Buy Or Sell Opportunity • Jun 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.5% to €11.35. The fair value is estimated to be €14.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Earnings per share has declined by 38%. Buy Or Sell Opportunity • Apr 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to €11.25. The fair value is estimated to be €14.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Earnings per share has declined by 38%. Buy Or Sell Opportunity • Mar 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to €11.40. The fair value is estimated to be €14.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Earnings per share has declined by 38%. Upcoming Dividend • Mar 04
Upcoming dividend of €0.66 per share Eligible shareholders must have bought the stock before 11 March 2026. Payment date: 13 March 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.0%. Lower than top quartile of French dividend payers (5.3%). Higher than average of industry peers (3.2%). Declared Dividend • Jan 23
Dividend reduced to €0.66 Dividend of €0.66 is 34% lower than last year. Ex-date: 6th March 2026 Payment date: 10th March 2026 Dividend yield will be 4.8%, which is higher than the industry average of 3.5%. Sustainability & Growth Dividend is not covered by earnings (100% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 2.6% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 11% to bring the payout ratio under control. However, EPS has declined by 16% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Dec 29
Full year 2025 earnings released: EPS: €0.66 (vs €1.22 in FY 2024) Full year 2025 results: EPS: €0.66 (down from €1.22 in FY 2024). Revenue: €98.2m (down 15% from FY 2024). Net income: €6.00m (down 45% from FY 2024). Profit margin: 6.1% (down from 9.5% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jul 25
Now 21% undervalued Over the last 90 days, the stock has risen 12% to €14.50. The fair value is estimated to be €18.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has declined by 36%. New Risk • Jul 07
New major risk - Revenue and earnings growth Earnings have declined by 9.2% 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 Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Dividend per share is over 8x cash flows per share. Earnings have declined by 9.2% per year over the past 5 years. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €13.85, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 9x in the Leisure industry in France. Total loss to shareholders of 32% over the past three years. Upcoming Dividend • Mar 06
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 12 March 2025. Payment date: 14 March 2025. Payout ratio is on the higher end at 82% but the company is not cash flow positive. Trailing yield: 6.3%. Within top quartile of French dividend payers (5.6%). In line with average of industry peers (5.9%). Upcoming Dividend • Feb 27
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 06 March 2025. Payment date: 10 March 2025. Payout ratio is on the higher end at 82% but the company is not cash flow positive. Trailing yield: 6.6%. Within top quartile of French dividend payers (5.5%). Higher than average of industry peers (5.7%). Declared Dividend • Jan 24
Dividend of €1.00 announced Shareholders will receive a dividend of €1.00. Ex-date: 6th March 2025 Payment date: 10th March 2025 Dividend yield will be 7.1%, which is higher than the industry average of 3.5%. Sustainability & Growth Dividend is covered by earnings (82% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 2.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. 공시 • Jan 23
Piscines Desjoyaux SA, Annual General Meeting, Feb 28, 2025 Piscines Desjoyaux SA, Annual General Meeting, Feb 28, 2025. Location: 42 avenue benoit fourneyron, la fouillouse France Reported Earnings • Dec 27
Full year 2024 earnings released: EPS: €1.22 (vs €1.80 in FY 2023) Full year 2024 results: EPS: €1.22 (down from €1.80 in FY 2023). Revenue: €116.1m (down 16% from FY 2023). Net income: €11.0m (down 32% from FY 2023). Profit margin: 9.5% (down from 12% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year whereas the company’s share price has fallen by 25% per year. Buy Or Sell Opportunity • Dec 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.9% to €11.90. The fair value is estimated to be €14.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.7% over the last 3 years. Earnings per share has declined by 19%. Buy Or Sell Opportunity • Nov 19
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €12.05. The fair value is estimated to be €15.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.7% over the last 3 years. Earnings per share has declined by 19%. Buy Or Sell Opportunity • Oct 29
Now 20% undervalued Over the last 90 days, the stock has risen 6.1% to €12.15. The fair value is estimated to be €15.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.7% over the last 3 years. Earnings per share has declined by 19%. Buy Or Sell Opportunity • Aug 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to €11.60. The fair value is estimated to be €14.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.7% over the last 3 years. Earnings per share has declined by 19%. Board Change • Jun 16
No independent directors 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. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 06
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 13 March 2024. Payment date: 15 March 2024. Payout ratio is a comfortable 56% and the cash payout ratio is 99%. Trailing yield: 6.7%. Within top quartile of French dividend payers (5.5%). Higher than average of industry peers (3.4%). Reported Earnings • Dec 22
Full year 2023 earnings released: EPS: €1.80 (vs €2.37 in FY 2022) Full year 2023 results: EPS: €1.80 (down from €2.37 in FY 2022). Revenue: €139.1m (down 13% from FY 2022). Net income: €16.2m (down 24% from FY 2022). Profit margin: 12% (down from 13% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €14.45, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 12x in the Leisure industry in France. Total loss to shareholders of 2.6% over the past three years. New Risk • Jun 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended August 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 Risk High level of non-cash earnings (24% accrual ratio). Minor Risk Latest financial reports are more than 6 months old (reported August 2022 fiscal period end). Upcoming Dividend • Mar 01
Upcoming dividend of €1.00 per share at 6.4% yield Eligible shareholders must have bought the stock before 08 March 2023. Payment date: 10 March 2023. Payout ratio is a comfortable 42% but the company is paying out more than the cash it is generating. Trailing yield: 6.4%. Within top quartile of French dividend payers (5.2%). Higher than average of industry peers (2.1%). Reported Earnings • Dec 23
Full year 2022 earnings released: EPS: €2.37 (vs €2.84 in FY 2021) Full year 2022 results: EPS: €2.37 (down from €2.84 in FY 2021). Revenue: €160.9m (flat on FY 2021). Net income: €21.3m (down 17% from FY 2021). Profit margin: 13% (down from 16% in FY 2021). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 16% share price gain to €14.50, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 10x in the Leisure industry in France. Total returns to shareholders of 32% over the past three years. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 24
Upcoming dividend of €1.02 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 01 April 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of French dividend payers (4.7%). Higher than average of industry peers (2.4%). Reported Earnings • Dec 24
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €2.84 (up from €1.56 in FY 2020). Revenue: €161.2m (up 40% from FY 2020). Net income: €25.5m (up 82% from FY 2020). Profit margin: 16% (up from 12% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.3%. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 09
First half 2021 earnings released: EPS €1.01 (vs €0.33 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €63.7m (up 44% from 1H 2020). Net income: €9.03m (up 203% from 1H 2020). Profit margin: 14% (up from 6.8% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 24
Upcoming dividend of €0.51 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 01 April 2021. Trailing yield: 2.2%. Lower than top quartile of French dividend payers (4.3%). Higher than average of industry peers (1.7%). Reported Earnings • Jan 19
Full year 2020 earnings released: EPS €1.56 The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €115.2m (up 12% from FY 2019). Net income: €14.0m (up 43% from FY 2019). Profit margin: 12% (up from 9.5% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Dec 22
New 90-day high: €21.20 The company is up 18% from its price of €18.00 on 23 September 2020. The French market is up 14% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Leisure industry, which is up 37% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: €18.70 The company is up 9.0% from its price of €17.20 on 08 September 2020. The French market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Leisure industry, which is up 20% over the same period. Is New 90 Day High Low • Oct 27
New 90-day low: €15.50 The company is down 12% from its price of €17.60 on 29 July 2020. The French market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Leisure industry, which is up 14% over the same period.