Reported Earnings • Aug 16
Second quarter 2026 earnings released: EPS: RON0.65 (vs RON0.29 in 2Q 2025) Second quarter 2026 results: EPS: RON0.65 (up from RON0.29 in 2Q 2025). Revenue: RON20.7m (flat on 2Q 2025). Net income: RON6.47m (up 136% from 2Q 2025). Profit margin: 31% (up from 13% in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to RON72.00, the stock trades at a trailing P/E ratio of 34.8x. Average trailing P/E is 7x in the Capital Markets industry in Romania. Total returns to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to RON58.60, the stock trades at a trailing P/E ratio of 28.3x. Average trailing P/E is 7x in the Capital Markets industry in Romania. Total returns to shareholders of 34% over the past three years. Reported Earnings • May 17
First quarter 2026 earnings released: EPS: RON0.91 (vs RON0.002 in 1Q 2025) First quarter 2026 results: EPS: RON0.91 (up from RON0.002 in 1Q 2025). Revenue: RON28.1m (up 70% from 1Q 2025). Net income: RON8.01m (up RON7.98m from 1Q 2025). Profit margin: 28% (up from 0.1% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 2.8% growth forecast for the Capital Markets industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Mar 31
Full year 2025 earnings released: EPS: RON1.35 (vs RON1.58 in FY 2024) Full year 2025 results: EPS: RON1.35 (down from RON1.58 in FY 2024). Revenue: RON84.1m (up 7.1% from FY 2024). Net income: RON11.9m (down 9.5% from FY 2024). Profit margin: 14% (down from 17% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Capital Markets industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. お知らせ • Mar 20
Bursa de Valori Bucuresti SA, Annual General Meeting, Apr 29, 2026 Bursa de Valori Bucuresti SA, Annual General Meeting, Apr 29, 2026, at 11:00 E. Europe Standard Time. Location: bucharest, 4-8 nicolae titulescu avenue, floor, east wing, district 1, america house building, bucharest Romania Reported Earnings • Feb 20
Full year 2025 earnings released: EPS: RON1.35 (vs RON1.58 in FY 2024) Full year 2025 results: EPS: RON1.35 (down from RON1.58 in FY 2024). Revenue: RON84.1m (up 7.1% from FY 2024). Net income: RON11.9m (down 9.5% from FY 2024). Profit margin: 14% (down from 17% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Capital Markets industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: RON0.61 (vs RON0.28 in 3Q 2024) Third quarter 2025 results: EPS: RON0.61 (up from RON0.28 in 3Q 2024). Revenue: RON23.1m (up 22% from 3Q 2024). Net income: RON5.37m (up 115% from 3Q 2024). Profit margin: 23% (up from 13% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: RON0.31 (vs RON0.59 in 2Q 2024) Second quarter 2025 results: EPS: RON0.31 (down from RON0.59 in 2Q 2024). Revenue: RON20.7m (down 3.9% from 2Q 2024). Net income: RON2.75m (down 48% from 2Q 2024). Profit margin: 13% (down from 25% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Capital Markets industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: RON0.002 (vs RON0.33 in 1Q 2024) First quarter 2025 results: EPS: RON0.002 (down from RON0.33 in 1Q 2024). Revenue: RON16.5m (down 4.2% from 1Q 2024). Net income: RON21.5k (down 99% from 1Q 2024). Profit margin: 0.1% (down from 17% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Capital Markets industry in Europe. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. New Risk • May 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (17% net profit margin). Market cap is less than US$100m (RON326.6m market cap, or US$72.9m). お知らせ • Mar 26
Bursa de Valori Bucuresti SA, Annual General Meeting, Apr 29, 2025 Bursa de Valori Bucuresti SA, Annual General Meeting, Apr 29, 2025, at 11:00 E. Europe Standard Time. Location: 4-8 nicolae titulescu avenue, 1st floor, east wing, district 1, america house building, in bucharest Romania Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: RON1.45 (vs RON2.79 in FY 2023) Full year 2024 results: EPS: RON1.45 (down from RON2.79 in FY 2023). Revenue: RON77.4m (down 6.5% from FY 2023). Net income: RON12.0m (down 51% from FY 2023). Profit margin: 16% (down from 30% in FY 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Capital Markets industry in Europe. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jan 10
