View Financial HealthITF Group AD 配当と自社株買い配当金 基準チェック /26ITF Group AD配当を支払う会社であり、現在の利回りは2.57%で、収益によって十分にカバーされています。主要情報2.6%配当利回りn/aバイバック利回り総株主利回りn/a将来の配当利回りn/a配当成長n/a次回配当支払日n/a配当落ち日n/a一株当たり配当金n/a配当性向24%最近の配当と自社株買いの更新分析記事 • Jun 28ITF Group AD (BUL:ITF) Will Pay A Larger Dividend Than Last Year At BGN0.3429ITF Group AD's ( BUL:ITF ) dividend will be increasing from last year's payment of the same period to BGN0.3429 on 1st...Declared Dividend • Jun 27Dividend increased to лв0.34Dividend of лв0.34 is 200% higher than last year. Ex-date: 8th July 2025 Payment date: 1st January 1970 Dividend yield will be 5.9%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (28% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 71% over the last 3 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.すべての更新を表示Recent updatesValuation Update With 7 Day Price Move • May 28Investor sentiment improves as stock rises 17%After last week's 17% share price gain to €6.65, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 8x in the Consumer Finance industry in Europe. Total returns to shareholders of 136% over the past year.Buy Or Sell Opportunity • Mar 31Now 23% overvalued after recent price riseOver the last 90 days, the stock has risen 44% to €5.50. The fair value is estimated to be €4.48, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 50%.Valuation Update With 7 Day Price Move • Jan 30Investor sentiment improves as stock rises 26%After last week's 26% share price gain to €5.55, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 8x in the Consumer Finance industry in Europe. Total returns to shareholders of 106% over the past year.Buy Or Sell Opportunity • Jan 27Now 25% overvalued after recent price riseOver the last 90 days, the stock has risen 43% to €4.82. The fair value is estimated to be €3.86, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 42%.Valuation Update With 7 Day Price Move • Jan 14Investor sentiment improves as stock rises 17%After last week's 17% share price gain to €4.64, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 8x in the Consumer Finance industry in Europe.お知らせ • Sep 30Itf Group Launches Innovative Forwardnow Platform to Transform Global LogisticsITF Group announced the launch of ForwardNow, a global freight-forwarding and logistics platform designed to reduce the complexities of global trade. ForwardNow is part of ITF Group's suite of integrated solutions, unveiled along with the company's newly launched website, underscoring the company's strategic evolution into a comprehensive logistics partner. The new ForwardNow platform delivers end-to-end freight forwarding across air, ocean, and road, combined with warehousing, customs, and built-in risk protection to elevate ITF Group's global trade abilities beyond a traditional 3PL. Designed to eliminate blind spots, ForwardNow provides real-time visibility, predictive alerts, and seamless integration of documents, tracking, and insurance all in one place. The solution equips supply chain leaders with the precision, scalability, and control they need to move confidently in a complex global market.お知らせ • Jul 31ITF Group AD (BUL:ITF) agreed to acquire an unknown majority stake in Klear Lending AD.ITF Group AD (BUL:ITF) agreed to acquire an unknown majority stake in Klear Lending AD on July 29, 2025. In a related transaction, ITF Group AD is acquiring 20% stake in FinBiz Technologies. The transaction is subject to approval of offer by the board of ITF Group AD. The deal has been approved by the board of ITF Group AD.Buy Or Sell Opportunity • Jul 30Now 26% overvalued after recent price riseOver the last 90 days, the stock has risen 18% to лв6.80. The fair value is estimated to be лв5.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 44%.分析記事 • Jun 28ITF Group AD (BUL:ITF) Will Pay A Larger Dividend Than Last Year At BGN0.3429ITF Group AD's ( BUL:ITF ) dividend will be increasing from last year's payment of the same period to BGN0.3429 on 1st...Declared Dividend • Jun 27Dividend increased to лв0.34Dividend of лв0.34 is 200% higher than last year. Ex-date: 8th July 2025 Payment date: 1st January 1970 Dividend yield will be 5.9%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (28% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 71% over the last 3 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.