View ValuationGroupe JAJ 将来の成長Future 基準チェック /06現在、 Groupe JAJの成長と収益を予測するのに十分なアナリストの調査がありません。主要情報n/a収益成長率n/aEPS成長率Luxury 収益成長16.5%収益成長率n/a将来の株主資本利益率n/aアナリストカバレッジNone最終更新日n/a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 updatesValuation Update With 7 Day Price Move • Aug 05Investor sentiment improves as stock rises 23%After last week's 23% share price gain to €1.29, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 31x in the Luxury industry in France. Total loss to shareholders of 10% over the past three years.New Risk • Aug 04New major risk - Revenue and earnings growthEarnings have declined by 46% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 46% per year over the past 5 years. Market cap is less than US$10m (€4.13m market cap, or US$4.76m). Minor Risks High level of debt (47% net debt to equity). Share price has been volatile over the past 3 months (9.6% average weekly change).お知らせ • Aug 01Groupe JAJ, Annual General Meeting, Sep 30, 2026Groupe JAJ, Annual General Meeting, Sep 30, 2026. Location: 25 rue de romainville, montreuil sous bois FranceValuation Update With 7 Day Price Move • Jul 21Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €1.04, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 32x in the Luxury industry in France. Total loss to shareholders of 27% over the past three years.New Risk • Jul 03New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. 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: Major Risk Market cap is less than US$10m (€3.74m market cap, or US$4.28m). Minor Risks High level of debt (55% net debt to equity). Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Share price has been volatile over the past 3 months (8.0% average weekly change).New Risk • Jun 25New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (€3.74m market cap, or US$4.25m). Minor Risks High level of debt (55% net debt to equity). Share price has been volatile over the past 3 months (7.7% average weekly change).Board Change • Mar 09No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.Board Change • Feb 20No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.分析記事 • Jan 26Does Groupe JAJ (EPA:GJAJ) Have A Healthy Balance Sheet?David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Valuation Update With 7 Day Price Move • Dec 30Investor sentiment improves as stock rises 19%After last week's 19% share price gain to €1.32, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 32x in the Luxury industry in France. Total loss to shareholders of 18% over the past three years.Reported Earnings • Dec 18First half 2026 earnings released: EPS: €0.046 (vs €0.007 in 1H 2025)First half 2026 results: EPS: €0.046 (up from €0.007 in 1H 2025). Revenue: €14.8m (up 27% from 1H 2025). Net income: €162.5k (up €136.1k from 1H 2025). Profit margin: 1.1% (up from 0.2% in 1H 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings.Valuation Update With 7 Day Price Move • Dec 08Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €1.50, the stock trades at a trailing P/E ratio of 25.9x. Average trailing P/E is 28x in the Luxury industry in France. Total loss to shareholders of 10% over the past three years.分析記事 • Dec 03Groupe JAJ's (EPA:GJAJ) Shares Climb 27% But Its Business Is Yet to Catch UpGroupe JAJ ( EPA:GJAJ ) shareholders have had their patience rewarded with a 27% share price jump in the last month...Valuation Update With 7 Day Price Move • Nov 24Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €1.39, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 28x in the Luxury industry in France. Total loss to shareholders of 7.3% over the past three years.Valuation Update With 7 Day Price Move • Nov 06Investor sentiment improves as stock rises 19%After last week's 19% share price gain to €1.40, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 28x in the Luxury industry in France. Total loss to shareholders of 6.0% over the past three years.Valuation Update With 7 Day Price Move • Oct 17Investor sentiment improves as stock rises 18%After last week's 18% share price gain to €1.18, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 27x in the Luxury industry in France. Total loss to shareholders of 22% over the past three years.分析記事 • Oct 10Earnings Not Telling The Story For Groupe JAJ (EPA:GJAJ)There wouldn't be many who think Groupe JAJ's ( EPA:GJAJ ) price-to-earnings (or "P/E") ratio of 17.2x is worth a...Board Change • Sep 03No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.