Telelink Business Services Group AD（TBS）株式概要テレリンク・ビジネス・サービス・グループADは、企業向けのITインフラ・ソリューションの設計と統合を行っている。 詳細TBS ファンダメンタル分析スノーフレーク・スコア評価4/6将来の成長0/6過去の実績6/6財務の健全性5/6配当金0/6報酬当社が推定した公正価値より88.1%で取引されている 過去1年間で収益は42.1%増加しました リスク分析意味のある時価総額がありません ( €58M )すべてのリスクチェックを見るTBS Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.Your Fair Value€Current Price€4.687.0% 割安 内在価値ディスカウントGrowth estimate overAnnual revenue growth rate5 Yearstime period%/yrDecreaseIncreasePastFuture0528m2016201920222025202620282031Revenue лв527.9mEarnings лв30.8mAdvancedSet Fair ValueView all narrativesTelelink Business Services Group AD 競合他社Sirma Group Holding ADSymbol: BUL:SIRMMarket cap: €46.2mELCOM Technology CommunicationsSymbol: HOSE:ELCMarket cap: ₫1.8tKsolves IndiaSymbol: NSEI:KSOLVESMarket cap: ₹6.8bGRIDSymbol: TSE:5582Market cap: JP¥9.9b価格と性能株価の高値、安値、推移の概要Telelink Business Services Group AD過去の株価現在の株価€4.6852週高値€6.6552週安値€4.45ベータ0.271ヶ月の変化-3.70%3ヶ月変化-20.68%1年変化-3.75%3年間の変化-2.61%5年間の変化-32.69%IPOからの変化20.40%最新ニュースValuation Update With 7 Day Price Move • Jan 08Investor sentiment deteriorates as stock falls 42%After last week's 42% share price decline to €6.00, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 20x in the IT industry in Europe. Total loss to shareholders of 48% over the past three years.分析記事 • Jan 06Positive Sentiment Still Eludes Telelink Business Services Group AD (BUL:TBS) Following 49% Share Price SlumpThe Telelink Business Services Group AD ( BUL:TBS ) share price has fared very poorly over the last month, falling by a...New Risk • Dec 03New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 43% 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 Shares are highly illiquid. Earnings have declined by 0.5% per year over the past 5 years. High level of non-cash earnings (43% accrual ratio). Minor Risk Market cap is less than US$100m (лв126.7m market cap, or US$75.5m).Valuation Update With 7 Day Price Move • Dec 02Investor sentiment improves as stock rises 16%After last week's 16% share price gain to лв10.30, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 19x in the IT industry in Europe. Total loss to shareholders of 10% over the past three years.分析記事 • Sep 09We Think Telelink Business Services Group AD's (BUL:TBS) Solid Earnings Are UnderstatedThe market seemed underwhelmed by last week's earnings announcement from Telelink Business Services Group AD ( BUL:TBS...Reported Earnings • Sep 04Second quarter 2025 earnings releasedSecond quarter 2025 results: Revenue: лв60.5m (up 92% from 2Q 2024). Net income: лв5.40m (up лв5.75m from 2Q 2024). Profit margin: 8.9% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings.最新情報をもっと見るRecent updatesValuation Update With 7 Day Price Move • Jan 08Investor sentiment deteriorates as stock falls 42%After last week's 42% share price decline to €6.00, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 20x in the IT industry in Europe. Total loss to shareholders of 48% over the past three years.分析記事 • Jan 06Positive Sentiment Still Eludes Telelink Business Services Group AD (BUL:TBS) Following 49% Share Price SlumpThe Telelink Business Services Group AD ( BUL:TBS ) share price has fared very poorly over the last month, falling by a...New Risk • Dec 03New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 43% 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 Shares are highly illiquid. Earnings have declined by 0.5% per year over the past 5 years. High level of non-cash earnings (43% accrual ratio). Minor Risk Market cap is less than US$100m (лв126.7m market cap, or US$75.5m).Valuation Update With 7 Day Price Move • Dec 02Investor sentiment improves as stock rises 16%After last week's 16% share price gain to лв10.30, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 19x in the IT industry in Europe. Total loss to shareholders of 10% over the past three years.