Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: RON47.1m (flat on 1Q 2023). Net loss: RON3.66m (down 129% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. New Risk • Mar 05
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: 14% Last year net profit margin: 31% 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 Profit margins are more than 30% lower than last year (14% net profit margin). Market cap is less than US$100m (RON420.0m market cap, or US$91.7m). Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: RON0.03 (vs RON0.077 in FY 2022) Full year 2023 results: EPS: RON0.03 (down from RON0.077 in FY 2022). Revenue: RON202.2m (down 13% from FY 2022). Net income: RON27.7m (down 62% from FY 2022). Profit margin: 14% (down from 31% in FY 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. New Risk • Dec 01
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: Major Risk High level of non-cash earnings (48% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). Market cap is less than US$100m (RON388.2m market cap, or US$85.0m). Reported Earnings • Nov 20
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: RON58.4m (up 18% from 3Q 2021). Net income: RON12.3m (down 43% from 3Q 2021). Profit margin: 21% (down from 44% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Adrian Fercu was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 05
Full year 2021 earnings released Full year 2021 results: Revenue: RON189.5m (up 49% from FY 2020). Net income: RON54.9m (up 155% from FY 2020). Profit margin: 29% (up from 17% in FY 2020). The increase in margin was driven by higher revenue. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Director Dana Beju was the last director to join the board, commencing their role in 2017. 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 • Sep 05
Second quarter 2021 earnings released: EPS RON0.028 (vs RON0.001 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: RON48.6m (up 73% from 2Q 2020). Net income: RON14.2m (up RON14.7m from 2Q 2020). Profit margin: 29% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Mar 15
New 90-day high: RON0.41 The company is up 29% from a price of RON0.32 on 15 December 2020. Outperformed the Romanian market which is up 12% over the last 90 days. Exceeded the Basic Materials industry, which is up 20% over the same period. Reported Earnings • Mar 04
Full year 2020 earnings released: EPS RON0.043 (vs RON0.05 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: RON127.2m (down 13% from FY 2019). Net income: RON21.9m (down 13% from FY 2019). Profit margin: 17% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 04
New 90-day high: RON0.40 The company is up 28% from its price of RON0.31 on 04 November 2020. The Romanian market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 14% over the same period. Is New 90 Day High Low • Jan 19
New 90-day high: RON0.39 The company is up 25% from its price of RON0.31 on 21 October 2020. The Romanian market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 18% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: RON0.34 The company is up 5.0% from its price of RON0.32 on 01 October 2020. The Romanian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 15% over the same period. Is New 90 Day High Low • Oct 30
New 90-day low: RON0.31 The company is down 10.0% from its price of RON0.34 on 30 July 2020. The Romanian market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is down 5.0% over the same period. Is New 90 Day High Low • Sep 23
New 90-day low: RON0.32 The company is down 1.0% from its price of RON0.32 on 25 June 2020. The Romanian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 2.0% over the same period.