お知らせ • Jul 31Groupe JAJ, Annual General Meeting, Sep 30, 2025Groupe JAJ, Annual General Meeting, Sep 30, 2025. Location: 25 rue de romainville, montreuil sous bois FranceReported Earnings • Jul 27Full year 2025 earnings released: EPS: €0.058 (vs €0.096 in FY 2024)Full year 2025 results: EPS: €0.058 (down from €0.096 in FY 2024). Revenue: €28.7m (flat on FY 2024). Net income: €206.6k (down 40% from FY 2024). Profit margin: 0.7% (down from 1.2% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 12% per year.New Risk • Jul 27New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 2.6x 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 (2.6x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (€4.17m market cap, or US$4.89m). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin).Board Change • Jul 21No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.New Risk • Jul 06New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. 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: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 4.6% per year over the past 5 years. Market cap is less than US$10m (€4.20m market cap, or US$4.95m). Minor Risks High level of debt (54% net debt to equity). Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin).Valuation Update With 7 Day Price Move • Jun 27Investor sentiment improves as stock rises 18%After last week's 18% share price gain to €1.19, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 18x in the Luxury industry in France. Total loss to shareholders of 26% over the past three years.Valuation Update With 7 Day Price Move • Jun 10Investor sentiment improves as stock rises 21%After last week's 21% share price gain to €1.08, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 19x in the Luxury industry in France. Total loss to shareholders of 28% over the past three years.New Risk • Jun 04New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 4.6% per year over the past 5 years. Market cap is less than US$10m (€3.19m market cap, or US$3.62m). Minor Risks High level of debt (54% net debt to equity). Share price has been volatile over the past 3 months (9.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin).Board Change • Jun 03No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.Board Change • Apr 24No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.Valuation Update With 7 Day Price Move • Mar 18Investor sentiment improves as stock rises 15%After last week's 15% share price gain to €1.27, the stock trades at a trailing P/E ratio of 24.8x. Average trailing P/E is 24x in the Luxury industry in France. Total loss to shareholders of 21% over the past three years.分析記事 • Mar 04Investors Will Want Groupe JAJ's (EPA:GJAJ) Growth In ROCE To PersistWhat trends should we look for it we want to identify stocks that can multiply in value over the long term? In a...Valuation Update With 7 Day Price Move • Mar 03Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €1.10, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 25x in the Luxury industry in France. Total loss to shareholders of 29% over the past three years.Board Change • Jan 27No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.Reported Earnings • Dec 23First half 2025 earnings released: EPS: €0.007 (vs €0.053 in 1H 2024)First half 2025 results: EPS: €0.007 (down from €0.053 in 1H 2024). Revenue: €11.7m (down 13% from 1H 2024). Net income: €26.4k (down 86% from 1H 2024). Profit margin: 0.2% (down from 1.4% in 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance.New Risk • Dec 20New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 2.1x 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 (2.1x net interest cover). Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings have declined by 2.9% per year over the past 5 years. Market cap is less than US$10m (€3.49m market cap, or US$3.63m). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin).分析記事 • Nov 29The Market Doesn't Like What It Sees From Groupe JAJ's (EPA:GJAJ) Earnings Yet As Shares Tumble 33%Unfortunately for some shareholders, the Groupe JAJ ( EPA:GJAJ ) share price has dived 33% in the last thirty days...Board Change • Nov 28No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.Valuation Update With 7 Day Price Move • Nov 07Investor sentiment improves as stock rises 19%After last week's 19% share price gain to €1.07, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 15x in the Luxury industry in France. Total loss to shareholders of 33% over the past three years.Valuation Update With 7 Day Price Move • Oct 22Investor sentiment improves as stock rises 20%After last week's 20% share price gain to €1.08, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 16x in the Luxury industry in France. Total loss to shareholders of 45% over the past three years.Valuation Update With 7 Day Price Move • Oct 07Investor sentiment improves as stock rises 22%After last week's 22% share price gain to €1.15, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 17x in the Luxury industry in France. Total loss to shareholders of 29% over the past three years.New Risk • Sep 05New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (€4.10m market cap, or US$4.55m). Minor Risks High level of debt (61% net debt to equity). Share price has been volatile over the past 3 months (7.2% average weekly change). Large one-off items impacting financial results.分析記事 • Sep 04Insufficient Growth At Groupe JAJ (EPA:GJAJ) Hampers Share PriceWith a price-to-earnings (or "P/E") ratio of 10.4x Groupe JAJ ( EPA:GJAJ ) may be sending bullish signals at the...お知らせ • Jul 30Groupe JAJ, Annual General Meeting, Sep 30, 2024Groupe JAJ, Annual General Meeting, Sep 30, 2024. Location: 25 rue de romainville, montreuil sous bois Franceお知らせ • Jan 30JAJ Distribution SA Ordinary Shares to Be Deleted from OTC EquityJAJ Distribution SA Ordinary Shares will be deleted from OTC Equity effective January 30, 2024, due to Inactive Security.New Risk • Dec 06New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2021 fiscal period end). Market cap is less than US$10m (€5.09m market cap, or US$5.49m). Minor Risk Share price has been volatile over the past 3 months (7.3% average weekly change).Board Change • Jan 24No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.Board Change • Nov 16No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.Board Change • Sep 09No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.Board Change • Apr 27No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.Valuation Update With 7 Day Price Move • Mar 10Investor sentiment improved over the past weekAfter last week's 15% share price gain to €1.79, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 25x in the Luxury industry in France. Total returns to shareholders of 30% over the past three years.Reported Earnings • Dec 18First half 2022 earnings: Revenues and EPS in line with analyst expectationsFirst half 2022 results: EPS: €0.083 (up from €0.057 in 1H 2021). Revenue: €10.4m (up 23% from 1H 2021). Net income: €296.4k (up 47% from 1H 2021). Profit margin: 2.9% (up from 2.4% in 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Oct 25Investor sentiment improved over the past weekAfter last week's 22% share price gain to €1.96, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 27x in the Luxury industry in France. Total returns to shareholders of 10% over the past three years.Board Change • Sep 22No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.Reported Earnings • Jul 28Full year 2021 earnings releasedThe company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: €19.5m (down 3.2% from FY 2020). Net income: €2.29m (up €2.46m from FY 2020). Profit margin: 12% (up from net loss in FY 2020).分析記事 • Feb 10Health Check: How Prudently Does Groupe JAJ (EPA:GJAJ) Use Debt?The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Is New 90 Day High Low • Feb 09New 90-day high: €1.50The company is up 43% from its price of €1.05 on 09 November 2020. The French market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 7.0% over the same period.分析記事 • Dec 20How Does Groupe JAJ's (EPA:GJAJ) CEO Salary Compare to Peers?Bruno Dauman became the CEO of Groupe JAJ ( EPA:GJAJ ) in 2014, and we think it's a good time to look at the...Reported Earnings • Dec 18First half 2021 earnings released: EPS €0.057The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: €8.44m (down 15% from 1H 2020). Net income: €202.3k (up 5.2% from 1H 2020). Profit margin: 2.4% (up from 1.9% in 1H 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 96% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. このセクションでは通常、投資家が会社の利益創出能力を理解する一助となるよう、プロのアナリストのコンセンサス予想に基づく収益と利益の成長予測を提示する。しかし、Groupe JAJ は十分な過去のデータを提供しておらず、アナリストの予測もないため、過去のデータを外挿したり、アナリストの予測を使用しても、その将来の収益を確実に算出することはできません。 シンプリー・ウォール・ストリートがカバーする企業の97%は過去の財務データを持っているため、これはかなり稀な状況です。 