分析記事 • Sep 09We Think Telelink Business Services Group AD's (BUL:TBS) Solid Earnings Are UnderstatedThe market seemed underwhelmed by last week's earnings announcement from Telelink Business Services Group AD ( BUL:TBS...Reported Earnings • Sep 04Second quarter 2025 earnings releasedSecond quarter 2025 results: Revenue: лв60.5m (up 92% from 2Q 2024). Net income: лв5.40m (up лв5.75m from 2Q 2024). Profit margin: 8.9% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings.New Risk • Jun 18New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.8% Last year net profit margin: 6.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.2% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (2.8% net profit margin). Market cap is less than US$100m (лв113.8m market cap, or US$67.2m).お知らせ • May 20Telelink Business Services Group AD (BUL:TBS) reached an agreement on the substantial contractual terms and conditions to acquire 70% stake in Actual I.T., d.d. from DBA Group S.p.A. (BIT:DBA) and DBA d.o.o. for €15.8 million.Telelink Business Services Group AD (BUL:TBS) reached an agreement on the substantial contractual terms and conditions to acquire 70% stake in Actual I.T., d.d. from DBA Group S.p.A. (BIT:DBA) and DBA d.o.o. for €15.8 million on May 19, 2025. Telelink Business Services Group AD will acquire 33.56% or 0.68 million shares from DBA Group S.p.A. and 36.44% or 0.74 million shares from DBA d.o.o. Upon completion, DBA d.o.o. will retain the remaining 30% stake. The transaction also includes the call and put options to acquire the remaining 30% stake exercisable by either party following the third year after closing. All terms and conditions agreed between the parties shall become effective solely upon the signing of the Share Purchase Agreement and its formal notarization before a notary public in Slovenia. These formalities are expected to be completed by the end of May 2025. The completion of the transaction remains conditional upon the fulfilment of certain conditions precedent, including, inter alia, the receipt of the required approvals from the competent antitrust authorities and approval from the shareholders of Telelink Business Services Group AD. Provided that all such conditions precedent, as stipulated in the Share Purchase Agreement, are duly satisfied, the closing of the transaction is anticipated to occur by the end of 2025. The transaction has been approved the board of directors of DBA Group S.p.A.New Risk • May 12New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Bulgarian stocks, typically moving 7.1% 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 (7.1% average weekly change). Earnings have declined by 4.5% per year over the past 5 years. Minor Risk Market cap is less than US$100m (лв113.7m market cap, or US$65.4m).Reported Earnings • Mar 03Full year 2024 earnings released: EPS: лв0.94 (vs лв0.76 in FY 2023)Full year 2024 results: EPS: лв0.94 (up from лв0.76 in FY 2023). Revenue: лв224.8m (up 21% from FY 2023). Net income: лв11.7m (up 24% from FY 2023). Profit margin: 5.2% (up from 5.1% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings.New Risk • Feb 27New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Bulgarian stocks, typically moving 4.8% 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 Earnings have declined by 5.8% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (4.8% average weekly change). Profit margins are more than 30% lower than last year (4.0% net profit margin). Market cap is less than US$100m (лв117.3m market cap, or US$62.8m).