View ValuationNeodecortech 将来の成長Future 基準チェック /06Neodecortechの収益は年間7.3%で減少すると予測されていますが、年間収益は年間0.5%で増加すると予測されています。EPS は年間 減少すると予測されています。自己資本利益率は 3 年後に8.9% 7.7%なると予測されています。主要情報-7.3%収益成長率-7.66%EPS成長率Forestry 収益成長19.4%収益成長率0.5%将来の株主資本利益率8.92%アナリストカバレッジLow最終更新日18 May 2026今後の成長に関する最新情報更新なしすべての更新を表示Recent updatesUpcoming Dividend • May 20Upcoming dividend of €0.15 per shareEligible shareholders must have bought the stock before 25 May 2026. Payment date: 27 May 2026. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (4.0%).Board Change • May 20Less than half of directors are independentFollowing the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Monica Girardi was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.お知らせ • Mar 18Neodecortech S.p.A. announces Annual dividend, payable on May 27, 2026Neodecortech S.p.A. announced Annual dividend of EUR 0.1500 per share payable on May 27, 2026, ex-date on May 25, 2026 and record date on May 26, 2026.お知らせ • Nov 27Neodecortech S.p.A. (BIT:NDT) completed the acquisition of Lamitex S.P.A. for €8.1 million.Neodecortech S.p.A. (BIT:NDT) signed a binding agreement acquire Lamitex S.P.A. for €8.1 million on November 25, 2025. The total purchase price, which is not subject to adjustment mechanisms, is equal to €8.38 million, which will be paid for €7.5 million in cash and for the remaining €0.88 million through the transfer of 189,247 treasury shares of NDT at a unit price of €4.65 each. At the closing date, the treasury shares indicated will be transferred in full and, using available resources, a total amount of €3.5 million will be paid in cash. The remaining portion of the consideration, equal to €4.0 million, will be paid in two equal tranches respectively 6 months and 12 months after closing. Within the Neodecortech Group, Lamitex will remain a separate legal entity. In the 2024 financial year, Lamitex S.P.A. achieved a turnover of €12.8 million with an EBITDA of €1.8 million. Studio Legale Associato Deloitte acted as legal advisor for Neodecortech S.p.A. Deloitte Financial Advisory Services S.p.A. acted as financial advisor for Neodecortech S.p.A. Colla Di Piazza acted as legal advisor for Lamitex S.P.A. Neodecortech S.p.A. (BIT:NDT) completed the acquisition of Lamitex S.P.A. on November 26, 2025.お知らせ • Mar 21+ 1 more updateNeodecortech S.p.A. announces Annual dividend, payable on May 21, 2025Neodecortech S.p.A. announced Annual dividend of EUR 0.1500 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025.Reported Earnings • Nov 17Third quarter 2024 earnings released: EPS: €0.074 (vs €0.031 loss in 3Q 2023)Third quarter 2024 results: EPS: €0.074 (up from €0.031 loss in 3Q 2023). Revenue: €37.2m (down 5.9% from 3Q 2023). Net income: €956.0k (up €1.37m from 3Q 2023). Profit margin: 2.6% (up from net loss in 3Q 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Forestry industry in Europe.Buy Or Sell Opportunity • Oct 21Now 23% undervalued after recent price dropOver the last 90 days, the stock has fallen 9.3% to €2.84. The fair value is estimated to be €3.67, 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 declined by 44%. Revenue is forecast to grow by 7.7% in 2 years. Earnings are forecast to grow by 1,000% in the next 2 years.Buy Or Sell Opportunity • Sep 19Now 20% undervaluedOver the last 90 days, the stock has risen 1.7% to €3.06. The fair value is estimated to be €3.84, 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 declined by 44%. Revenue is forecast to grow by 7.7% in 2 years. Earnings are forecast to grow by 1,000% in the next 2 years.Buy Or Sell Opportunity • Aug 13Now 22% undervaluedOver the last 90 days, the stock has risen 8.7% to €2.99. The fair value is estimated to be €3.82, 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 declined by 44%. Revenue is forecast to grow by 7.7% in 2 years. Earnings are forecast to grow by 1,000% in the next 2 years.New Risk • Aug 08New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 2.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 116% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (0.3% net profit margin). Market cap is less than US$100m (€43.0m market cap, or US$47.0m).Reported Earnings • Aug 06Second quarter 2024 earnings released: EPS: €0.052 (vs €0.16 in 2Q 2023)Second quarter 2024 results: EPS: €0.052 (down from €0.16 in 2Q 2023). Revenue: €42.8m (down 7.1% from 2Q 2023). Net income: €604.0k (down 74% from 2Q 2023). Profit margin: 1.4% (down from 5.1% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Forestry industry in Europe.Buy Or Sell Opportunity • Jul 02Now 21% undervaluedOver the last 90 days, the stock has risen 4.2% to €3.01. The fair value is estimated to be €3.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Earnings per share has declined by 23%. Revenue is forecast to grow by 7.5% in 2 years. Earnings are forecast to grow by 135% in the next 2 years.New Risk • May 27New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 1.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Dividend is not well covered by earnings (116% payout ratio). Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (€40.9m market cap, or US$44.4m).Reported Earnings • May 14First quarter 2024 earnings released: EPS: €0.04 (vs €0.09 in 1Q 2023)First quarter 2024 results: EPS: €0.04 (down from €0.09 in 1Q 2023). Revenue: €43.5m (down 7.3% from 1Q 2023). Net income: €612.0k (down 51% from 1Q 2023). Profit margin: 1.4% (down from 2.7% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Forestry industry in Europe.Reported Earnings • Mar 13Full year 2023 earnings released: EPS: €0.20 (vs €0.60 in FY 2022)Full year 2023 results: EPS: €0.20 (down from €0.60 in FY 2022). Revenue: €168.8m (down 17% from FY 2022). Net income: €2.85m (down 66% from FY 2022). Profit margin: 1.7% (down from 4.1% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Forestry industry in Europe.New Risk • Nov 14New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 124% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.4x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 116% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Market cap is less than US$100m (€39.1m market cap, or US$42.5m).Reported Earnings • Nov 10Third quarter 2023 earnings released: €0.029 loss per share (vs €0.13 profit in 3Q 2022)Third quarter 2023 results: €0.029 loss per share (down from €0.13 profit in 3Q 2022). Revenue: €39.5m (down 27% from 3Q 2022). Net loss: €414.0k (down 123% from profit in 3Q 2022). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Forestry industry in Europe.Reported Earnings • Sep 08Second quarter 2023 earnings released: EPS: €0.17 (vs €0.27 in 2Q 2022)Second quarter 2023 results: EPS: €0.17 (down from €0.27 in 2Q 2022). Revenue: €46.4m (down 11% from 2Q 2022). Net income: €2.34m (down 40% from 2Q 2022). Profit margin: 5.0% (down from 7.5% in 2Q 2022). Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat.Valuation Update With 7 Day Price Move • Jul 20Investor sentiment improves as stock rises 20%After last week's 20% share price gain to €3.15, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 10% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €5.04 per share.Upcoming Dividend • May 16Upcoming dividend of €0.14 per share at 4.5% yieldEligible shareholders must have bought the stock before 23 May 2023. Payment date: 25 May 2023. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.6%).Reported Earnings • May 10First quarter 2023 earnings released: EPS: €0.09 (vs €0.30 in 1Q 2022)First quarter 2023 results: EPS: €0.09 (down from €0.30 in 1Q 2022). Revenue: €49.4m (down 2.1% from 1Q 2022). Net income: €1.25m (down 70% from 1Q 2022). Profit margin: 2.5% (down from 8.4% in 1Q 2022). Revenue is forecast to decline by 2.6% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat.Buying Opportunity • Dec 15Now 22% undervaluedOver the last 90 days, the stock is up 3.1%. The fair value is estimated to be €4.