業績と収益の成長予測ENXTPA:GJAJ - 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3/31/2026341N/AN/AN/A12/31/2025330N/AN/AN/A9/30/2025320N/AN/AN/A6/30/2025300N/AN/AN/A3/31/2025290N/AN/AN/A12/31/2024280N/AN/AN/A9/30/2024270N/AN/AN/A6/30/2024280N/AN/AN/A3/31/2024290N/AN/AN/A9/30/2023310N/AN/AN/A6/30/2023310N/AN/AN/A3/31/2023321N/AN/AN/A9/30/2022280N/AN/AN/A6/30/2022260N/AN/AN/A3/31/2022240N/AN/AN/A12/31/2021231N/AN/AN/A9/30/2021212N/AN/AN/A6/30/2021202N/AN/AN/A3/31/2021192N/AN/AN/A12/31/2020191N/AN/AN/A9/30/2020190N/AN/AN/A6/30/2020190N/AN/AN/A3/31/2020200N/AN/AN/A12/31/2019210N/AN/AN/A9/30/2019210N/AN/AN/A6/30/2019220N/AN/AN/A3/31/2019230N/AN/AN/A12/31/2018230N/AN/AN/A9/30/2018230N/AN/AN/A6/30/2018230N/AN/AN/A3/31/2018241N/AN/AN/A12/31/2017241N/AN/AN/A9/30/2017241N/AN/AN/A6/30/2017240N/AN/AN/A3/31/2017230N/A1N/A12/31/2016230N/AN/AN/A9/30/2016220N/AN/AN/A6/30/2016210N/AN/AN/A3/31/2016200N/A0N/A12/31/2015201N/AN/AN/A9/30/2015202N/AN/AN/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: GJAJの予測収益成長が 貯蓄率 ( 2.6% ) を上回っているかどうかを判断するにはデータが不十分です。収益対市場: GJAJの収益がFrench市場よりも速く成長すると予測されるかどうかを判断するにはデータが不十分です高成長収益: GJAJの収益が今後 3 年間で 大幅に 増加すると予想されるかどうかを判断するにはデータが不十分です。収益対市場: GJAJの収益がFrench市場よりも速く成長すると予測されるかどうかを判断するにはデータが不十分です。高い収益成長: GJAJの収益が年間20%よりも速く成長すると予測されるかどうかを判断するにはデータが不十分です。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: GJAJの 自己資本利益率 が 3 年後に高くなると予測されるかどうかを判断するにはデータが不十分です成長企業の発掘7D1Y7D1Y7D1YConsumer-durables 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2026/08/07 12:03終値2026/08/07 00:00収益2026/03/31年間収益2026/03/31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この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、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。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Groupe JAJ 0 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。0
Valuation Update With 7 Day Price Move • Aug 05Investor sentiment improves as stock rises 23%After last week's 23% share price gain to €1.29, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 31x in the Luxury industry in France. Total loss to shareholders of 10% over the past three years.
New Risk • Aug 04New major risk - Revenue and earnings growthEarnings have declined by 46% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 46% per year over the past 5 years. Market cap is less than US$10m (€4.13m market cap, or US$4.76m). Minor Risks High level of debt (47% net debt to equity). Share price has been volatile over the past 3 months (9.6% average weekly change).
お知らせ • Aug 01Groupe JAJ, Annual General Meeting, Sep 30, 2026Groupe JAJ, Annual General Meeting, Sep 30, 2026. Location: 25 rue de romainville, montreuil sous bois France
Valuation Update With 7 Day Price Move • Jul 21Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €1.04, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 32x in the Luxury industry in France. Total loss to shareholders of 27% over the past three years.
New Risk • Jul 03New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. 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: Major Risk Market cap is less than US$10m (€3.74m market cap, or US$4.28m). Minor Risks High level of debt (55% net debt to equity). Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Share price has been volatile over the past 3 months (8.0% average weekly change).
New Risk • Jun 25New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (€3.74m market cap, or US$4.25m). Minor Risks High level of debt (55% net debt to equity). Share price has been volatile over the past 3 months (7.7% average weekly change).
Board Change • Mar 09No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
Board Change • Feb 20No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
分析記事 • Jan 26Does Groupe JAJ (EPA:GJAJ) Have A Healthy Balance Sheet?David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Valuation Update With 7 Day Price Move • Dec 30Investor sentiment improves as stock rises 19%After last week's 19% share price gain to €1.32, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 32x in the Luxury industry in France. Total loss to shareholders of 18% over the past three years.
Reported Earnings • Dec 18First half 2026 earnings released: EPS: €0.046 (vs €0.007 in 1H 2025)First half 2026 results: EPS: €0.046 (up from €0.007 in 1H 2025). Revenue: €14.8m (up 27% from 1H 2025). Net income: €162.5k (up €136.1k from 1H 2025). Profit margin: 1.1% (up from 0.2% in 1H 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings.
Valuation Update With 7 Day Price Move • Dec 08Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €1.50, the stock trades at a trailing P/E ratio of 25.9x. Average trailing P/E is 28x in the Luxury industry in France. Total loss to shareholders of 10% over the past three years.
