View ValuationUNITEDLABELS 향후 성장Future 기준 점검 4/6UNITEDLABELS은 연간 수입과 매출이 각각 82.6%와 12.6% 증가할 것으로 예상되고 EPS는 연간 83%만큼 증가할 것으로 예상됩니다.핵심 정보82.6%이익 성장률83.05%EPS 성장률Leisure 이익 성장15.4%매출 성장률12.6%향후 자기자본이익률n/a애널리스트 커버리지Low마지막 업데이트11 Nov 2025최근 향후 성장 업데이트업데이트 없음모든 업데이트 보기Recent updates공시 • Apr 17UNITEDLABELS Aktiengesellschaft to Report Fiscal Year 2025 Results on Jun 10, 2026UNITEDLABELS Aktiengesellschaft announced that they will report fiscal year 2025 results at 9:00 AM, Central European Standard Time on Jun 10, 2026공시 • Sep 06UNITEDLABELS Aktiengesellschaft to Report Q2, 2025 Results on Aug 31, 2025UNITEDLABELS Aktiengesellschaft announced that they will report Q2, 2025 results at 9:00 AM, Central European Standard Time on Aug 31, 2025공시 • May 28+ 1 more updateUNITEDLABELS Aktiengesellschaft, Annual General Meeting, Jul 07, 2025UNITEDLABELS Aktiengesellschaft, Annual General Meeting, Jul 07, 2025, at 11:00 W. Europe Standard Time.공시 • May 02UNITEDLABELS Aktiengesellschaft to Report Fiscal Year 2024 Results on Apr 30, 2025UNITEDLABELS Aktiengesellschaft announced that they will report fiscal year 2024 results on Apr 30, 2025공시 • Nov 30UNITEDLABELS Aktiengesellschaft to Report Nine Months, 2024 Results on Dec 02, 2024UNITEDLABELS Aktiengesellschaft announced that they will report nine months, 2024 results on Dec 02, 2024New Risk • Sep 08New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 1.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risk Market cap is less than US$100m (€13.5m market cap, or US$15.0m).Reported Earnings • Aug 30Second quarter 2024 earnings released: EPS: €0.051 (vs €0.046 in 2Q 2023)Second quarter 2024 results: EPS: €0.051 (up from €0.046 in 2Q 2023). Revenue: €4.40m (down 32% from 2Q 2023). Net income: €350.9k (up 11% from 2Q 2023). Profit margin: 8.0% (up from 4.9% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings.공시 • Aug 27UNITEDLABELS Aktiengesellschaft to Report First Half, 2024 Results on Aug 29, 2024UNITEDLABELS Aktiengesellschaft announced that they will report first half, 2024 results on Aug 29, 2024New Risk • Aug 14New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (€14.3m market cap, or US$15.7m).Reported Earnings • Jun 04First quarter 2024 earnings released: EPS: €0.038 (vs €0.044 in 1Q 2023)First quarter 2024 results: EPS: €0.038 (down from €0.044 in 1Q 2023). Revenue: €5.83m (down 16% from 1Q 2023). Net income: €260.0k (down 16% from 1Q 2023). Profit margin: 4.5% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings.공시 • May 26UNITEDLABELS Aktiengesellschaft, Annual General Meeting, Jul 02, 2024UNITEDLABELS Aktiengesellschaft, Annual General Meeting, Jul 02, 2024, at 11:00 W. Europe Standard Time.공시 • May 01UNITEDLABELS Aktiengesellschaft to Report Fiscal Year 2023 Results on Apr 30, 2024UNITEDLABELS Aktiengesellschaft announced that they will report fiscal year 2023 results on Apr 30, 2024New Risk • Mar 30New major risk - Financial data availabilityThe company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Market cap is less than US$100m (€18.2m market cap, or US$19.6m).Buy Or Sell Opportunity • Feb 28Now 25% overvalued after recent price riseOver the last 90 days, the stock has risen 13% to €2.14. The fair value is estimated to be €1.