Buy Or Sell Opportunity • May 27
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 3.1% to €5.05. The fair value is estimated to be €4.16, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 39%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 1,184% in the next 2 years. Reported Earnings • May 22
First quarter 2026 earnings released: €0.036 loss per share (vs €0.037 profit in 1Q 2025) First quarter 2026 results: €0.036 loss per share (down from €0.037 profit in 1Q 2025). Revenue: €160.2m (down 15% from 1Q 2025). Net loss: €7.30m (down 196% from profit in 1Q 2025). Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Declared Dividend • May 21
Dividend reduced to €0.25 Dividend of €0.25 is 17% lower than last year. Ex-date: 26th May 2026 Payment date: 28th May 2026 Dividend yield will be 4.8%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is not covered by earnings (240% earnings payout ratio) nor is it covered by cash flows (dividend approximately 17x free cash flows). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 167% to bring the payout ratio under control. EPS is expected to grow by 157% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Annuncio • May 20
Altri, SGPS, S.A. announces Annual dividend, payable on May 28, 2026 Altri, SGPS, S.A. announced Annual dividend of EUR 0.2500 per share payable on May 28, 2026, ex-date on May 26, 2026 and record date on May 27, 2026. Annuncio • Apr 28
Altri, SGPS, S.A. to Report Q1, 2026 Results on May 21, 2026 Altri, SGPS, S.A. announced that they will report Q1, 2026 results on May 21, 2026 Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: €0.10 (vs €0.52 in FY 2024) Full year 2025 results: EPS: €0.10 (down from €0.52 in FY 2024). Revenue: €702.8m (down 16% from FY 2024). Net income: €21.4m (down 80% from FY 2024). Profit margin: 3.0% (down from 13% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has fallen by 35% 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. Annuncio • Jan 23
Altri, SGPS, S.A. to Report Fiscal Year 2025 Results on Mar 19, 2026 Altri, SGPS, S.A. announced that they will report fiscal year 2025 results on Mar 19, 2026 Reported Earnings • Nov 23
Third quarter 2025 earnings released: €0.008 loss per share (vs €0.13 profit in 3Q 2024) Third quarter 2025 results: €0.008 loss per share (down from €0.13 profit in 3Q 2024). Revenue: €164.7m (down 20% from 3Q 2024). Net loss: €1.70m (down 106% from profit in 3Q 2024). Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has fallen by 31% 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. Buy Or Sell Opportunity • Nov 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.6% to €4.77. The fair value is estimated to be €5.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10.0% over the last 3 years. Earnings per share has declined by 27%. For the next 3 years, revenue is forecast to grow by 3.7% per annum. Earnings are also forecast to grow by 27% per annum over the same time period. Reported Earnings • Oct 05
Second quarter 2025 earnings released: EPS: €0.03 (vs €0.20 in 2Q 2024) Second quarter 2025 results: EPS: €0.03 (down from €0.20 in 2Q 2024). Revenue: €166.7m (down 30% from 2Q 2024). Net income: €6.43m (down 84% from 2Q 2024). Profit margin: 3.9% (down from 17% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has fallen by 27% 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. New Risk • Jul 27
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Jul 27
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €206.4m (down 14% from 2Q 2024). Net income: €6.40m (down 84% from 2Q 2024). Profit margin: 3.1% (down from 17% in 2Q 2024). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has fallen by 26% 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. Annuncio • Jul 24
Altri, SGPS, S.A. (ENXTLS:ALTR) completed the acquisition of 58.7% stake in HeiQ AeoniQ Holding AG. Altri, SGPS, S.A. (ENXTLS:ALTR) signed an agreement to acquire an unknown minority stake in HeiQ AeoniQ Holding AG on July 1, 2025. The Altri investment, including a capital increase. With capital increase, Altri will acquire a majority stake in AeoniQ. The acquisition will enable the development of the world's first AeoniQ industrial unit, which will be built at Altri's fiber mill in Caima, Constância. Construction is scheduled to begin in 2026, with an initial capacity of 1,750 tons per year.
The completion of the acquisition is subject to the fulfilment of closing conditions, as is standard in transactions of this nature. The companies expect the process to be completed in third quarter of 2025. Daniel Hasler of Homburger AG acted as legal advisor to Altri, SGPS, S.A.
