Reported Earnings • May 07
Full year 2025 earnings released: €5.88 loss per share (vs €0.93 loss in FY 2024) Full year 2025 results: €5.88 loss per share (further deteriorated from €0.93 loss in FY 2024). Revenue: €95.2m (down 16% from FY 2024). Net loss: €8.82m (loss widened €7.43m from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. New Risk • Apr 18
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 Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Shares are highly illiquid. Earnings have declined by 12% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (€31.2m market cap, or US$36.7m). New Risk • Oct 05
New major risk - Revenue and earnings growth Earnings have declined by 12% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Shares are highly illiquid. Earnings have declined by 12% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€37.5m market cap, or US$44.0m). お知らせ • May 20
RATH Aktiengesellschaft, Annual General Meeting, Jun 05, 2025 RATH Aktiengesellschaft, Annual General Meeting, Jun 05, 2025. Reported Earnings • Oct 05
First half 2024 earnings released: €0.84 loss per share (vs €2.75 profit in 1H 2023) First half 2024 results: €0.84 loss per share (down from €2.75 profit in 1H 2023). Revenue: €56.6m (down 7.5% from 1H 2023). Net loss: €1.27m (down 131% from profit in 1H 2023). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. New Risk • Oct 03
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.3x 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 Risks Interest payments are not well covered by earnings (1.3x net interest cover). Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (€39.0m market cap, or US$43.1m). Reported Earnings • Apr 10
Full year 2023 earnings released: EPS: €3.51 (vs €2.82 in FY 2022) Full year 2023 results: EPS: €3.51 (up from €2.82 in FY 2022). Revenue: €123.7m (up 4.8% from FY 2022). Net income: €5.26m (up 25% from FY 2022). Profit margin: 4.3% (up from 3.6% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €27.20, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 9x in the Basic Materials industry in Europe. Total returns to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €33.00, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 8x in the Basic Materials industry in Europe. Total returns to shareholders of 56% over the past three years. Reported Earnings • Oct 06
First half 2023 earnings released: EPS: €2.75 (vs €1.87 in 1H 2022) First half 2023 results: EPS: €2.75 (up from €1.87 in 1H 2022). Revenue: €61.2m (up 10% from 1H 2022). Net income: €4.12m (up 47% from 1H 2022). Profit margin: 6.7% (up from 5.0% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 02
First half 2022 earnings released: EPS: €1.87 (vs €2.86 in 1H 2021) First half 2022 results: EPS: €1.87 (down from €2.86 in 1H 2021). Revenue: €56.0m (up 22% from 1H 2021). Net income: €2.80m (down 35% from 1H 2021). Profit margin: 5.0% (down from 9.3% in 1H 2021). The decrease in margin was driven by higher expenses. 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 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improved over the past week After last week's 30% share price gain to €30.00, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 9x in the Basic Materials industry in Europe. Total returns to shareholders of 11% over the past three years. Reported Earnings • May 03
Full year 2021 earnings released: EPS: €2.88 (vs €1.66 loss in FY 2020) Full year 2021 results: EPS: €2.88 (up from €1.66 loss in FY 2020). Revenue: €98.9m (up 14% from FY 2020). Net income: €4.31m (up €6.80m from FY 2020). Profit margin: 4.4% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Oct 07
First half 2021 earnings released: EPS €2.86 (vs €0.85 in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were flat. First half 2021 results: Revenue: €45.9m (flat on 1H 2020). Net income: €4.29m (up 237% from 1H 2020). Profit margin: 9.3% (up from 2.8% in 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jun 01
Upcoming dividend of €0.33 per share Eligible shareholders must have bought the stock before 08 June 2021. Payment date: 10 June 2021. Trailing yield: 1.2%. Lower than top quartile of Austrian dividend payers (3.2%). Lower than average of industry peers (2.7%). Reported Earnings • May 05
Full year 2020 earnings released: €1.66 loss per share (vs €2.47 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €87.5m (down 13% from FY 2019). Net loss: €2.48m (down 167% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 17% share price gain to €27.00, the stock is trading at a trailing P/E ratio of 24.8x, up from the previous P/E ratio of 21.1x. This compares to an average P/E of 18x in the Basic Materials industry in Europe. Total returns to shareholders over the past three years are 69%. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improved over the past week After last week's 19% share price gain to €27.80, the stock is trading at a trailing P/E ratio of 25.5x, up from the previous P/E ratio of 21.5x. This compares to an average P/E of 17x in the Basic Materials industry in Europe. Total returns to shareholders over the past three years are 74%. Reported Earnings • Sep 27
First half earnings released Over the last 12 months the company has reported total profits of €1.63m, down 74% from the prior year. Total revenue was €95.7m over the last 12 months, down 2.8% from the prior year.