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 41%. Revenue is forecast to decline by 2.9% in 2 years. Earnings is forecast to decline by 38% in the next 2 years.Board Change • Nov 16Less than half of directors are independentThere are 7 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Chairman of the Board of Directors Luca Peli is the most experienced director on the board, commencing their role in 2021. Independent Director Ida Altimare was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors.Reported Earnings • Sep 10Second quarter 2022 earnings released: EPS: €0.27 (vs €0.10 in 2Q 2021)Second quarter 2022 results: EPS: €0.27 (up from €0.10 in 2Q 2021). Revenue: €52.3m (up 23% from 2Q 2021). Net income: €3.91m (up 187% from 2Q 2021). Profit margin: 7.5% (up from 3.2% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat.Buying Opportunity • Jun 11Now 22% undervaluedThe stock has been flat over the last 90 days. The fair value is estimated to be €4.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to decline by 1.2% in a year. Earnings is forecast to grow by 4.9% in the next year.Reported Earnings • May 16First quarter 2022 earnings released: EPS: €0.30 (vs €0.13 in 1Q 2021)First quarter 2022 results: EPS: €0.30 (up from €0.13 in 1Q 2021). Revenue: €50.4m (up 25% from 1Q 2021). Net income: €4.22m (up 140% from 1Q 2021). Profit margin: 8.4% (up from 4.4% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 1.2% compared to a 8.0% growth forecast for the industry in Germany.Board Change • Apr 27Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Director Luca Peli was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Reported Earnings • Apr 05Full year 2021 earnings released: EPS: €0.50 (vs €0.27 in FY 2020)Full year 2021 results: EPS: €0.50 (up from €0.27 in FY 2020). Revenue: €178.3m (up 37% from FY 2020). Net income: €6.69m (up 89% from FY 2020). Profit margin: 3.7% (up from 2.7% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 3.7%, compared to a 3.9% growth forecast for the industry in Germany.Board Change • Mar 29Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Director Luca Peli was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.業績と収益の成長予測DB:FM2 - アナリストの将来予測と過去の財務データ ( )EUR Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数12/31/202819510817212/31/20271908817312/31/2026186971623/31/202619212925N/A12/31/20251877722N/A9/30/20251887717N/A6/30/20251766415N/A3/31/20251724212N/A12/31/20241724-73N/A9/30/20241592-25N/A6/30/20241640-61N/A3/31/20241652411N/A12/31/20231683714N/A9/30/20231792-35N/A6/30/20231914513N/A3/31/20232005-53N/A12/31/20222038-46N/A9/30/202220812-18N/A6/30/202219812010N/A3/31/20221889-110N/A12/31/20211787818N/A9/30/202116661321N/A6/30/20211586816N/A3/31/20211373814N/A12/31/2020130439N/A9/30/20201243-43N/A6/30/20201223-25N/A3/31/2020134619N/A12/31/20191344N/A12N/A9/30/20191334N/AN/AN/A6/30/20191324N/A21N/A3/31/20191325N/A19N/A12/31/20181326N/A16N/A9/30/20181326N/AN/AN/A6/30/20181315N/A1N/A3/31/20181095N/A4N/A12/31/2017875N/A7N/A12/31/2016443N/A4N/A12/31/2015412N/A3N/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: FM2の収益は今後 3 年間で減少すると予測されています (年間-7.3% )。収益対市場: FM2の収益は今後 3 年間で減少すると予測されています (年間-7.3% )。高成長収益: FM2の収益は今後 3 年間で減少すると予測されています。収益対市場: FM2の収益 ( 0.5% ) German市場 ( 6.8% ) よりも低い成長が予測されています。高い収益成長: FM2の収益 ( 0.5% ) 20%よりも低い成長が予測されています。一株当たり利益成長率予想将来の株主資本利益率将来のROE: FM2の 自己資本利益率 は、3年後には低くなると予測されています ( 8.9 %)。成長企業の発掘7D1Y7D1Y7D1YMaterials 業界の高成長企業。View Past Performance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 16:00終値2026/05/22 00:00収益2026/03/31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Neodecortech S.p.A. 3 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。8 アナリスト機関Luca ArenaAlantra Capital Markets ResearchGian GadiniBanca Akros S.p.A. (ESN)null nullIntermonte SIM S.p.A.5 その他のアナリストを表示
Upcoming Dividend • May 20Upcoming dividend of €0.15 per shareEligible shareholders must have bought the stock before 25 May 2026. Payment date: 27 May 2026. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (4.0%).
Board Change • May 20Less than half of directors are independentFollowing the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Monica Girardi was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
お知らせ • Mar 18Neodecortech S.p.A. announces Annual dividend, payable on May 27, 2026Neodecortech S.p.A. announced Annual dividend of EUR 0.1500 per share payable on May 27, 2026, ex-date on May 25, 2026 and record date on May 26, 2026.
