New Risk • Jun 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (9.1% average weekly change). Reported Earnings • Jun 12
Full year 2025 earnings released Full year 2025 results: Revenue: €15.2m (up 12% from FY 2024). Net income: €5.00m (up 4.6% from FY 2024). Profit margin: 33% (down from 35% in FY 2024). The decrease in margin was driven by higher expenses. New Risk • Jun 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 Risk Latest financial reports are more than 1 year old (reported December 2024 fiscal period end). Minor Risk Share price has been volatile over the past 3 months (9.9% average weekly change). Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €44.20, the stock trades at a trailing P/E ratio of 55.3x. Average trailing P/E is 28x in the Aerospace & Defense industry in France. Total returns to shareholders of 591% over the past three years. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €40.60, the stock trades at a trailing P/E ratio of 50.8x. Average trailing P/E is 38x in the Aerospace & Defense industry in France. Total returns to shareholders of 712% over the past three years. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to €48.00, the stock trades at a trailing P/E ratio of 60.1x. Average trailing P/E is 37x in the Aerospace & Defense industry in France. Total returns to shareholders of 140% over the past year. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €40.40, the stock trades at a trailing P/E ratio of 50.6x. Average trailing P/E is 41x in the Aerospace & Defense industry in France. Total returns to shareholders of 102% over the past year. New Risk • Jan 05
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 French 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 Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). New Risk • Dec 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. 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: Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Share price has been volatile over the past 3 months (8.0% average weekly change). Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €41.00, the stock trades at a trailing P/E ratio of 51.3x. Average trailing P/E is 41x in the Aerospace & Defense industry in France. Total returns to shareholders of 105% over the past year. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €33.20, the stock trades at a trailing P/E ratio of 41.6x. Average trailing P/E is 40x in the Aerospace & Defense industry in France. Total returns to shareholders of 75% over the past year. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €27.60, the stock trades at a trailing P/E ratio of 34.5x. Average trailing P/E is 36x in the Aerospace & Defense industry in France. Total returns to shareholders of 47% over the past year. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €28.00, the stock trades at a trailing P/E ratio of 35x. Average trailing P/E is 41x in the Aerospace & Defense industry in France. Total returns to shareholders of 109% over the past year. New Risk • Jun 26
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 French stocks, typically moving 7.5% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €22.00, the stock trades at a trailing P/E ratio of 27.5x. Average trailing P/E is 41x in the Aerospace & Defense industry in France. Total returns to shareholders of 64% over the past year. Reported Earnings • Jun 09
Full year 2024 earnings released Full year 2024 results: Revenue: €13.6m (up 124% from FY 2023). Net income: €4.78m (up €5.68m from FY 2023). Profit margin: 35% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. New Risk • May 28
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 French stocks, typically moving 6.6% 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 No financial data reported. Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Shareholders have been diluted in the past year (41% increase in shares outstanding). Market cap is less than US$100m (€80.8m market cap, or US$87.7m).