お知らせ • Feb 18Telelink Business Services Group AD (BUL:TBS) announces an Equity Buyback for 200,000 shares.Telelink Business Services Group AD (BUL:TBS) announces a share repurchase program. Under the program, the company will repurchase up to 200,000 shares. The shares will be repurchased at a price falling in the price range from BGN 7.4 per share to BGN 15 per share. The program is valid until the end of the year. As of February 17, 2025, the company has 12,500,000 shares.分析記事 • Jan 10Is Telelink Business Services Group AD (BUL:TBS) A Risky Investment?The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...分析記事 • Dec 07There May Be Some Bright Spots In Telelink Business Services Group AD's (BUL:TBS) EarningsSoft earnings didn't appear to concern Telelink Business Services Group AD's ( BUL:TBS ) shareholders over the last...Reported Earnings • Dec 02Third quarter 2024 earnings releasedThird quarter 2024 results: Revenue: лв50.2m (down 1.7% from 3Q 2023). Net income: лв2.73m (down 46% from 3Q 2023). Profit margin: 5.4% (down from 9.9% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings.Reported Earnings • Aug 05Second quarter 2024 earnings released: лв0.021 loss per share (vs лв0.22 profit in 2Q 2023)Second quarter 2024 results: лв0.021 loss per share (down from лв0.22 profit in 2Q 2023). Net loss: лв264.0k (down 110% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings.お知らせ • Jun 21Telelink Business Services Group AD (BUL:TBS) announces an Equity Buyback for 25,000 shares.Telelink Business Services Group AD (BUL:TBS) announces a share repurchase program. Under the program, the company will repurchase up to 25,000 shares. The shares will be repurchased at a price falling in the price range from BGN 7.4 per share to BGN 20 per share. The purpose of the program is to support the group's investment activities and provide shares as part of an incentive program for management and employees of the company and its subsidiaries. The program is valid until the end of the year. As of June 20, 2024, the company has 12,500,000 shares.Reported Earnings • Jun 04First quarter 2024 earnings releasedFirst quarter 2024 results: Revenue: лв41.3m (up 53% from 1Q 2023). Net income: лв2.33m (up лв2.27m from 1Q 2023). Profit margin: 5.6% (up from 0.2% in 1Q 2023). The increase in margin was driven by higher revenue.Reported Earnings • Mar 03Full year 2023 earnings released: EPS: лв0.73 (vs лв0.88 in FY 2022)Full year 2023 results: EPS: лв0.73 (down from лв0.88 in FY 2022). Revenue: лв185.7m (up 20% from FY 2022). Net income: лв9.08m (down 17% from FY 2022). Profit margin: 4.9% (down from 7.0% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 16% per year.お知らせ • Feb 15Telelink Business Services Group AD (BUL:TBS) signed an agreement to acquire Sedam It D.O.O. for €9 million.Telelink Business Services Group AD (BUL:TBS) signed an agreement to acquire Sedam It D.O.O. for €9 million on February 13, 2024. The final purchase price will be paid in stages, based on the agreed company value and depending on its financial debt, cash and net working capital at the date of transfer of company shares, as well as its financial results for 2024 and 2025.お知らせ • Dec 19Telelink Business Services Group AD to Report Q3, 2023 Results on Dec 21, 2023Telelink Business Services Group AD announced that they will report Q3, 2023 results on Dec 21, 2023Reported Earnings • Dec 02Third quarter 2023 earnings releasedThird quarter 2023 results: Revenue: лв51.3m (up 45% from 3Q 2022). Net income: лв5.05m (up 77% from 3Q 2022). Profit margin: 9.8% (up from 8.1% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the IT industry in Europe.Reported Earnings • Aug 31Second quarter 2023 earnings releasedSecond quarter 2023 results: Revenue: лв32.7m (down 19% from 2Q 2022). Net income: лв1.24m (down 67% from 2Q 2022). Profit margin: 3.8% (down from 9.2% in 2Q 2022). 