お知らせ • May 21ITF Group AD, Annual General Meeting, Jun 25, 2025ITF Group AD, Annual General Meeting, Jun 25, 2025, at 09:00 FLE Standard Time. Location: in sofia at 16 srebarna st., park lane office, center, fl. 8, Bulgaria分析記事 • Apr 08Not Many Are Piling Into ITF Group AD (BUL:ITF) Just YetWhen close to half the companies in Bulgaria have price-to-earnings ratios (or "P/E's") above 19x, you may consider ITF...New Risk • Apr 07New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: лв17.5m (US$9.77m) 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. High level of non-cash earnings (30% accrual ratio). Market cap is less than US$10m (лв17.5m market cap, or US$9.77m). Minor Risk Paying a dividend despite having no free cash flows.New Risk • Feb 06New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. High level of non-cash earnings (30% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (лв20.5m market cap, or US$10.8m).分析記事 • Nov 28Investors Aren't Entirely Convinced By ITF Group AD's (BUL:ITF) EarningsWith a price-to-earnings (or "P/E") ratio of 6.4x ITF Group AD ( BUL:ITF ) may be sending very bullish signals at the...New Risk • Oct 03New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: лв17.7m (US$9.98m) 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. High level of non-cash earnings (23% accrual ratio). Market cap is less than US$10m (лв17.7m market cap, or US$9.98m). Minor Risk Paying a dividend despite having no free cash flows.分析記事 • Apr 19Sentiment Still Eluding ITF Group AD (BUL:ITF)When close to half the companies in Bulgaria have price-to-earnings ratios (or "P/E's") above 13x, you may consider ITF...New Risk • Mar 27New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: лв17.6m (US$9.73m) 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. High level of non-cash earnings (31% accrual ratio). Market cap is less than US$10m (лв17.6m market cap, or US$9.73m).New Risk • Feb 08New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. High level of non-cash earnings (31% accrual ratio). Minor Risk Market cap is less than US$100m (лв18.9m market cap, or US$10.4m).New Risk • Nov 25New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. High level of non-cash earnings (21% accrual ratio). Minor Risk Market cap is less than US$100m (лв18.8m market cap, or US$10.5m).決済の安定と成長配当データの取得安定した配当: 配当金の支払いは安定していますが、 ITFが配当金を支払っている期間は 10 年未満です。増加する配当: ITFの配当金は増加していますが、同社は2年間しか配当金を支払っていません。配当利回り対市場ITF Group AD 配当利回り対市場ITF 配当利回りは市場と比べてどうか？セグメント配当利回り会社 (ITF)2.6%市場下位25% (BG)0.9%市場トップ25% (BG)4.8%業界平均 (Consumer Finance)3.9%アナリスト予想 (ITF) (最長3年)n/a注目すべき配当: ITFの配当金 ( 2.57% ) はBG市場の配当金支払者の下位 25% ( 0.93% ) よりも高くなっています。高配当: ITFの配当金 ( 2.57% ) はBG市場の配当金支払者の上位 25% ( 4.82% ) と比較すると低いです。株主への利益配当収益カバレッジ: ITFは低い 配当性向 ( 24.3% ) であるため、配当金の支払いは利益によって十分にカバーされます。株主配当金キャッシュフローカバレッジ: ITFは配当金を支払っていますが、同社にはフリーキャッシュフローがありません。高配当企業の発掘7D1Y7D1Y7D1YBG 市場の強力な配当支払い企業。View Management企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/08/18 17:55終値2026/08/18 00:00収益2026/06/30年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレークこのレポートを生成するために使用した分析モデルの詳細は、当社のGitHubページでご覧いただけます。また、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋ITF Group AD 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。0
分析記事 • Jun 28ITF Group AD (BUL:ITF) Will Pay A Larger Dividend Than Last Year At BGN0.3429ITF Group AD's ( BUL:ITF ) dividend will be increasing from last year's payment of the same period to BGN0.3429 on 1st...
Declared Dividend • Jun 27Dividend increased to лв0.34Dividend of лв0.34 is 200% higher than last year. Ex-date: 8th July 2025 Payment date: 1st January 1970 Dividend yield will be 5.9%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (28% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 71% over the last 3 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.
Valuation Update With 7 Day Price Move • May 28Investor sentiment improves as stock rises 17%After last week's 17% share price gain to €6.65, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 8x in the Consumer Finance industry in Europe. Total returns to shareholders of 136% over the past year.
Buy Or Sell Opportunity • Mar 31Now 23% overvalued after recent price riseOver the last 90 days, the stock has risen 44% to €5.50. The fair value is estimated to be €4.48, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 50%.
Valuation Update With 7 Day Price Move • Jan 30Investor sentiment improves as stock rises 26%After last week's 26% share price gain to €5.55, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 8x in the Consumer Finance industry in Europe. Total returns to shareholders of 106% over the past year.