Altri, SGPS, S.A. (ENXTLS:ALTR) completed the acquisition of 58.7% stake in HeiQ AeoniQ Holding AG on July 23, 2025. HeiQ Materials AG, Boss and MAS Holdings remain as co-investors in the company and after the completion of the acquisition, The Lycra Company also maintains exclusive distribution rights. Reported Earnings • May 23
First quarter 2025 earnings released: EPS: €0.037 (vs €0.10 in 1Q 2024) First quarter 2025 results: EPS: €0.037 (down from €0.10 in 1Q 2024). Revenue: €203.7m (down 7.8% from 1Q 2024). Net income: €7.60m (down 65% from 1Q 2024). Profit margin: 3.7% (down from 9.8% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has fallen by 24% 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. Declared Dividend • May 12
Dividend increased to €0.30 Dividend of €0.30 is 20% higher than last year. Ex-date: 15th May 2025 Payment date: 19th May 2025 Dividend yield will be 4.8%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annuncio • May 07
Altri, SGPS, S.A. announces Annual dividend, payable on May 19, 2025 Altri, SGPS, S.A. announced Annual dividend of EUR 0.3000 per share payable on May 19, 2025, ex-date on May 15, 2025 and record date on May 16, 2025. Annuncio • Apr 07
Altri, SGPS, S.A., Annual General Meeting, Apr 28, 2025 Altri, SGPS, S.A., Annual General Meeting, Apr 28, 2025. Location: rua manuel pinto de azevedo 818, porto Portugal New Risk • Mar 21
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.5x net interest cover). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Annuncio • Jan 24
Altri, SGPS, S.A. (ENXTLS:ALTR) signed an agreement to acquire Greenalia Forest, S.L. and Greenalia Logistics, S.L. from Smarttia Spain, S.L.U. Altri, SGPS, S.A. (ENXTLS:ALTR) signed an agreement to acquire Greenalia Forest, S.L. and Greenalia Logistics, S.L. from Smarttia Spain, S.L.U. on January 23, 2025.
The completion of this acquisition is subject to the verification of a set of preconditions, a usual procedure in transactions of this nature. The company expects that this process will be concluded by the end of the first quarter of 2025. Reported Earnings • Nov 24
Third quarter 2024 earnings released: EPS: €0.14 (vs €0.001 in 3Q 2023) Third quarter 2024 results: EPS: €0.14 (up from €0.001 in 3Q 2023). Revenue: €207.0m (up 24% from 3Q 2023). Net income: €27.6m (up €27.4m from 3Q 2023). Profit margin: 13% (up from 0.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Jul 02
First quarter 2024 earnings released: EPS: €0.10 (vs €0.096 in 1Q 2023) First quarter 2024 results: EPS: €0.10 (up from €0.096 in 1Q 2023). Revenue: €220.8m (up 2.1% from 1Q 2023). Net income: €21.6m (up 10.0% from 1Q 2023). Profit margin: 9.8% (in line with 1Q 2023). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 1% per year. Reported Earnings • May 26
First quarter 2024 earnings released: EPS: €0.10 (vs €0.096 in 1Q 2023) First quarter 2024 results: EPS: €0.10 (up from €0.096 in 1Q 2023). Revenue: €222.7m (up 2.9% from 1Q 2023). Net income: €21.6m (up 10% from 1Q 2023). Profit margin: 9.7% (in line with 1Q 2023). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has fallen by 3% per year and the company’s share price has also fallen by 3% per year. Declared Dividend • May 12
Dividend of €0.25 announced Shareholders will receive a dividend of €0.25. Ex-date: 21st May 2024 Payment date: 23rd May 2024 Dividend yield will be 4.6%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is not covered by earnings (120% earnings payout ratio) nor is it covered by cash flows (117% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 33% to bring the payout ratio under control. EPS is expected to grow by 103% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Annuncio • Apr 13
Altri, SGPS, S.A., Annual General Meeting, May 03, 2024 Altri, SGPS, S.A., Annual General Meeting, May 03, 2024, at 11:00 Coordinated Universal Time. Location: The company's head office in Rua Manuel Pinto de Azevedo, 818, Porto Portugal Agenda: To consider Discuss and decide on the financial statements for the year 2023, including the separate and consolidated accounts and respective annexes, the Corporate Governance Report (which includes the Remuneration Report), the Integrated Management Report (which includes the Non-Financial Information Report), and other corporate information and supervisory and audit documents;to consider Decide on the proposed appropriation of the net profit for the year ended 31st of December 2023 and, additionally, on the distribution of dividends in cash;to consider Assess the management and audit of the Company in accordance with article 455 of the Portuguese Companies Code;to consider Vote for the representative of the Statutory Auditor for the current three-year term 2023-2025;to consider Deliberate on the granting of authorization to the Board of Directors for the acquisition and sale ofown bonds to the legal limit of 10%; and to consider other matters. New Risk • Apr 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 120% Cash payout ratio: 109% Dividend yield: 4.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 120% Cash payout ratio: 109% Minor Risk Profit margins are more than 30% lower than last year (5.4% net profit margin). Reported Earnings • Mar 25
