New Risk • May 20
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 7.8% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 44% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (€76.8m market cap, or US$89.3m). 공시 • May 07
Gascogne SA, Annual General Meeting, Jun 11, 2026 Gascogne SA, Annual General Meeting, Jun 11, 2026. Location: ecomusee de marqueze route de la gare, sabres France New Risk • Apr 21
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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 Interest payments are not well covered by earnings (1.8x net interest cover). Earnings have declined by 25% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Large one-off items impacting financial results. New Risk • Dec 10
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 Risks Interest payments are not well covered by earnings (1.8x net interest cover). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 25% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. New Risk • Dec 02
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €80.6m (US$93.5m) This is considered a minor 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 Interest payments are not well covered by earnings (1.8x net interest cover). Earnings have declined by 25% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10.0% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (28% increase in shares outstanding). Market cap is less than US$100m (€80.6m market cap, or US$93.5m). New Risk • Oct 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €85.8m (US$100.0m) This is considered a minor 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 Interest payments are not well covered by earnings (1.4x net interest cover). Earnings have declined by 25% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (28% increase in shares outstanding). Market cap is less than US$100m (€85.8m market cap, or US$100.0m). New Risk • May 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 7.7% 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 Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings have declined by 12% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Shareholders have been diluted in the past year (28% increase in shares outstanding). 공시 • May 02
Gascogne SA, Annual General Meeting, Jun 05, 2025 Gascogne SA, Annual General Meeting, Jun 05, 2025. Location: ecomusee de marqueze route de la gare, sabres France New Risk • Apr 04
New major risk - Revenue and earnings growth Earnings have declined by 12% 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 (0.9x net interest cover). Earnings have declined by 12% per year over the past 5 years. Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Minor Risk Market cap is less than US$100m (€79.8m market cap, or US$88.0m). New Risk • Jan 02
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 55% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.2x net interest cover). Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Minor Risk Market cap is less than US$100m (€89.6m market cap, or US$92.5m). 공시 • Dec 04
Gascogne SA has completed a Follow-on Equity Offering in the amount of €20.937215 million. Gascogne SA has completed a Follow-on Equity Offering in the amount of €20.937215 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 8,242,998
Price\Range: €2.54
Transaction Features: Rights Offering New Risk • Nov 19
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 6.5% 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. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.2x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (€74.1m market cap, or US$78.0m). Reported Earnings • Oct 15
First half 2024 earnings released First half 2024 results: Revenue: €194.5m (down 15% from 1H 2023). Net loss: €4.90m (down 156% from profit in 1H 2023). New Risk • May 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 21% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (2.4% net profit margin). Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (€86.1m market cap, or US$93.7m). New Risk • May 17
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (2.4% net profit margin). Market cap is less than US$100m (€72.6m market cap, or US$78.7m). Reported Earnings • May 06
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €91.4m (down 18% from 3Q 2022). Net income: €503.5k (down 79% from 3Q 2022). Profit margin: 0.6% (down from 2.1% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €2.81, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 18x in the Packaging industry in France. Total loss to shareholders of 44% over the past three years. New Risk • Apr 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.0% net profit margin). Market cap is less than US$100m (€83.8m market cap, or US$89.1m). Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €3.69, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 17x in the Packaging industry in France. Total loss to shareholders of 7.3% over the past three years. Reported Earnings • Oct 01
First half 2023 earnings released First half 2023 results: Revenue: €228.4m (down 3.7% from 1H 2022). Net income: €8.70m (down 51% from 1H 2022). Profit margin: 3.8% (down from 7.5% in 1H 2022). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Sep 29
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.0% net profit margin). Market cap is less than US$100m (€84.5m market cap, or US$89.4m). Reported Earnings • Apr 08
Full year 2022 earnings released Full year 2022 results: Revenue: €460.2m (up 15% from FY 2021). Net income: €22.5m (up 75% from FY 2021). Profit margin: 4.9% (up from 3.2% in FY 2021). The increase in margin was driven by higher revenue. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Sonia Sikorav was the last director to join the board, commencing their role in 2021. The company's lack 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 €0.23 in 1H 2021) First half 2022 results: EPS: €0. Revenue: €237.0m (up 19% from 1H 2021). Net income: €17.8m (up 225% from 1H 2021). Profit margin: 7.5% (up from 2.8% in 1H 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improved over the past week After last week's 16% share price gain to €3.75, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 15x in the Packaging industry in France. Total returns to shareholders of 3.6% over the past three years. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improved over the past week After last week's 20% share price gain to €3.98, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 15x in the Packaging industry in France. Total returns to shareholders of 7.6% over the past three years. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Sonia Sikorav was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 28
Full year 2021 earnings released Full year 2021 results: Revenue: €398.9m (up 11% from FY 2020). Net income: €12.9m (up 56% from FY 2020). Profit margin: 3.2% (up from 2.3% in FY 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improved over the past week After last week's 19% share price gain to €4.16, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 14x in the Packaging industry in France. Total returns to shareholders of 8.3% over the past three years. Reported Earnings • Sep 29
First half 2021 earnings released The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €199.0m (up 8.9% from 1H 2020). Net income: €5.50m (up €5.10m from 1H 2020). Profit margin: 2.8% (up from 0.2% in 1H 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €4.06, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 14x in the Packaging industry in France. Negligible returns to shareholders over past three years. Reported Earnings • Mar 27
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €358.7m (down 8.0% from FY 2019). Net income: €8.30m (down 15% from FY 2019). Profit margin: 2.3% (down from 2.5% in FY 2019). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorated over the past week After last week's 19% share price decline to €4.20, the stock is trading at a trailing P/E ratio of 13.8x, down from the previous P/E ratio of 17.1x. This compares to an average P/E of 23x in the Packaging industry in France. Total returns to shareholders over the past three years are 13%. Is New 90 Day High Low • Jan 06
New 90-day high: €4.20 The company is up 24% from its price of €3.40 on 08 October 2020. The French market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 19% over the same period. Valuation Update With 7 Day Price Move • Dec 01
Market bids up stock over the past week After last week's 17% share price gain to €4.10, the stock is trading at a trailing P/E ratio of 13.5x, up from the previous P/E ratio of 11.5x. This compares to an average P/E of 22x in the Packaging industry in France. Total returns to shareholders over the past three years are 12%. Is New 90 Day High Low • Nov 27
New 90-day high: €3.84 The company is up 18% from its price of €3.26 on 28 August 2020. The French market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 4.0% over the same period. Is New 90 Day High Low • Oct 21
New 90-day high: €3.62 The company is up 21% from its price of €3.00 on 22 July 2020. The French market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is down 12% over the same period. Reported Earnings • Sep 27
First half earnings released Over the last 12 months the company has reported total profits of €7.34m, up 1.7% from the prior year. Total revenue was €368.5m over the last 12 months, down 7.6% from the prior year.