お知らせ • Nov 27Neodecortech S.p.A. (BIT:NDT) completed the acquisition of Lamitex S.P.A. for €8.1 million.Neodecortech S.p.A. (BIT:NDT) signed a binding agreement acquire Lamitex S.P.A. for €8.1 million on November 25, 2025. The total purchase price, which is not subject to adjustment mechanisms, is equal to €8.38 million, which will be paid for €7.5 million in cash and for the remaining €0.88 million through the transfer of 189,247 treasury shares of NDT at a unit price of €4.65 each. At the closing date, the treasury shares indicated will be transferred in full and, using available resources, a total amount of €3.5 million will be paid in cash. The remaining portion of the consideration, equal to €4.0 million, will be paid in two equal tranches respectively 6 months and 12 months after closing. Within the Neodecortech Group, Lamitex will remain a separate legal entity. In the 2024 financial year, Lamitex S.P.A. achieved a turnover of €12.8 million with an EBITDA of €1.8 million. Studio Legale Associato Deloitte acted as legal advisor for Neodecortech S.p.A. Deloitte Financial Advisory Services S.p.A. acted as financial advisor for Neodecortech S.p.A. Colla Di Piazza acted as legal advisor for Lamitex S.P.A. Neodecortech S.p.A. (BIT:NDT) completed the acquisition of Lamitex S.P.A. on November 26, 2025.
お知らせ • Mar 21+ 1 more updateNeodecortech S.p.A. announces Annual dividend, payable on May 21, 2025Neodecortech S.p.A. announced Annual dividend of EUR 0.1500 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025.
Reported Earnings • Nov 17Third quarter 2024 earnings released: EPS: €0.074 (vs €0.031 loss in 3Q 2023)Third quarter 2024 results: EPS: €0.074 (up from €0.031 loss in 3Q 2023). Revenue: €37.2m (down 5.9% from 3Q 2023). Net income: €956.0k (up €1.37m from 3Q 2023). Profit margin: 2.6% (up from net loss in 3Q 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Forestry industry in Europe.
Buy Or Sell Opportunity • Oct 21Now 23% undervalued after recent price dropOver the last 90 days, the stock has fallen 9.3% to €2.84. The fair value is estimated to be €3.67, 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 declined by 44%. Revenue is forecast to grow by 7.7% in 2 years. Earnings are forecast to grow by 1,000% in the next 2 years.
Buy Or Sell Opportunity • Sep 19Now 20% undervaluedOver the last 90 days, the stock has risen 1.7% to €3.06. The fair value is estimated to be €3.84, 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 declined by 44%. Revenue is forecast to grow by 7.7% in 2 years. Earnings are forecast to grow by 1,000% in the next 2 years.
Buy Or Sell Opportunity • Aug 13Now 22% undervaluedOver the last 90 days, the stock has risen 8.7% to €2.99. The fair value is estimated to be €3.82, 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 declined by 44%. Revenue is forecast to grow by 7.7% in 2 years. Earnings are forecast to grow by 1,000% in the next 2 years.
New Risk • Aug 08New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 2.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 116% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (0.3% net profit margin). Market cap is less than US$100m (€43.0m market cap, or US$47.0m).
Reported Earnings • Aug 06Second quarter 2024 earnings released: EPS: €0.052 (vs €0.16 in 2Q 2023)Second quarter 2024 results: EPS: €0.052 (down from €0.16 in 2Q 2023). Revenue: €42.8m (down 7.1% from 2Q 2023). Net income: €604.0k (down 74% from 2Q 2023). Profit margin: 1.4% (down from 5.1% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Forestry industry in Europe.
Buy Or Sell Opportunity • Jul 02Now 21% undervaluedOver the last 90 days, the stock has risen 4.2% to €3.01. The fair value is estimated to be €3.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Earnings per share has declined by 23%. Revenue is forecast to grow by 7.5% in 2 years. Earnings are forecast to grow by 135% in the next 2 years.
New Risk • May 27New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 1.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Dividend is not well covered by earnings (116% payout ratio). Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (€40.9m market cap, or US$44.4m).
Reported Earnings • May 14First quarter 2024 earnings released: EPS: €0.04 (vs €0.09 in 1Q 2023)First quarter 2024 results: EPS: €0.04 (down from €0.09 in 1Q 2023). Revenue: €43.5m (down 7.3% from 1Q 2023). Net income: €612.0k (down 51% from 1Q 2023). Profit margin: 1.4% (down from 2.7% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Forestry industry in Europe.