Price target increased by 47% to RON41.84 Up from RON28.41, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of RON40.95. Stock is down 33% over the past year. The company posted earnings per share of RON2.79 last year. New Risk • Nov 12
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 19% Last year net profit margin: 28% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (170% cash payout ratio). Profit margins are more than 30% lower than last year (19% net profit margin). Market cap is less than US$100m (RON410.3m market cap, or US$87.6m). お知らせ • Sep 28
Bursa de Valori Bucuresti SA(BVB:BVB) dropped from Bucharest Exchange Trading Index Bucharest Stock Exchange will be removed from Bucharest Exchange Trading Index. New Risk • Sep 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: RON448.4m (US$99.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (RON448.4m market cap, or US$99.5m). Upcoming Dividend • Aug 12
Upcoming dividend of RON1.56 per share Eligible shareholders must have bought the stock before 19 August 2024. Payment date: 29 August 2024. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Romanian dividend payers (7.0%). Lower than average of industry peers (6.6%). Reported Earnings • Aug 11
Second quarter 2024 earnings released: EPS: RON0.65 (vs RON0.18 in 2Q 2023) Second quarter 2024 results: EPS: RON0.65 (up from RON0.18 in 2Q 2023). Revenue: RON21.5m (up 67% from 2Q 2023). Net income: RON5.27m (up 266% from 2Q 2023). Profit margin: 25% (up from 11% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 25% p.a. on average during the next 2 years, while revenues in the Capital Markets industry in Europe are expected to grow by 4.2%. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 30
Full year 2023 earnings released: EPS: RON3.07 (vs RON1.32 in FY 2022) Full year 2023 results: EPS: RON3.07 (up from RON1.32 in FY 2022). Revenue: RON82.8m (up 46% from FY 2022). Net income: RON24.7m (up 132% from FY 2022). Profit margin: 30% (up from 19% in FY 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 14% p.a. on average during the next 2 years, while revenues in the Capital Markets industry in Europe are expected to grow by 4.6%. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. New Risk • Apr 04
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Board Change • Mar 19
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Daniela Serban was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 15
Full year 2023 earnings released: EPS: RON3.07 (vs RON1.32 in FY 2022) Full year 2023 results: EPS: RON3.07 (up from RON1.32 in FY 2022). Revenue: RON82.8m (up 46% from FY 2022). Net income: RON24.7m (up 132% from FY 2022). Profit margin: 30% (up from 19% in FY 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 14% p.a. on average during the next 2 years, while revenues in the Capital Markets industry in Europe are expected to grow by 5.3%. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: RON2.13 (vs RON0.23 in 3Q 2022) Third quarter 2023 results: EPS: RON2.13 (up from RON0.23 in 3Q 2022). Revenue: RON34.2m (up 180% from 3Q 2022). Net income: RON17.2m (up RON15.3m from 3Q 2022). Profit margin: 50% (up from 15% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 9.3% p.a. on average during the next 2 years, while revenues in the Capital Markets industry in Europe are expected to grow by 4.1%. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. お知らせ • Oct 05
Bursa de Valori Bucuresti SA, Annual General Meeting, Nov 22, 2023 Bursa de Valori Bucuresti SA, Annual General Meeting, Nov 22, 2023, at 11:00 E. Europe Standard Time. Location: 2nd District, 34-36 Carol I Bd., 2nd Floor, Millenium Hall Bucharest Romania Agenda: To consider the approval of the procedure for election of the members and president of the board of Governors; to consider the election through cumulative voting method of the members of the board of Governors for a four year mandate starting with the date of their individual approval by the financial supervisory authority and the conclusion of a professional liability insurance, but no sooner than February 13, 2024 which is the date when mandate of the current members of the board of Governors expires; and to discuss other matters. New Risk • Aug 08
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 10% Last year net profit margin: 22% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.0% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (10% net profit margin). Market cap is less than US$100m (RON416.4m market cap, or US$92.2m). Reported Earnings • Aug 08
