공시 • May 27
Munic S.A., Annual General Meeting, Jun 30, 2026 Munic S.A., Annual General Meeting, Jun 30, 2026. Location: 39 avenue de paris, villejuif France 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. 5 experienced directors. 1 highly experienced director. 2 independent directors (4 non-independent directors). Independent Director Francois Goubard was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 공시 • May 24
Munic S.A., Annual General Meeting, Jun 30, 2025 Munic S.A., Annual General Meeting, Jun 30, 2025. Location: 39 avenue de paris, villejuif France New Risk • Jul 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€1.7m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€1.7m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Market cap is less than US$10m (€4.46m market cap, or US$4.77m). New Risk • Jun 04
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 12% 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 (12% average weekly change). Market cap is less than US$10m (€4.64m market cap, or US$5.04m). Minor Risk Less than 1 year of cash runway based on current free cash flow (-€1.7m). 공시 • May 20
Munic S.A., Annual General Meeting, Jun 24, 2024 Munic S.A., Annual General Meeting, Jun 24, 2024. Location: 39 avenue de paris, villejuif France New Risk • Oct 13
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.97m (US$9.42m) 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 Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Market cap is less than US$10m (€8.97m market cap, or US$9.42m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€4.4m). Currently unprofitable and not forecast to become profitable next year (€51k net loss next year). Shareholders have been diluted in the past year (14% increase in shares outstanding). New Risk • Oct 10
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -€4.4m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€4.4m). Currently unprofitable and not forecast to become profitable next year (€51k net loss next year). Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (€11.2m market cap, or US$11.9m). Reported Earnings • Mar 31
Full year 2022 earnings released Full year 2022 results: Revenue: €21.6m (down 4.1% from FY 2021). Net income: €15.0k (up €244.4k from FY 2021). Profit margin: 0.1% (up from net loss in FY 2021). Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 2.8% growth forecast for the Communications industry in Europe. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €2.90, the stock trades at a forward P/E ratio of 95x. Average forward P/E is 21x in the Communications industry in Europe. Total loss to shareholders of 4.6% over the past year. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improved over the past week After last week's 22% share price gain to €3.77, the stock trades at a forward P/E ratio of 124x. Average forward P/E is 18x in the Communications industry in Europe. Total returns to shareholders of 46% over the past year. Board Change • Nov 16
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. 3 non-independent directors. Independent Director Francois Goubard was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 04
First half 2022 earnings released: EPS: €0 (vs €0.19 loss in 1H 2021) First half 2022 results: EPS: €0 (improved from €0.19 loss in 1H 2021). Revenue: €10.7m (up 65% from 1H 2021). Net loss: €88.6k (loss narrowed 94% from 1H 2021). Revenue is forecast to grow 41% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Communications industry in Europe. Board Change • Apr 27
Less than half of directors are independent There are 4 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: 4 new directors. No experienced directors. 1 highly experienced director. 2 independent directors (3 non-independent directors). Chairman of the Board & CEO Aaron Solomon is the most experienced director on the board, commencing their role in 2007. Independent Director Francois Goubard was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Apr 06
Full year 2021 earnings released Full year 2021 results: Revenue: €19.3m (up 100% from FY 2020). Net loss: €229.0k (loss narrowed 96% from FY 2020). Over the next year, revenue is forecast to grow 77%, compared to a 6.9% growth forecast for the industry in Germany. 공시 • Feb 12
Munic S.A. has completed a Follow-on Equity Offering in the amount of €3.5284 million. Munic S.A. has completed a Follow-on Equity Offering in the amount of €3.5284 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 1,102,625
Price\Range: €3.2
Transaction Features: Subsequent Direct Listing Breakeven Date Change • Jan 26
No longer forecast to breakeven The analyst covering Munic no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of €1.38m in 2023. New forecast suggests the company will make a loss of €1.52m in 2023. Breakeven Date Change • Sep 23
Forecast to breakeven in 2023 The analyst covering Munic expects the company to break even for the first time. New forecast suggests the company will make a profit of €2.29m in 2023. Average annual earnings growth of 90% is required to achieve expected profit on schedule. Is New 90 Day High Low • Dec 04
New 90-day high: €5.70 The company is up 34% from its price of €4.24 on 04 September 2020. The German market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €60.92 per share. Is New 90 Day High Low • Oct 29
New 90-day low: €2.32 The company is down 47% from its price of €4.38 on 30 July 2020. The German market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is down 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €63.89 per share. Is New 90 Day High Low • Oct 06
New 90-day low: €3.40 The company is down 31% from its price of €4.96 on 08 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 Communications industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €60.91 per share. Reported Earnings • Oct 06
First half earnings released Over the last 12 months the company has reported total losses of €2.84m, with losses widening by 93% from the prior year. Total revenue was €18.7m over the last 12 months, up 7.1% from the prior year. Is New 90 Day High Low • Sep 18
New 90-day low: €4.10 The company is down 27% from its price of €5.60 on 19 June 2020. The German market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 12% over the same period.