分析記事 • Dec 03Groupe JAJ's (EPA:GJAJ) Shares Climb 27% But Its Business Is Yet to Catch UpGroupe JAJ ( EPA:GJAJ ) shareholders have had their patience rewarded with a 27% share price jump in the last month...
Valuation Update With 7 Day Price Move • Nov 24Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €1.39, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 28x in the Luxury industry in France. Total loss to shareholders of 7.3% over the past three years.
Valuation Update With 7 Day Price Move • Nov 06Investor sentiment improves as stock rises 19%After last week's 19% share price gain to €1.40, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 28x in the Luxury industry in France. Total loss to shareholders of 6.0% over the past three years.
Valuation Update With 7 Day Price Move • Oct 17Investor sentiment improves as stock rises 18%After last week's 18% share price gain to €1.18, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 27x in the Luxury industry in France. Total loss to shareholders of 22% over the past three years.
分析記事 • Oct 10Earnings Not Telling The Story For Groupe JAJ (EPA:GJAJ)There wouldn't be many who think Groupe JAJ's ( EPA:GJAJ ) price-to-earnings (or "P/E") ratio of 17.2x is worth a...
Board Change • Sep 03No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
お知らせ • Jul 31Groupe JAJ, Annual General Meeting, Sep 30, 2025Groupe JAJ, Annual General Meeting, Sep 30, 2025. Location: 25 rue de romainville, montreuil sous bois France
Reported Earnings • Jul 27Full year 2025 earnings released: EPS: €0.058 (vs €0.096 in FY 2024)Full year 2025 results: EPS: €0.058 (down from €0.096 in FY 2024). Revenue: €28.7m (flat on FY 2024). Net income: €206.6k (down 40% from FY 2024). Profit margin: 0.7% (down from 1.2% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 12% per year.
New Risk • Jul 27New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 2.6x 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 (2.6x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (€4.17m market cap, or US$4.89m). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin).
Board Change • Jul 21No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
New Risk • Jul 06New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. 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: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 4.6% per year over the past 5 years. Market cap is less than US$10m (€4.20m market cap, or US$4.95m). Minor Risks High level of debt (54% net debt to equity). Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin).
Valuation Update With 7 Day Price Move • Jun 27Investor sentiment improves as stock rises 18%After last week's 18% share price gain to €1.19, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 18x in the Luxury industry in France. Total loss to shareholders of 26% over the past three years.
Valuation Update With 7 Day Price Move • Jun 10Investor sentiment improves as stock rises 21%After last week's 21% share price gain to €1.08, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 19x in the Luxury industry in France. Total loss to shareholders of 28% over the past three years.
New Risk • Jun 04New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 4.6% per year over the past 5 years. Market cap is less than US$10m (€3.19m market cap, or US$3.62m). Minor Risks High level of debt (54% net debt to equity). Share price has been volatile over the past 3 months (9.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin).
Board Change • Jun 03No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
Board Change • Apr 24No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
Valuation Update With 7 Day Price Move • Mar 18Investor sentiment improves as stock rises 15%After last week's 15% share price gain to €1.27, the stock trades at a trailing P/E ratio of 24.8x. Average trailing P/E is 24x in the Luxury industry in France. Total loss to shareholders of 21% over the past three years.
分析記事 • Mar 04Investors Will Want Groupe JAJ's (EPA:GJAJ) Growth In ROCE To PersistWhat trends should we look for it we want to identify stocks that can multiply in value over the long term? In a...
Valuation Update With 7 Day Price Move • Mar 03Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €1.10, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 25x in the Luxury industry in France. Total loss to shareholders of 29% over the past three years.
Board Change • Jan 27No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
Reported Earnings • Dec 23First half 2025 earnings released: EPS: €0.007 (vs €0.053 in 1H 2024)First half 2025 results: EPS: €0.007 (down from €0.053 in 1H 2024). Revenue: €11.7m (down 13% from 1H 2024). Net income: €26.4k (down 86% from 1H 2024). Profit margin: 0.2% (down from 1.4% in 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance.
New Risk • Dec 20New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 2.1x 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 (2.1x net interest cover). Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings have declined by 2.9% per year over the past 5 years. Market cap is less than US$10m (€3.49m market cap, or US$3.63m). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin).