Second quarter 2023 earnings released: EPS: RON0.18 (vs RON0.42 in 2Q 2022) Second quarter 2023 results: EPS: RON0.18 (down from RON0.42 in 2Q 2022). Revenue: RON12.9m (down 14% from 2Q 2022). Net income: RON1.44m (down 57% from 2Q 2022). Profit margin: 11% (down from 23% in 2Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Capital Markets industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 13
Upcoming dividend of RON1.29 per share at 2.8% yield Eligible shareholders must have bought the stock before 20 June 2023. Payment date: 27 June 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 2.8%. Lower than top quartile of Romanian dividend payers (7.7%). Lower than average of industry peers (3.2%). Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 1 highly experienced director. Independent Non-Executive Governor Mihaela Biciu was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • May 26
Upcoming dividend of RON0.96 per share Eligible shareholders must have bought the stock before 02 June 2022. Payment date: 22 June 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.5%. Lower than top quartile of Romanian dividend payers (7.1%). Lower than average of industry peers (20%). Reported Earnings • Feb 15
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: RON0.77 (down from RON0.88 in FY 2020). Revenue: RON46.1m (up 9.2% from FY 2020). Net income: RON6.18m (down 13% from FY 2020). Profit margin: 13% (down from 17% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 15% compared to a 4.4% growth forecast for the industry in Romania. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. お知らせ • Jan 30
Bursa de Valori Bucuresti SA to Report Fiscal Year 2021 Final Results on Apr 28, 2022 Bursa de Valori Bucuresti SA announced that they will report fiscal year 2021 final results on Apr 28, 2022 Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS RON0.095 (vs RON0.036 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: RON11.0m (up 48% from 2Q 2020). Net income: RON818.0k (up 183% from 2Q 2020). Profit margin: 7.4% (up from 3.9% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 02
Upcoming dividend of RON1.07 per share Eligible shareholders must have bought the stock before 09 June 2021. Payment date: 22 June 2021. Trailing yield: 4.1%. Lower than top quartile of Romanian dividend payers (5.5%). Higher than average of industry peers (2.4%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS RON0.27 (vs RON0.51 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: RON9.88m (down 18% from 1Q 2020). Net income: RON2.16m (down 47% from 1Q 2020). Profit margin: 22% (down from 34% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS RON0.88 (vs RON0.80 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: RON42.2m (up 21% from FY 2019). Net income: RON7.09m (up 11% from FY 2019). Profit margin: 17% (down from 18% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 03
New 90-day high: RON25.10 The company is up 8.0% from its price of RON23.20 on 04 November 2020. The Romanian market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 16% over the same period. お知らせ • Jan 20
Bursa de Valori Bucuresti SA, Annual General Meeting, Apr 19, 2021 Bursa de Valori Bucuresti SA, Annual General Meeting, Apr 19, 2021. Is New 90 Day High Low • Jan 12
New 90-day high: RON23.90 The company is up 1.0% from its price of RON23.70 on 14 October 2020. The Romanian market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 10.0% over the same period. Is New 90 Day High Low • Nov 18
New 90-day low: RON22.20 The company is down 12% from its price of RON25.30 on 20 August 2020. The Romanian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is down 2.0% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS RON0.44 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: RON12.0m (up 38% from 3Q 2019). Net income: RON3.58m (up 32% from 3Q 2019). Profit margin: 30% (down from 31% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 15
New 90-day low: RON22.90 The company is down 1.0% from its price of RON23.10 on 17 July 2020. The Romanian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 6.0% over the same period.