Full year 2023 earnings released: EPS: €0.21 (vs €0.74 in FY 2022) Full year 2023 results: EPS: €0.21 (down from €0.74 in FY 2022). Revenue: €788.2m (down 25% from FY 2022). Net income: €42.8m (down 72% from FY 2022). Profit margin: 5.4% (down from 14% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 3.1% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Annuncio • Jan 20
Altri, SGPS, S.A. to Report Fiscal Year 2023 Results on Mar 21, 2024 Altri, SGPS, S.A. announced that they will report fiscal year 2023 results on Mar 21, 2024 Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: €0.001 (vs €0.23 in 3Q 2022) Third quarter 2023 results: EPS: €0.001 (down from €0.23 in 3Q 2022). Revenue: €174.4m (down 38% from 3Q 2022). Net income: €200.0k (down 100% from 3Q 2022). Profit margin: 0.1% (down from 17% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 1.3% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to grow by 1.9%. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 05
Second quarter 2023 earnings released: EPS: €0.04 (vs €0.19 in 2Q 2022) Second quarter 2023 results: EPS: €0.04 (down from €0.19 in 2Q 2022). Revenue: €191.8m (down 29% from 2Q 2022). Net income: €8.36m (down 79% from 2Q 2022). Profit margin: 4.4% (down from 15% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 6.1% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 28
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €201.9m (down 26% from 2Q 2022). Net income: €8.40m (down 79% from 2Q 2022). Profit margin: 4.2% (down from 15% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 6.8% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 27
First quarter 2023 earnings released: EPS: €0.096 (vs €0.14 in 1Q 2022) First quarter 2023 results: EPS: €0.096 (down from €0.14 in 1Q 2022). Revenue: €224.7m (down 9.4% from 1Q 2022). Net income: €19.6m (down 34% from 1Q 2022). Profit margin: 8.7% (down from 12% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 7.3% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €4.12, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 7.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2.44 per share. Annuncio • May 11
Altri, SGPS, S.A. acquired a 13.47% stake in Greenvolt - Energias Renováveis, S.A. Altri, SGPS, S.A. acquired a 13.47% stake in Greenvolt - Energias Renováveis, S.A. on May 9, 2023.Altri, SGPS, S.A. completed the acquisition of a 13.47% stake in Greenvolt - Energias Renováveis, S.A. on May 9, 2023. Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: €0.74 (vs €0.60 in FY 2021) Full year 2022 results: EPS: €0.74 (up from €0.60 in FY 2021). Revenue: €1.07b (up 36% from FY 2021). Net income: €152.1m (up 23% from FY 2021). Profit margin: 14% (down from 16% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 14% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Annuncio • Jan 14
Altri, SGPS, S.A. to Report Fiscal Year 2022 Results on Mar 23, 2023 Altri, SGPS, S.A. announced that they will report fiscal year 2022 results on Mar 23, 2023 Reported Earnings • Nov 26
Third quarter 2022 earnings released: EPS: €0.23 (vs €0.23 in 3Q 2021) Third quarter 2022 results: EPS: €0.23. Revenue: €284.1m (up 15% from 3Q 2021). Net income: €47.7m (flat on 3Q 2021). Profit margin: 17% (down from 20% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 10% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Chairman Alberto Joao de Castro was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €5.25, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Forestry industry in Europe. Total returns to shareholders of 10% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.75 per share. Buying Opportunity • Jul 30
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 6.0%. The fair value is estimated to be €7.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has declined by 17%. For the next 3 years, revenue is forecast to decline by 8.6% per annum. Earnings is also forecast to decline by 16% per annum over the same time period. Reported Earnings • May 28
First quarter 2022 earnings released: EPS: €0.10 (vs €0.064 in 1Q 2021) First quarter 2022 results: EPS: €0.10 (up from €0.064 in 1Q 2021). Revenue: €249.2m (up 40% from 1Q 2021). Net income: €21.1m (up 60% from 1Q 2021). Profit margin: 8.5% (up from 7.4% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 4.5%, compared to a 8.3% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorated over the past week After last week's 23% share price decline to €5.18, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Forestry industry in Europe. Total returns to shareholders of 9.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.69 per share. Upcoming Dividend • May 10