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last year. Meanwhile, the company became loss making.Buy Or Sell Opportunity • Jan 31Now 20% overvaluedOver the last 90 days, the stock has fallen 17% to €1.80. The fair value is estimated to be €1.49, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last year. Meanwhile, the company became loss making.Reported Earnings • Nov 25Third quarter 2022 earnings released: €0.083 loss per share (vs €0.035 profit in 3Q 2021)Third quarter 2022 results: €0.083 loss per share (down from €0.035 profit in 3Q 2021). Revenue: €3.48m (up 46% from 3Q 2021). Net loss: €574.2k (down 337% from profit in 3Q 2021).New Risk • Oct 25New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 9.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.7% average weekly change). Minor Risk Market cap is less than US$100m (€18.0m market cap, or US$19.1m).New Risk • Jul 04New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (€16.1m market cap, or US$17.5m).Valuation Update With 7 Day Price Move • May 18Investor sentiment improved over the past weekAfter last week's 21% share price gain to €2.76, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 19x in the Leisure industry in Europe. Total returns to shareholders of 34% over the past three years.Valuation Update With 7 Day Price Move • Mar 10Investor sentiment improved over the past weekAfter last week's 17% share price gain to €2.80, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 19x in the Leisure industry in Europe. Total returns to shareholders of 8.1% over the past three years.Executive Departure • Jun 16Deputy Chairman of the Supervisory Board Thorsten Luig has left the companyOn the 14th of June, Thorsten Luig's tenure as Deputy Chairman of the Supervisory Board ended after 1.9 years in the role. We don't have any record of a personal shareholding under Thorsten's name. A total of 3 executives have left over the last 12 months.Executive Departure • Jun 16Member of Supervisory Board Heinz Speet has left the companyOn the 14th of June, Heinz Speet's tenure as Member of Supervisory Board ended. We don't have any record of a personal shareholding under Heinz's name. A total of 3 executives have left over the last 12 months.Executive Departure • Jun 16Chairman of Supervisory Board Ralf Klein-Bölting has left the companyOn the 14th of June, Ralf Klein-Bölting's tenure as Chairman of Supervisory Board ended. We don't have any record of a personal shareholding under Ralf's name. A total of 3 executives have left over the last 12 months.Is New 90 Day High Low • Mar 12New 90-day high: €1.37The company is up 29% from its price of €1.06 on 11 December 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 18% over the same period.Is New 90 Day High Low • Jan 13New 90-day high: €1.32The company is up 34% from its price of €0.98 on 15 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 12% over the same period.Is New 90 Day High Low • Oct 14New 90-day low: €0.95The company is down 37% from its price of €1.52 on 16 July 2020. The German market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Leisure industry, which is up 16% over the same period.Is New 90 Day High Low • Sep 26New 90-day low: €1.16The company is down 29% from its price of €1.64 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Leisure industry, which is up 11% over the same period.이익 및 매출 성장 예측DB:ULC - 애널리스트 향후 추정치 및 과거 재무 데이터 (EUR Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/202833N/A1N/A112/31/20273011N/A112/31/20262611N/A112/31/2025230-1N/A19/30/202520000N/A6/30/202520000N/A3/31/202521012N/A12/31/202422012N/A9/30/202421112N/A6/30/202422122N/A3/31/202424111N/A12/31/202325111N/A9/30/202323001N/A6/30/2023210-10N/A3/31/202322001N/A12/31/202222012N/A9/30/202223022N/A6/30/202222112N/A3/31/202220011N/A12/31/202118012N/A9/30/202117101N/A6/30/202118100N/A3/31/202115111N/A12/31/202013111N/A9/30/202012-133N/A6/30/202012-144N/A3/31/202013-123N/A12/31/201913-133N/A9/30/2019210-1N/A6/30/201961N/A0N/A3/31/2019101N/A0N/A12/31/2018120N/A1N/A9/30/2018281N/A3N/A6/30/2018291N/A2N/A3/31/2018300N/A4N/A12/31/2017300N/A2N/A9/30/201731-1N/A2N/A6/30/201731-1N/A1N/A3/31/201730-2N/A0N/A12/31/201632-2N/A0N/A9/30/201632-4N/A-2N/A6/30/201632-4N/A0N/A3/31/201632-4N/A2N/A12/31/201530-4N/A2N/A9/30/201532-1N/A0N/A6/30/201532-1N/A0N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: ULC 은 향후 3년 동안 수익을 낼 것으로 예상되며, 이는 절약률(1.9%)보다 빠른 성장으로 간주됩니다.수익 vs 시장: ULC (는) 향후 3년 동안 평균 시장 성장보다 높은 수익을 올릴 것으로 예상됩니다.고성장 수익: ULC 향후 3년 내에 수익을 낼 것으로 예상됩니다.수익 대 시장: ULC 의 수익(연간 12.6%)이 German 시장(연간 6.7%)보다 빠르게 성장할 것으로 예상됩니다.고성장 매출: ULC 의 수익(연간 12.6%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: ULC의 자본 수익률이 3년 후 높을 것으로 예상되는지 판단하기에 데이터가 부족합니다.성장 기업 찾아보기7D1Y7D1Y7D1YConsumer-durables 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/16 19:32종가2026/02/16 00:00수익2025/09/30연간 수익2024/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스UNITEDLABELS Aktiengesellschaft는 2명의 분석가가 다루고 있습니다. 이 중 1명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Marcel GoldmannGBC AGTim KruseWarburg Research GmbH
공시 • Apr 17UNITEDLABELS Aktiengesellschaft to Report Fiscal Year 2025 Results on Jun 10, 2026UNITEDLABELS Aktiengesellschaft announced that they will report fiscal year 2025 results at 9:00 AM, Central European Standard Time on Jun 10, 2026
공시 • Sep 06UNITEDLABELS Aktiengesellschaft to Report Q2, 2025 Results on Aug 31, 2025UNITEDLABELS Aktiengesellschaft announced that they will report Q2, 2025 results at 9:00 AM, Central European Standard Time on Aug 31, 2025
공시 • May 28+ 1 more updateUNITEDLABELS Aktiengesellschaft, Annual General Meeting, Jul 07, 2025UNITEDLABELS Aktiengesellschaft, Annual General Meeting, Jul 07, 2025, at 11:00 W. Europe Standard Time.
공시 • May 02UNITEDLABELS Aktiengesellschaft to Report Fiscal Year 2024 Results on Apr 30, 2025UNITEDLABELS Aktiengesellschaft announced that they will report fiscal year 2024 results on Apr 30, 2025
공시 • Nov 30UNITEDLABELS Aktiengesellschaft to Report Nine Months, 2024 Results on Dec 02, 2024UNITEDLABELS Aktiengesellschaft announced that they will report nine months, 2024 results on Dec 02, 2024
New Risk • Sep 08New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 1.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risk Market cap is less than US$100m (€13.5m market cap, or US$15.0m).
Reported Earnings • Aug 30Second quarter 2024 earnings released: EPS: €0.051 (vs €0.046 in 2Q 2023)Second quarter 2024 results: EPS: €0.051 (up from €0.046 in 2Q 2023). Revenue: €4.40m (down 32% from 2Q 2023). Net income: €350.9k (up 11% from 2Q 2023). Profit margin: 8.0% (up from 4.9% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings.
공시 • Aug 27UNITEDLABELS Aktiengesellschaft to Report First Half, 2024 Results on Aug 29, 2024UNITEDLABELS Aktiengesellschaft announced that they will report first half, 2024 results on Aug 29, 2024
New Risk • Aug 14New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (€14.3m market cap, or US$15.7m).
