Buying Opportunity • May 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.2%. The fair value is estimated to be €69.17, 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 19%. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to grow by 38% in the next 2 years. Reported Earnings • Mar 06
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: €2.61 (up from €2.42 in FY 2020). Revenue: €1.38b (up 6.2% from FY 2020). Net income: €70.0m (up 7.9% from FY 2020). Profit margin: 5.1% (in line with FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 6.7%, compared to a 16% growth forecast for the industry in the Netherlands. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improved over the past week After last week's 24% share price gain to €57.80, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 20x in the Leisure industry in Europe. Total returns to shareholders of 206% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €105 per share. Price Target Changed • Dec 16
Price target increased to €51.53 Up from €47.93, the current price target is an average from 3 analysts. New target price is 18% above last closing price of €43.50. Stock is up 67% over the past year. The company is forecast to post earnings per share of €2.44 for next year compared to €2.42 last year. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improved over the past week After last week's 18% share price gain to €41.20, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 20x in the Leisure industry in Europe. Total returns to shareholders of 124% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €66.32 per share. Reported Earnings • Jul 27
First half 2021 earnings released: EPS €1.65 (vs €1.07 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €699.1m (up 3.3% from 1H 2020). Net income: €44.2m (up 54% from 1H 2020). Profit margin: 6.3% (up from 4.2% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Executive Departure • Apr 27
Member of Supervisory Board has left the company On the 21st of April, Peter Ernsting's tenure as Member of Supervisory Board ended after 10.0 years in the role. We don't have any record of a personal shareholding under Peter's name. Peter is the only executive to leave the company over the last 12 months. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 19% share price gain to €39.90, the stock trades at a trailing P/E ratio of 16.5x, up from the previous P/E ratio of 13.9x. Average P/E is 26x in the Leisure industry in Europe. Total returns to shareholders over the past three years are 138%. Price Target Changed • Mar 13
Price target raised to €35.27 Up from €29.25, the current price target is an average from 3 analysts. The new target price is close to the current share price of €36.95. As of last close, the stock is up 149% over the past year. Recent Insider Transactions • Mar 13
Chief Supply Chain Officer & Director recently bought €101k worth of stock On the 8th of March, Jeroen Both bought around 3k shares on-market at roughly €33.54 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Mar 07
Full year 2020 earnings released The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: €1.30b (up 17% from FY 2019). Net income: €64.8m (up 9.3% from FY 2019). Profit margin: 5.0% (down from 5.3% in FY 2019). The decrease in margin was driven by higher expenses. Analyst Estimate Surprise Post Earnings • Mar 07
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 69%. Over the next year, revenue is forecast to grow 2.1%, compared to a 8.9% growth forecast for the Leisure industry in the Netherlands. Is New 90 Day High Low • Mar 02
New 90-day high: €31.40 The company is up 19% from its price of €26.40 on 01 December 2020. The Dutch market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €29.74 per share. Is New 90 Day High Low • Feb 03
New 90-day high: €30.45 The company is up 26% from its price of €24.20 on 04 November 2020. The Dutch market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €29.89 per share. Is New 90 Day High Low • Jan 05
New 90-day high: €27.50 The company is up 10.0% from its price of €25.10 on 07 October 2020. The Dutch market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Leisure industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €29.60 per share. Is New 90 Day High Low • Nov 26
New 90-day high: €26.85 The company is up 14% from its price of €23.60 on 28 August 2020. The Dutch market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €25.10 per share. Major Estimate Revision • Nov 13
Analysts increase EPS estimates to €1.19 The 2020 consensus revenue estimate increased from €1.17b to €1.23b. The earnings per share estimate also received an upgrade from €0.98 to €1.19 for the same period. Net income is expected to shrink by 9.7% next year compared to 9.7% decline forecast for the Leisure industry in the Netherlands. The consensus price target increased from €29.25 to €30.50. Share price is up 4.0% to €25.80 over the past week.