Reported Earnings • Mar 11
Full year 2022 earnings released: US$1.15 loss per share (vs US$0.59 loss in FY 2021) Full year 2022 results: US$1.15 loss per share (further deteriorated from US$0.59 loss in FY 2021). Revenue: US$161.9m (down 2.4% from FY 2021). Net loss: US$59.8m (loss widened 97% from FY 2021). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Nov 19
Now 20% undervalued Over the last 90 days, the stock is up 50%. The fair value is estimated to be €3.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 4.9%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings is also forecast to grow by 30% per annum over the same time period. Board Change • Nov 16
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Director David McInerney was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Nov 11
Now 22% undervalued Over the last 90 days, the stock is up 47%. The fair value is estimated to be €3.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 10%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings is also forecast to grow by 24% per annum over the same time period. Reported Earnings • Aug 11
Second quarter 2022 earnings released: US$0.47 loss per share (vs US$0.46 loss in 2Q 2021) Second quarter 2022 results: US$0.47 loss per share (down from US$0.46 loss in 2Q 2021). Revenue: US$25.8m (up 18% from 2Q 2021). Net loss: US$24.5m (loss widened 4.1% from 2Q 2021). Over the next year, revenue is forecast to grow 5.6%, compared to a 3.6% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • May 25
CEO & Director recently bought €88k worth of stock On the 20th of May, Clinton Lewis bought around 53k shares on-market at roughly €1.64 per share. This was the largest purchase by an insider in the last 3 months. This was Clinton's only on-market trade for the last 12 months. Reported Earnings • May 13
First quarter 2022 earnings released: US$0.18 loss per share (vs US$0.029 profit in 1Q 2021) First quarter 2022 results: US$0.18 loss per share (down from US$0.029 profit in 1Q 2021). Revenue: US$39.9m (up 2.3% from 1Q 2021). Net loss: US$9.52m (down US$11.0m from profit in 1Q 2021). Over the next year, revenue is forecast to grow 6.5%, compared to a 6.4% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 10% per year. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director John Atkin was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 11
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: US$0.59 loss per share (up from US$1.27 loss in FY 2020). Revenue: US$166.0m (up 5.3% from FY 2020). Net loss: US$30.3m (loss narrowed 53% from FY 2020). Revenue exceeded analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 6.1%, compared to a 4.8% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 16% per year. Reported Earnings • Nov 11
Third quarter 2021 earnings released: US$0.10 loss per share (vs US$0.52 loss in 3Q 2020) The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2021 results: Revenue: US$49.2m (down 6.8% from 3Q 2020). Net loss: US$5.25m (loss narrowed 80% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Board Change • Nov 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director John Atkin was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director John Atkin was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 11
Second quarter 2021 earnings released: US$0.46 loss per share (vs US$0.33 loss in 2Q 2020) The company reported a soft second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: US$21.9m (up 9.7% from 2Q 2020). Net loss: US$23.6m (loss widened 43% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 32% per year, which means it has not declined as severely as earnings. Executive Departure • Jun 16
Independent Investor Director Peter Berweger has left the company On the 11th of June, Peter Berweger's tenure as Independent Investor Director ended after less than a year in the role. We don't have any record of a personal shareholding under Peter's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 1.50 years, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • May 15
First quarter 2021 earnings released: EPS US$0.047 (vs US$0.072 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$39.0m (up 18% from 1Q 2020). Net income: US$2.42m (up US$6.07m from 1Q 2020). Profit margin: 6.2% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 34 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Mar 12
Revenue misses expectations Revenue missed analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 5.9%, compared to a 6.0% growth forecast for the Chemicals industry in Germany. Reported Earnings • Mar 12
Full year 2020 earnings released: US$1.26 loss per share (vs US$1.21 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: US$157.6m (down 7.3% from FY 2019). Net loss: US$64.2m (loss widened 5.5% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 84% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Executive Departure • Feb 25
Independent Director has left the company On the 18th of February, George Lobisser's tenure as Independent Director ended after 4.4 years in the role. As of December 2020, George personally held 146.91k shares (€282k worth at the time). George is the only executive to leave the company over the last 12 months. Is New 90 Day High Low • Jan 08
New 90-day low: €1.69 The company is down 24% from its price of €2.22 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.47 per share. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue misses expectations Revenue missed analyst estimates by 18%. Over the next year, revenue is forecast to grow 6.9%, compared to a 2.8% growth forecast for the Chemicals industry in Germany. Reported Earnings • Nov 07
Third quarter 2020 earnings released: US$0.52 loss per share The company reported a soft third quarter result with weaker earnings and control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: US$52.8m (up 7.8% from 3Q 2019). Net loss: US$26.3m (down US$29.6m from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 24
New 90-day low: €1.91 The company is down 5.0% from its price of €2.02 on 24 July 2020. The German market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.73 per share.