New Risk • Jun 30
New major risk - Revenue and earnings growth Earnings have declined by 33% 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 Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings have declined by 33% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.6% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (€29.4m market cap, or US$33.6m). Upcoming Dividend • Jun 25
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 02 July 2026. Payment date: 06 July 2026. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (3.7%). New Risk • Jun 08
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 9.4% 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 (1.0x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.4% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (€29.6m market cap, or US$34.1m). Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €4.52, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 17x in the Infrastructure industry in Europe. Total loss to shareholders of 29% over the past three years. Declared Dividend • May 21
Dividend reduced to €0.10 Dividend of €0.10 is 33% lower than last year. Ex-date: 2nd July 2026 Payment date: 6th July 2026 Dividend yield will be 2.7%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has remained flat since 3 years ago. However, payments have been volatile during that time. EPS is expected to grow by 172% over the next 2 years, which should provide support to the dividend and adequate earnings cover. 공시 • May 07
Touax SCA, Annual General Meeting, Jun 10, 2026 Touax SCA, Annual General Meeting, Jun 10, 2026. Location: paris France 공시 • Mar 20
Touax SCA Proposes a Dividend for 2025 Touax SCA at its Annual Shareholders' Meeting to be held on 10 June 2026, the managing partners will propose a dividend of €0.10 per share for 2025. 공시 • Dec 01
Touax SCA to Report First Half, 2026 Results on Sep 16, 2026 Touax SCA announced that they will report first half, 2026 results on Sep 16, 2026 공시 • Sep 19
Touax SCA to Report Fiscal Year 2025 Results on Mar 18, 2026 Touax SCA announced that they will report fiscal year 2025 results on Mar 18, 2026 공시 • May 08
Touax SCA, Annual General Meeting, Jun 12, 2025 Touax SCA, Annual General Meeting, Jun 12, 2025. Location: 40 passage de l arche, puteaux France 공시 • Nov 18
Touax SCA to Report First Half, 2025 Results on Sep 18, 2025 Touax SCA announced that they will report first half, 2025 results on Sep 18, 2025 공시 • Nov 15
Touax SCA to Report Fiscal Year 2024 Results on Mar 20, 2025 Touax SCA announced that they will report fiscal year 2024 results on Mar 20, 2025 Reported Earnings • Sep 22
First half 2024 earnings released: EPS: €0.33 (vs €0.72 in 1H 2023) First half 2024 results: EPS: €0.33 (down from €0.72 in 1H 2023). Revenue: €80.4m (down 19% from 1H 2023). Net income: €2.30m (down 55% from 1H 2023). Profit margin: 2.9% (down from 5.1% in 1H 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €3.39, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 14x in the Infrastructure industry in Europe. Total loss to shareholders of 60% over the past three years. Declared Dividend • May 05
Dividend of €0.12 announced Shareholders will receive a dividend of €0.12. Ex-date: 8th July 2024 Payment date: 10th July 2024 Dividend yield will be 2.6%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (4% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 97% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 24
Full year 2023 earnings released: EPS: €0.52 (vs €1.07 in FY 2022) Full year 2023 results: EPS: €0.52 (down from €1.07 in FY 2022). Revenue: €157.2m (down 25% from FY 2022). Net income: €3.60m (down 52% from FY 2022). Profit margin: 2.3% (down from 3.5% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €4.19, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 15x in the Infrastructure industry in Europe. Total loss to shareholders of 57% over the past three years. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €6.00, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 16x in the Infrastructure industry in Europe. Total loss to shareholders of 22% over the past year. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €5.74, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 15x in the Infrastructure industry in Europe. Total loss to shareholders of 34% over the past year. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to €4.94, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 15x in the Infrastructure industry in Europe. Total loss to shareholders of 39% over the past year. Reported Earnings • Sep 15
First half 2023 earnings released: EPS: €0.72 (vs €1.08 in 1H 2022) First half 2023 results: EPS: €0.72 (down from €1.08 in 1H 2022). Revenue: €79.1m (down 23% from 1H 2022). Net income: €5.10m (down 33% from 1H 2022). Profit margin: 6.4% (down from 7.3% in 1H 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 4.4% growth forecast for the Infrastructure industry in Europe. Reported Earnings • Mar 25
Full year 2022 earnings released: EPS: €1.07 (vs €1.79 in FY 2021) Full year 2022 results: EPS: €1.07 (down from €1.79 in FY 2021). Revenue: €161.5m (down 3.8% from FY 2021). Net income: €7.50m (down 40% from FY 2021). Profit margin: 4.6% (down from 7.5% in FY 2021). Revenue is forecast to grow 8.2% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Infrastructure industry in Europe. Reported Earnings • Sep 29
First half 2022 earnings released: EPS: €1.08 (vs €0.28 in 1H 2021) First half 2022 results: EPS: €1.08 (up from €0.28 in 1H 2021). Revenue: €78.3m (up 6.5% from 1H 2021). Net income: €7.60m (up 286% from 1H 2021). Profit margin: 9.7% (up from 2.7% in 1H 2021). The increase in margin was primarily driven by higher revenue. Revenue is expected to decline by 4.7% p.a. on average during the next 3 years, while revenues in the Infrastructure industry in Europe are expected to grow by 7.4%. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improved over the past week After last week's 16% share price gain to €7.80, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 15x in the Infrastructure industry in Europe. Reported Earnings • Sep 26
First half 2021 earnings released: EPS €0.28 (vs €0.36 in 1H 2020) The company reported a soft first half result with weaker earnings and revenues, although profit margins were improved. First half 2021 results: Revenue: €52.4m (down 36% from 1H 2020). Net income: €2.00m (down 21% from 1H 2020). Profit margin: 3.8% (up from 3.1% in 1H 2020). The increase in margin was driven by lower expenses. Reported Earnings • May 24
Full year 2020 earnings released: EPS €0.85 (vs €0.28 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €163.4m (down 3.1% from FY 2019). Net income: €6.00m (up €7.96m from FY 2019). Profit margin: 3.7% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS €0.85 (vs €0.28 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €163.4m (down 3.1% from FY 2019). Net income: €6.00m (up €7.96m from FY 2019). Profit margin: 3.7% (up from net loss in FY 2019). The move to profitability was driven by lower expenses.