Buy Or Sell Opportunity • Jan 27Now 25% overvalued after recent price riseOver the last 90 days, the stock has risen 43% to €4.82. The fair value is estimated to be €3.86, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 42%.
Valuation Update With 7 Day Price Move • Jan 14Investor sentiment improves as stock rises 17%After last week's 17% share price gain to €4.64, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 8x in the Consumer Finance industry in Europe.
お知らせ • Sep 30Itf Group Launches Innovative Forwardnow Platform to Transform Global LogisticsITF Group announced the launch of ForwardNow, a global freight-forwarding and logistics platform designed to reduce the complexities of global trade. ForwardNow is part of ITF Group's suite of integrated solutions, unveiled along with the company's newly launched website, underscoring the company's strategic evolution into a comprehensive logistics partner. The new ForwardNow platform delivers end-to-end freight forwarding across air, ocean, and road, combined with warehousing, customs, and built-in risk protection to elevate ITF Group's global trade abilities beyond a traditional 3PL. Designed to eliminate blind spots, ForwardNow provides real-time visibility, predictive alerts, and seamless integration of documents, tracking, and insurance all in one place. The solution equips supply chain leaders with the precision, scalability, and control they need to move confidently in a complex global market.
お知らせ • Jul 31ITF Group AD (BUL:ITF) agreed to acquire an unknown majority stake in Klear Lending AD.ITF Group AD (BUL:ITF) agreed to acquire an unknown majority stake in Klear Lending AD on July 29, 2025. In a related transaction, ITF Group AD is acquiring 20% stake in FinBiz Technologies. The transaction is subject to approval of offer by the board of ITF Group AD. The deal has been approved by the board of ITF Group AD.
Buy Or Sell Opportunity • Jul 30Now 26% overvalued after recent price riseOver the last 90 days, the stock has risen 18% to лв6.80. The fair value is estimated to be лв5.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 44%.
分析記事 • Jun 28ITF Group AD (BUL:ITF) Will Pay A Larger Dividend Than Last Year At BGN0.3429ITF Group AD's ( BUL:ITF ) dividend will be increasing from last year's payment of the same period to BGN0.3429 on 1st...
Declared Dividend • Jun 27Dividend increased to лв0.34Dividend of лв0.34 is 200% higher than last year. Ex-date: 8th July 2025 Payment date: 1st January 1970 Dividend yield will be 5.9%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (28% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 71% over the last 3 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.
お知らせ • May 21ITF Group AD, Annual General Meeting, Jun 25, 2025ITF Group AD, Annual General Meeting, Jun 25, 2025, at 09:00 FLE Standard Time. Location: in sofia at 16 srebarna st., park lane office, center, fl. 8, Bulgaria
分析記事 • Apr 08Not Many Are Piling Into ITF Group AD (BUL:ITF) Just YetWhen close to half the companies in Bulgaria have price-to-earnings ratios (or "P/E's") above 19x, you may consider ITF...
New Risk • Apr 07New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: лв17.5m (US$9.77m) 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. High level of non-cash earnings (30% accrual ratio). Market cap is less than US$10m (лв17.5m market cap, or US$9.77m). Minor Risk Paying a dividend despite having no free cash flows.
New Risk • Feb 06New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. High level of non-cash earnings (30% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (лв20.5m market cap, or US$10.8m).
分析記事 • Nov 28Investors Aren't Entirely Convinced By ITF Group AD's (BUL:ITF) EarningsWith a price-to-earnings (or "P/E") ratio of 6.4x ITF Group AD ( BUL:ITF ) may be sending very bullish signals at the...
New Risk • Oct 03New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: лв17.7m (US$9.98m) 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. High level of non-cash earnings (23% accrual ratio). Market cap is less than US$10m (лв17.7m market cap, or US$9.98m). Minor Risk Paying a dividend despite having no free cash flows.
分析記事 • Apr 19Sentiment Still Eluding ITF Group AD (BUL:ITF)When close to half the companies in Bulgaria have price-to-earnings ratios (or "P/E's") above 13x, you may consider ITF...
New Risk • Mar 27New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: лв17.6m (US$9.73m) 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. High level of non-cash earnings (31% accrual ratio). Market cap is less than US$10m (лв17.6m market cap, or US$9.73m).
New Risk • Feb 08New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. High level of non-cash earnings (31% accrual ratio). Minor Risk Market cap is less than US$100m (лв18.9m market cap, or US$10.4m).
New Risk • Nov 25New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. High level of non-cash earnings (21% accrual ratio). Minor Risk Market cap is less than US$100m (лв18.8m market cap, or US$10.5m).