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 1% per year, which means it has not declined as severely as earnings.お知らせ • Jun 16Telelink Business Services Group AD to Report Q1, 2023 Results on Jun 20, 2023Telelink Business Services Group AD announced that they will report Q1, 2023 results on Jun 20, 2023Reported Earnings • Jun 02First quarter 2023 earnings releasedFirst quarter 2023 results: Revenue: лв27.1m (down 14% from 1Q 2022). Net income: лв55.0k (down 95% from 1Q 2022). Profit margin: 0.2% (down from 3.7% in 1Q 2022). The decrease in margin was driven by lower revenue.Reported Earnings • Mar 04Full year 2022 earnings released: EPS: лв0.88 (vs лв0.99 in FY 2021)Full year 2022 results: EPS: лв0.88 (down from лв0.99 in FY 2021). Revenue: лв155.4m (down 6.2% from FY 2021). Net income: лв11.0m (down 11% from FY 2021). Profit margin: 7.1% (down from 7.5% in FY 2021). The decrease in margin was driven by lower revenue.お知らせ • Feb 18+ 1 more updateTelelink Business Services Group AD to Report Fiscal Year 2022 Final Results on Apr 30, 2023Telelink Business Services Group AD announced that they will report fiscal year 2022 final results on Apr 30, 2023Reported Earnings • Dec 01Third quarter 2022 earnings releasedThird quarter 2022 results: Revenue: лв35.6m (down 1.3% from 3Q 2021). Net income: лв2.86m (up 30% from 3Q 2021). Profit margin: 8.0% (up from 6.1% in 3Q 2021). The increase in margin was driven by lower expenses.Upcoming Dividend • Sep 27Upcoming dividend of лв0.81 per shareEligible shareholders must have bought the stock before 04 October 2022. Payment date: 11 October 2022. Trailing yield: 6.3%. Lower than top quartile of Bulgarian dividend payers (6.6%). Higher than average of industry peers (2.4%).お知らせ • Aug 20Telelink Business Services Group AD Proposes Distribution of A Semi-Annual DividendTelelink Business Services Group AD proposes Distribution of a semi-annual dividend to the total amount of BGN 10,125,000 (formed of BGN 2,429,535.15 from the 2021 profit and BGN 7,695,464.85 from the first half profit of 2022) in terms of BGN 0.81 gross dividend per share.お知らせ • Jun 19Telelink Business Services Group AD Approves Dividend for the Year 2021On 17 June 2022, the Managing Board of Telelink Business Services Group AD approved the annual financial statements and annual report of TelelinkBusiness Services AD for 2021 and resolved upon the distribution of a dividend from the subsidiairy's profit for 2021 in the amount of BGN 10,365,899.00.Upcoming Dividend • Sep 20Upcoming dividend of лв0.82 per shareEligible shareholders must have bought the stock before 27 September 2021. Payment date: 07 October 2021. Trailing yield: 5.1%. Lower than top quartile of Bulgarian dividend payers (5.2%). Higher than average of industry peers (1.4%).Is New 90 Day High Low • Jan 15New 90-day high: лв12.50The company is up 14% from its price of лв11.00 on 15 October 2020. The Bulgarian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 7.0% over the same period.分析記事 • Jan 09Is There More To The Story Than Telelink Business Services Group AD's (BUL:TBS) Earnings Growth?Many investors consider it preferable to invest in profitable companies over unprofitable ones, because profitability...Is New 90 Day High Low • Nov 05New 90-day high: лв11.60The company is up 46% from its price of лв7.95 on 07 August 2020. The Bulgarian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is down 2.0% over the same period.Is New 90 Day High Low • Oct 10New 90-day high: лв11.30The company is up 48% from its price of лв7.65 on 10 July 2020. The Bulgarian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 8.0% over the same period.