分析記事 • Nov 29The Market Doesn't Like What It Sees From Groupe JAJ's (EPA:GJAJ) Earnings Yet As Shares Tumble 33%Unfortunately for some shareholders, the Groupe JAJ ( EPA:GJAJ ) share price has dived 33% in the last thirty days...
Board Change • Nov 28No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
Valuation Update With 7 Day Price Move • Nov 07Investor sentiment improves as stock rises 19%After last week's 19% share price gain to €1.07, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 15x in the Luxury industry in France. Total loss to shareholders of 33% over the past three years.
Valuation Update With 7 Day Price Move • Oct 22Investor sentiment improves as stock rises 20%After last week's 20% share price gain to €1.08, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 16x in the Luxury industry in France. Total loss to shareholders of 45% over the past three years.
Valuation Update With 7 Day Price Move • Oct 07Investor sentiment improves as stock rises 22%After last week's 22% share price gain to €1.15, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 17x in the Luxury industry in France. Total loss to shareholders of 29% over the past three years.
New Risk • Sep 05New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (€4.10m market cap, or US$4.55m). Minor Risks High level of debt (61% net debt to equity). Share price has been volatile over the past 3 months (7.2% average weekly change). Large one-off items impacting financial results.
分析記事 • Sep 04Insufficient Growth At Groupe JAJ (EPA:GJAJ) Hampers Share PriceWith a price-to-earnings (or "P/E") ratio of 10.4x Groupe JAJ ( EPA:GJAJ ) may be sending bullish signals at the...
お知らせ • Jul 30Groupe JAJ, Annual General Meeting, Sep 30, 2024Groupe JAJ, Annual General Meeting, Sep 30, 2024. Location: 25 rue de romainville, montreuil sous bois France
お知らせ • Jan 30JAJ Distribution SA Ordinary Shares to Be Deleted from OTC EquityJAJ Distribution SA Ordinary Shares will be deleted from OTC Equity effective January 30, 2024, due to Inactive Security.
New Risk • Dec 06New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2021 fiscal period end). Market cap is less than US$10m (€5.09m market cap, or US$5.49m). Minor Risk Share price has been volatile over the past 3 months (7.3% average weekly change).
Board Change • Jan 24No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
Board Change • Nov 16No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
Board Change • Sep 09No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
Board Change • Apr 27No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
Valuation Update With 7 Day Price Move • Mar 10Investor sentiment improved over the past weekAfter last week's 15% share price gain to €1.79, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 25x in the Luxury industry in France. Total returns to shareholders of 30% over the past three years.
Reported Earnings • Dec 18First half 2022 earnings: Revenues and EPS in line with analyst expectationsFirst half 2022 results: EPS: €0.083 (up from €0.057 in 1H 2021). Revenue: €10.4m (up 23% from 1H 2021). Net income: €296.4k (up 47% from 1H 2021). Profit margin: 2.9% (up from 2.4% in 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Oct 25Investor sentiment improved over the past weekAfter last week's 22% share price gain to €1.96, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 27x in the Luxury industry in France. Total returns to shareholders of 10% over the past three years.
Board Change • Sep 22No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Director Frank Szwarc was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
Reported Earnings • Jul 28Full year 2021 earnings releasedThe company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: €19.5m (down 3.2% from FY 2020). Net income: €2.29m (up €2.46m from FY 2020). Profit margin: 12% (up from net loss in FY 2020).
分析記事 • Feb 10Health Check: How Prudently Does Groupe JAJ (EPA:GJAJ) Use Debt?The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Is New 90 Day High Low • Feb 09New 90-day high: €1.50The company is up 43% from its price of €1.05 on 09 November 2020. The French market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 7.0% over the same period.
分析記事 • Dec 20How Does Groupe JAJ's (EPA:GJAJ) CEO Salary Compare to Peers?Bruno Dauman became the CEO of Groupe JAJ ( EPA:GJAJ ) in 2014, and we think it's a good time to look at the...
Reported Earnings • Dec 18First half 2021 earnings released: EPS €0.057The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: €8.44m (down 15% from 1H 2020). Net income: €202.3k (up 5.2% from 1H 2020). Profit margin: 2.4% (up from 1.9% in 1H 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 96% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings.