New Risk • Apr 24
New minor risk - Share price stability The 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 Less than 1 year of cash runway based on current free cash flow (-€14m). Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (€36.2m market cap, or US$38.8m). New Risk • Mar 11
New major risk - Revenue and earnings growth Earnings have declined by 61% 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 Risk Earnings have declined by 61% per year over the past 5 years. Minor Risks Less than 1 year of cash runway based on current free cash flow (-€11m). Market cap is less than US$100m (€46.4m market cap, or US$50.7m). Buying Opportunity • May 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be €13.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 5.5%. Revenue is forecast to grow by 27% in a year. Earnings is forecast to grow by 89% in the next year. Reported Earnings • Apr 19
Full year 2022 earnings released: €0.14 loss per share (vs €0.013 loss in FY 2021) Full year 2022 results: €0.14 loss per share (further deteriorated from €0.013 loss in FY 2021). Revenue: €116.3m (up 41% from FY 2021). Net loss: €948.9k (loss widened €859.2k from FY 2021). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Consumer Retailing industry in Europe. Board Change • Feb 23
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Marco Guidi was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 25
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Marco Guidi was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 23
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Marco Guidi was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Buying Opportunity • Oct 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be €12.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 58% in 2 years. Earnings is forecast to grow by 2,339% in the next 2 years. Reported Earnings • Sep 29
First half 2022 earnings released: EPS: €0 (vs €0.023 loss in 1H 2021) First half 2022 results: EPS: €0 (improved from €0.023 loss in 1H 2021). Revenue: €52.8m (up 32% from 1H 2021). Net income: €403.8k (up €533.7k from 1H 2021). Profit margin: 0.8% (up from net loss in 1H 2021). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Consumer Retailing industry in Europe. 공시 • Aug 28
Farmaè S.p.A. to Report First Half, 2022 Results on Sep 26, 2022 Farmaè S.p.A. announced that they will report first half, 2022 results on Sep 26, 2022 Buying Opportunity • Aug 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.9%. The fair value is estimated to be €15.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Meanwhile, the company became loss making. Board Change • Jul 06
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Marco Guidi was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 6 non-independent directors. Director Marco Guidi was the last director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 19
Full year 2021 earnings released: €0.013 loss per share (vs €0.17 loss in FY 2020) Full year 2021 results: €0.013 loss per share (up from €0.17 loss in FY 2020). Revenue: €82.5m (up 29% from FY 2020). Net loss: €89.7k (loss narrowed 91% from FY 2020). Board Change • Mar 19
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 6 non-independent directors. Director Marco Guidi was the last director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.