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. 4 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Non-Executive Independent Director Els Verbraecken 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. Insufficient board refreshment. 공시 • Jan 03
Exmar NV to Report First Half, 2026 Results on Sep 04, 2026 Exmar NV announced that they will report first half, 2026 results on Sep 04, 2026 Board Change • Dec 30
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. 4 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Non-Executive Independent Director Els Verbraecken 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. Insufficient board refreshment. 공시 • Apr 18
Exmar NV, Annual General Meeting, May 20, 2025 Exmar NV, Annual General Meeting, May 20, 2025, at 14:30 Romance Standard Time. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: US$0.21 (vs US$0.32 in 3Q 2023) Third quarter 2024 results: EPS: US$0.21 (down from US$0.32 in 3Q 2023). Revenue: US$84.8m (down 42% from 3Q 2023). Net income: US$12.4m (down 33% from 3Q 2023). Profit margin: 15% (up from 13% in 3Q 2023). The increase in margin was driven by lower expenses. Board Change • Oct 01
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. 7 experienced directors. 3 highly experienced directors. Non-Executive Independent Director Maryam Ayati was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Sep 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 55% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 114% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (dividend per share is over 7x cash flows per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (25% net profit margin). Reported Earnings • Sep 08
Second quarter 2024 earnings released: EPS: US$0.81 (vs US$0.031 in 2Q 2023) Second quarter 2024 results: EPS: US$0.81 (up from US$0.031 in 2Q 2023). Revenue: US$86.6m (down 36% from 2Q 2023). Net income: US$47.5m (up US$45.7m from 2Q 2023). Profit margin: 55% (up from 1.3% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to fall by 84% p.a. on average during the next 2 years compared to a 1.2% decline forecast for the Oil and Gas industry in Europe. Reported Earnings • May 21
First quarter 2024 earnings released: EPS: US$0.38 (vs US$0.34 in 1Q 2023) First quarter 2024 results: EPS: US$0.38 (up from US$0.34 in 1Q 2023). Revenue: US$128.4m (up 95% from 1Q 2023). Net income: US$22.0m (up 15% from 1Q 2023). Profit margin: 17% (down from 29% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 80% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Upcoming Dividend • May 20
Upcoming dividend of €0.66 per share Eligible shareholders must have bought the stock before 27 May 2024. Payment date: 29 May 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 58%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.1%). Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: US$1.25 (vs US$5.60 in FY 2022) Full year 2023 results: EPS: US$1.25 (down from US$5.60 in FY 2022). Revenue: US$492.2m (up 216% from FY 2022). Net income: US$72.0m (down 78% from FY 2022). Profit margin: 15% (down from 206% in FY 2022). Revenue is forecast to decline by 70% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Reported Earnings • Nov 13
Third quarter 2023 earnings released: EPS: US$0.32 (vs US$5.38 in 3Q 2022) Third quarter 2023 results: EPS: US$0.32 (down from US$5.38 in 3Q 2022). Revenue: US$145.2m (up 277% from 3Q 2022). Net income: US$18.4m (down 94% from 3Q 2022). Profit margin: 13% (down from 799% in 3Q 2022). Revenue is expected to decline by 38% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 3.6%. New Risk • Nov 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 10% 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 Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 102% Dividend per share is over 25x cash flows per share. Earnings are forecast to decline by an average of 101% per year for the foreseeable future. High level of non-cash earnings (50% accrual ratio). Upcoming Dividend • Oct 26
Upcoming dividend of €4.08 per share Eligible shareholders must have bought the stock before 02 November 2023. Payment date: 06 November 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 79%. Within top quartile of German dividend payers (5.1%). Higher than average of industry peers (2.7%). Reported Earnings • Sep 11
Second quarter 2023 earnings released: EPS: US$0.032 (vs US$0.30 in 2Q 2022) Second quarter 2023 results: EPS: US$0.032 (down from US$0.30 in 2Q 2022). Revenue: US$135.3m (up 313% from 2Q 2022). Net income: US$1.79m (down 90% from 2Q 2022). Profit margin: 1.3% (down from 53% in 2Q 2022). Revenue is expected to decline by 24% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 1.9%. 공시 • Aug 30
Exmar NV to Report Q1, 2024 Results on May 16, 2024 Exmar NV announced that they will report Q1, 2024 results on May 16, 2024 Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to €11.22, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: US$5.60 (vs US$0.20 in FY 2021) Full year 2022 results: EPS: US$5.60 (up from US$0.20 in FY 2021). Revenue: US$476.8m (up 222% from FY 2021). Net income: US$320.3m (up US$308.7m from FY 2021). Profit margin: 67% (up from 7.8% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 35% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 4.4%. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Maryam Ayati was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 11
Second quarter 2022 earnings released: EPS: US$0.31 (vs US$0.61 in 2Q 2021) Second quarter 2022 results: EPS: US$0.31 (down from US$0.61 in 2Q 2021). Revenue: US$35.3m (down 53% from 2Q 2021). Net income: US$17.3m (down 50% from 2Q 2021). Profit margin: 49% (up from 47% in 2Q 2021). Revenue is forecast to grow 31% p.a. on average during the next 2 years, compared to a 1.2% growth forecast for the Oil and Gas industry in Germany. Board Change • Aug 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Maryam Ayati was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.