株主還元TBSBG ITBG 市場7D2.2%3.7%0.3%1Y-3.7%-9.7%16.7%株主還元を見る業界別リターン: TBS過去 1 年間で-9.7 % の収益を上げたBG IT業界を上回りました。リターン対市場: TBSは、過去 1 年間で16.7 % のリターンを上げたBG市場を下回りました。価格変動Is TBS's price volatile compared to industry and market?TBS volatilityTBS Average Weekly Movement7.0%IT Industry Average Movement5.8%Market Average Movement5.9%10% most volatile stocks in BG Market9.4%10% least volatile stocks in BG Market2.8%安定した株価: TBS 、 BG市場と比較して、過去 3 か月間で大きな価格変動はありませんでした。時間の経過による変動: 過去 1 年間のTBSのボラティリティの変化を判断するには データが不十分です。会社概要設立従業員CEO（最高経営責任者ウェブサイト2019467Ivan Zhitiyanovwww.tbs.techテレリンク・ビジネス・サービス・グループADは、企業向けのITインフラ・ソリューションの設計と統合を行っている。コンピュート、ストレージ、バックアップ、パブリッククラウド、エンタープライズネットワーキング、モダンワークプレイスの分野でITインフラソリューションを提供している。また、ソフトウェア開発、情報セキュリティ、モノのインターネットのソリューションも提供している。さらに、プロアクティブモニタリング、システム管理・変更・構成管理、パフォーマンス・需要管理、ナレッジ管理、インシデント・問題管理、システムアップグレード・パッチ管理、24時間365日のサービスデスク・オンサイト技術サポート、SLA・レポーティングサービスなどのマネージドサービスも提供している。さらに、ITインフラにおけるサイバー攻撃を検知・軽減するための高度なセキュリティ・オペレーション・センター・サービスも提供している。テレリンク・ビジネス・サービス・グループADは2001年に設立され、ブルガリアのソフィアに本社を置いている。もっと見るTelelink Business Services Group AD 基礎のまとめTelelink Business Services Group AD の収益と売上を時価総額と比較するとどうか。TBS 基礎統計学時価総額€57.56m収益（TTM）€8.55m売上高(TTM)€146.57m6.7xPER（株価収益率0.4xP/SレシオTBS は割高か？公正価値と評価分析を参照収益と収入最新の決算報告書（TTM）に基づく主な収益性統計TBS 損益計算書（TTM）収益лв283.25m売上原価лв122.81m売上総利益лв160.44mその他の費用лв143.92m収益лв16.52m直近の収益報告Dec 31, 2025次回決算日該当なし一株当たり利益（EPS）1.34グロス・マージン56.64%純利益率5.83%有利子負債／自己資本比率39.6%TBS の長期的なパフォーマンスは？過去の実績と比較を見るView Valuation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2026/05/25 08:20終値2026/05/21 00:00収益2025/12/31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本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、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。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Telelink Business Services 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
Valuation Update With 7 Day Price Move • Jan 08Investor sentiment deteriorates as stock falls 42%After last week's 42% share price decline to €6.00, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 20x in the IT industry in Europe. Total loss to shareholders of 48% over the past three years.
分析記事 • Jan 06Positive Sentiment Still Eludes Telelink Business Services Group AD (BUL:TBS) Following 49% Share Price SlumpThe Telelink Business Services Group AD ( BUL:TBS ) share price has fared very poorly over the last month, falling by a...
New Risk • Dec 03New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 43% 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 Shares are highly illiquid. Earnings have declined by 0.5% per year over the past 5 years. High level of non-cash earnings (43% accrual ratio). Minor Risk Market cap is less than US$100m (лв126.7m market cap, or US$75.5m).
Valuation Update With 7 Day Price Move • Dec 02Investor sentiment improves as stock rises 16%After last week's 16% share price gain to лв10.30, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 19x in the IT industry in Europe. Total loss to shareholders of 10% over the past three years.
分析記事 • Sep 09We Think Telelink Business Services Group AD's (BUL:TBS) Solid Earnings Are UnderstatedThe market seemed underwhelmed by last week's earnings announcement from Telelink Business Services Group AD ( BUL:TBS...
Reported Earnings • Sep 04Second quarter 2025 earnings releasedSecond quarter 2025 results: Revenue: лв60.5m (up 92% from 2Q 2024). Net income: лв5.40m (up лв5.75m from 2Q 2024). Profit margin: 8.9% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings.
Valuation Update With 7 Day Price Move • Jan 08Investor sentiment deteriorates as stock falls 42%After last week's 42% share price decline to €6.00, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 20x in the IT industry in Europe. Total loss to shareholders of 48% over the past three years.
