New Risk • May 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (17% average weekly change). Market cap is less than US$10m (€6.05m market cap, or US$6.52m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Board Change • Apr 22
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. 2 experienced directors. 3 highly experienced directors. Independent Director Virginie Boissimon-Smolders was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Nov 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. 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 Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Market cap is less than US$10m (€6.70m market cap, or US$7.16m). Minor Risk Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). New Risk • Oct 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.15m (US$9.69m) This is considered a major 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: Major Risk Market cap is less than US$10m (€9.15m market cap, or US$9.69m). Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). Reported Earnings • Mar 30
Full year 2022 earnings released Full year 2022 results: Revenue: €155.8m (down 2.5% from FY 2021). Net loss: €9.13m (down €9.23m from profit in FY 2021). Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Consumer Durables industry in Germany. Board Change • Nov 17
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. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Martine Collonge was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Sep 22
First half 2022 earnings released: EPS: €0 (vs €0.13 in 1H 2021) First half 2022 results: EPS: €0 (down from €0.13 in 1H 2021). Revenue: €79.8m (down 12% from 1H 2021). Net loss: €248.0k (down 115% from profit in 1H 2021). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Consumer Durables industry in Germany. Reported Earnings • Apr 28
Full year 2021 earnings released: EPS: €0.008 (vs €0.42 in FY 2020) Full year 2021 results: EPS: €0.008 (down from €0.42 in FY 2020). Revenue: €159.9m (down 9.1% from FY 2020). Net income: €99.0k (down 98% from FY 2020). Profit margin: 0.1% (down from 3.1% in FY 2020). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 22%, compared to a 8.3% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 18% 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. Board Change • Apr 27
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. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Martine Collonge was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 03
Full year 2021 earnings released Full year 2021 results: Revenue: €159.9m (down 9.1% from FY 2020). Net income: €99.0k (down 98% from FY 2020). Profit margin: 0.1% (down from 3.1% in FY 2020). Over the next year, revenue is forecast to grow 24%, compared to a 7.7% growth forecast for the industry in Germany. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €3.86, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Consumer Durables industry in Germany. Total loss to shareholders of 2.2% over the past three years. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improved over the past week After last week's 16% share price gain to €5.90, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Consumer Durables industry in Germany. Total returns to shareholders of 24% over the past three years. Reported Earnings • Sep 24
First half 2021 earnings released: EPS €0.13 (vs €0.09 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €90.3m (up 12% from 1H 2020). Net income: €1.68m (up 42% from 1H 2020). Profit margin: 1.9% (up from 1.5% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 16
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 23 June 2021. Payment date: 25 June 2021. Trailing yield: 3.4%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • May 15
Investor sentiment improved over the past week After last week's 29% share price gain to €9.00, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Consumer Durables industry in Germany. Total loss to shareholders of 22% over the past three years. Reported Earnings • Apr 29
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €175.8m (down 13% from FY 2019). Net income: €5.44m (up 107% from FY 2019). Profit margin: 3.1% (up from 1.3% in FY 2019). Reported Earnings • Mar 27
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €175.8m (down 13% from FY 2019). Net income: €5.44m (up 107% from FY 2019). Profit margin: 3.1% (up from 1.3% in FY 2019). The increase in margin was driven by lower expenses. Is New 90 Day High Low • Mar 11
New 90-day high: €5.10 The company is up 18% from its price of €4.34 on 11 December 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 17% over the same period. Is New 90 Day High Low • Feb 10
New 90-day high: €4.70 The company is up 30% from its price of €3.62 on 11 November 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 27% over the same period. Is New 90 Day High Low • Dec 11
New 90-day high: €4.37 The company is up 32% from its price of €3.30 on 11 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 15% over the same period. Valuation Update With 7 Day Price Move • Oct 30
Market pulls back on stock over the past week After last week's 16% share price decline to €3.37, the stock is trading at a trailing P/E ratio of 16.3x, down from the previous P/E ratio of 19.4x. This compares to an average P/E of 27x in the Consumer Durables industry in Germany. Total returns to shareholders over the past year are 5.6%. Reported Earnings • Sep 26
First half earnings released Over the last 12 months the company has reported total profits of €3.06m, down 5.8% from the prior year. Total revenue was €174.5m over the last 12 months, down 19% from the prior year. Is New 90 Day High Low • Sep 24
New 90-day high: €3.67 The company is up 41% from its price of €2.60 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 16% over the same period.