Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to €28.60, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 30x in the Media industry in Germany. Total returns to shareholders of 29% over the past year. Reported Earnings • Oct 19
First half 2024 earnings released First half 2024 results: EPS: €0.096. Revenue: €37.2m (up 1.2% from 1H 2023). Net income: €208.0k (up €608.0k from 1H 2023). Profit margin: 0.6% (up from net loss in 1H 2023). Buy Or Sell Opportunity • Jul 01
Now 25% undervalued The stock has been flat over the last 90 days, currently trading at €24.20. The fair value is estimated to be €32.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jun 18
Now 21% undervalued Over the last 90 days, the stock has risen 3.3% to €25.40. The fair value is estimated to be €31.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • May 31
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.6% to €25.40. The fair value is estimated to be €32.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • May 09
Now 20% undervalued Over the last 90 days, the stock has risen 3.4% to €24.60. The fair value is estimated to be €30.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. New Risk • Nov 13
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.4x 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 (2.4x net interest cover). Dividend is not well covered by earnings and cash flows. Dividend per share is over 9x earnings per share. Dividend per share is over 14x cash flows per share. Earnings have declined by 18% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€48.0m market cap, or US$51.3m). New Risk • Sep 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 95% 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 Dividend is not well covered by earnings and cash flows. Dividend per share is over 9x earnings per share. Paying a dividend despite having no free cash flows. Earnings have declined by 19% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€56.6m market cap, or US$60.7m). Board Change • Jul 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. 4 experienced directors. No highly experienced directors. No independent directors (4 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.