Reported Earnings • Jun 04First quarter 2024 earnings released: EPS: €0.038 (vs €0.044 in 1Q 2023)First quarter 2024 results: EPS: €0.038 (down from €0.044 in 1Q 2023). Revenue: €5.83m (down 16% from 1Q 2023). Net income: €260.0k (down 16% from 1Q 2023). Profit margin: 4.5% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings.
공시 • May 26UNITEDLABELS Aktiengesellschaft, Annual General Meeting, Jul 02, 2024UNITEDLABELS Aktiengesellschaft, Annual General Meeting, Jul 02, 2024, at 11:00 W. Europe Standard Time.
공시 • May 01UNITEDLABELS Aktiengesellschaft to Report Fiscal Year 2023 Results on Apr 30, 2024UNITEDLABELS Aktiengesellschaft announced that they will report fiscal year 2023 results on Apr 30, 2024
New Risk • Mar 30New major risk - Financial data availabilityThe company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Market cap is less than US$100m (€18.2m market cap, or US$19.6m).
Buy Or Sell Opportunity • Feb 28Now 25% overvalued after recent price riseOver the last 90 days, the stock has risen 13% to €2.14. The fair value is estimated to be €1.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last year. Meanwhile, the company became loss making.
Buy Or Sell Opportunity • Jan 31Now 20% overvaluedOver the last 90 days, the stock has fallen 17% to €1.80. The fair value is estimated to be €1.49, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last year. Meanwhile, the company became loss making.
Reported Earnings • Nov 25Third quarter 2022 earnings released: €0.083 loss per share (vs €0.035 profit in 3Q 2021)Third quarter 2022 results: €0.083 loss per share (down from €0.035 profit in 3Q 2021). Revenue: €3.48m (up 46% from 3Q 2021). Net loss: €574.2k (down 337% from profit in 3Q 2021).
New Risk • Oct 25New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 9.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.7% average weekly change). Minor Risk Market cap is less than US$100m (€18.0m market cap, or US$19.1m).
New Risk • Jul 04New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (€16.1m market cap, or US$17.5m).
Valuation Update With 7 Day Price Move • May 18Investor sentiment improved over the past weekAfter last week's 21% share price gain to €2.76, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 19x in the Leisure industry in Europe. Total returns to shareholders of 34% over the past three years.
Valuation Update With 7 Day Price Move • Mar 10Investor sentiment improved over the past weekAfter last week's 17% share price gain to €2.80, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 19x in the Leisure industry in Europe. Total returns to shareholders of 8.1% over the past three years.
Executive Departure • Jun 16Deputy Chairman of the Supervisory Board Thorsten Luig has left the companyOn the 14th of June, Thorsten Luig's tenure as Deputy Chairman of the Supervisory Board ended after 1.9 years in the role. We don't have any record of a personal shareholding under Thorsten's name. A total of 3 executives have left over the last 12 months.
Executive Departure • Jun 16Member of Supervisory Board Heinz Speet has left the companyOn the 14th of June, Heinz Speet's tenure as Member of Supervisory Board ended. We don't have any record of a personal shareholding under Heinz's name. A total of 3 executives have left over the last 12 months.
Executive Departure • Jun 16Chairman of Supervisory Board Ralf Klein-Bölting has left the companyOn the 14th of June, Ralf Klein-Bölting's tenure as Chairman of Supervisory Board ended. We don't have any record of a personal shareholding under Ralf's name. A total of 3 executives have left over the last 12 months.
Is New 90 Day High Low • Mar 12New 90-day high: €1.37The company is up 29% from its price of €1.06 on 11 December 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 18% over the same period.
Is New 90 Day High Low • Jan 13New 90-day high: €1.32The company is up 34% from its price of €0.98 on 15 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 12% over the same period.
Is New 90 Day High Low • Oct 14New 90-day low: €0.95The company is down 37% from its price of €1.52 on 16 July 2020. The German market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Leisure industry, which is up 16% over the same period.
Is New 90 Day High Low • Sep 26New 90-day low: €1.16The company is down 29% from its price of €1.64 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Leisure industry, which is up 11% over the same period.