分析記事 • Jan 06Positive Sentiment Still Eludes Telelink Business Services Group AD (BUL:TBS) Following 49% Share Price SlumpThe Telelink Business Services Group AD ( BUL:TBS ) share price has fared very poorly over the last month, falling by a...
New Risk • Dec 03New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 43% 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 Shares are highly illiquid. Earnings have declined by 0.5% per year over the past 5 years. High level of non-cash earnings (43% accrual ratio). Minor Risk Market cap is less than US$100m (лв126.7m market cap, or US$75.5m).
Valuation Update With 7 Day Price Move • Dec 02Investor sentiment improves as stock rises 16%After last week's 16% share price gain to лв10.30, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 19x in the IT industry in Europe. Total loss to shareholders of 10% over the past three years.
分析記事 • Sep 09We Think Telelink Business Services Group AD's (BUL:TBS) Solid Earnings Are UnderstatedThe market seemed underwhelmed by last week's earnings announcement from Telelink Business Services Group AD ( BUL:TBS...
Reported Earnings • Sep 04Second quarter 2025 earnings releasedSecond quarter 2025 results: Revenue: лв60.5m (up 92% from 2Q 2024). Net income: лв5.40m (up лв5.75m from 2Q 2024). Profit margin: 8.9% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings.
New Risk • Jun 18New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.8% Last year net profit margin: 6.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.2% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (2.8% net profit margin). Market cap is less than US$100m (лв113.8m market cap, or US$67.2m).
お知らせ • May 20Telelink Business Services Group AD (BUL:TBS) reached an agreement on the substantial contractual terms and conditions to acquire 70% stake in Actual I.T., d.d. from DBA Group S.p.A. (BIT:DBA) and DBA d.o.o. for €15.8 million.Telelink Business Services Group AD (BUL:TBS) reached an agreement on the substantial contractual terms and conditions to acquire 70% stake in Actual I.T., d.d. from DBA Group S.p.A. (BIT:DBA) and DBA d.o.o. for €15.8 million on May 19, 2025. Telelink Business Services Group AD will acquire 33.56% or 0.68 million shares from DBA Group S.p.A. and 36.44% or 0.74 million shares from DBA d.o.o. Upon completion, DBA d.o.o. will retain the remaining 30% stake. The transaction also includes the call and put options to acquire the remaining 30% stake exercisable by either party following the third year after closing. All terms and conditions agreed between the parties shall become effective solely upon the signing of the Share Purchase Agreement and its formal notarization before a notary public in Slovenia. These formalities are expected to be completed by the end of May 2025. The completion of the transaction remains conditional upon the fulfilment of certain conditions precedent, including, inter alia, the receipt of the required approvals from the competent antitrust authorities and approval from the shareholders of Telelink Business Services Group AD. Provided that all such conditions precedent, as stipulated in the Share Purchase Agreement, are duly satisfied, the closing of the transaction is anticipated to occur by the end of 2025. The transaction has been approved the board of directors of DBA Group S.p.A.
New Risk • May 12New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Bulgarian stocks, typically moving 7.1% 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 (7.1% average weekly change). Earnings have declined by 4.5% per year over the past 5 years. Minor Risk Market cap is less than US$100m (лв113.7m market cap, or US$65.4m).
Reported Earnings • Mar 03Full year 2024 earnings released: EPS: лв0.94 (vs лв0.76 in FY 2023)Full year 2024 results: EPS: лв0.94 (up from лв0.76 in FY 2023). Revenue: лв224.8m (up 21% from FY 2023). Net income: лв11.7m (up 24% from FY 2023). Profit margin: 5.2% (up from 5.1% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings.
New Risk • Feb 27New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Bulgarian stocks, typically moving 4.8% 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 Earnings have declined by 5.8% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (4.8% average weekly change). Profit margins are more than 30% lower than last year (4.0% net profit margin). Market cap is less than US$100m (лв117.3m market cap, or US$62.8m).
