Buy Or Sell Opportunity • Jul 01
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 5.9% to €2.50. The fair value is estimated to be €2.05, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 33%. New Risk • Jun 25
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% 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 (25% accrual ratio). 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 (€44.3m market cap, or US$50.4m). New Risk • Jun 10
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% 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 (26% accrual ratio). Minor Risk Market cap is less than US$100m (€44.0m market cap, or US$50.8m). Board Change • May 20
Less than half of directors are independent No 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. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Nov 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% 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 Risks Shares are highly illiquid. High level of non-cash earnings (25% accrual ratio). 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 (лв46.0m market cap, or US$24.8m). Declared Dividend • Jun 23
Dividend of лв0.08 announced Shareholders will receive a dividend of лв0.08. Ex-date: 4th July 2024 Payment date: 19th August 2024 Dividend yield will be 4.5%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has decreased over the past 86 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 36% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Mar 14
Upcoming dividend of лв0.10 per share Eligible shareholders must have bought the stock before 21 March 2024. Payment date: 30 April 2024. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Bulgarian dividend payers (6.7%). Lower than average of industry peers (6.5%). Buy Or Sell Opportunity • Mar 01
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to лв3.54. The fair value is estimated to be лв2.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 38%. Buy Or Sell Opportunity • Feb 13
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to лв3.52. The fair value is estimated to be лв2.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 38%. New Risk • Feb 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 32% 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 (32% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (лв31.3m market cap, or US$17.2m). Upcoming Dividend • Jun 20
Upcoming dividend of лв0.16 per share at 6.1% yield Eligible shareholders must have bought the stock before 27 June 2023. Payment date: 11 August 2023. Trailing yield: 6.1%. Lower than top quartile of Bulgarian dividend payers (6.3%). Lower than average of industry peers (7.0%). Upcoming Dividend • Aug 06
Upcoming dividend of лв0.38 per share Eligible shareholders must have bought the stock before 13 August 2021. Payment date: 27 August 2021. Trailing yield: 5.9%. Within top quartile of Bulgarian dividend payers (5.7%). Higher than average of industry peers (3.5%). Upcoming Dividend • Jan 21
Upcoming Dividend of лв0.25 Per Share Will be paid on the 3rd of February to those who are registered shareholders by the 28th of January. The trailing yield of 2.7% is below the top quartile of Bulgarian dividend payers (6.5%), and is lower than industry peers (3.7%). Is New 90 Day High Low • Dec 17
New 90-day high: лв7.00 The company is up 14% from its price of лв6.15 on 16 September 2020. The Bulgarian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Finance industry, which is up 5.0% over the same period. Is New 90 Day High Low • Oct 09
New 90-day high: лв6.45 The company is up 8.0% from its price of лв5.95 on 08 July 2020. The Bulgarian market is flat over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Finance industry, which is up 16% over the same period.