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 (9.2% average weekly change). 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 British dividend payers (6.2%). Lower than average of industry peers (2.5%). 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 8.4% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 47% per year whereas the company’s share price has increased by 43% per year. Buying Opportunity • Jun 23
Now 20% undervalued Over the last 90 days, the stock is up 7.3%. The fair value is estimated to be €68.52, 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 8.7% growth forecast for the IT industry in the United Kingdom. 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 • Dec 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.0%. The fair value is estimated to be €57.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has grown by 23%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings is also forecast to grow by 9.1% per annum over the same time period. Buying Opportunity • Nov 16
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 9.4%. The fair value is estimated to be €59.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has grown by 23%. For the next 3 years, revenue is forecast to grow by 8.9% per annum. Earnings is also forecast to grow by 7.0% per annum over the same time period. 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 British dividend payers (5.6%). Lower than average of industry peers (3.1%). Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €38.41, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 26x in the IT industry in the United Kingdom. Total returns to shareholders of 90% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €66.96 per share. Buying Opportunity • May 04
Now 23% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be €60.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has grown by 3.7%. Revenue is forecast to grow by 24% in 2 years. Earnings is forecast to grow by 29% in the next 2 years. 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 British dividend payers (3.9%). Lower than average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improved over the past week After last week's 16% share price gain to €40.60, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 36x in the IT industry in the United Kingdom. Total returns to shareholders of 66% over the past three years. 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. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings.