full year 2024 results: EPS: CA$3.78 (up from CA$2.12 in FY 2023). Revenue: CA$17.2m (down 5.3% from FY 2023). Net income: CA$4.81m (up 81% from FY 2023). Profit margin: 28% (up from 15% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Commercial Services industry in Germany. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 14% per year. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €37.20, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Commercial Services industry in Germany. Total returns to shareholders of 116% over the past three years. New Risk • Dec 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.0% 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: Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Market cap is less than US$100m (€51.9m market cap, or US$54.9m). Reported Earnings • Nov 29
Third quarter 2024 earnings released: EPS: CA$2.91 (vs CA$1.71 in 3Q 2023) Third quarter 2024 results: EPS: CA$2.91 (up from CA$1.71 in 3Q 2023). Revenue: CA$6.82m (up 9.1% from 3Q 2023). Net income: CA$3.72m (up 75% from 3Q 2023). Profit margin: 55% (up from 34% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Commercial Services industry in Germany. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €44.20, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 11x in the Commercial Services industry in Germany. Total returns to shareholders of 121% over the past three years. Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: CA$0.44 (vs CA$0.49 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.44 (down from CA$0.49 in 2Q 2023). Revenue: CA$3.42m (down 18% from 2Q 2023). Net income: CA$559.3k (down 8.9% from 2Q 2023). Profit margin: 16% (up from 15% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Commercial Services industry in Germany. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €41.60, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 12x in the Commercial Services industry in Germany. Total returns to shareholders of 108% over the past three years. Annuncio • Aug 11
BQE Water Inc Appoints Richard Hubbard to Board of Directors BQE Water Inc. announced the appointment of Mr. Richard Hubbard to the Board of Directors, effective August 6, 2024. Following the appointment of Mr. Hubbard, the Board will comprise of 6 directors, 4 of whom are independent according to the requirements of the TSX-V. Mr. Hubbard brings over 40 years of experience in commercial leadership, corporate finance, capital markets and investment banking. His success spans multiple industries, largely in mining, but also from French luxury goods, international wine distribution, consumer electronics, and healthcare. New Risk • Jul 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% 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: Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Significant insider selling over the past 3 months (€127k sold). Market cap is less than US$100m (€48.3m market cap, or US$52.8m). Reported Earnings • May 30
First quarter 2024 earnings released: CA$0.39 loss per share (vs CA$0.27 loss in 1Q 2023) First quarter 2024 results: CA$0.39 loss per share (further deteriorated from CA$0.27 loss in 1Q 2023). Revenue: CA$2.51m (down 6.8% from 1Q 2023). Net loss: CA$487.1k (loss widened 43% from 1Q 2023). Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Commercial Services industry in Germany. 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 28% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 26
Full year 2023 earnings released: EPS: CA$2.12 (vs CA$0.93 in FY 2022) Full year 2023 results: EPS: CA$2.12 (up from CA$0.93 in FY 2022). Revenue: CA$18.1m (up 49% from FY 2022). Net income: CA$2.65m (up 128% from FY 2022). Profit margin: 15% (up from 9.6% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Commercial Services industry in Germany. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Apr 23
BQE Water Inc., Annual General Meeting, Jun 25, 2024 BQE Water Inc., Annual General Meeting, Jun 25, 2024. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to €36.20, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Commercial Services industry in Germany. Total returns to shareholders of 134% over the past three years. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €24.00, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 16x in the Commercial Services industry in Germany. Total returns to shareholders of 89% over the past three years. Annuncio • Feb 01
BQE Water Inc. Completes Commissioning of Selen-IX Water Treatment Plant at US Mine BQE Water Inc. has completed the commissioning phase and transitioned to the operating phase of the agreement for a water treatment plant at a base metal mine in Southwestern USA. Utilizing its award winning Selen-IX process technology, BQE Water treats mine impacted waters, removing selenium to below 2 ppb (Parts Per Billion), as well as dissolved metals, in compliance with applicable effluent quality regulations. Under the agreement, BQE Water is responsible for clean water production for environmental discharge. Compensation for operations services consists of a base monthly fee and a supplemental fee for additional water treated over and above the base. The base monthly fee is payable regardless of the volume of water reporting to treatment but is subject to the plant being available for treatment. Both fees are paid subject to the plant effluent meeting the target effluent water quality. Since the completion of commissioning, the plant has been operating 24/7 with an overall plant availability more than 95%. It is expected to run year-round and treat up to 4,500 gallons of water per minute, making it the largest Selen-IX plant currently in operation. The plant first removes a host of dissolved metals, followed by selenium removal. The key aspects of the plant design that led to the selection of Selen-IX technology for selenium removal included the stringent selenium effluent limit, the requirement for a rapid ramp-up in selenium removal capacity depending on flow and selenium concentrations, and the need to produce a stable non-hazardous residue. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €24.40, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 18x in the Commercial Services industry in Germany. Total returns to shareholders of 107% over the past three years. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €22.00, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 19x in the Commercial Services industry in Germany. Total returns to shareholders of 88% over the past three years. Recent Insider Transactions • Dec 17
President recently sold €72k worth of stock On the 13th of December, David Kratochvil sold around 4k shares on-market at roughly €20.49 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. David has been a net seller over the last 12 months, reducing personal holdings by €113k. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €22.00, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 19x in the Commercial Services industry in Germany. Total returns to shareholders of 85% over the past three years. Reported Earnings • Nov 29
Third quarter 2023 earnings released: EPS: CA$1.71 (vs CA$0.46 in 3Q 2022) Third quarter 2023 results: EPS: CA$1.71 (up from CA$0.46 in 3Q 2022). Revenue: CA$6.25m (up 78% from 3Q 2022). Net income: CA$2.13m (up 271% from 3Q 2022). Profit margin: 34% (up from 16% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 01
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 German stocks, typically moving 8.4% 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 Risk Share price has been highly volatile over the past 3 months (8.4% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (4.4% net profit margin). Market cap is less than US$100m (€23.0m market cap, or US$24.4m). Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €20.40, the stock trades at a trailing P/E ratio of 61.1x. Average trailing P/E is 18x in the Commercial Services industry in Germany. Total returns to shareholders of 121% over the past three years. Reported Earnings • Aug 26
Second quarter 2023 earnings released: EPS: CA$0.49 (vs CA$0.51 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.49 (down from CA$0.51 in 2Q 2022). Revenue: CA$4.19m (up 54% from 2Q 2022). Net income: CA$615.0k (down 4.1% from 2Q 2022). Profit margin: 15% (down from 24% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 18% per year. Reported Earnings • Jun 01
First quarter 2023 earnings released: CA$0.27 loss per share (vs CA$0.15 profit in 1Q 2022) First quarter 2023 results: CA$0.27 loss per share (down from CA$0.15 profit in 1Q 2022). Revenue: CA$2.69m (up 9.1% from 1Q 2022). Net loss: CA$340.0k (down 279% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 34% per year whereas the company’s share price has increased by 35% per year. Reported Earnings • Jun 01
First quarter 2023 earnings released: CA$0.27 loss per share (vs CA$0.15 profit in 1Q 2022) First quarter 2023 results: CA$0.27 loss per share (down from CA$0.15 profit in 1Q 2022). Revenue: CA$2.69m (up 9.1% from 1Q 2022). Net loss: CA$340.0k (down 279% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 34% per year whereas the company’s share price has increased by 35% per year. Reported Earnings • Apr 30
Full year 2022 earnings released: EPS: CA$0.93 (vs CA$2.14 in FY 2021) Full year 2022 results: EPS: CA$0.93 (down from CA$2.14 in FY 2021). Revenue: CA$12.2m (up 62% from FY 2021). Net income: CA$1.16m (down 56% from FY 2021). Profit margin: 9.6% (down from 35% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Board Change • Feb 01
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. 2 experienced directors. 3 highly experienced directors. Independent Director Sara Elford was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 24
Third quarter 2022 earnings released: EPS: CA$0.46 (vs CA$1.25 in 3Q 2021) Third quarter 2022 results: EPS: CA$0.46 (down from CA$1.25 in 3Q 2021). Revenue: CA$3.50m (up 26% from 3Q 2021). Net income: CA$573.9k (down 63% from 3Q 2021). Profit margin: 16% (down from 56% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: CA$0.51 (vs CA$0.66 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.51 (down from CA$0.66 in 2Q 2021). Revenue: CA$2.72m (up 129% from 2Q 2021). Net income: CA$641.6k (down 21% from 2Q 2021). Profit margin: 24% (down from 68% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 71% per year whereas the company’s share price has increased by 66% per year. Recent Insider Transactions • Jun 22
Insider recently sold €110k worth of stock On the 20th of June, Robert Stein sold around 5k shares on-market at roughly €21.93 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €145k more than they sold in the last 12 months. Reported Earnings • May 27
First quarter 2022 earnings released: EPS: CA$0.15 (vs CA$0.43 loss in 1Q 2021) First quarter 2022 results: EPS: CA$0.15 (up from CA$0.43 loss in 1Q 2021). Revenue: CA$2.47m (up 152% from 1Q 2021). Net income: CA$190.3k (up CA$713.6k from 1Q 2021). Profit margin: 7.7% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has increased by 81% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 27
Full year 2021 earnings released: EPS: CA$2.14 (vs CA$0.96 in FY 2020) Full year 2021 results: EPS: CA$2.14 (up from CA$0.96 in FY 2020). Revenue: CA$7.51m (down 2.4% from FY 2020). Net income: CA$2.63m (up 125% from FY 2020). Profit margin: 35% (up from 15% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 23
Full year 2021 earnings released: EPS: CA$2.14 (vs CA$0.96 in FY 2020) Full year 2021 results: EPS: CA$2.14 (up from CA$0.96 in FY 2020). Revenue: CA$7.51m (down 2.4% from FY 2020). Net income: CA$2.63m (up 125% from FY 2020). Profit margin: 35% (up from 15% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 63% per year whereas the company’s share price has increased by 65% per year. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improved over the past week After last week's 21% share price gain to €20.40, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 18x in the Commercial Services industry in Germany. Total returns to shareholders of 364% over the past three years. Reported Earnings • Nov 26
Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint Third quarter 2021 results: EPS: CA$1.25 (up from CA$1.19 in 3Q 2020). Revenue: CA$2.77m (up 1.3% from 3Q 2020). Net income: CA$1.54m (up 7.0% from 3Q 2020). Profit margin: 56% (up from 53% in 3Q 2020). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 5.6%. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has increased by 88% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS CA$0.66 (vs CA$0.044 loss in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: CA$1.19m (down 16% from 2Q 2020). Net income: CA$808.6k (up CA$861.6k from 2Q 2020). Profit margin: 68% (up from net loss in 2Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 70% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CA$16.80, the stock trades at a trailing P/E ratio of 46.4x. Average trailing P/E is 24x in the Commercial Services industry in Europe. Total returns to shareholders of 425% over the past three years. Reported Earnings • May 29
First quarter 2021 earnings released: CA$0.43 loss per share (vs CA$0.015 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: CA$979.7k (down 49% from 1Q 2020). Net loss: CA$523.2k (loss widened CA$504.9k from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 70% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improved over the past week After last week's 43% share price gain to CA$21.80, the stock trades at a trailing P/E ratio of 34x. Average trailing P/E is 25x in the Commercial Services industry in Europe. Total returns to shareholders of 289% over the past three years. Reported Earnings • May 01
Full year 2020 earnings released: EPS CA$0.96 (vs CA$0.20 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CA$7.70m (up 37% from FY 2019). Net income: CA$1.17m (up 384% from FY 2019). Profit margin: 15% (up from 4.3% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improved over the past week After last week's 16% share price gain to CA$15.40, the stock trades at a trailing P/E ratio of 37.6x. Average trailing P/E is 17x in the Commercial Services industry in Germany. Total returns to shareholders of 295% over the past three years. Is New 90 Day High Low • Dec 15
New 90-day high: €13.00 The company is up 41% from its price of €9.20 on 15 September 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 27% over the same period. Valuation Update With 7 Day Price Move • Dec 02
Market bids up stock over the past week After last week's 28% share price gain to CA$12.50, the stock is trading at a trailing P/E ratio of 32.6x, up from the previous P/E ratio of 25.5x. This compares to an average P/E of 19x in the Commercial Services industry in Europe. Total returns to shareholders over the past three years are 257%. Is New 90 Day High Low • Nov 27
New 90-day high: €12.70 The company is up 23% from its price of €10.30 on 28 August 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 16% over the same period. Reported Earnings • Nov 26
Third quarter 2020 earnings released: EPS CA$1.19 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: CA$2.74m (up 18% from 3Q 2019). Net income: CA$1.44m (up 70% from 3Q 2019). Profit margin: 53% (up from 37% in 3Q 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. 