New Risk • Apr 23
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (€8.65m market cap, or US$10.1m). New Risk • Apr 19
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 High level of non-cash earnings (606% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Revenue is less than US$5m (€2.4m revenue, or US$2.9m). Market cap is less than US$100m (€9.04m market cap, or US$10.6m). New Risk • Mar 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.65m (US$9.96m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (606% accrual ratio). Market cap is less than US$10m (€8.65m market cap, or US$9.96m). Minor Risk Revenue is less than US$5m (€2.4m revenue, or US$2.8m). New Risk • Nov 27
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 Dutch stocks, typically moving 6.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (6.7% average weekly change). High level of non-cash earnings (606% accrual ratio). Minor Risks Revenue is less than US$5m (€2.4m revenue, or US$2.8m). Market cap is less than US$100m (€8.73m market cap, or US$10.1m). New Risk • Nov 21
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.65m (US$9.95m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (1,501% accrual ratio). Market cap is less than US$10m (€8.65m market cap, or US$9.95m). Minor Risk Share price has been volatile over the past 3 months (5.4% average weekly change). New Risk • Oct 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Dutch stocks, typically moving 5.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (1,501% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.3% average weekly change). Market cap is less than US$100m (€10.1m market cap, or US$11.9m). Recent Insider Transactions • Sep 17
CEO & Director recently bought €187k worth of stock On the 8th of September, Peter Paul de Vries bought around 80k shares on-market at roughly €2.34 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €211k. Peter Paul has been a buyer over the last 12 months, purchasing a net total of €713k worth in shares. Recent Insider Transactions • Aug 31
CEO & Director recently bought €211k worth of stock On the 22nd of August, Peter Paul de Vries bought around 90k shares on-market at roughly €2.34 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Peter Paul has been a buyer over the last 12 months, purchasing a net total of €433k worth in shares. Reported Earnings • May 13
Full year 2024 earnings released: EPS: €2.38 (vs €0.35 in FY 2023) Full year 2024 results: EPS: €2.38 (up from €0.35 in FY 2023). Net income: €9.34m (up €7.96m from FY 2023). Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (42% accrual ratio). Market cap is less than US$10m (€7.35m market cap, or US$8.38m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to €2.16, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 15x in the Interactive Media and Services industry in Europe. Total returns to shareholders of 8.0% over the past three years. Annuncio • Jun 01
IEX Group N.V., Annual General Meeting, Jun 20, 2024 IEX Group N.V., Annual General Meeting, Jun 20, 2024. Location: beursplein 5 1012 jw amsterdam, Netherlands Reported Earnings • May 05
Full year 2023 earnings released Full year 2023 results: Revenue: €5.11m (flat on FY 2022). Net income: €1.38m (up 32% from FY 2022). Profit margin: 27% (up from 21% in FY 2022). New Risk • Mar 28
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 Risks Share price has been highly volatile over the past 3 months (8.0% average weekly change). Shareholders have been substantially diluted in the past year (93% increase in shares outstanding). Minor Risks High level of debt (107% net debt to equity). Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (€12.8m market cap, or US$13.8m). New Risk • Nov 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Dutch 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 Risks Share price has been highly volatile over the past 3 months (8.4% average weekly change). Shareholders have been substantially diluted in the past year (93% increase in shares outstanding). Minor Risks High level of debt (107% net debt to equity). Market cap is less than US$100m (€14.8m market cap, or US$16.1m). Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1.98, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 23x in the Interactive Media and Services industry in Europe. Total loss to shareholders of 21% over the past three years. New Risk • Jul 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 86% This is considered a major 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: Major Risk Shareholders have been substantially diluted in the past year (86% increase in shares outstanding). Minor Risks High level of debt (280% net debt to equity). Share price has been volatile over the past 3 months (5.8% average weekly change). Market cap is less than US$100m (€14.6m market cap, or US$16.1m).