Reported Earnings • Sep 17
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €67.2m (up 23% from 2Q 2021). Net loss: €12.3m (down €14.5m from profit in 2Q 2021). Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 10% growth forecast for the IT industry in Germany. Recent Insider Transactions • Jul 06
Independent Non-Executive Director recently sold €296k worth of stock On the 29th of June, Gianluca Ferrari sold around 88k shares on-market at roughly €3.35 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €301k more than they bought in the last 12 months. Upcoming Dividend • May 16
Upcoming dividend of €0.03 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (4.3%). Lower than average of industry peers (1.4%). Reported Earnings • May 14
First quarter 2022 earnings released First quarter 2022 results: Revenue: €62.1m (up 20% from 1Q 2021). Net income: €6.76m (up 16% from 1Q 2021). Profit margin: 11% (in line with 1Q 2021). Over the next year, revenue is forecast to grow 5.5%, compared to a 19% growth forecast for the industry in Germany. Reported Earnings • Mar 18
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €0.091 (up from €0.062 in FY 2020). Revenue: €235.3m (up 32% from FY 2020). Net income: €11.6m (up 46% from FY 2020). Profit margin: 4.9% (up from 4.5% in FY 2020). Revenue exceeded analyst estimates by 4.5%. Over the next year, revenue is forecast to grow 2.4%, compared to a 16% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improved over the past week After last week's 28% share price gain to €3.24, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 30x in the IT industry in Germany. Total returns to shareholders of 282% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.76 per share. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS €0.049 (vs €0.043 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: €57.3m (up 36% from 3Q 2020). Net income: €6.20m (up 12% from 3Q 2020). Profit margin: 11% (down from 13% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS €0.018 (vs €0.006 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €54.9m (up 31% from 2Q 2020). Net income: €2.26m (up 198% from 2Q 2020). Profit margin: 4.1% (up from 1.8% 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 25% per year whereas the company’s share price has increased by 27% per year. Upcoming Dividend • May 17
Upcoming dividend of €0.03 per share Eligible shareholders must have bought the stock before 24 May 2021. Payment date: 26 May 2021. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (3.3%). Higher than average of industry peers (1.3%). Reported Earnings • May 12
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €51.8m (up 25% from 1Q 2020). Net income: €5.85m (up 71% from 1Q 2020). Profit margin: 11% (up from 8.3% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 14
Full year 2020 earnings released: EPS €0.061 (vs €0.047 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €178.8m (up 18% from FY 2019). Net income: €7.97m (up 31% from FY 2019). Profit margin: 4.5% (up from 4.0% in FY 2019). Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 17% per year. Analyst Estimate Surprise Post Earnings • Mar 14
Revenue beats expectations Revenue exceeded analyst estimates by 4.9%. Over the next year, revenue is forecast to stay flat compared to a 13% growth forecast for the IT industry in Germany. Is New 90 Day High Low • Jan 06
New 90-day high: €1.50 The company is up 43% from its price of €1.05 on 08 October 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is down 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.36 per share. Valuation Update With 7 Day Price Move • Dec 03
Market bids up stock over the past week After last week's 17% share price gain to €1.47, the stock is trading at a trailing P/E ratio of 24.7x, up from the previous P/E ratio of 21.1x. This compares to an average P/E of 30x in the IT industry in Germany. Total returns to shareholders over the past three years are 72%. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 16% share price gain to €1.19, the stock is trading at a trailing P/E ratio of 26.1x, up from the previous P/E ratio of 22.5x. This compares to an average P/E of 26x in the IT industry in Germany. Total returns to shareholders over the past three years are 44%. Is New 90 Day High Low • Nov 05
New 90-day low: €0.95 The company is down 15% from its price of €1.11 on 06 August 2020. The German market is down 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is down 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.90 per share. Is New 90 Day High Low • Sep 23
New 90-day low: €1.02 The company is down 4.0% from its price of €1.07 on 25 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.99 per share.