お知らせ • Feb 18Telelink Business Services Group AD (BUL:TBS) announces an Equity Buyback for 200,000 shares.Telelink Business Services Group AD (BUL:TBS) announces a share repurchase program. Under the program, the company will repurchase up to 200,000 shares. The shares will be repurchased at a price falling in the price range from BGN 7.4 per share to BGN 15 per share. The program is valid until the end of the year. As of February 17, 2025, the company has 12,500,000 shares.
分析記事 • Jan 10Is Telelink Business Services Group AD (BUL:TBS) A Risky Investment?The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
分析記事 • Dec 07There May Be Some Bright Spots In Telelink Business Services Group AD's (BUL:TBS) EarningsSoft earnings didn't appear to concern Telelink Business Services Group AD's ( BUL:TBS ) shareholders over the last...
Reported Earnings • Dec 02Third quarter 2024 earnings releasedThird quarter 2024 results: Revenue: лв50.2m (down 1.7% from 3Q 2023). Net income: лв2.73m (down 46% from 3Q 2023). Profit margin: 5.4% (down from 9.9% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings.
Reported Earnings • Aug 05Second quarter 2024 earnings released: лв0.021 loss per share (vs лв0.22 profit in 2Q 2023)Second quarter 2024 results: лв0.021 loss per share (down from лв0.22 profit in 2Q 2023). Net loss: лв264.0k (down 110% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings.
お知らせ • Jun 21Telelink Business Services Group AD (BUL:TBS) announces an Equity Buyback for 25,000 shares.Telelink Business Services Group AD (BUL:TBS) announces a share repurchase program. Under the program, the company will repurchase up to 25,000 shares. The shares will be repurchased at a price falling in the price range from BGN 7.4 per share to BGN 20 per share. The purpose of the program is to support the group's investment activities and provide shares as part of an incentive program for management and employees of the company and its subsidiaries. The program is valid until the end of the year. As of June 20, 2024, the company has 12,500,000 shares.
Reported Earnings • Jun 04First quarter 2024 earnings releasedFirst quarter 2024 results: Revenue: лв41.3m (up 53% from 1Q 2023). Net income: лв2.33m (up лв2.27m from 1Q 2023). Profit margin: 5.6% (up from 0.2% in 1Q 2023). The increase in margin was driven by higher revenue.
Reported Earnings • Mar 03Full year 2023 earnings released: EPS: лв0.73 (vs лв0.88 in FY 2022)Full year 2023 results: EPS: лв0.73 (down from лв0.88 in FY 2022). Revenue: лв185.7m (up 20% from FY 2022). Net income: лв9.08m (down 17% from FY 2022). Profit margin: 4.9% (down from 7.0% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 16% per year.
お知らせ • Feb 15Telelink Business Services Group AD (BUL:TBS) signed an agreement to acquire Sedam It D.O.O. for €9 million.Telelink Business Services Group AD (BUL:TBS) signed an agreement to acquire Sedam It D.O.O. for €9 million on February 13, 2024. The final purchase price will be paid in stages, based on the agreed company value and depending on its financial debt, cash and net working capital at the date of transfer of company shares, as well as its financial results for 2024 and 2025.
お知らせ • Dec 19Telelink Business Services Group AD to Report Q3, 2023 Results on Dec 21, 2023Telelink Business Services Group AD announced that they will report Q3, 2023 results on Dec 21, 2023
Reported Earnings • Dec 02Third quarter 2023 earnings releasedThird quarter 2023 results: Revenue: лв51.3m (up 45% from 3Q 2022). Net income: лв5.05m (up 77% from 3Q 2022). Profit margin: 9.8% (up from 8.1% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the IT industry in Europe.
Reported Earnings • Aug 31Second quarter 2023 earnings releasedSecond quarter 2023 results: Revenue: лв32.7m (down 19% from 2Q 2022). Net income: лв1.24m (down 67% from 2Q 2022). Profit margin: 3.8% (down from 9.2% in 2Q 2022). 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 1% per year, which means it has not declined as severely as earnings.
