Recent Insider Transactions • Feb 23
Insider recently sold €409k worth of stock On the 21st of February, Francois Goalabre sold around 6k shares on-market at roughly €70.00 per share. This transaction amounted to 90% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.0m more than they bought in the last 12 months. New Risk • Feb 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). Share price has been volatile over the past 3 months (9.4% average weekly change). Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to €69.10, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 18x in the IT industry in Germany. Total returns to shareholders of 197% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €71.00 per share. Upcoming Dividend • Sep 20
Upcoming dividend of €0.50 per share at 1.0% yield Eligible shareholders must have bought the stock before 27 September 2023. Payment date: 29 September 2023. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (2.2%). Reported Earnings • Aug 08
Full year 2023 earnings released: EPS: €4.17 (vs €3.08 in FY 2022) Full year 2023 results: EPS: €4.17 (up from €3.08 in FY 2022). Revenue: €1.02b (up 23% from FY 2022). Net income: €80.5m (up 36% from FY 2022). Profit margin: 7.9% (up from 7.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the IT industry in Germany. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jun 15
Now 21% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be €68.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 48%. For the next 3 years, revenue is forecast to grow by 9.5% per annum. Earnings is also forecast to grow by 13% per annum over the same time period. Reported Earnings • Jun 12
Full year 2023 earnings released: EPS: €4.17 (vs €2.97 in FY 2022) Full year 2023 results: EPS: €4.17 (up from €2.97 in FY 2022). Revenue: €1.02b (up 23% from FY 2022). Net income: €80.5m (up 36% from FY 2022). Profit margin: 7.9% (up from 7.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the IT industry in Germany. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. お知らせ • Jan 17
SII S.A. (ENXTPA:SII) acquired 100% stake in Metanext SAS. SII S.A. (ENXTPA:SII) entered into agreement to acquire 100% stake in Metanext SAS on November 21, 2022. The transaction, which covers the entire operational scope of METANEXT, is financed in cash. KPMG acted as financial advisor, KPMG Avocats acted as legal advisor and CJ Astorg acted as advisor to the buyer. METANEXT realized a turnover of nearly €18 million in 2021.SII S.A. (ENXTPA:SII) completed the acquisition of 100% stake in Metanext SAS on January 16, 2023. Buying Opportunity • Jan 11
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €54.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 37%. Revenue is forecast to grow by 19% in 2 years. Earnings is forecast to grow by 15% in the next 2 years. お知らせ • Nov 24
SII in Talks to Buy Metanext SII S.A. (ENXTPA:SII) has started exclusive talks to acquire Metanext SAS in a push to reinforce its cloud services. The terms of the all-cash transaction being negotiated were not disclosed. The deal is subject to consultation with employee representatives of both companies, as well as the signing of a final agreement. Upcoming Dividend • Sep 21
Upcoming dividend of €0.40 per share Eligible shareholders must have bought the stock before 28 September 2022. Payment date: 30 September 2022. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €37.80, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 22x in the IT industry in Germany. Total returns to shareholders of 62% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €66.60 per share. Reported Earnings • Dec 29
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: EPS: €1.40 (up from €0.36 in 1H 2021). Revenue: €376.3m (up 25% from 1H 2021). Net income: €27.9m (up 286% from 1H 2021). Profit margin: 7.4% (up from 2.4% in 1H 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 9.4%, compared to a 16% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 15
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 22 September 2021. Payment date: 24 September 2021. Trailing yield: 0.4%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (0.9%). Reported Earnings • Aug 01
Full year 2021 earnings released: EPS €1.25 (vs €1.36 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: €654.2m (down 3.3% from FY 2020). Net income: €24.9m (down 8.3% from FY 2020). Profit margin: 3.8% (down from 4.0% in FY 2020). The decrease in margin was driven by lower revenue. Is New 90 Day High Low • Mar 09
New 90-day high: €25.30 The company is up 8.0% from its price of €23.40 on 09 December 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.81 per share. Is New 90 Day High Low • Jan 12
New 90-day high: €25.10 The company is up 34% from its price of €18.80 on 14 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is down 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €11.33 per share. Is New 90 Day High Low • Dec 16
New 90-day high: €23.80 The company is up 22% from its price of €19.55 on 17 September 2020. The German 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 down 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €14.12 per share. Is New 90 Day High Low • Oct 21
New 90-day low: €18.50 The company is down 3.0% from its price of €19.10 on 23 July 2020. The German market is down 2.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is down 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €28.62 per share.