New Risk • Mar 10
New major risk - Revenue and earnings growth Earnings have declined by 1.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 1.3% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (0.8% net profit margin). New Risk • Feb 27
New major risk - Revenue and earnings growth Earnings have declined by 2.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 2.5% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (0.2% net profit margin). Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €17.50, the stock trades at a trailing P/E ratio of 65.4x. Average trailing P/E is 15x in the Electric Utilities industry in Europe. Total returns to shareholders of 71% over the past three years. Reported Earnings • Dec 02
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: лв84.9m (down 9.8% from 3Q 2024). Net income: лв1.26m (down 68% from 3Q 2024). Profit margin: 1.5% (down from 4.2% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Board Change • Jun 12
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. 3 experienced directors. 1 highly experienced director. No independent directors (4 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. 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 • May 25
First quarter 2025 earnings released First quarter 2025 results: Revenue: лв135.8m (up 86% from 1Q 2024). Net income: лв11.0m (up 223% from 1Q 2024). Profit margin: 8.1% (up from 4.7% in 1Q 2024). The increase in margin was driven by higher revenue. Board Change • May 22
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. 3 experienced directors. 1 highly experienced director. No independent directors (4 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. 공시 • May 22
TPP-Bobov Dol AD, Annual General Meeting, Jun 24, 2025 TPP-Bobov Dol AD, Annual General Meeting, Jun 24, 2025, at 11:00 FLE Standard Time. Location: golemo selo village, Bulgaria Board Change • Apr 22
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. 3 experienced directors. 1 highly experienced director. No independent directors (4 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Mar 18
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. 3 experienced directors. 1 highly experienced director. No independent directors (4 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Mar 04
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: 1.7% Last year net profit margin: 4.1% 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 Shares are highly illiquid. Minor Risk Profit margins are more than 30% lower than last year (1.7% net profit margin). Board Change • Feb 19
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. 3 experienced directors. 1 highly experienced director. No independent directors (4 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jan 20
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. 3 experienced directors. 1 highly experienced director. No independent directors (4 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Dec 19
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. 3 experienced directors. 1 highly experienced director. No independent directors (4 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Nov 11
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. 3 experienced directors. 1 highly experienced director. No independent directors (4 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Oct 11
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. 3 experienced directors. 1 highly experienced director. No independent directors (4 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Sep 13
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. 3 experienced directors. 1 highly experienced director. No independent directors (4 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. 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 • Aug 22
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: лв64.6m (down 24% from 2Q 2023). Net loss: лв2.69m (down 168% from profit in 2Q 2023). Board Change • Jul 25
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. 3 experienced directors. 1 highly experienced director. No independent directors (4 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Jun 28
Upcoming dividend of лв0.20 per share Eligible shareholders must have bought the stock before 05 July 2024. Payment date: 20 August 2024. Payout ratio is a comfortable 5.2% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Bulgarian dividend payers (6.2%). Lower than average of industry peers (5.6%). Board Change • May 15
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. 3 experienced directors. 1 highly experienced director. No independent directors (4 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 16
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. 3 experienced directors. 1 highly experienced director. No independent directors (4 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Mar 14
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. 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 • Mar 01
Full year 2023 earnings released Full year 2023 results: Revenue: лв433.8m (up 63% from FY 2022). Net income: лв17.2m (down 24% from FY 2022). Profit margin: 4.0% (down from 8.5% in FY 2022). The decrease in margin was driven by higher expenses. Board Change • Feb 19
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jan 29
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jan 09
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Dec 09
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: 5.7% Last year net profit margin: 10% 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 Shares are highly illiquid. Minor Risk Profit margins are more than 30% lower than last year (5.7% net profit margin). Board Change • Dec 06
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to лв25.00, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 5x in the Electric Utilities industry in Bulgaria. Total returns to shareholders of 25% over the past year. Board Change • Nov 09
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Oct 26
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Oct 12
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Sep 21
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. 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 2023 earnings released Second quarter 2023 results: Revenue: лв88.4m (up 147% from 2Q 2022). Net income: лв3.97m (up лв12.2m from 2Q 2022). Profit margin: 4.5% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Board Change • Aug 15
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jul 31
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Jul 05
Upcoming dividend of лв0.15 per share Eligible shareholders must have bought the stock before 12 July 2023. Payment date: 25 August 2023. The company last paid an ordinary dividend in June 2022. The average dividend yield among industry peers is 5.1%. Board Change • Jun 16
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • May 25
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 19
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Mar 20
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. 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 • Mar 04
Full year 2022 earnings released Full year 2022 results: Revenue: лв277.5m (up 5.1% from FY 2021). Net income: лв22.6m (up 83% from FY 2021). Profit margin: 8.1% (up from 4.7% in FY 2021). The increase in margin was driven by higher revenue. Board Change • Feb 08
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jan 16
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Dec 16
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. 공시 • Dec 07
Ultimate Energy Investment Group LLC agreed to acquire unknown minority stake in TPP-Bobov Dol AD (BUL:TBD). Ultimate Energy Investment Group LLC agreed to acquire unknown minority stake in TPP-Bobov Dol AD (BUL:TBD) on December 5, 2022, Reported Earnings • Nov 30
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: лв73.5m (up 77% from 3Q 2021). Net income: лв6.67m (up лв21.7m from 3Q 2021). Profit margin: 9.1% (up from net loss in 3Q 2021). Board Change • Nov 16
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment improved over the past week After last week's 18% share price gain to лв20.00, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 9x in the Electric Utilities industry in Europe. Board Change • Oct 26
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Sep 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. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Aug 26
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. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jul 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. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jun 23
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. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jun 02
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. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. 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. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Chairman of The Board Vladimir Vladimirov was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.