お知らせ • Jun 16Telelink Business Services Group AD to Report Q1, 2023 Results on Jun 20, 2023Telelink Business Services Group AD announced that they will report Q1, 2023 results on Jun 20, 2023
Reported Earnings • Jun 02First quarter 2023 earnings releasedFirst quarter 2023 results: Revenue: лв27.1m (down 14% from 1Q 2022). Net income: лв55.0k (down 95% from 1Q 2022). Profit margin: 0.2% (down from 3.7% in 1Q 2022). The decrease in margin was driven by lower revenue.
Reported Earnings • Mar 04Full year 2022 earnings released: EPS: лв0.88 (vs лв0.99 in FY 2021)Full year 2022 results: EPS: лв0.88 (down from лв0.99 in FY 2021). Revenue: лв155.4m (down 6.2% from FY 2021). Net income: лв11.0m (down 11% from FY 2021). Profit margin: 7.1% (down from 7.5% in FY 2021). The decrease in margin was driven by lower revenue.
お知らせ • Feb 18+ 1 more updateTelelink Business Services Group AD to Report Fiscal Year 2022 Final Results on Apr 30, 2023Telelink Business Services Group AD announced that they will report fiscal year 2022 final results on Apr 30, 2023
Reported Earnings • Dec 01Third quarter 2022 earnings releasedThird quarter 2022 results: Revenue: лв35.6m (down 1.3% from 3Q 2021). Net income: лв2.86m (up 30% from 3Q 2021). Profit margin: 8.0% (up from 6.1% in 3Q 2021). The increase in margin was driven by lower expenses.
Upcoming Dividend • Sep 27Upcoming dividend of лв0.81 per shareEligible shareholders must have bought the stock before 04 October 2022. Payment date: 11 October 2022. Trailing yield: 6.3%. Lower than top quartile of Bulgarian dividend payers (6.6%). Higher than average of industry peers (2.4%).
お知らせ • Aug 20Telelink Business Services Group AD Proposes Distribution of A Semi-Annual DividendTelelink Business Services Group AD proposes Distribution of a semi-annual dividend to the total amount of BGN 10,125,000 (formed of BGN 2,429,535.15 from the 2021 profit and BGN 7,695,464.85 from the first half profit of 2022) in terms of BGN 0.81 gross dividend per share.
お知らせ • Jun 19Telelink Business Services Group AD Approves Dividend for the Year 2021On 17 June 2022, the Managing Board of Telelink Business Services Group AD approved the annual financial statements and annual report of TelelinkBusiness Services AD for 2021 and resolved upon the distribution of a dividend from the subsidiairy's profit for 2021 in the amount of BGN 10,365,899.00.
Upcoming Dividend • Sep 20Upcoming dividend of лв0.82 per shareEligible shareholders must have bought the stock before 27 September 2021. Payment date: 07 October 2021. Trailing yield: 5.1%. Lower than top quartile of Bulgarian dividend payers (5.2%). Higher than average of industry peers (1.4%).
Is New 90 Day High Low • Jan 15New 90-day high: лв12.50The company is up 14% from its price of лв11.00 on 15 October 2020. The Bulgarian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 7.0% over the same period.
分析記事 • Jan 09Is There More To The Story Than Telelink Business Services Group AD's (BUL:TBS) Earnings Growth?Many investors consider it preferable to invest in profitable companies over unprofitable ones, because profitability...
Is New 90 Day High Low • Nov 05New 90-day high: лв11.60The company is up 46% from its price of лв7.95 on 07 August 2020. The Bulgarian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is down 2.0% over the same period.
Is New 90 Day High Low • Oct 10New 90-day high: лв11.30The company is up 48% from its price of лв7.65 on 10 July 2020. The Bulgarian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 8.0% over the same period.