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 17 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of British dividend payers (4.9%). Higher than average of industry peers (3.3%). Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Chairman Alberto Joao de Castro was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 13
Full year 2021 earnings released: EPS: €0.60 (vs €0.12 in FY 2020) Full year 2021 results: EPS: €0.60 (up from €0.12 in FY 2020). Revenue: €785.2m (up 38% from FY 2020). Net income: €123.7m (up 401% from FY 2020). Profit margin: 16% (up from 4.4% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 10%, compared to a 4.1% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 41% 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 • Nov 20
Third quarter 2021 earnings released: EPS €0.23 (vs €0.07 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €248.4m (up 77% from 3Q 2020). Net income: €48.1m (up 219% from 3Q 2020). Profit margin: 19% (up from 11% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 04
Second quarter 2021 earnings released: EPS €0.15 (vs €0.012 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €205.9m (up 28% from 2Q 2020). Net income: €31.7m (up €29.2m from 2Q 2020). Profit margin: 15% (up from 1.5% in 2Q 2020). The increase in margin was driven by higher revenue. 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 15% per year, which means it has not declined as severely as earnings. Reported Earnings • Jul 04
First quarter 2021 earnings released: EPS €0.064 (vs €0.033 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €178.0m (up 8.2% from 1Q 2020). Net income: €13.2m (up 94% from 1Q 2020). Profit margin: 7.4% (up from 4.1% in 1Q 2020). The increase in margin was driven by higher revenue. 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 15% per year, which means it has not declined as severely as earnings. Reported Earnings • May 23
First quarter 2021 earnings released: EPS €0.064 (vs €0.033 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €179.2m (up 9.0% from 1Q 2020). Net income: €13.2m (up 94% from 1Q 2020). Profit margin: 7.4% (up from 4.1% in 1Q 2020). The increase in margin was driven by higher revenue. 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 6% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 11
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 18 May 2021. Payment date: 20 May 2021. Trailing yield: 3.8%. Lower than top quartile of British dividend payers (4.0%). Higher than average of industry peers (2.6%). Is New 90 Day High Low • Feb 15
New 90-day high: €5.69 The company is up 42% from its price of €3.99 on 17 November 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.58 per share. Is New 90 Day High Low • Jan 07
New 90-day high: €5.49 The company is up 42% from its price of €3.85 on 09 October 2020. The British market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.53 per share. Is New 90 Day High Low • Nov 30
New 90-day high: €4.56 The company is up 8.0% from its price of €4.21 on 01 September 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Forestry industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.35 per share. Reported Earnings • Nov 28
Third quarter 2020 earnings released: EPS €0.07 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €140.1m (down 18% from 3Q 2019). Net income: €15.1m (down 34% from 3Q 2019). Profit margin: 11% (down from 13% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 28
Revenue misses expectations Revenue missed analyst estimates by 2.0%. Over the next year, revenue is forecast to grow 6.8% compared to a 1.5% decline forecast for the Forestry industry in the United Kingdom. Reported Earnings • Nov 22
Third quarter 2020 earnings released: EPS €0.073 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €141.5m (down 17% from 3Q 2019). Net income: €15.1m (down 34% from 3Q 2019). Profit margin: 11% (down from 13% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% 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. Analyst Estimate Surprise Post Earnings • Nov 22
Revenue misses expectations Revenue missed analyst estimates by 2.0%. Over the next year, revenue is forecast to grow 7.3% compared to a 1.6% decline forecast for the Forestry industry in the United Kingdom. Is New 90 Day High Low • Oct 15
New 90-day low: €3.69 The company is down 15% from its price of €4.33 on 17 July 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.95 per share. Reported Earnings • Oct 02
First half earnings released Over the last 12 months the company has reported total profits of €42.2m, down 78% from the prior year. Total revenue was €656.2m over the last 12 months, down 19% from the prior year. 
