Board Change • May 18
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 01
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Mar 13
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Feb 04
Full year 2025 earnings released: лв2.74 loss per share (vs лв1.47 loss in FY 2024) Full year 2025 results: лв2.74 loss per share (further deteriorated from лв1.47 loss in FY 2024). Revenue: лв15.2m (up 3.5% from FY 2024). Net loss: лв1.41m (loss widened 86% from FY 2024). 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 9% per year, which means it has not declined as severely as earnings. Board Change • Jan 06
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Dec 05
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Nov 14
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Oct 20
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Sep 18
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Aug 14
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jul 11
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jun 03
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • May 14
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • May 07
First quarter 2025 earnings released: лв0.64 loss per share (vs лв0.36 loss in 1Q 2024) First quarter 2025 results: лв0.64 loss per share (further deteriorated from лв0.36 loss in 1Q 2024). Revenue: лв3.42m (down 11% from 1Q 2024). Net loss: лв331.0k (loss widened 78% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Board Change • Apr 28
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Mar 28
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Mar 13
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Feb 02
Full year 2024 earnings released: лв1.48 loss per share (vs лв1.95 loss in FY 2023) Full year 2024 results: лв1.48 loss per share (improved from лв1.95 loss in FY 2023). Revenue: лв14.9m (down 20% from FY 2023). Net loss: лв762.0k (loss narrowed 24% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Board Change • Jan 15
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Dec 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Nov 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 04
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: лв2.19m (down 20% from 3Q 2023). Net loss: лв374.0k (loss widened 63% from 3Q 2023). Board Change • Oct 21
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Aug 02
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: лв4.28m (up 16% from 2Q 2023). Net loss: лв306.0k (loss widened 94% from 2Q 2023). Board Change • May 28
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Mar 05
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Feb 20
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Feb 02
Full year 2023 earnings released: лв2.12 loss per share (vs лв2.08 profit in FY 2022) Full year 2023 results: лв2.12 loss per share (down from лв2.08 profit in FY 2022). Revenue: лв19.0m (down 26% from FY 2022). Net loss: лв1.09m (down 202% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Board Change • Dec 04
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 02
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: лв3.02m (down 52% from 3Q 2022). Net loss: лв230.0k (loss widened 140% from 3Q 2022). Board Change • Nov 02
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Oct 12
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Sep 26
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Aug 09
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Jul 30
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: лв4.85m (down 44% from 2Q 2022). Net loss: лв158.0k (down 116% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Board Change • Jul 17
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Jun 20
Upcoming dividend of лв1.00 per share at 5.4% yield Eligible shareholders must have bought the stock before 27 June 2023. Payment date: 07 August 2023. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 5.4%. Lower than top quartile of Bulgarian dividend payers (6.3%). In line with average of industry peers (5.8%). Board Change • Apr 20
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Feb 01
Full year 2022 earnings released Full year 2022 results: Revenue: лв27.8m (up 65% from FY 2021). Net income: лв1.07m (up 88% from FY 2021). Profit margin: 3.9% (up from 3.4% in FY 2021). The increase in margin was driven by higher revenue. Board Change • Jan 04
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Nov 17
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 02
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: лв6.35m (up 8.2% from 3Q 2021). Net loss: лв96.0k (loss widened 160% from 3Q 2021). Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to лв20.00, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 8x in the Forestry industry in Europe. Total returns to shareholders of 7.0% over the past three years. Board Change • Sep 30
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 27% share price gain to лв24.80, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 10x in the Forestry industry in Europe. Total returns to shareholders of 28% over the past three years. Reported Earnings • Jul 30
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: лв8.05m (up 62% from 2Q 2021). Net income: лв1.01m (up 135% from 2Q 2021). Profit margin: 13% (up from 8.6% in 2Q 2021). The increase in margin was driven by higher revenue. Board Change • Jul 25
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Jun 20
Upcoming dividend of лв1.00 per share Eligible shareholders must have bought the stock before 27 June 2022. Payment date: 06 July 2022. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of Bulgarian dividend payers (7.0%). Higher than average of industry peers (3.6%). Board Change • Jun 17
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • May 18
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • May 01
First quarter 2022 earnings released First quarter 2022 results: Revenue: лв6.96m (up 132% from 1Q 2021). Net income: лв440.0k (up 91% from 1Q 2021). Profit margin: 6.3% (down from 7.7% in 1Q 2021). The decrease in margin was driven by higher expenses. Board Change • Apr 28
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Mar 30
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Feb 25
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Feb 01
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jan 05
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 03
Third quarter 2021 earnings released The company reported a decent third quarter result with improved revenues, although earnings and control over costs were weaker. Third quarter 2021 results: Revenue: лв6.09m (up 108% from 3Q 2020). Net loss: лв37.0k (down 200% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Board Change • Oct 28
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Sep 22
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Aug 01
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: лв4.86m (up 10% from 2Q 2020). Net income: лв430.0k (up 172% from 2Q 2020). Profit margin: 8.8% (up from 3.6% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 22
Upcoming dividend of лв1.00 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 02 August 2021. Trailing yield: 4.8%. Lower than top quartile of Bulgarian dividend payers (5.6%). Higher than average of industry peers (2.9%). Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improved over the past week After last week's 20% share price gain to лв21.00, the stock trades at a trailing P/E ratio of 30.6x. Average trailing P/E is 19x in the Forestry industry in Europe. Total loss to shareholders of 6.4% over the past three years. Reported Earnings • Feb 03
Full year 2020 earnings released: EPS лв0.078 (vs лв0.27 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: лв12.8m (down 23% from FY 2019). Net income: лв40.0k (up лв180.0k from FY 2019). Profit margin: 0.3% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 01
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: лв12.8m (down 23% from FY 2019). Net income: лв40.0k (up лв142.0k from FY 2019). Profit margin: 0.3% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 07
Market bids up stock over the past week After last week's 16% share price gain to лв16.20, the stock is trading at a trailing P/E ratio of 34.2x, up from the previous P/E ratio of 29.5x. This compares to an average P/E of 13x in the Forestry industry in Europe. Total return to shareholders over the past three years is a loss of 50%.