Reported Earnings • May 12
Full year 2025 earnings released Full year 2025 results: Revenue: €1.84m (down 14% from FY 2024). Net loss: €122.6k (down 269% from profit in FY 2024). New Risk • May 07
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2024. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2024 fiscal period end). Market cap is less than US$10m (€4.56m market cap, or US$5.36m). Minor Risk Revenue is less than US$5m (€2.1m revenue, or US$2.5m). Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €1.25, the stock trades at a trailing P/E ratio of 43.6x. Average trailing P/E is 29x in the Media industry in Germany. Total loss to shareholders of 26% over the past three years. New Risk • May 04
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2023. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2023 fiscal period end). 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 (22% average weekly change). Revenue has declined by 11% over the past year. Market cap is less than US$10m (€3.80m market cap, or US$4.29m). Minor Risk Revenue is less than US$5m (€2.0m revenue, or US$2.3m). New Risk • Jan 01
New major risk - Revenue and earnings growth Revenue has declined by 11% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Revenue has declined by 11% over the past year. Market cap is less than US$10m (€4.43m market cap, or US$4.59m). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Revenue is less than US$5m (€2.0m revenue, or US$2.1m). New Risk • Nov 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 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). Market cap is less than US$10m (€4.43m market cap, or US$4.69m). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Revenue is less than US$5m (€2.0m revenue, or US$2.2m). Reported Earnings • May 07
Full year 2023 earnings released Full year 2023 results: Revenue: €2.07m (down 9.3% from FY 2022). Net loss: €125.5k (down €154.6k from profit in FY 2022). New Risk • Feb 08
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 26% 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 (26% average weekly change). Negative equity (-€1.0). Revenue has declined by 0.5% over the past year. Market cap is less than US$10m (€4.30m market cap, or US$4.64m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Profit margins are more than 30% lower than last year (1.3% net profit margin). Revenue is less than US$5m (€2.3m revenue, or US$2.5m). New Risk • Dec 31
New major risk - Revenue and earnings growth Revenue has declined by 0.5% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Negative equity (-€1.0). Revenue has declined by 0.5% over the past year. Market cap is less than US$10m (€3.80m market cap, or US$4.19m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Profit margins are more than 30% lower than last year (1.3% net profit margin). Revenue is less than US$5m (€2.3m revenue, or US$2.5m). New Risk • Dec 09
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 Negative equity (-€1.0). Market cap is less than US$10m (€3.80m market cap, or US$4.09m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Profit margins are more than 30% lower than last year (1.3% net profit margin). Revenue is less than US$5m (€2.3m revenue, or US$2.5m). Reported Earnings • May 30
Full year 2022 earnings released Full year 2022 results: Revenue: €2.36m (up 2.4% from FY 2021). Net income: €29.1k (down 77% from FY 2021). Profit margin: 1.2% (down from 5.6% in FY 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 70% share price gain to €1.70, the stock trades at a trailing P/E ratio of 41.5x. Average trailing P/E is 11x in the Media industry in Germany. Total loss to shareholders of 5.6% over the past three years. Reported Earnings • Sep 24
First half 2022 earnings released First half 2022 results: Revenue: €987.0k (up 9.3% from 1H 2021). Net loss: €51.0k (loss widened 89% from 1H 2021). Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €1.80, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 22x in the Media industry in Germany. Total returns to shareholders of 54% over the past three years. Buying Opportunity • Jan 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be €2.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.4% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 22% share price gain to €2.20, the stock trades at a trailing P/E ratio of 28.8x. Average trailing P/E is 22x in the Media industry in Germany. Total returns to shareholders of 85% over the past three years. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €1.80, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 21x in the Media industry in Germany. Total returns to shareholders of 82% over the past three years. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 25% share price gain to €2.00, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 20x in the Media industry in Germany. Total returns to shareholders of 100% over the past three years. Is New 90 Day High Low • Mar 04
New 90-day high: €2.30 The company is up 15% from its price of €2.00 on 03 December 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Media industry, which is up 18% over the same period. Is New 90 Day High Low • Feb 09
New 90-day low: €1.90 The company is down 5.0% from its price of €2.00 on 10 November 2020. The German market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 23% over the same period. Is New 90 Day High Low • Oct 27
New 90-day high: €2.40 The company is up 29% from its price of €1.86 on 29 July 2020. The German market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 11% over the same period.