Reported Earnings • Mar 13Full year 2023 earnings released: EPS: €0.20 (vs €0.60 in FY 2022)Full year 2023 results: EPS: €0.20 (down from €0.60 in FY 2022). Revenue: €168.8m (down 17% from FY 2022). Net income: €2.85m (down 66% from FY 2022). Profit margin: 1.7% (down from 4.1% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Forestry industry in Europe.
New Risk • Nov 14New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 124% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.4x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 116% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Market cap is less than US$100m (€39.1m market cap, or US$42.5m).
Reported Earnings • Nov 10Third quarter 2023 earnings released: €0.029 loss per share (vs €0.13 profit in 3Q 2022)Third quarter 2023 results: €0.029 loss per share (down from €0.13 profit in 3Q 2022). Revenue: €39.5m (down 27% from 3Q 2022). Net loss: €414.0k (down 123% from profit in 3Q 2022). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Forestry industry in Europe.
Reported Earnings • Sep 08Second quarter 2023 earnings released: EPS: €0.17 (vs €0.27 in 2Q 2022)Second quarter 2023 results: EPS: €0.17 (down from €0.27 in 2Q 2022). Revenue: €46.4m (down 11% from 2Q 2022). Net income: €2.34m (down 40% from 2Q 2022). Profit margin: 5.0% (down from 7.5% in 2Q 2022). Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat.
Valuation Update With 7 Day Price Move • Jul 20Investor sentiment improves as stock rises 20%After last week's 20% share price gain to €3.15, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 10% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €5.04 per share.
Upcoming Dividend • May 16Upcoming dividend of €0.14 per share at 4.5% yieldEligible shareholders must have bought the stock before 23 May 2023. Payment date: 25 May 2023. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.6%).
Reported Earnings • May 10First quarter 2023 earnings released: EPS: €0.09 (vs €0.30 in 1Q 2022)First quarter 2023 results: EPS: €0.09 (down from €0.30 in 1Q 2022). Revenue: €49.4m (down 2.1% from 1Q 2022). Net income: €1.25m (down 70% from 1Q 2022). Profit margin: 2.5% (down from 8.4% in 1Q 2022). Revenue is forecast to decline by 2.6% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat.
Buying Opportunity • Dec 15Now 22% undervaluedOver the last 90 days, the stock is up 3.1%. The fair value is estimated to be €4.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 41%. Revenue is forecast to decline by 2.9% in 2 years. Earnings is forecast to decline by 38% in the next 2 years.
Board Change • Nov 16Less than half of directors are independentThere are 7 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Chairman of the Board of Directors Luca Peli is the most experienced director on the board, commencing their role in 2021. Independent Director Ida Altimare was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors.
Reported Earnings • Sep 10Second quarter 2022 earnings released: EPS: €0.27 (vs €0.10 in 2Q 2021)Second quarter 2022 results: EPS: €0.27 (up from €0.10 in 2Q 2021). Revenue: €52.3m (up 23% from 2Q 2021). Net income: €3.91m (up 187% from 2Q 2021). Profit margin: 7.5% (up from 3.2% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat.
Buying Opportunity • Jun 11Now 22% undervaluedThe stock has been flat over the last 90 days. The fair value is estimated to be €4.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to decline by 1.2% in a year. Earnings is forecast to grow by 4.9% in the next year.
Reported Earnings • May 16First quarter 2022 earnings released: EPS: €0.30 (vs €0.13 in 1Q 2021)First quarter 2022 results: EPS: €0.30 (up from €0.13 in 1Q 2021). Revenue: €50.4m (up 25% from 1Q 2021). Net income: €4.22m (up 140% from 1Q 2021). Profit margin: 8.4% (up from 4.4% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 1.2% compared to a 8.0% growth forecast for the industry in Germany.
Board Change • Apr 27Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Director Luca Peli was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Reported Earnings • Apr 05Full year 2021 earnings released: EPS: €0.50 (vs €0.27 in FY 2020)Full year 2021 results: EPS: €0.50 (up from €0.27 in FY 2020). Revenue: €178.3m (up 37% from FY 2020). Net income: €6.69m (up 89% from FY 2020). Profit margin: 3.7% (up from 2.7% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 3.7%, compared to a 3.9% growth forecast for the industry in Germany.
Board Change • Mar 29Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Director Luca Peli was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.